Harold “Tray” Spilker, Ph.D.

Assistant Professor of Finance

Curriculum Vitae


Shidler College of Business

University of Hawaiʽi at Mānoa

2404 Maile Way

Honolulu, HI 96822


Office: E-601k

Phone: +1.808.956.8738

Email: tray.spilker(at)hawaii.edu

Web: http://www2.hawaii.edu/~hspilker




Professor Spilker is an Assistant Professor of Finance at the University of Hawaiʽi at Mānoa. His research focuses on social networks, fund governance, and manager performance. Prior to entering academia, Professor Spilker worked in capital markets constructing portfolios of hedge funds for clients at Cambridge Associates and K2 Advisors, and in equity research at UBS. His industry experience also includes work in corporate and non-profit finance at GE and Harvard University, respectively. He started his career as an aircraft mechanic in the U.S. Air Force. He received his B.S. in Business Administration (Magna Cum Laude) from Virginia Tech, Graduate Diploma in Management from Harvard University, MBA (Summa Cum Laude) from the University of Maryland, and Ph.D. in Finance from Boston College.


Research Interests

Empirical Asset Pricing

Alternative Investments

Manager Performance

Fund Governance

Social Networks


Working Papers

“Hedge Fund Family Ties”

“ETFs in Mutual Fund Families ‐ Cannibalization, Subsidization, and Flows” with Caitlin Dannhauser

“Buyout Gold: MIDAS Estimators and Private Equity” with Alex Eiermann, Apollon Fragkiskos, and Russ Wermers


Works In Progress

“Hidden Style: The Latent Factors of Hedge Fund Performance”

“Information Contribution by Analyst Type” with Caitlin Dannhauser

“Modeling Private Equity: A Combined Time-Series Approach” with Apollon Fragkiskos and Russ Wermers