Terrence Martell

Books

Martell, T. F., & Gehr, A. (1993). Derivative Markets and the Demand for Gold. (p. 1-44). World Gold Council.

Martell, T. F. (1991). Financial Management I. Madison, WI, Credit Union National Association.

Journal Articles

Martell, T., Demir, M., & Skou, L. (2025). Agricultural futures contracts as part of a sustainable investment strategy: Issues and opportunities. Commodities, 4(3). 15.

Martell, T., Mert, D., & Ozbilgin, M. (2025). Explaining CSR disclosure levels of U.S. firms. Journal of Business Finance & Accounting, 53(1). 297-320.

Martell, T., Demir, M., & Zhuang, Q. (2024). An analysis of Chinese publicly listed pharmaceutical company CSR disclosures. Review of Pacific Basin Financial Markets and Policies, 27(3).

Demir, M., Martell, T. F., & Wang, J. (2018). The Trilogy of China Cotton Markets: The Lead-Lag Relationship Amongst Spot, Forward, and Futures Markets . Journal of Futures Markets , 39(4). 522-534.

Sethi, S., Martell, T. F., & Demir, M. (2016). Building Corporate Reputation Through Corporate Social Responsibility (CSR) Reports: The Case of Extractive Industries. Palgrave Macmillan UK , 19(3). 219-243.

Sethi, P., Martell , T. F., & Demir , M. (2015). An Evaluation of the Quality of Corporate Social Responsibility Reports by Some of the World's Largest Financial Institutions. . Journal of Business Ethics, 140(4). 787-805.

(2008). The Performance of Stocks that are Reverse Split. Review of Quantitative Finance and Accounting, 30(3).

(2007). A New Look at Hedging with Derivatives: Will Firms Reduce Market Risk Exposure?. Journal of Futures Markets, 27(11). 1-31.

(2005). Empirical Evidence on the Evolution of Liquidity: Choice of Market vs. Limit Orders by Informed and Uniformed Traders. Journal of Financial Markets, 8(3). 289-309.

(2005). A New Era for Commodity Investments. Journal of Financial Transformation, 15. 120-125.

(2003). The Split of S&P 500 Futures Contracts: Effects on Liquidity and Market Dynamics. Review of Quantitative Finance and Accounting, (323-348).

(1999). Changing the Size of a Futures Contract: Liquidity and Microstructure Effects. Financial Review, 34(4). 75-94.

(1999). The Impact of Listing Latin American ADRs on the Risks and Returns of the Underlying Shares. Global Finance, 10(2). 147-160.

(1997). Commodity Markets and Market Risk Based Capital Requirements. Derivatives Quarterly, 4(1). 7-17.

(1997). A Bond Review and Rating Change Announcements: Tests of Informational Value and Market Efficiency. Journal of Economics and Finance, 21(2). 75-82.

(1994). Derivative Usage in The Gold Market and Its Impact on Spot Gold. The Journal of Derivatives, I(4). 68-79.

(1992). Pricing Efficiency in the Secondary Market for Investment - Grade Corporate Bonds. The Journal of Fixed Income, 2(3). 24-38.

(1990). The Intraday Behavior of Commodity Futures Prices. The Journal of Futures Markets, 10(6). 661-672.

(1988). The Determinants of Scalped Ticket Prices. Northeast Journal of Business and Economics, 14(1). 33-43.

(1987). Determinants of Trading Volume in Futures Markets. Journal of Futures Markets, 7(3). 233-244.

Helms, B., & Martell, T. F. (1985). An Examination of the Distribution of Commodity Price Changes. Journal of Futures Markets, 5(2). 259-272.

(1985). Treasury Bill Futures, Commercial Lending, and The Synthetic Fixed-Rate Loan. Classics of Commercial Bank Lending, 2.

(1985). Multibank Holding Company Activity and Local Market Structure: Some Implications for Intra and Interstate Banking. Journal of Economics and Business, 37. 327-341.

(1983). The Accuracy of Deposit Forecasts Generated by the Bank Chartering Process. Journal of Bank Research, 13(4). 309-311.

(1981). Treasury Bill Futures, Commercial Lending, and The Synthetic Fixed-Rate Loan. Financial Markets Instruments and Concepts/ R.F. Dame Inc.,

(1981). Cash Settlement for Futures Contracts Based Upon Common Stock Indices -- An Economic and Legal Perspective. Journal of Futures Markets, 1(3). 291-301.

(1981). Treasury Bill Futures, Commercial Lending, and The Synthetic Fixed-Rate Loan. Journal of Commercial Bank Lending, 27-38.

Fitts, R., & Martell, T. F. (1981). A Quadratic Discriminant Analysis of Bank Credit Card User Characteristics. Journal of Economics and Business, 33(2). 153-159.

(1981). Treasury Bill Futures, Commercial Lending, and The Synthetic Fixed-Rate Loan. Fortune,

(1980). On the Interpretation of Individual Variables in Multiple Discriminant Analysis. Journal of Financial and Quantitative Analysis, 15(1). 211-217.

Hooks, D., & Martell, T. F. (1979). Effects of Multibank Holding Companies on Local Market Concentration. Journal of the Mid-West Finance Association, 8(57-70).

(1978). Determinants of Bank Trust Department Usage. Journal of Bank Research, 9(1). 8-14.

(1978). Dependency in Commodity Futures Prices - An Examination of the Transaction-to-Transaction Data. Journal of the Mid-West Finance Association, 7(121-131).

(1977). MVBFS; A Program Which Utilizes the Multi-Variate Behrens-Fisher Solution for Conditional Deletion in Two Group Discriminant Models. The Journal of Marketing Research, 245.

Martell, T. F. (1976). Adaptive Trading Rules for Commodity Futures. Omega, The International Journal of Management Science, 4(4). 407-416.

(1976). The Law and Electronic Funds Transfer Development. The Business Law Forum, 8(1). 63-76.

Martell, T. F., & Hooks, D. (1975). Holding Company Affiliation and Economies of Scale. Journal of the Mid-West Finance Association, 57-71.

(1974). Adaptation, Information and Dependence in Commodities Markets. Journal of Finance, 493-498.

Book Chapters

Jarecki, H., & Martell, T. F. (2008). Diversify a Portfolio with Tangible Commodities. In Fabozzi, F. J. (Ed.), Handbook of Finance Series (pp. 585-592). Wiley Publishing.

Jones, F., & Martell, T. F. (1981). Futures Markets - Market Participants. In Fabozzi, F. J., & Zart, F. S. (Eds.), Handbook of Dynamic Markets: Financial Options Futures (p. 11 pgs). Dow Jones - Irwin, Inc..

Presentations

Martell, T., Demir, M., & Mehmet, O. (2026, March 7). ESG disclosure-performance gap and the cross-section of U.S. stock returns. Baruch Climate Finance and Sustainability Conference. Baruch College, CUNY

Sethi, S., Martell, T. F., & Demir, M. (2015, December 10). CSR Monitor – A Novel Instrument for Evaluating the Quality of CSR -reports. 14th Australasian Centre on Social and Environmental Accounting, A-CSEAR, 2015. Sydney, Austrlia: Australasian Centre on Social and Environmental Accounting.

Sethi, S., & Martell, T. F. (2014, June 30). An evaluation of the quality of corporate CSR reports by some of the world’s largest financial institutions. 18th International symposium on Ethics in Accountability, Finance and Banking: Toward a More Comprehensive View. Barcelona, Spain: IESE Business School.

Sethi, S., & Martell, T. F. (2014, June 19). Patterns of CSR Reporting by Large Corporations around the world: An analytical system to evaluate and critique the quality of corporate CSR-S reports from Asia, Europe, North America, and Australia-New Zealand. 25th Annual Meeting of the International Association of Business & Society. Sydney, Australia: the International Association of Business & Society.

Martell, T. F. (2011, May 28). Global Macro Economic Activity and Global Commodity Markets. Plenary Speech. : Derivatives Forum.

Martell, T. F., Bali, T., & Hume, S. (2004, October 31). Does Hedging with Derivatives Reduce the Market Risk Exposure?. presented. : Financial Management Association Meetings.

Martell, T. F. (2004, October 5). How Electronic Market Mechanisms Are Transforming the Competitive Landscape on Wall Street & Globally. presented. : Financial Markets World Conference.

Martell, T. F., & Anand, A. (2002, October 31). Informed Limit Order Trading. : Financial Management Association Meetings.

Martell, T. F., Karagozoglu, A., & Wang, G. (2002, October 31). The Split of S&P 500 Futures Contracts: Effects on Liquidity and Market Dynamics. : Financial Management Association Meetings.

Martell, T. F., & Followill, R. (1993, December 31). Bond Review and Rating Change Announcements: Tests of Informational Value and Market Efficiency. : Financial Management Association Meetings.

Martell, T. F., & Tehranian, H. (1986, December 31). Distribution of Gold Price Changes and Alternative Portfolio Strategies. : Annual Meeting of the International Precious Metals Institute.

Helms, B., & Martell, T. F. (1984, December 31). A Re-examination of Price Changes in the Commodity Futures Market. Proceedings of the International Research Seminar. Vol. V, pp. 137-151.. : Sponsored by the Chicago Board of Trade.

Helms, B., & Martell, T. F. (1984, December 31). A Re-examination of Price Changes in the Commodity Futures Market. Selected Writings On Futures - Research Directions in Commodity Markets, 1970-1980. : Chicago Board of Trade.

Martell, T. F. (1982, December 31). Financial Futures and the Insurance Industry. Research review. : Society of Insurance Research.

Martell, T. F. (1981, May 31). Financial Futures and the Insurance Industry. Proceedings of Seminar. Rio de Janeiro: The International Insurance.

Martell, T. F., & Trevino, R. (1980, December 31). Evaluating the Performance of Floor Traders: A Direct Approach. : Annual Meeting of the Financial Management Association.

Martell, T. F. (1980, December 31). New Bank Deposit Forecasts. Abstracted in the Proceedings Conference on Bank Structure. : Federal Reserve Bank of Chicago.

Martell, T. F., & Helms, B. (1978, December 31). An Examination of the Price Behavior in the New Financial Futures Contract. : Annual Meeting of the Financial Management Association.

Karson, M., & Martell, T. F. (1978, December 31). A Procedure for Ranking of Variables in Quadratic Discriminant Analysis. Proceedings. : American Statistical Association.

Martell, T. F., & Helms, B. (1978, December 31). An Examination of the Distribution of Commodity Price Changes. Annual Meetings. : TIMS/ORSA.

Martell, T. F., & Vernon, V. (1977, December 31). Decomposition Analysis of Affiliated Bank Balance Sheets. Proceedings. : Southeastern AIDS.

Martell, T. F., & Taylor, W. (1977, December 31). Stochastic Dominance--A New Analytical Tool in the Multi-Bank Holding Company Acquisition Decision. Proceedings. : American Institute for Decision Sciences.

Martell, T. F. (1976, December 31). An Application of the Quadratic Discriminant Model to the Credit Scoring Problem. : National Meeting of the American Institute for Decision Science.

Hooks, D., & Martell, T. F. (1976, December 31). The Bank Loan Supply Function: A Re-specification. Annals. : The Mid-South Academy of Economics.

Martell, T. F. (1974, December 31). Entropy Trading Rules, Enlightenment, and Risk in Commodity Futures Markets. Annual Meetings. : TIMS/ORSA.

Martell, T. F., & Taylor, W. (1974, December 31). The Bank Holding Company Acquisition Decision. : Annual Meeting of the Financial Management Association.

Martell, T. F. (1974, December 31). The Effects of the Bank Holding Company Movement on Bank Structure in Alabama. Annual Meeting. : Eastern Finance Association.

Martell, T. F. (1973, December 31). Non-Symmetric Price Changes in Commodity Futures and Its Implications for the Weak Form Martingale Hypothesis. Proceedings. : Eastern Finance Association.

Gehr, A., & Martell, T. F. (1971, December 31). The Impact of Monetary Policy on the Earnings Yield of Common Stock. Proceedings. : Mid-West Finance Association.

Other Scholarly Works

Reviews

Martell, T. F. (1997,January 1). Against The Gods by P.Bernstein. Business and Contemporary World.

Martell, T. F. (1975,October 1). A Random Walk Down Wall Street by B. Malkiel. Review of Business and Economic Research.

Research Currently in Progess

Martell, T., Demir, M., & Karatas, C.(n.d.). Do investors price physical climate risk? An analysis of weather-related power outages across the United States.

Martell, T., Demir, M., & Snyder, L.(n.d.). A little alignment goes a long way: TCFD framework and firm valuations among the S&P 500 companies.

Martell, T., Demir, M., & Zhuang, Q.(n.d.). Do ESG investments curb firm competitiveness? The case of China’s national drug procurement regime. In Progress.