Resume

EDUCATION

University of Washington,  Finance,  1982,  Ph.D.
University of Rochester, Finance, Applied Economics, 1980, MBA
Indian Institute of Technology – Delhi, Mechanical Engineering, 1978, B.Tech.

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EMPLOYMENT

1989-Present University of Colorado, Provost Professor of Finance
1993-1994 Princeton University, Visiting Professor of Economics
1987-1989 University of Chicago, Visiting Associate Professor of Finance
1982-1987 University of Utah, Associate Professor of Finance
1983-1984 University of Washington, Visiting Assistant Professor of Finance
Summer 1983 U.S. Securities and Exchange Commission, Economic Fellow

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HONORS

“10 Best Corporate and Securities Articles” Award, 2009.
DeBrauw Prize; awarded by the European Corporate Governance Institute, 2008.
MBA Educator of Distinction Award Finalist, 2005.
Frascona Undergraduate Teaching Excellence Award, 2002.
Best Corporate Finance Paper Award, 2002.
“10 Best Corporate and Securities Articles” Award, 1999.
Graduate Professor of the Year,1998.

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PROFESSIONAL ACTIVITIES

Board Member, ProLInk.

Board Member, Integra Ventures LLP.

Founding Board Member, TiE-Rockies, a professional group serving the technology entrepreneurs of Colorado.

Executive Board Member, National Association of Corporate Directors – Colorado Chapter.

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PUBLICATIONS

“Financial Crisis And Bank Executive Incentive Compensation,” Journal of Corporate Finance, 2014, v25, 313-341, with Brian Bolton.

“Getting Incentives Right: Is Deferred Bank Executive Compensation Sufficient?” Yale Journal on Regulation, 2014, v 31 (3), 523-564, with Brian Bolton and Roberta Romano.

“Why Do Venture Capitalists Use Such High Discount Rates?” 2014, v 15 (1), 94-98, Journal of Risk Finance.

“Director Ownership, Governance and Performance,” Journal of Financial & Quantitative Analysis, 2013, v 48(1), 105-135, with Brian Bolton.

“Reforming financial executives’ compensation for the long term,” Research Handbook on Executive Pay, 2013, Elgar, Northampton, MA, with Roberta Romano.

“Valuation of IPOs,” in The Oxford Handbook of Venture Capital, Oxford University Press, with Rajesh Aggarwal and S. Rangan, 2012.

“Manager Characteristics and Capital Structure: Theory and Evidence” Journal of Financial & Quantitative Analysis, 2012, with Brian Bolton and A. Subramanian.

“Voluntary and Mandatory Skin in the Game: Understanding Outside Directors’ Stock Holdings,” European Journal of Finance, 2011, with Heather Tookes.

“The Effect of Corporate Governance on Performance,” in Corporate Governance: A Synthesis of Theory, Research, and Practice, John Wiley & Sons, with Brian Bolton and Roberta Romano, 2011.

“Emerging country cross-border acquisitions: Characteristics, acquirer returns and cross-sectional determinants,” Emerging Markets Review, Volume 12, Issue 3, September 2011, Pages 250-271, with Shavin Malhotra and Peng Zhu.

“Reforming Executive Compensation: Simplicity, Transparency and Committing to the Long-term,” European Company and Financial Law Review, 2010, v7 n2, 273-296, with Roberta Romano.

“The Impact of Fundamentals and Signaling on IPO Valuation,” Financial Management, 2009, v 38, 253-284, with Rajesh Aggarwal and S. Rangan.

“Reforming Executive Compensation,” Yale Journal on Regulation, 2009, v 26 n 2, 359-372, with Roberta Romano.

“The Promise and Perils of Corporate Governance Indices,” Columbia Law Review, 2008, v 108, 1803-1882, with Roberta Romano and Brian Bolton.

“Empirical Studies of Corporate Law,” in Handbook of Law & Economics edited by Mitch Polinsky and Steven Shavell (Harvard Law School), North Holland, 2007, with Roberta Romano.

“Corporate Governance and Firm Performance,” Journal of Corporate Finance, 2008, v 14, 257-273, with Brian Bolton.

“Do Tender Offers Create Value? New Methods and Evidence,” Journal of Financial Economics, 2005, V76, pages 3-66, with David Hirshleifer, Ming Dong, and Robert Noah.

“Investment and Internal Funds of Distressed Firms,” Journal of Corporate
Finance, V11 N3, 2005, 449-472, with Nathalie Moyen and Inchul Suh.

“Event Studies and the Law: Part II: Empirical Studies of Corporate Law,” 2002, American Law and Economics Review V4 N2, with Roberta Romano.

“The Non-Correlation Between Board Independence and Long-Term Firm Performance,” Journal of Corporation Law, 2002, Volume 27, Number 2, with Bernard Black.

The Econometrics of Corporate Governance Studies, MIT Press, Cambridge, MA, 2002, (second edition, 2005) with Richard Jefferis.

“Event Studies and the Law: Part I: Technique and Corporate Litigation,” 2002, American Law and Economics Review V4 N1, with Roberta Romano.

“Real Options in the Telecommunications Industry,” in Real Options: The New
Investment Theory and its Implications for Telecommunications Economics (1999), Kluwer Academic Publishers, Boston, MA.

“Director Ownership, Corporate Performance, and Management Turnover,” The Business Lawyer, May 1999, Volume 54, with Dennis Carey and Charles Elson.

“The Uncertain Relationship Between Board Composition and Firm Performance,” The Business Lawyer, May 1999, Volume 54,with Bernard Black. Also, in The Power and Influence of Pension and Mutual Funds (ed. R. Smith), 1998. Also forthcoming in Comparative Corporate Governance: The State of the Art and Emerging Research (eds. K. Hopt, M. Roe, and E. Wymeersch, 1999).

“Why Consumers Choose Managed Mutual Funds Over Index Funds: Hypotheses from Consumer,” Journal of Consumer Affairs, 1999, Volume 33, Number 1, 187-205, with D.R. Lichtenstein and P.J. Kaufman.

“The Shareholder Wealth Implications of Corporate Lawsuits,” Financial Management, 1998, Volume 27, Number 4, 5-27, with J.L. Coles and J. Bizjak.

“Shareholder Litigation: Share Price Movements, News Releases, and Settlement Amounts,” Managerial & Decision Economics, 1998, Volume 18, 563-586, with J.D. Beck.

“Independent Directors,” in The New Palmgrave Dictionary of Economics and the Law, Macmillan Press, 1998, with B.S. Black.

Corporate Performance and Blockholdings of Investment Professionals, Association for Investment and Research (AIMR), December 1997, with B.S. Black and M. Blair.

“Do Trademark Infringement Lawsuits Affect Brand Value?” Journal of Market-Focused Management, Volume 2, 127-148, November 1997, with U.N. Umesh.

“Do Independent Directors Matter?” abstract in Journal of Finance, Volume 52, No. 3, July 1997, with B.S.Black.
“Corporate Performance, Governance, and Discipline: The Impact of Defensive Activity on Takeovers and Managerial Turnover” abstract in Journal of Finance, Volume 50, No.3, July 1995, with R.H. Jefferis.

“Corporate Research & Development Investments: International Comparisons,” Journal of Accounting and Economics, Volume 19, Nos. 2 & 3, March-May 1995, with I. Welch. Abstracted in Journal of Economic Literature, Volume 33, p 2357, 1995.

“The Causes and Consequences of Takeover Defense: Evidence from Greenmail,” Journal of Corporate Finance, Volume 1, No. 2, August 1994, with R.H. Jefferis.

“The Costs of Inefficient Bargaining and Financial Distress: Evidence from Corporate Lawsuits,” Journal of Financial Economics, Volume 35, No. 2, April 1994, with J.A. Brickley and J.L. Coles. Abstracted in Journal of Economic Literature, Volume 32, p1546, 1994.

“Market-Based Estimates of Value Gains from Takeovers” abstract in Journal of Finance, Vol. 48, No.3, July 1993, with D. Hirshleifer.

“Pre-emptive Rights,” The New Palmgrave Dictionary of Money and Finance, 1992, with R.P. Beatty and R.H. Jefferis.

“Voting Power in the Proxy Process: The Case of Antitakeover Charter Amendments,” Journal of Financial Economics, Volume 30, No. 1, November 1991, with R.H. Jefferis. Abstracted in Journal of Economic Literature, Volume 30, p 1829, 1992.

“Hostile Takeovers in the 1980′s: The Return to Corporate Specialization,” Brookings Papers on Economic Activity: Microeconomics, 1990, with A. Shleifer and R.W. Vishny. Reprinted in Economic Foundations of Corporate Law, 1993, Yale University. Reprinted in The International Library of Management: Takeovers, 1996, Dartmouth Publishing.

“Indemnification and Liability Insurance for Corporate Management: The Effect on Shareholder Wealth,” Journal of Risk and Insurance, Volume 54, No. 4, December 1987, with J.A. Brickley and J.L. Coles. Abstracted in Journal of Economic Literature, Volume 26, p 2126, 1988.

“The Pricing Effects of Interfirm Cash Tender Offers,” Journal of Finance, Volume 42, No. 4, September 1987, with J.A. Brickley and U. Loewenstein.
Abstracted in Journal of Economic Literature, Volume 26, p475, 1988.

“Size Effects of Seasoned Stock Issues: Empirical Evidence,” Journal of Business, Volume 59, No. 4, Part 1, October 1986, with A.C. Hess.
Abstracted in Journal of Economic Literature, Volume 25, p1154, 1987.

“The Authorization of Additional Common Stock: An Empirical Investigation,” Financial Management, Volume 15, No. 3, Autumn 1986, with J.A. Brickley and R.C. Lease.

“The Effect of Management’s Choice between Negotiated and Competitive Offerings on Shareholder Wealth,” Journal of Financial and Quantitative Analysis, Volume 21, No. 2, June 1986.

“Issuing Costs to Existing Shareholders in Competitive and Negotiated Underwritten Public Utility Equity Offerings,” Journal of Financial Economics, Volume 15, No. 1/2, January/February 1986, with P.A. Frost. Abstracted in Journal of Economic Literature, Volume 24, p1625, 1986.

“The Rule 415 Experiment: Equity Markets,” Journal of Finance, Volume 40, No. 5, December 1985, with M.W. Marr and G.R. Thompson. Abstracted in Journal of Economic Literature, Volume 24, p 1058, 1986.

“Incentive Effects of Stock Purchase Plans,” Journal of Financial Economics, Volume 14, No. 2, June 1985, with J.A. Brickley and R.C. Lease. Abstracted in Journal of Economic Literature, Volume 23, p 2168, 1985. Reprinted in The Economics of Accounting Policy Choice, 1992, McGraw-Hill.

“The Impact of Long-Range Management Compensation Plans on Shareholder Wealth,” Journal of Accounting and Economics, Volume 7, No. 1-3, April 1985, with J.A. Brickley and R.C. Lease. Reprinted in The Economics of Executive Compensation, 1999, Edward Elgar Publishing Limited, The International Library of Critical Writings in Economics, and The Economics of Accounting Policy Choice, 1992, McGraw-Hill.

“Cumulative Voting: The Value of Minority Shareholder Voting Rights,” Journal of Law and Economics, Volume 27, No. 2, October 1984, with J.A. Brickley.

“The Evidence on Shelf Registrations,” Midland Corporate Finance Journal, Volume 2, No. 1, Spring 1984.

“The Effect of Pre-Emptive Right Amendments on Shareholder Wealth,” Journal of Financial Economics, Volume 12, No. 3, November 1983. Abstracted in Journal of Economic Literature, Volume 22, p1494, 1984.

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QUOTED IN:

Wall Street Journal
USA Today
New York Times
Los Angeles Times
Economist
CFO
BARRON’S
Chief Executive
Philadelphia Enquirer
Bloomberg Financial
CNN Business News
Denver Post
San Jose Mercury News
Fort Worth Star-Telegram
St. Paul Pioneer
Rocky Mountain News
Daily Camera

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GAVE INVITED TALKS AT:

Vanderbilt University (October 2011)
Yale University (November 2010)
U.S. Department of Treasury (May 2010)
U.S. Securities and Exchange Commission (May 2010)
UCLA (April 2010)
University of Pennsylvania (February 2010)
IE Business School (Madrid – Spain, June 2009)
UPF (Barcelona – Spain, June 2009)
Collegio Carlo Alberto (Turin – Italy, June 2009)
University of Athens (May 2009)
HEC Paris (May 2009)
Northwestern University (April 2009)
Harvard University (March 2009)
Yale University (February 2009)
Northwestern University (October 2007)
Stanford University (June 2007)
UCLA (June 2007)
New York University (April 2007)
University of Chicago (October 2006)
Yale University (October 2006)
Cornell University (June 2006)
Dartmouth College (June 2006)
Investment Company Institute (March 2006)
Yale University (December 2004)
Stockholm School of Economics (June 2004)
Norwegian School of Management (June 2004)
London Business School (May 2004)
American Enterprise Institute (May 2004)
Harvard University (March 2004)
Yale University (December 2003)
Vanderbilt University (March 2003)
Financial Executive Institute (April 2002)
Yale University (October 2001)
US Department of Justice – Washington, DC (September 2000)
University of Kansas (September 1999)
University of British Columbia (April 1999)
University of Washington (April 1999)
Tulane University (January 1999)
University of Missouri – Columbia (January 1999)
U.S. Securities and Exchange Commission-Washington,DC (November 1998)
Northwestern University (June 1998)
Columbia University (May 1998)
U.S. Federal Trade Commission – Washington, DC (October 1997)
U.S. Department of Justice – Washington, DC (October 1997)
Q-Group (April 1997)
Columbia University Law School (March 1996)
Rice University (March 1996)
Vanderbilt University (December 1995)
University of Virginia (October 1995)
Federal Reserve Bank – Kansas City (May 1995)
Indiana University (April 1995)
Southern Methodist University (March 1995)
University of Utah (March 1995)
Arizona State University (December 1994)
University of Chicago (November 1993)
University of Rochester (November 1993)
Princeton University (October 1993)
U.S. Securities and Exchange Commission – Washington, DC (May 1993)
University of Arizona-Tucson (March 1993)
Southern Methodist University (November 1992)
Clemson University (November 1992)
University of Rochester (October 1992)
University of Texas-Austin (April 1992)
Princeton University (April 1992)
Federal Reserve Bank-New York (April 1992)
University of Pittsburgh (November 1991)
University of Colorado Law School (November 1991)
George Mason Law School (October 1991)
University of Illinois-Urbana (September 1991)
University of Washington (May 1991)
San Diego State University (February 1990)
Brookings Institution (December 1989)
Washington University-St. Louis (December 1989)
Indiana University (August 1989)
University of Maryland (February 1989)
University of Texas-Austin (February 1989)
University of Arizona-Tucson (February 1989)
University of California-Riverside (January 1989)
University of Southern California (October 1988)
Boston College (September 1988)
Ohio State University (April 1988)
University of Chicago (December 1987, May 1988)
Oklahoma State University (June 1987)
University of Alberta (September 1986)
Pennsylvania State University (January 1986)
Santa Clara University (February 1985)
Tulane University (January 1985)
University of Rochester (April 1983, April 1984)

 

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