Leonard Van Drunen


Leonard Van Drunen

Education

  • Ph.D. in Finance, Purdue University, 1985 
  • M.Sc. in Social Policy, University of London, 2005
  • B.A. in Business, Dordt College, 1981

Professional experience

  • Managing Director - JP Morgan Chase
  • Director - Merrill Lynch
  • Professor - University of Utah

Biography

Professor Van Drunen has a Ph.D. in Finance from Purdue University and a M.Sc. from the London School of Economics and Political Science. He teaches corporate finance and investments and was chair of the Calvin business program from 2010 to 2019. He has prior teaching experience at University of Utah and University of Cambridge, England, and has also taught at universities in China for two summers. Prior to joining Calvin College, Prof. Van Drunen worked in investment banking as a Managing Director with J.P. Morgan in New York, Tokyo, and London, and with Merrill Lynch in New York. He has recently published two papers developing a Christian theology of finance. Professor Van Drunen is also an activist real estate investor in Grand Rapids and an avid cyclist.

View a news story about Professor Van Drunen.

Publications

Peer reviewed publications

  • Debt, Risk, and Grace, Journal of Markets & Morality 18, no. 1 (Spring 2015): 61- 79.
  • Finance, Theology of Work Project, Inc., South Hamilton, Massachusetts, February 2014.
  • "Engaging Ideas: Can Christian business scholarship inform business practice?" Journal of Biblical Integration in Business, Fall 2006, with S. Jackson, R. Eames and J. Voskuil.
  • "The Price Elasticity of Demand for Common Stock," Journal of Finance, Vol. 46, pp621-651, 1991, with J. Cooney and C. Loderer.
  • "Internal Corporate Restructuring: An Empirical Analysis," Journal of Accounting and Economics, Vol. 12, 1990, with J. Brickley.
  • "Valuing Mortgage Loan Servicing," Journal of Real Estate Finance and Economics, Vol. 1, March 1988, pp. 5-22, with J. J. McConnell.
  • "The Refinancing Threshold Pricing Model: An Economic Approach to Valuing MBS," The Journal of Real Estate Finance and Economics, Vol. 1, June 1988, pp117-130, with A.S. Davidson and M.D. Herskovitz.

Other publications

  • "A Christian stock picker," Calvin College alumni reading group, online, November 2010.
  • "Markets from God," Calvin College alumni reading group, online, November 2010.
  • "Manufactured Housing: Defaults, Prepayments and Security Performance," Merrill Lynch Mortgaged Backed Securities Research, June 1989, with C.T. Flanagan.
  • "The Senior/Subordinate Structure: Risks and Returns," Merrill Lynch Mortgage Backed Securities Research, January 1989.
  • "The Refinancing Threshold Pricing Model: An Economic Approach to Valuing MBS," Merrill Lynch Mortgage Backed Securities Research, November 1987, with A.S. Davidson and M.D. Herskovitz 4 of 7.

Working papers

  • "Christian Business Owners with Charitable Intent: How to Payout the Blessings of Wealth?" working paper, with J. Voskuil. September 2007.
  • "Housing Tenure and Housing Finance in Urban Poor Settlements," working paper, October 2006.
  • "Mortgage Pool Prepayment and Prices with Heterogeneous Refinancing Costs," working paper, with E. Tashjian, 1989.

Sponsored reports

  • "Evaluation of an S&L’s Mortgage Servicing Portfolio," Federal Home Loan Bank Board, Washington, D.C., 1984, with J. J. McConnell.

Awards

  • Calvin Center for Innovation in Business, Calvin College, 2011
  • Calvin Research Fellowship, Calvin College, 2006
  • David Ross Research Scholar, Purdue University, 1984-1985
  • Federal Home Loan Bank Board Research Grant, 1984
  • Kiplinger Letter, Dordt College, 1981
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