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.

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

HONORS

Journal of Corporate Finance Decade Award: most impactful paper during 2008-2018

“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.

PUBLICATIONS ON EVENT STUDIES, LITIGATION, AND CORPORATE LAW

“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.

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

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

BOARD ACTIVITIES

Board Member, Integra Ventures LLP.

Board Member, ProLink Solutions

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

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

PUBLICATIONS

“IPO Valuation: The International Evidence,” in The Oxford Handbook of IPO Valuation, Oxford University Press, 2018, with J. Lu and S. Rangan.

Financial Crisis, Corporate Governance, and Bank Capital, Cambridge University Press, 2017.

https://www.amazon.com/dp/B06X9F3KDQ/ref=dp_return_2?_encoding=UTF8&n=283155&s=books

“Board Directors Should Be Paid Only in Equity,” Harvard Business Review, May 2017. https://hbr.org/2017/05/board-directors-should-be-paid-only-in-equity

“Employment, Corporate Investment, and Cash Flow Uncertainty,” Journal of Financial & Quantitative Analysis, 2018, with Saad Alnahdeh and Iulian Obreja.

“Economic Policy Uncertainty and Growth in India,” Economic & Political Weekly 51, Issue 35, 2016, 72-81, with Pulak Ghosh and Srinivasan Rangan.

http://www.epw.in/journal/2016/35/special-articles/economic-policy-uncertainty-and-growth-india.html

“Size, Leverage, and Risk-Taking of Financial Institutions,” Journal of Banking and Finance 59, 2015, with Brian Bolton and Jun Lu. http://www.sciencedirect.com/science/article/pii/S0378426615001867

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

http://www.sciencedirect.com/science/article/pii/S0929119914000042

“Getting Incentives Right: Is Deferred Bank Executive Compensation Sufficient?” Yale Journal on Regulation, 2014, with Brian Bolton and Roberta Romano.

http://leeds-faculty.colorado.edu/bhagat/BBR-YJR-2014.pdf

“Why Do Venture Capitalists Use Such High Discount Rates?” Journal of Risk Finance, 2014.

http://www.emeraldinsight.com/doi/full/10.1108/JRF-08-2013-0055

“Director Ownership, Governance and Performance,” Journal of Financial & Quantitative Analysis, 2013, with Brian Bolton.

http://dx.doi.org/10.1017/S0022109013000045

“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, v 46(6), 1581-1627, with Brian Bolton and A. Subramanian.

http://dx.doi.org/10.1017/S0022109011000482

“Voluntary and Mandatory Skin in the Game: Understanding Outside Directors’ Stock Holdings,” European Journal of Finance, 2012, with Heather Tookes.

http://www.tandfonline.com/doi/abs/10.1080/1351847X.2011.579739

“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.

http://dx.doi.org/10.1016/j.ememar.2011.04.001

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.

DOI: 10.1111/j.1755-053X.2009.01035.x

“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.

http://www.jstor.org/stable/40041812

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

http://www.sciencedirect.com/science/article/pii/S0929119908000242

“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.

“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.

doi:10.1016/j.jfineco.2004.05.002

“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.

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

SELECTED PUBLIC PRESENTATIONS TO PROFESSIONAL GROUPS

May 2017. Presentation on M&A Strategies for the Middle Market at TiE-Rockies, Denver CO.

April 2017. Participant at the White House Initiative, “Core Principles for Regulating the United States Financial System” at the U.S. Department of the Treasury, Washington DC.

April 2017. Presentation on “Financial Crisis, Corporate Governance, and Bank Capital” to economists and attorneys at the U.S. Federal Deposit Insurance Corporation in Washington DC.

April 2017. Presentation at American Enterprise Institute, Washington DC, on the too-big-to-fail problem, bank capital reform, and bank governance reform.

November 2016. Presentation on corporate governance reforms, and bank capital reform, to economists and attorneys from the SEC, Federal Reserve Bank, U.S. Department of Treasury, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency; presentation at U.S. Securities & Exchange Commission, Washington DC.

December 2014. Presentation on corporate governance in India at CFO Forum in New Delhi.

December 2014. Presentation to venture capitalists and CEOs of high-tech companies on valuation and governance at TiE-Mumbai.

November 2014. Presentation on executive compensation reform and bank capital requirements at U.S. Department of Treasury, Washington DC.

April 2014. Presentation to venture capitalists and CEOs of high-tech companies on valuation and governance at Society of Physician Entrepreneurs in Denver CO.

March 2014. Submission of amici curiae brief to the U.S. Supreme Court in EPJ Fund, Inc., et al. v Halliburton, et al.

October 2012. Presentation at Council of Institutional Investors annual meeting, Seattle WA, on corporate governance and executive compensation.

September 2012. Submission of amici curiae brief to the U.S. Supreme Court in Amgen Inc., et al, v Connecticut Retirement Plans, et al.

May 2012. Presentation at American Enterprise Institute, Washington DC, on business uncertainty and unemployment.

March 2012. Presentation on bank capital requirements at International Monetary Fund, Washington DC.

December 2011. Presentation on bank capital requirements at Board of Governors of the Federal Reserve System, Washington DC.

May 2010. Presentation on corporate governance and executive compensation to senior rule-makers and staff attorneys at U.S. Securities & Exchange Commission, Washington DC.

May 2010. Presentation on executive compensation reform to staff attorneys at U.S. Department of Treasury, Washington DC.

May 2009. Keynote speaker on executive compensation. Corporate Directors Forum in San Diego.

January 2009. Presentation on the subprime crisis and corporate litigation to Sidley Austin LLP attorneys in San Francisco.

January 2009, Presentation on IPO valuation to ThinkEquity Partners LLC in San Francisco.

October 2008. Plenary session panelist on corporate governance at the National Association of Corporate Directors annual meeting in Washington DC.

October 2007. Presentation on Corporate Governance to Grant Thornton LLP in Chicago.

April 2007. Presentation on Corporate Governance and Company Performance to Clifford Chance law firm inNew York.

April 2007. Presentation on Strategic Response to Corporate Litigation to Dreier LLP law firm inNew York.

October 2006, Presentation on Valuation of High Growth companies to a group of senior private equity professionals in New York.

June 2006: Presentation on corporate governance to JPMorgan Chase in New York. Audience included senior corporate attorneys and executives.

May 2006: Moderator for Governance in the Family Owned Business panel discussion in Denver, National Association of Corporate Directors – Colorado Chapter. Audience included CEOs of large businesses owned byColorado families.

March 2006: Presentation on Proxy Voting for Money Managers. Investment Company Institute Annual Conference inScottsdale,AZ. Audience included senior hedge-fund and mutual-fund investment managers.

March 2005. Presentation on Strategic Response to Corporate Litigation to Patton & Boggs law firm inDenver. Audience included senior corporate attorneys and executives.

December 2004: October 2006, Presentation on Valuation of High Growth companies to a group of Goldman Sachs executives in New York.

May 2004: Keynote Speaker on Conference on Corporate Governance at the American Enterprise Institute, Washington DC. Audience included government regulators, policy advisors, corporate executives and attorneys.

December 2003: Presentation on valuation and litigation to Kirkland & Ellis law firm in New York. Audience included senior corporate attorneys and executives.

April 2002: Presentation on performance measurement to the Financial Executives Institute (FEI) Annual Conference in Colorado Springs. Audience included CFOs and senior finance managers of US corporations.

March 2002: Presentation on corporate board compensation and corporate performance to the US Securities & Exchange Commission in Washington DC. Audience included SEC policy analysts and economists.

October 2001: Presentation on valuation strategies to Dana & Wiggins in New Haven CT, a Connecticut law firm. Audience included corporate lawyers.

August 2001: Presentation on valuation to Greenberg & Traurig law firm in Denver. Audience included corporate lawyers.

September 2000: Presentation on corporate governance related to mergers to the US Department of Justice in Washington DC. Audience included lawyers and policy-makers.