Professor Anil K. Makhija holds the Dean’s Distinguished Professorship in Finance at the Fisher College at The Ohio State University, where he has been on the faculty since 1999.   In the past, he has chaired Fisher College’s Department of Finance, served as an Associate Dean, and held the David A. Rismiller Professorship in Finance.

Professor Makhija’s research and teaching interests are in the field of corporate finance, and focus on issues relating to capital structure, corporate governance, and utilities.  He is currently working on how the personal leverage of CEOs is related to corporate leverage, how CEO age affects corporate investment policy, why some CEOs work for a one-dollar salary, and the relation between non-debt tax shields and firm leverage.  Recently, he was awarded the Best Paper Award at University of Michigan’s Mitsui Conference for his co-authored work on the relation between CEO personal and corporate leverage.

Professor Makhija’s work has appeared in major academic journals, including the Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Business, Journal of Corporate Finance, Financial Management Journal, Journal of Banking and Finance, Journal of Economic Behavior and Organization, etc.  He is currently co-editing with Prof. Kose John (NYU) Advances in Financial Economics, and has served on several editorial boards.

Professor Makhija is the recipient of numerous teaching awards.  Executive MBA classes at Fisher have chosen him for their Outstanding Faculty Award for eight out of the last nine graduating classes.  He has also received the Outstanding Teacher Award multiple times from the full-time and evening MBA students. He was awarded the Pace Setter’s Teaching Award, the highest honor for teaching at Fisher, for sustained excellence in teaching.  Prior to moving to Fisher in 1999, he was bestowed with the Chancellor’s Distinguished Teaching Award at the University of Pittsburgh, the highest teaching honor at that institution.  Recently, he was also awarded the Alumni Distinguished Teaching Award at Ohio State, thus earning the highest teaching honor at Ohio State as well.  Dr. Makhija has chaired over ten doctoral theses.

During Professor Makhija's tenure, the finance department at Fisher, which consisted of some 20 faculty members, ranked among the top 10 or top 20 in comparisons of finance departments internationally (e.g., in surveys by Financial Management Journal and Journal of Financial Research). It consistently ranked in the top 10 for research productivity according to ASU Finance Rankings.

Professor Makhija has participated in consulting or executive education programs in the U.S. and abroad for dozens of organizations, including American Electric Power, Dayton Power and Light, Huntington Bank, GKN (US., U.K., Spain, Australia), Dubrovnik Banking and Finance Series and IFC (Croatia), Nationwide Insurance, Mellon Bank, BARNA (Dominican Republic), , Chilectra (Chile), Textron—Cessna, Bell, Ryder, Czech Management Center (Czech Rep.), Weirton Steel, Westinghouse, Duquesne Light, Banc One Leasing, Universidad del Pacifico (Peru), ENDESA (Chile), Wisconsin Electric, Limited Brands, Santa Maria (Ecuador), American Gas Association, Ross Heart Hospital, Life Style Real Estate Communities, New Sabina, Diamond Power, King Abdullah Institute (Saudi Arabia), Alliance Data, RG Barry, Scotts Miracle Grow, etc. As associate dean for executive programs, Makhija was responsible for the development of the college’s Executive MBA program and its non-credit offerings to practicing executives.  Under his direction, Fisher’s Executive MBA program ranked 14^th in the world by Business Week.  For non-degree offerings, The Economist ranked Fisher’s Customized Programs 1^st or 2^nd in the world.

Professor Makhija has served as an expert witness in public utility commission, law court, and Financial Accounting Standards Board proceedings, besides submitting sponsored opinions to the Federal Energy Regulatory Commission. His research work has been featured on Fox Business News, US News and World Report blog, Chicago Tribune, The Motley Fool, Columbus Dispatch, St. Lois Dispatch, Business First, etc.

Professor Makhija received a PhD in Finance from the University of Wisconsin-Madison, an MBA from Tulane University (Dean’s List, Beta Gamma Sigma Honors Society), and a bachelor’s degree in Chemical Engineering from the Indian Institute of Technology, New Delhi (Dean’s List).

Areas of Expertise

• Corporate Finance
• Financial Decision-Making
• Recapitalization, Privatization Strategies
• Valuing the Firm
• Capital Structure
• Financial Issues of Regulated Firms
• Public Utilities
• Education

Education

• PhD, University of Wisconsin-Madison
• MBA, Tulane University
• BTech, Indian Institute of Technology, Delhi

FIN 811 - Financial Management II

The course provides a microeconomic approach to the study of core financial decisions of business firms and the relationship of those decisions to financial instruments and financial markets. Topics covered include capital structure, dividend policy, option pricing, and international risk management. This course is a continuation of BUSFIN 810 (the prerequisite course).

• Cronqvist, Henrik, Anil K. Makhija, and Scott Yonker, "Behavioral Consistency in Corporate Finance: CEO Personal and Corporate Leverage," Journal of Financial Economics, Forthcoming.
• Davidoff, Steven M., Anil K. Makhija, and Rajesh P. Narayanan, "Fairness Opinions in Mergers and Acquisitions," for Chapter 27, The Art of Capital Budgeting: Creating Shareholder Value through Mergers and Acquisitions, Edited by H. Kent Baker and Halil Kiymaz, John Wiley & Sons, Inc., Dec. 2010.
• Goto, Mika and Anil K. Makhija, "The Impact of Deregulation and Corporate Structure on Productive Efficiency: The Case of the U.S. Electric Utility Industry, 1990-2004," Advances in Financial Economics, Volume 13, 2009.
• Ferris, Stephen P., Tomas Jandik, Robert Lawless, and Anil K. Makhija, "Derivative Suits as a Form of Corporate Governance," Journal of Financial and Quantitative Analysis, Vol. 42 (1), March 2007, 143-166.
• Jandik, Tomas and Anil K. Makhija, "Can Diversification Create Value? Evidence from the Electric Utility Industry," Financial Management, Vol. 34 (1), Spring 2005, 61-93
• Jandik, Tomas and Anil K. Makhija, "Corporate Governance and Debt Structure after Unsuccessful Takeover Attempts," Journal of Corporate Finance, Vol. 11, 2005, 882-914.
• Jandik, Tomas and Anil K. Makhija, "Leverage and the Complexity of Takeovers," Financial Review, Vol. 40, February 2005, 95-112.
• Makhija, Anil K. and James M. Patton, "The Impact of Firm Ownership Structure on Voluntary Disclosure: Empirical Evidence from Czech Annual Reports," Journal of Business, Vol. 77, No. 3, July 2004, 457-492.
• Anderson, Christopher W., Tomas Jandik, and Anil K. Makhija, "Determinants of Foreign Ownership in Newly Privatized Companies in Transition Economies," Financial Review,
  Spring 2001.
• Jandik, Tomas and Anil K. Makhija, "Diversification of Electric Utilities, Optimal Policies, and Efficiency of Regulation," National Regulatory Research Institute Quarterly Bulletin,
  Spring 2001.
• Jandik, Tomas and Anil K. Makhija, "Empirical Evidence on Determinants of Capital Structure," Advances in Financial Economics, Vol. 6 (2001), 143-160.
• Makhija, Anil K. and Michael S. Spiro, "Ownership Structure as a Determinant of Firm value: Evidence from Newly Privatized Czech Firms," Invited lead article in Financial Review 41 (August 2000), 1-22.
• Anderson, W. Christopher and Anil K. Makhija, "Deregulation, Disintermediation, and Agency Costs of Debt: Evidence from Japan," Journal of Financial Economics, Vol. 51, No. 2 (Feb. 1999).
• Hingorani, Archana, Kenneth Lehn, and Anil K. Makhija, " Investor Behavior in Mass Privatization: The Case of the Czech Republic," Journal of Financial Economics, Vol. 44, No. 3 (June 1997), 349-396.
• Ferris, Stephen P., Narayanan Jayaraman, and Anil K. Makhija, "The Response of Competitors to Announcements of Bankruptcy," Journal of Corporate Finance, Vol. 3, No. 4 (December 1997).
• Lehn, Kenneth and Anil K. Makhija, EVA, Accounting Profits, and CEO Turnover,Journal of Applied Corporate Finance, Fall 1997 issue. Related paper appears in Lehn, Kenneth and Anil K. Makhija, EVA and MVA as Performance Measures and Signals of Strategic Change, Strategic and Leadership (Planning Review), Vol. 24, No. 3 (May/June 1996), pp. 34-38.
• Ferris, Stephen P., Narayanan Jayaraman, and Anil K. Makhija, The Impact of Chapter 11 Filings on the Risk and Return of Securityholders, 1979-1989, Advances in Financial Economics, Vol. 2 (1996), pp. 93-118.

• Cronqvist, Henrik, Makhija, Anil K. and Yonker, Scott E., Behavioral Consistency in Corporate Finance: CEO Personal and Corporate Leverage (March 11, 2011).  Journal of Financial Economics, Forthcoming.  Fisher College of Business Working Paper No. 2009-03-04; Robert Day School of Economics and Finance Research Paper No. 2009-05; Charles A. Dice Center Working Paper No. 2009-4.  Available at SSRN: http://ssrn.com/abstract=1392836.
• Li, Xiaoyang, Low, Angie and Makhija, Anil K., Career Concerns and the Busy Life of the Young CEO. (February 12, 2011).  Fisher College of Business Working Paper No. 2011-03-004.  Charles A. Dice Center Working Paper No. 2011-4.  Available at SSRN: http://ssrn.com/abstract=1761523. 
• Loureiro, Gilberto Ramos, Makhija, Anil K. and Zhang, Dan, Why Do Some CEOS Work for a One Dollar Salary? (March 19, 2011). Charles A. Dice Center Working Paper No. 2011-7; Fisher College of Business Working Paper No. 2011-03-007.  Charles A. Dice Center Working Paper No. 2011-7.  Available at SSRN: http://ssrn.com/abstract=1571823.
• Davidoff, Steven M., Makhija, Anil K. and Narayanan, Rajesh P., Fairness Opinions in Mergers and Acquisitions (April 8, 2011).  The art of capital restructuring: creating shareholder value through mergers and acquisitions, H. Kent Baker, Halil Kiymaz, eds., Wiley, Forthcoming.  Available at SSRN: http://ssrn.com/abstract=1789014.
• Makhija, Anil K., Low, Angie and Sanders, Anthony B., The Impact of Shareholder Power on Bondholders: Evidence from Mergers and Acquisitions.  Charles A. Dice Center Working Paper No. 2007-5. Available at SSRN: http://ssrn.com/abstract=891683.