He has held faculty positions at Ohio State University and the University of Illinois at Chicago. Luby’s research focuses on the motivations and impacts of different public sector financial management practices as a means of better understanding public managers and public organizations, and on the development of specific emerging public finance practices such as infrastructure public-private partnerships and debt-related derivatives. Prior to academia, Luby worked in the public finance industry as an investment banker and finance consultant to state and local governments at Scott Balice Strategies and Bear Stearns. He received a PhD in public affairs from Indiana University's School of Public and Environmental Affairs.