Isil Erel

Background

Isil Erel, David A. Rismiller Chair in Finance and the academic director of the Risk Institute at the OSU Fisher College of Business, holds a PhD in financial economics from MIT Sloan School of Management. Her research spans a variety of areas within corporate finance, with particular emphasis on mergers and acquisitions, corporate governance, and banking. This research has been published in top finance journals such as the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies.

Professor Erel is an Editor of the Review of Corporate Financial Studies and an Associate Editor of the Review of Financial Studies. She also served as an Associate Editor of the Journal of Banking and Finance and Financial Management. She is is the 2010 recipient of the Pace Setters Faculty Research Award and the 2015 recipient of the Distinguished Faculty Award at the Fisher College of Business. She also received the Distinguished Referee Award from the Review of Financial Studies in 2012. Professor Erel teaches Financial Institutions in both graduate and undergraduate programs at Fisher.

Publications

• Differences in Governance Practice between U.S. and Foreign Firms: Measurement, Causes, and Consequences 
  (with Reena Aggarwal, René Stulz, and Rohan Williamson), Review of Financial Studies (2009), Vol. 23 (Issue 3), 3131-3169.  Recipient of the Institute for Quantitative Research in Finance (Q-Group) Research Grant
• Does Governance Travel Around the World? Evidence from Institutional Investors 
  (with Reena Aggarwal, Miguel Ferreira and Pedro Matos), Journal of Financial Economics (2011), Vol. 100 (Issue 1), 154-181.  Recipient of the 2010 China International Conference in Finance Best Paper Award (Governance data used in this paper can be downloaded here:http://faculty.msb.edu/aggarwal/Gov.xls)
• The Effect of Bank Mergers on Loan Prices: Evidence from the United States Review of Financial Studies (2011), Vol. 24 (Issue 4), 1068-1101. Nominated as the First Runner Up for the Best Paper Award in Financial Markets and Institutions by Financial Management Association
• Macroeconomic Conditions and Capital Raising 
  (with Brandon Julio, Woojin Kim, and Michael Weisbach), Review of Financial Studies (2012), Vol. 25 (Issue 2), 341-376.

• Determinants of Cross-Border Mergers and Acquisitions 
  (with Rose Liao and Michael Weisbach), Journal of Finance (2012), Vol. 67 (Issue 3), 1045-1082.
• Economic Nationalism in Mergers and Acquisitions 
  (with Serdar Dinc), Journal of Finance (2013), Vol. 68 (Issue 6), 2471-2514.
• Do Acquisitions Relieve Target Firms’ Financial Constraints?                                                 
  (with Yeejin Jang and Michael Weisbach), Journal of Finance (2015), Journal of Finance 70/1, pages 289-328.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3220527
• Why Did Holdings of Highly-Rated Securitization Tranches Differ So Much Across Banks? 
  (with Taylor Nadauld and René M. Stulz), Review of Financial Studies(February 2014), Vol. 27 (Issue 2), 404-453.
• A Theory of Risk Capital, (with Stewart C. Myers and James A. Read, Jr.), Journal of Financial Economices, Vol. 118 (Issue 3), 620-635.
• Fire Sale Discount: Evidence from the Sale of Minority Equity Stakes (with Serdar Dinc and Rose Liao), Journal of Financial Economics (2017), Vol. 125/3, 475-490.
• Discussion: Financing Acquisitions with Earnouts, Journal of Accounting and Economics (2018), Vol. 66, 396-398. 

Working Papers

• Nonbank Lending (with Sergey Chernenko and Robert Prilmeier), R&R, the Journal of Financial Economics. 

• Selecting Directors Using  Machine Learning (with Léa Stern, Chenhao Tan, and Michael Weisbach)

• See also: Could Machine Learning Help Companies Select Better Board Directors?, HBR, APRIL 09, 2018

• The International Transmission of Negative Shocks Through Multinational Companies: The Real Economy Channel (with Jan Bena and Serdar Dinc), R&R, the Journal of Financial Economics.

• Corporate Liquidity, Acquisitions, and Macroeconomic Conditions (with Yeejing Jang, Bernadette Minton, and Michael Weisbach), R&R, the Journal of Financial and Quantitative Analysis.

• Influence of Public Opinion on Investor Voting and Proxy Advisors (with Reena Aggarwal and Laura Starks)