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Catherine Shenoy

Senior Lecturer Emerita
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Catherine Shenoy is the Director of the Center for Business Analytics Research [add hyper link https://business.ku.edu/centers/center-for-business-analytics-and-resear... formerly director of the MBA Programs in the School of Business. She served on the faculty since 1993 teaching Finance, Accounting and Statistics. She taught the Applied Portfolio Management student managed portfolio class from 2001-2017. Her teaching interests are in the areas of investments, corporate finance, statistics and decision analysis.

Her research interests are in the areas of corporate governance and investment analysis using artificial intelligence techniques. She has published articles on executive stock options, the information content of finance decisions, portfolio analysis using AI techniques, and cash flow forecasting. Her articles have appeared in Financial Management, Journal of Corporate Finance, Journal of Applied Finance, and others.

Shenoy served as a Foreign Service Officer for the U.S. Department of State. She was posted in Washington, D.C. and Tunis, Tunisia. She also served as a senior research assistant for the Krider-Redwood Economic Development Report while she was employed at the Institute for Public Policy and Business Research from 1984 to 1988.

She has three children – Nicholas, Sushila and Chandra. Nicholas lives and owns his own business in Topeka. He has 3 children; Sushila is Research Scientist in computational genomics at Cornell University in New York, NY; and Chandra is a physician at the Mayo Clinic in Rochester, MN.

Shenoy’s husband, Prakash, is also a faculty member of the KU School of Business. She serves on several community not-for-profit boards. She enjoys reading science fiction, running, golf, yoga and weight-lifting.

Selected Publications

Shenoy, Catherine, and Kent McCarthy, 2008. Applied Portfolio Management: How University of Kansas Students Generate Alpha to Beat the Street. Published: Wiley Finance.

Shenoy, Catherine, and Ying “Jenny” Zhang, 2007. Order imbalance and stock returns: evidence from China. Quarterly Review of Economics and Finance, 2008.

Demirer, Riza, Ron Mau, and Catherine Shenoy, 2006. Bayesian networks: a decision tool to improve portfolio risk analysis. Journal of Applied Finance.

Liu, L., Catherine Shenoy, and Prakash Shenoy, 2006. Knowledge representation and integration for portfolio evaluation using linear belief functions. Systems, Man and Cybernetics, Part A, IEEE Transactions 36, No. 4.

Shenoy, Catherine, and N. Vafeas, 2005. The free cash flow effects of capital expenditure announcements. Applied Economics Letters 12, Nos. 14-15, p. 907-911.

Liu, L., Catherine Shenoy, and Prakash Shenoy, 2003. A linear belief function approach to portfolio evaluation. Published in U. Kjaerulff and C. Meek (eds.). Uncertainty in Artificial Intelligence 19, San Francisco, CA: Morgan Kaufmann, p. 370-377.

Park, Jinwoo, and Catherine Shenoy, 2002. An examination of the dynamic behavior of aggregate bond and stock issues. International Review of Economics and Finance 11, No. 2, p. 171-189.

Shenoy, Catherine, and Prakash Shenoy, 2002. Modeling financial portfolios using belief functions. Published in T. Mock and R.P. Srivastava (eds.). Belief Functions in Business Decisions, Springer-Verlag, p. 316-332.

Chauvin, Keith, and Catherine Shenoy, 2001. Stock price decreases prior to executive stock option grants. Journal of Corporate Finance 7, No. 1, p. 53-76.

Shenoy, Catherine, and Prakash Shenoy, 2000. A Bayesian network model of portfolio risk and return. Published in Abu-Mostafa, LeBaron, Lo and Weigend (eds.). Computational Finance, MIT Press, p. 87-106.

Koch, Paul, and Catherine Shenoy, 1999. The information content of capital structure and dividend policies. Financial Management 28, No. 4, p. 16-35.

Koch, Paul, and Catherine Shenoy, 1996. The firm’s leverage- cash flow relationship. Journal of Empirical Finance 2, p. 307-331.


  • Ph.D. in Finance, University of Kansas
  • MBA, University of Kansas
  • B.S. in Accounting, University of Kansas

Teaching Interests

  • Investments, portfolio analysis


Her research interests include corporate governance, corporate financial policies, and applications of artificial intelligence to portfolio analysis. Her work has appeared in Financial Management, Journal of Corporate Finance, Computational Finance, Journal of Empirical Finance, among others. She is author of Applied Portfolio Management. The book has been featured on numerous financial websites and received an award for as one of the best finance reads.

Shenoy also has extensive experience in China. She has conducted study abroad classes for KU students in China. She has published research on the microstructure of the Chinese equity markets. The APM program has long specialized in small cap Chinese equity investments.

Research Interests

  • Corporate governance, investments, Bayesian networks

Selected Publications

Shenoy, C. (2008). Applied Portfolio Management: How University of Kansas Students Generate Alpha to Beat the Street, Hoboken, NJ: John Wiley & Sons.

Shenoy, C. & Zhang, Y. (2007). Order Imbalance and Stock Returns: Evidence from China. The Quarterly Review of Economics and Finance.

Shenoy, C. Demirer, R. & Mau, R. (2006). Bayesian Networks: A Decision Tool to Improve Portfolio Risk Analysis. Journal of Applied Finance.

Shenoy, C. Shenoy, P. & Liu, L. (2006). Knowledge Representation and Integration for Portfolio Evaluation using Linear Belief Functions, Systems. Man and Cybernetics, Part A, IEEE Transactions, 36(4).

Shenoy, C. & Vafeas, N. (2005). The Free Cash Flow Effects of Capital Expenditure Announcements. Applied Economics Letters, 12(14/15), 907-911.

Shenoy, C. Liu, L. & Shenoy, P. (2003). A Linear Belief Function Approach to Portfolio Evaluation. Uncertainty in Artificial Intelligence, 19, 370-377.

Shenoy, C. & Park, J. (in press). An Examination of the Dynamic Behavior of Aggregate Bond and Stock Issues. International Review of Economics and Finance, 11.

Shenoy, C. (2002). Modeling Financial Portfolios using Belief Functions. Springer-Verlag.

Shenoy, C. & Chauvin, K. (2001). Stock Price Decreases Prior to Executive Stock Option Grants. Journal of Corporate Finance, 7.

Shenoy, C. & Shenoy, P. P. (2000). A Bayesian Network Model of Portfolio Risk and Return. MIT Press.

Shenoy, C. & Koch, P. D. (1999). The Information Content of Capital Structure and Dividend Policies. Financial Management.

Shenoy, C. & Koch, P. D. (1995). The Firm’s Leverage/Cash-Flow Relationship. Journal of Empirical Finance

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