Richard Borgman, Ph.D.

Dr. Richard H. Borgman is Professor of Finance at the University of Maine. He received his PhD in Finance from the University of Florida after working for Dominion Bankshares Corporation, a multibank holding company. He also has a Master’s degree in English. Prior to coming to the University of Maine, he was a visiting assistant professor of finance at the University of Notre Dame. Dr. Borgman’s research has centered on financial institutions and asset management, although he has pursued interdisciplinary research opportunities related to marketing, knowledge sharing, trade agreements, and the financial crisis. He has 24 publications in Financial Decisions, Journal of Business and Economic Perspectives, Journal of Financial Education, Journal of Behavioral Finance, The Case Journal, Journal of Business and Economic Studies, American Business Review, Commercial Lending Review, Credit and Financial Management Review, Canadian Journal of Latin American and Caribbean Studies, OR Insight, Amfiteatru Economic, Journal of Financial Services Marketing, Journal of Small Business and Enterprise Development, among others.

He teaches courses in corporate finance, international finance, and financial institutions, and has led three graduate student trips abroad (Japan, Vietnam, UK and Ireland). He has twice served as Director of Graduate Business Programs as well as Interim Associate Dean in the Business School. He was the recipient of the University of Maine’s Presidential Outstanding Teaching Award (2013). From the business school he was awarded the outstanding teaching award (2011), outstanding service award (2004, 2019), and outstanding research award (2011, 2012).

Dr. Borgman’s experience bridges academics and business. His business roles included, in the past, general manager of a chain of bookstores and project and product manager for a large regional bank holding company. Currently he is a member of the Board of Directors of the University Credit Union (Orono, Maine) and serves on the State of Maine Treasurer’s Cash Pool Investment Advisory Committee. He was a researcher on special purpose entities and Enron’s use of special purpose entities for an expert witness in the Enron litigation (2005).

Dr. Borgman’s CV


Ph.D., University of Florida (1994)

Teaching Areas

  • Financial Institutions and Markets
  • Financial Management/Corporate Finance
  • International Finance

Research Interests

  • Financial Institutions and Markets
  • Asset-backed Securities
  • Portfolio Management
  • Security Valuation
  • Mutual Funds Fees
  • Microfinance


Borgman, Richard, 2015, “Exit and Harvest: The Case of Hotmail,” in Entrepreneurial Finance: Finance for Entrepreneurship and Small Business Management (eds. Vega and Lamb), forthcoming.

Borgman, Richard, and Datar, Vinay, Summer 2013, “The Value of Mutual Fund Fees: A Model.” Financial Decisions, Article 1, pp. 1-19.

Borgman, Richard, and Datar, Vinay, 2012, “The Foreign Corrupt Practices Act: Regulatory Burden and Response.” International Research Journal of Applied Finance, Vol. III, No. 1, pp. 3-19.

Borgman, Richard, Fall 2011, “Mainsail II SIV-Lite and the State Cash Investment Pool.” The Case Journal, Vol. 8, No.1.

Agrrawal, Pankaj; Borgman, Richard; Clark, John; and Strong, Robert, 2010, “Using the Price-to-Earnings Harmonic Mean to Improve Firm Valuation Estimates.” Journal of Financial Education, Vol. 36, No. 3-4.

Agrrawal, Pankaj and Borgman, Richard, 2010, “What is Wrong with this Picture? A Problem with Comparative Return Plots on Finance Websites and a Bias Against Fixed/Income Generating Assets.” Journal of Behavioral Finance, Vol. 10, No. 4.

Borgman, Richard, November 2009, “Prudent Investing? The Credit Crisis of August 2007, Mainsail II SIV-Lite, and the State Cash Investment Pool,” Amfiteatru Economic, Special Issue No. 3. This is a special issue on the financial crisis.

Jones, Nory, and Borgman, Richard, 2007, “An Exploratory Study on Knowledge Sharing, Information Technologies and Firm Performance,” OR Insight, Vol. 20, No. 4.

Borgman, Richard and Potoker, Elaine, Fall 2007, “The Economic Impact of the Caribbean Basin Initiative: Has It Delivered Its Promise?,” Canadian Journal of Latin American and Caribbean Studies, Vol. 32, No. 64.

Lawson, Diana; Borgman, Richard; and Brotherton, Timothy, 2007, “A Content Analysis of Financial Services Magazine Print Ads: Are They Reaching Women?,” Journal of Financial Services Marketing, Vol. 12, No. 1.

Borgman, Richard, and Strong, Robert, Spring 2006, “Growth Rates and Implied Beta: Interactions of Cost of Capital Models,” Journal of Business and Economic Studies. Vol.12, No. 1.

Borgman, Richard, September-October 2005, “Lessons from Microlending for U.S. Bankers,” Commercial Lending Review. Vol. 20, No. 5.