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Nicholas Mangee

  • Research Associate, Program on Knightian Uncertainty Economics (KUE)
  • Professor of Finance, Parker College of Business at Georgia Southern University

Nicholas Mangee is Professor of Finance and Faculty Fellow of Scholar and Student Success in the Parker College of Business at Georgia Southern University. He is also a research associate for the Institute for New Economic Thinking (INET) program on Knightian Uncertainty Economics (KUE) for financial markets. Mangee has written a scholarly book, titled How Novelty and Narratives Drive the Stock Market: Black Swans, Animal Spirits and Scapegoats (Cambridge University Press, 2021). He has delivered invited lectures on his book for industry symposia in London and New York City. He is published in the Journal of Behavioral Finance, the Journal of Risk and Financial Management, Journal of Economics and Finance, the SURE Journal, the Economics Journal, the Journal of Economic Methodology, and Economics Bulletin. His research focuses on testing the implications of macro-finance models based on KUE by investigating the relative roles and dynamics between historically novel events, market fundamentals, psychology, and social context in explaining instability in stock price fluctuations. In 2023, he received the J. Daniel Speight Research Award. In 2021, he received the M. Albert Burke Banking Endowment Research Award. In 2017, Mangee received the Outstanding Faculty Award. He earned his doctoral degree at the University of New Hampshire. He has also contributed over 50 columns on current economic and financial events to the Savannah Morning News city paper.

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Rationality in the Present-Value Model of Stock Prices: Fundamentals, Psychology, and Structural Change

Paper Conference paper | By Nicholas Mangee | Apr 2013

The present-value model of stock prices is a workhorse in financial economics. The model relates today’s price of a stock (or a basket of stocks) to the market’s forecasts of next-period’s price and dividend, appropriately discounted.

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