Integrity. Innovation. Impact.


Herb Lukes

Herb Lukes

Ph.D. student in finance


What is the most important factor that made you choose to study here over other institutions?

The research focus and drive of faculty members. While each institution has its own formula for success, the finance faculty at Iowa believes that meaningful ideas and research can be generated from the moment a candidate sets foot on campus. The entire department is committed to fostering a culture of collaboration.

Is studying for a Ph.D. as intense as most people might think?

All students in or entering the program are interested in moving the field of finance forward. Dedication to that ideal is what drives a candidate’s studies. Our passion for discovery and innovation in the discipline is what motivates us; a high degree of effort is a direct result of these characteristics. We believe that there is always more to be accomplished, and that the next great innovation is just around the corner. Our studies reflect those values.

What do you do to relieve the stress of grad school?

What stress? In my free time I enjoy bicycling, swimming, and cooking.

What do you enjoy most about the Iowa City community and why?

The feel of the town is second to none. While being able to enjoy the amenities of “big city living,” you can also enjoy peace and quiet in the countryside surrounded by vistas of rolling hills and natural beauty.

Because most Tippie Ph.D. programs are small, is this of benefit to you?

Yes, it is a benefit. A small program is concerned with the success of each student, individually.

What kind of support is available to Ph.D. students?

I have yet to find a type of support that is unavailable. From tech support to research support, every available resource is ready and waiting to be employed by our students.

What is your research focus (or specific topic)?

After spending a few years trading options, I enjoy research that is concerned with improving financial market efficiency. Understanding the fields of investments and market microstructure is essential if I am to contribute meaningful research focused upon how assets are traded in the financial marketplace. Currently, I focus on the effects of high-frequency trading on costs borne by investors.

What are you most looking forward to after graduation?

Being a functioning member of the financial research community and contributing to the finance literature. I am especially excited to be a catalyst for moving the financial markets forward in their never-ending goal of providing the world economy with the power to achieve the dreams of men and women.

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