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Research Interests Corporate Finance, International Finance
and Fixed Income Securities. Publications Testing for the elasticity of Credit
Yield Spreads, 2008, forthcoming
in Journal of Financial and
Quantitative Analysis (with Gady Jacoby and Jonathan
Batten) Job Market Paper Corporate Block Acquisitions around the
World, Nov 2008 My
dissertation research examines the motives for and the consequences of
corporate block acquisitions around the world. Building on existing studies
that either focus on a particular country or test a specific theory, I
propose and test a number of competing explanations for why corporations
purchase (sell) equity stakes from (to) other firms. Using a broad sample of
24,143 minority block acquisitions by corporations from 43 countries, I find
that the relief of financial constraints is the primary motive for the sale
of equity stakes. Corporate block acquirers often have expertise in the
targets’ industry, thereby helping to certify the investment opportunities of
target firms and so allowing them to raise additional capital. There is
little evidence in support of competing theories that corporate block
acquirers lower contracting costs in the product market, effectively monitor
insiders or capitalize on their overvalued stocks. Work-in-progress Are Sovereign Acquirers Different in
Cross-border Mergers and Acquisitions? (with
Andrew Karolyi) World Markets for Mergers and Acquisitions (with
Isil Erel and Mike Weisbach) Service Ad Hoc Referee for: Journal of
Empirical Finance, The Review of Financial Studies Presentations “Corporate Block
Acquisitions around the World” ·
Steve Buser Seminar Series at
the “Testing for the
Elasticity of Corporate Yield Spread” ·
5th Infiniti Conference on International
Finance, Trinity College Dublin, June 2007 ( presented by co-author) ·
EFMA,
·
Bank
of Canada workshop on Fixed Income Securities, Teaching/Research
Experience Instructor, Finance
Department, The Business
Finance 721: Corporate Finance (Rating: 4.6/5.0), Summer 2007 Research Assistant, Finance
Department, The René M. Stulz, Summer 2007 – Current Rüdiger Fahlenbrach, Autumn 2006 – Spring 2007 David
Hirshleifer, Autumn 2004 – Summer 2006 Research Assistant, Accounting and
Finance Department, Gady Jacoby, 2002 – 2004 Teaching Assistant, Finance
Department, The Business Finance
620: Business and Finance, Summer 2005 and Winter 2006 |
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Awards Student
Travel Award, American Finance Association (AFA), 2007 CIBER
Global Competition Award ($5,000), 2006 CGEBA
Travel Award, McGiverin Fellowship for
academic merit, 2003 Canadian
Credit Management Fellowship for academic performance, 2002 Academic
Merit Award, Shandong Institute of Economics, 1998 – 2002 References G. Andrew
Karolyi (chair) Charles R. Webb
Professor of Finance, Department of Finance, The E-mail: karolyi_1@fisher.osu.edu; Phone: (614) 292-0299 Isil Erel Assistant
Professor of Finance, Department of
Finance, The E-mail: erel_1@fisher.osu.edu; Phone: (614) 292-5174 Rüdiger
Fahlenbrach Assistant
Professor of Finance, Department of Finance, The Email: rudi@cob.osu.edu; Phone: (614) 292-3217 René M. Stulz Everett D.
Reese Chair of Banking and Monetary Economics, Department of Finance, The Email: stulz_1@fisher.osu.edu; Phone: (614)292-1970 Michael S.
Weisbach Ralph W. Kurtz
Chair in Finance, Department of Finance, The Email: weisbach_2@fisher.osu.edu; Phone: (614) 292-3264 |
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