Gary Gibbons

A visiting professor in the Walker Center, Dr. Gibbons received his Ph.D. in Business Administration from Claremont Graduate School - The Peter F. Drucker Graduate School of Management. He holds an MS from California State University, a BS from the University of Arizona and is a Principal, Senior Analyst, and Portfolio Manager with the Coleridge Group in Phoenix.

Gary Gibbons

Job Title

Principal - The Coleridge Group

Current Job Function

Financial / Investment Management

Functional Interest/Experience

Corporate Finance

Areas of Expertise

Portfolio Management
Securities Valuation
Valuation of illiquid business interests ( those interests not traded in public securities markets)
Financial modeling, financial planning and evaluation of results at the entrepreneurial firm

Academic Background

Ph.D. Business Administration (emphasis Strategy and Finance)
Claremont Graduate School - The Peter F. Drucker Graduate School of Management

M.S. Business Administration
The California State University
(thesis topic: "Hedging Interest Rate Risk In The Financial Futures Market")

B.S. Business Administration
The University of Arizona

Academic Specialization

Investor decisions under conditions of uncertainty. This area of specialization focuses on how investor actions (i.e. trading and/or pricing activities) are affected by specific expressed risk features with respect to the target investment. In short, how firm specific news (FSN) affects firm value. Some aspects of this work have been referred to as "behavioral finance" and other aspects of the research are classified as quasi-experimental analysis or quantitative decision modeling.


  • English - native
  • Spanish - conversant

Professional Background

  • Principal, Senior Analyst and Portfolio Manager with The Coleridge Group, a Registered Investment Advisory Firm located in Phoenix, Arizona. (1987 to present)
  • Visiting Professor of Entrepreneurship and Academic Director of Thunderbird Private Equity Center (TPEC), Thunderbird School of Global Management (2007 to present)
  • Chairman of the Board of Directors of Hanseatic Group, Inc. (2003 - 2006).
  • Affiliated with Houlihan, Lokey, Howard and Zukin as Director of Structured Finance in the Public Finance Department. (1995 -1997)
  • Managing Director: Houlihan Lokey Howard and Zukin Investment Management, Inc. Member Investment Policy Committee, Member Portfolio Review Committee, Member Management and Operating Committee. (1989 - 1991)
  • Senior Lecturer and member of the faculty of the Department of Finance at California State University, Fullerton (1984 - 1994); also, Visiting Lecturer at University of Southern California, California State University, Long Beach, Chapman University.
  • Vice President and Chief Financial Officer of Hanseatic Corporation. Responsibilities included financial management, statistical and economic analysis, investment strategy review, portfolio management, and marketing. (1983 - 1987)
  • Vice President of Finance of Richmark Corporation; this firm was a manufacturer of furniture. (1979 - 1983)
  • Vice President of CPB Management; this is an asset management firm specializing in the management of entertainers’ assets in Los Angeles. (1975 - 1979)
  • Acting Secretary and board-appointed Conservator of TennisAmerica, Inc.; this firm was owned by Billie Jean King and operated a widely diverse range of real estate, retail, and sport camp holdings. (1973 - 1975)
  • Registered with the Securities and Exchange Commission and State of Arizona as an Investment Adviser.
  • Taken and passed the following National Association of Security Dealers Exams: Series 2, Series 3, Series 63, Series 65.
  • 1985 - 1994 Registered with the Commodity Futures Trading Corporation and the National

Awards and Honors

  • Member of Beta Gamma Sigma, a scholastic honor society for collegiate schools of business.
  • Organizer of an international conference on New World Economic Order jointly sponsored by California State University, Fullerton and Chapman University.
  • Moderator, NFMA Strategic Action Committee for Dissemination Best Practices for 15c2-12 Required Information in Municipal Bond Markets
  • Certificate of Appreciation for outstanding service to Phi Beta Delta.
  • Member of Phi Beta Delta, a scholastic honor society for international scholars.
  • Certificate of Appreciation from the College for Financial Planning in Denver for his contributions to its training program (1985 and 1986).
  • Listed in the 23rd Edition of Who’s Who in Finance and Industry, published by Marquis Who’s Who, Inc. (listed et seq. in the 24th, 25th, 26th, and 27th editions).
  • Nominated by the United States Jaycees as a candidate for their “Outstanding Young Man of the Year Award.”
  • Member of the United States Professional Tennis Association (1972 -1990).
  • The Academy of Management Member
  • Los Angeles Society of Financial Analysts, Regular Member
  • Phoenix Society of Financial Analysts, Regular Member
  • National Federation of Municipal Analysts, Member


  • "PE Managers as Registered Investment Advisors," The Journal of Private Equity, Winter 2011 (co-athor Heather M. Stone)
  • “Investors and Policy Makers Are Perfect…Right?”, Forbes India, 2010
  • "Investor Decisions Under Conditions of Uncertainty: The Influence of Firm Specific Information on Trader's Behaviors in the Absence of Pre and Post Announcement Drift", 2005
  • Nineteen articles in popular trade press publication (various dates)
  • "Strokes and Strategies", edited by Gary Gibbons, TennisAmerica, 1973 Palo Alto, CA

Projects and Research

  • Director Tredia Performance Fund Limited (International Hedge Fund administered by Citco)
  • Member - Mayor’s Task Force on Budget, Town of Payson Arizona
  • Member - County Facilities Committee, Gila County, Arizona
  • Director and Chairman of Hanseatic Group, Inc.
  • Expert witness in California Superior Court – Santa Anna, California
  • Expert witness in Minnesota District Court - Saint Paul, Minnesota
  • Expert witness in Federal District Court – Tucson, Arizona
  • Advisory Board member, Journal of Private Equity
  • Referee for the Conflict Management Division of the Academy of Management
  • Referee for the Journal of the Financial Management Association
  • Director and Comm. Chair - The Industrial Development Authority of the County of Maricopa
  • Director of Kaiser Ventures (NASDAQ symbol KRSC, formerly Kaiser Steel Corp.)
  • Director of Windsor Investment Holdings Limited
  • Director of Houlihan Lokey Howard and Zukin Investment Management, Inc.
  • Director of Safe Harbor Capital Management, a Joint Venture between Houlihan Lokey Howard and Zukin Investment Management, Inc., and Twenty-First Securities
  • Director of Uni-Net, Inc.; this company provided long distance telephone service in California, Arkansas, Oklahoma, and Texas
  • Director of Pacific Midwest Gas Company, an integrated production, gathering, and exploration company based in Tulsa, Oklahoma
  • Director of Richmark Corporation; this firm is a manufacturer of furniture and is based in the Los Angeles area
  • Director of Century Technology; this firm is a small producer of medical pressure transducers
  • Director of US Sports Company; this firm owned and operated the largest school for tennis professionals in the world
  • Advised management and major shareholder of Kaiser Resources, Inc. (OTC, $120 million in market capitalization). Represented the major shareholder and the Pension Benefit Guarantee Corporation in secondary offering done with Salomon and L.H. Friend, Weinress & Frankson
  • Advised Alatenn Corporation (ASE, $120 million in market capitalization) on purchase of Colony Energy
  • Managed and advised Carter-Miot Engineering on ESOP creation and sale
  • Participated in fund raising for: Richmark Corporation, Cresco, Inc., Gateway Computer, Colt Properties, Uni-Net, Inc., Windsor Energy (US), Windsor Energy (Alberta ex), Oklahoma Housing Authority, and Industrial Development Authority City of Richmond, VA - Heritage Oaks
  • Advised on restructure or recapitalization for: Pacific Midwest Gas Corporation, Hanseatic Group, Inc., US Sports Company, TennisAmerica, Inc., Century Technology 876 Bond Fund of The Saint Paul Port Authority, Maryland Energy Financing Authority – Pencor, and Larex Inc.
  • Acted as the Corporate Strategist for: Pacific Midwest Gas Corporation, Windsor Energy Corporation, Uni-Net, Inc.
  • Acted as Chief Financial Officer for: Richmark Corporation, and Hanseatic Corporation

Valuation Work:

  • Valuation of intangible assets Van’s Inc. (NASD, $140 million in market capital, analysis was used to support petition to SEC requesting accelerated write-off of intangible assets) ($49,200,0000), Valuation of County Bank for employee incentive Plan ($19,764,000), Valuation of Larex, Inc. for The Minnesota Laborers Pension Fund ($5,000,000), Valuation of CEMEC for The Minnesota Laborers Pension Fund ($5,000,000), Valuation of Technimar for Miller & Schroeder Financial ($6,275,000), Valuation of the 876 Bond Fund for the Port Authority of St. Paul ($111,000,000 par), Valuation of the 876 Bond Fund for Tender offer of the Port Authority of St. Paul ($53,000,000), Valuation of Hanseatic Group, Inc. for purchase of shareholder interests ($1, 450,000), Value of Kaiser Ventures, LLC for regulatory purposes ($16,000,000), Various other valuations in support of litigation, Various Municipal Bond issues were valued for Piper Jaffray & Company ($28 million par)
  • Managed stock portfolios for various clients. For example:
    Physician’s Mutual Insurance Company, Home Federal, Billie Jean King, Pain Webber Trust, New Kaiser VEBA, Baker family funds, Kellogg family funds, “Tennessee” Ernie Ford, Merle Haggard, and Everly Brothers
  • Managed fixed income portfolios for various clients. For example:
    Agyros Foundation, Bank of Bermuda, Physician’s Mutual Insurance Company, Home Federal, Pacific Saving Bank, Imperial Mortgage Pain Webber Trust, Billie Jean King, New Kaiser VEBA, Baker family funds, “Tennessee” Ernie Ford, Merle Haggard and Everly Brothers
  • Managed, designed or advised on quantitative strategies or due diligence analysis for various clients. For example: Bass Brothers Enterprises, New Kaiser VEBA, Public Service Company of New Mexico, Phil 4:12 (Holding company for Howard Ahmanson, primary owner of Home Savings and Loan), Pacific Savings Bank, Imperial Mortgage, San Clemente Bank, The Minnesota Laborer’s Pension Fund, Saint Paul Port Authority,Miller & Schroeder Financial Co., Inc.

Expert Witness:

Dr. Gibbons has fulfilled many engagements as an expert consultant and/or expert witness. Dr. Gibbons has qualified to testify as an expert witness in Federal District Court, State District Court and State Superior Court. He has consulted on matters concerning: enterprise valuation, securities valuation, portfolio structure, valuation of closely held firms, fiduciary duty as it applies to investment managers or investment advisers, the valuation of intangible assets and in matters involving corporate re-structuring. He has been engaged by well known national and regional law firms, ERISA trusts and their boards of trustees, public agencies, as well as securities brokerage firms and their clients. His engagements have been used in support of specific tax or regulatory positions, in civil litigation or in support of arbitration or mediation proceedings.