Experience
| 1985 - Present |
Dean’s Research Professor (2000-Present), Professor (1993-2000), Associate (1988-93), Assistant (1985-88), Faculty of Finance, Ohio State University |
| 1984 - 1985 | Visiting Assistant Professor of Finance, Graduate School of Business Administration, The University of Washington, Seattle, Washington |
| 1980 - 1985 | Assistant Professor of Finance, College of Management, Georgia Institute of Technology, Atlanta, Georgia |
| 1976 | Credit Analyst, Maryland National Bank, Baltimore, Maryland |
| 1969 - 1972 | Military Service, Specialist 5th Class, U.S. Army |
Honors, Grants And Awards
Listed in the top 1% of 12,637
finance authors in terms of academic citations to their work. The list is
restricted to authors publishing at least one article in one of three top
finance journals over the last 25 years. [1]
Winner of the Best Paper in Corporate Finance Award at the 2003 Financial Management Association Meetings.
Three publications designated by the Journal of Financial Economics as JFE "All Star Paper" for a high number of citations per year since publication.
Keynote Speaker, 1st International Conference on Banking and Finance, University of Malaysia, Kuala Lumpur, Malaysia, August, 2000.
Winner of the "Alan N. Nash" Distinguished Doctoral Graduate Award
for Career Accomplishments in Research, 1993, University of Maryland
Selected by the graduating MBA's of 1992 as the Outstanding Professor Teaching an
Elective.
Winner PaceSetter's Award for Excellence in Graduate Teaching, 1988 and 1993.
Also nominated in 1986,1987, 1989
Dean's Research Professorship (1988-89)
Selected by graduating Evening and Weekend MBA's of 1988 as the Outstanding Professor
Teaching Required Courses.
Recipient of a $13,000 Ohio State University Grant, 1987
Georgia Tech Faculty Development Grants, 1984 and 1981
Richard D. Irwin Dissertation Fellowship, 1978-1979
Elected to Beta Gamma Sigma, 1977
University of Maryland Graduate School Fellowship, 1975-1976
[1]
(Source: Chung, Cox,
and Mitchell, Citation Patterns in the Finance Literature, working paper
University of Buffalo)
"Determinants and Implications of Arbitrage Holdings in Acquisitions" with Jim Hsieh. Winner of the Best Paper Award at the 2003 Financial Management Association Meetings, forthcoming in The Journal of Financial Economics.
"Speculation Spreads, Arbitrage Profits and Market Pricing of Proposed Acquisitions" with Jan Jindra forthcoming Journal of Corporate Finance
"Divestitures and the Liquidity of the Market for Corporate Assets"
with Frederik P. Schlingemann and René M. Stulz, The Journal of
Financial Economics, Vol 64, (April 2002) No 2: 117-144.
"Abnormal Returns To Rivals Of Acquisition Targets: A test of the
"acquisition probability hypothesis", with Moon
H. Song, The Journal of Financial Economics, Vol 55, (February 2000) No 2: 143-172.
"Corporate Governance and Shareholder Initiatives: Empirical Evidence, with Jon
Karpoff and Paul Malatesta", (November 1996), The Journal of Financial
Economics: 365-396.
The Impact of Industry Classifications on Financial Research, with Kathleen M. Kahle,
September 1996, Journal of Financial and Quantitative Analysis.
"Executive Careers and Compensation Surrounding Takeover bids with Anup Agrawal"
Journal of Finance, (July, 1994), Vol 49, # 3, 985-1014.
"The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder
Wealth," with Moon H. Song., The Journal of Financial and Quantitative Analysis.
28, # 2, (December 1993): 439-457.
"A Test Of The Free Cash Flow Hypothesis: The Case Of Bidder Returns" with
René
Stulz and Larry Lang, The Journal of Financial Economics (October1991):315-337.
JFE "All Star Paper" for high number of citations per year since
publication
"Dividend Capture in NASDAQ Stocks" with Jonathan Karpoff, The Journal of
Financial Economics, (November/December 1990): 39-66.
"The Distribution of Target Ownership and the Division of Gains in Successful
Takeovers" with René Stulz and Moon H. Song, The Journal of Finance,Vol. 45.
No. 3.(July 1990):817-833
"Managerial Performance, Tobin's Q and the Gains from Successful Tender Offers"
with René Stulz and Larry Lang, The Journal of Financial Economics, (September
1989), 137-154. JFE "All Star Paper" for high number of citations per
year since publication
"Short Term Trading Around Ex-Dividend Days: Additional Evidence" with Jonathan
Karpoff, The Journal of Financial Economics, Vol 21, No. 2, (September 1988):
291-298.
"Poison Pill Securities: Stockholder Wealth, Profitability, and Ownership
Structure" with Paul H. Malatesta, The Journal of Financial Economics. Vol 20
No. 1/2, (Jan/Mar 1988): 347-376. JFE "All Star Paper" for high number of
citations per year since publication
"Target Abnormal Returns Associated with Acquisition Announcements: Payment,
Acquisition Form, and Managerial Resistance " with Yen-Sheng Huang, The Journal of
Financial Economics, ol 19, No. 2, (December 1987): 329-349.
"Dispersion of Expectations and Trading Volume" with Eugene E.
Comiskey and Michael Weeks, The Journal of Business Finance and Accounting, Vol 14,
No. 2, (Summer 1987):229-239.
"An Application of Arbitrage Pricing Theory to Futures Markets" with
James V. Jordan and Michael C. Ehrhardt, The Journal of Futures Markets Vol 7, No.
1 (1987):21-34.
"Determinants of Tender Offer Premiums" with Robert O. Edmister. Financial
Analysts Journal, (January-February 1985):27-37.
"Predicting Tender Offer Success: A Logistic Analysis." The Journal of
Financial and Quantitative Analysis, Vol. 20, No. 4, (December 1985):461-478.
"Trends in Institutional Commission Costs Following Deregulation" with Robert O.
Edmister, The Journal of Business Finance and Accounting, (Winter 1985):553-559.
"Agency Theory, Managerial Welfare and Takeover Bid Resistance" with Michael S.
Long. The Rand (Bell) Journal of Economics, Vol. 5, No. 1 (Spring 1984): 54-68.
"A New Test of the Effectiveness of State Industrial Development Activities"
with James V. Jordan and Peter Sassone. Chapter 7 of Revitalizing the American Economy,
published as part of the Policy Studies Organization Symposium, Kennikat Press.
"Are There Commission Cost Side Effects from Portfolio Management Decisions"
with Robert O. Edmister, Financial Analyst's Journal (July-August, 1983):3-10.
Non-Refereed Publications
"Strategic Issues in Cash Tender Offers: Predicting Bid Premiums,
Probability of Success and Managerial Resistance", The Midland Corporate Finance
Journal, Summer, 1986:57-65.
Papers Under Review
"The History and Performance of Concepts Stocks" with Jim Hsieh
"Anticipation, Acquisitions and the Bidder Return Puzzle" with Moon H. Song
Work in Process
“Strategic Initiatives: First Mover
Advantages And Corporate Performance” with Moon H. Song
"An Empirical Examination of Arbitrage in Collar Offers"
Associate Editorships
Vice President for the Program, Financial Management Association: 2003-2004
Board of Directors of the Financial Management Association.
Associate Editor Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Financial Review; Former associate editor: Financial Management
Member of the Editorial Board for The International
Journal of Finance and Accounting
Research associate of The Corporate Governance Research Study Group.
Invited Presentations
Invited testimony and presentations (in addition to radio talk shows and executive
development presentations) include the Ohio Senate Judiciary Committee, and the Financial
Analysts Federation.
Invited speaker at academic workshops and conferences at various Universities
including: Columbia University, Emory University, Penn State*, Notre Dame, The University of Washington*,
The University of Delaware, Southern Methodist University, Duke
University, Washington University, Nanyang University, Washington State, University of
Rochester, The University of North Carolina, University of Colorado, Arizona
State, University of Arizona, The University of Texas, North Carolina State,
Central Florida University, University of Malaysia, Kent State, University of Pittsburgh, Georgia
University, University of Tennessee, Miami University,
University of Alberta, University of Cincinnati, Texas A&M, Tulane University, University
of Missouri, Case Western Reserve, Purdue University.
*Multiple presentations
Damage
Calculation
Corporate Governance
Business Valuation
The Valuation of Restricted Stock
Takeover Defenses
State Anti-Takeover Laws
Financial Analysis
Initial Public Offerings
The Impact of Alleged Fraud
Fundamentals
of Finance for Non-Financial Managers
Fundamentals of Finance for Engineers
Fundamentals of Financial Success
Corporate Finance Update
Mergers and Acquisitions
Corporate Valuation
Financial Analysis
Understanding and Using Financial Research in Practice
Participation at Refereed Conferences (Incomplete)
(Most involve multiple presentations, as well as chair and
discussant roles): American Finance
Association, Western Finance Association, Financial Management Association,
French Finance Association, Southern Finance Association, Eastern Finance
Association, Northern Finance Association, ORSA-TIMS, Utah Winter Finance
Conference.
Other Contributions
Outside Promotion and Tenure Evaluations for various universities including: The
University of North Carolina, Purdue University, The University of Texas,
Vanderbilt University, Notre Dame, The University of Maryland, Penn State
University*, Virginia Polytechnic Institute (three times), Indiana University*,
University of Iowa,
University of Miami (Fla.) The University of Florida, University of Arizona, The University of Georgia,
The University of California at Davis, The Chinese University of Hong Kong,
Rutgers University, Louisiana State University, College of William & Mary, St.
Louis University, and University of Missouri at Columbia.
*Multiple presentations
Chair: FMA Committee to Evaluate the Survey and Synthesis Series Editorship
Chair
of the Best Investments Paper Selection Committee, FMA Meetings 2000
Referee for The Journal of Financial Economics, The Journal of Finance, The Journal of
Financial and Quantitative Analysis, The Journal of Business, The Review of
Financial Studies, The Quarterly Journal of
Business and Economics, Financial Management, The Journal of Business and Economic
Statistics, The Journal of Economics and Business, and The Financial Review.
Member of the Program committee for the Financial Management Association Meetings 1987, 1988, 1990,
1992-1995, 1996 (Track chair), 1998.
Member of the Publications committee for the
Financial Management Association 1993-1994.
Member of the Award committee for the Outstanding Paper at the FMA
meetings, 1989, 1991.
Gave expert opinion to State Representative Ronald Mottl concerning House Bill 291
(dealing with "greenmail"). Separately, testified before the Ohio Senate
Judiciary committee on Poison Pills.
Ohio State committees:
University Committees
Search Committee for the Senior Vice President for Academic Affairs and Provost1992-1993;Research Computing Advisory Committee 1991-1993
College Committees
Elected to College Promotion and Tenure Committee
1990-1991
1991-1992
1992-1993, (vice chair)
1993-1994, (chair)
1994-1995
1995-1996
1998-1999
1999-2000
2004-Present
Blue ribbon committee on graduate education 1990-91;
MBA policy committee 1987-88 and 1988-89,
Search Committee for Executive Education Director 1994
MBA policy committee 1997
PhD program director search committee 1997
Chair of Search Committee for Executive Education Director 1996-1997
College PhD committee 1997-1999
Exec Education Committee 1996-Present
Department Committees
Undergraduate Teaching Committee, 1986,
Chairman of Recruiting for OSU's finance department, 1986-87 and 1987-88
Member of the committee to select the finance chairperson 1990-91
Finance Graduate Education Committee 1992-present
Finance Phd Theory Examination Committee 1992-Present
Chairperson Finance Phd qualifying Examination Committee1991-1999
Member of recruiting committee 1997-present
Chair Phd admissions committee 1997-present
Director Finance Phd program 1997-1999
Dissertation committees:
|
Georgia
Tech |
|
|
Yen-Sheng Huang (Chairperson), 1984 |
Michael C. Ehrhardt, 1984; |
|
Ohio
State
|
|
|
Moon Hun Song Ph.D. (1988), Dan Ahn Ph.D. (1988), Sae Young Chan (1989), Ken Borokhovich (1990) , V.J. Singh (1991), Jun Koo Kang (1991), Anil Shivdasani (1991), Kelly Brunarski (1992), Richard Chung (1992). Heon Jeong (Chairperson) (1993), Robert Hendershott (1993) |
Darryl Lee (1994) Sung Hoon Cho (Chairperson) (1995) Twila Mae Logan (1995) John Wayman (1995) James Tompkins (1995) Jeff Harris (1995) Amy Edwards (1997) Kirsten Anderson (1997) Jan Jindra (Chairperson) 2000 Jim Hsieh (Chairperson) 2001 |
Pedagogical Contributions
Graduate Courses Taught: Ph.D. Seminars II and III: Valuation, Corporate Restructuring (Mergers, Acquisitions, LBOs/MBOs), Financial Structure, Agency Theory and Financial Signalling, Corporate Finance I and II, Financial Analysis, Seminar in Finance, Various Independent Study Courses.
Undergraduate Courses Taught: Corporate Finance (Regular and Large Lectures), Investments, Financial Analysis, Cases in Finance, Introduction to Business, Various Independent Study Courses.
Teaching Effectiveness: Won Pace Setter Award for Outstanding Teaching in 1988 and 1993. Also, selected by the graduating MBA's of 1992 as the Outstanding Professor Teaching An Elective; selected by graduating Evening and Weekend MBA's of 1988 as the Outstanding Professor Teaching Required Courses. Nominated for three other graduate teaching awards. Student evaluations cite rigor of class and contribution to understanding.
Executive Education: Extensive executive education experience including the development, marketing, and delivery of courses in “Fundamentals of Finance for Non-Financial Managers”, “Fundamentals of Financial Success”, “Corporate Finance Update”, and Strategic Issues in Mergers and Acquisitions. Guest professor at LSU’s executive program since 1988. Extensive speaking, executive development, and consulting work for numerous corporations and Universities including Ohio State, Georgia Tech, Borden, Marathon Oil, Emery AirFreight, Bank of America, American Electric Power, and numerous others. Details available upon request.
Cases: Contributor to two cases included in Financial Decision Making: Concepts, Problems and Cases, by John J. Hampton, Reston Publishing Company, 1980.