Tuck School of Business
100 Tuck Hall
Hanover, NH 03755 USA
- Ph.D., M.A. (1991) Harvard University
- B.A. (1986) Northwestern University
- Laurence F. Whittemore Professor & Faculty Director, Center for Private Equity and Venture Capital, Tuck School of Business, Dartmouth College, January, 2016-present.
- Charles E. Cook - Community Bank Chair and Professor of Finance and Business Economics, University of Southern California, January, 2012-December, 2015.
- Bank of America Professor of Finance, University of Maryland, 2008-2011, Professor, 2004- 2008, Associate Professor, 1999-2004, Assistant Professor, 1995-1999.
- Insead, Visiting Scholar, 2009-2010.
- HEC-Paris, Visiting Professor, Spring 2010.
- MIT Sloan School of Management, Visiting Professor, 2001-2002.
- Duke University, Visiting Professor, Spring 2003.
- Assistant Professor of Management, Finance Department, Purdue University, 1991-1995.
- Research Associate, National Bureau of Economic Research, 2002-present.
- Panel member, National Science Foundation, 2009-2010.
- Associate Editor and Academic Director, Financial Management Association, 2009-present.
- Associate Editor, Review of Corporate Financial Studies, 2010-present.
- Associate Editor, Annals of Finance, 2004-present.
- Associate Editor, Finance Research Letters, 2008-present.
- Associate Editor, Review of Financial Studies, 2003-2006.
- Associate Editor, Journal of Corporate Finance, 2002-present.
- Associate Editor, Journal of Financial Research, 2006-2011.
- Associate Editor, Lecture Notes in Economics and Mathematical Systems, 1999-2002.
Grants and Honors
- Keynote address, Financial Management Association Asia, July 2019, “Industries and Competition: New Foundations for Corporate Finance and Asset Pricing.”
- Tuck Class of 2011 Teaching Excellence Award, Tuck School of Business at Dartmouth, 2012.
- National Science Foundation, Co-Principal Investigator, 2019-2020, with Kyle Herkenho for $299,976. Title: "The Impact of Consumer Credit Access on Earnings Mobility, Entrepreneurship and Income Inequality."
- Equitable Growth Foundation, Co-Principal Investigator, 2017, with Kyle Herkenhoff for $47,500 to study the impact of personal credit on earnings, employment and entrepreneurship.
- National Science Foundation, Co-Principal Investigator, 2016-2018, 2 year research grant, with Gerard Hoberg, Craig Knoblock, and Pedro Szekely for $518,000 to study competition, and industry change through text-mining of private and public firm webpages.
- National Science Foundation, Co-Principal Investigator, 2011-2016. 5 year research grant, 3 years extended, with Ethan Cohen-Cole for $478,306.
- National Science Foundation, Co-Principal Investigator, 2008-2011. 3 year research grant with Brent Goldfarb and Vojislav Maksimovic, for $349,000.
- Keynote address, Nordic Finance Association, May 2010, “(The Need for) Industrial Organization Foundations In Corporate Finance and Asset Pricing.”
- Keynote address, Brazilian Finance Association, July 2010, “Finance and Product Market Competition: New Developments and Research Possibilities.”
- Series of five invited research lectures as the A.B. Freeman Distinguished Visiting Professor at Tulane University, Spring 2008.
- National Science Foundation, Co-Principal Investigator, 2002-2004. 3 year research grant with Vojislav Maksimovic, for $287,882.
- National Science Foundation, Co-Principal Investigator, 1997-1999. 2 year research grant with Vojislav Maksimovic, for $163,800.
- ASA/NSF Research Fellowship, 1994-1995. Fellowship funded by the American Statistical Association and the National Science Foundation.
- Judy Olian Research Fellowship, 2001 and 2002, “The Role of Finance in Firm Survival and Industry Consolidation.”
- General Research Board Research Fellowship, 1996, University of Maryland. “Bankruptcy, Financing Decisions and the Reallocation of Industry Capacity.”
- Research Fellowship, Purdue University, 1994, “Capital Structure and Product Market Rivalry: An Examination of Plant Closing and Investment Decisions.”
- Dean’s Fellowship, 1986-1991, Harvard Business School.
- Departmental Honors in Mathematical Methods, 1986, Northwestern University.
- Frederick Deibler Award for economics honors thesis, 1986, Northwestern University.
- With L. Fresard and G. Hoberg, "Innovation Activities and Integration through Vertical Acquisitions,” [online appendix], forthcoming, Review of Financial Studies, 2020; Oliver Williamson best paper award
- With S. Katie Moon, "Outsourcing Supply Contracts, Human Capital and Firm Capital Structure," forthcoming Management Science, 2020
- With M. Li and Y. Lu, "CEOs and the Product Market: When are Powerful CEOs Beneficial?” Forthcoming Journal of Financial and Quantitative Analysis, 2019
- With J. Bai and D. Carvalho, "The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity," Journal of Finance, December 2018, pp. 2787-2836
- "Finance and Industrial Organization," current issues that are explored in a PhD course taught by Gordon M. Phillips at USC, HEC Paris, Insead, Vienna, Australian Finance Research Network, and the Nordic Finance Network
- With G. Hoberg, "Text-Based Industry Momentum," Journal of Financial and Quantitative Analysis, December 2018, pp. 2355-2388, [online appendix]; Sharpe best paper award
- With L. Fresard and U. Hege, "Extending Industry Specialization through Cross-Border Acquisitions," Review of Financial Studies, 2017, 30 (5), 1539-1582
- With G. Hoberg, "Conglomerate Industry Choice and Product Language," Management Science, August 2018, pp. 3735-55
- With Giorgo Sertsios, "Financing and New Product Decisions of Private and Publicly Traded Firms," Review of Financial Studies, 2017, 30 (5), 1744-1789
- With G. Hoberg, "Text-Based Network Industries and Endogenous Product Differentiation," Journal of Political Economy, October 2016
- With G. Hoberg and N.H. Prabhala, "Product Market Threats, Payouts, and Financial Flexibility," Journal of Finance, 2014, Vol. 69, (1), 293-332
- With H. Ortiz-Molina, "Real Asset Illiquidity and the Cost of Capital," Journal of Financial and Quantitative Analysis, 2014, 1-32 (lead article)
- With V. Maksimovic and L. Yang, "Private and Public Merger Waves," Best paper award Financial Management Association, Journal of Finance, 2013, Vol. 68, (5), 2177-2217
- With G. Sertsios, "How Do Firm Financial Conditions Affect Product Quality and Pricing?" Management Science, 2013, 59, Vol. 8, 1764-1782
- With A. Zhdanov, "R&D and the Incentives from Merger and Acquisition Activity," Review of Financial Studies, 2013, 26, Vol. 1, 34-78
- With V. Maksimovic, "Conglomerate Firms, Internal Capital Markets and the Theory of the Firm," Annual Review of Financial Economics, 2013, Vol. 5: 225-244
- With A. Gomes, "Why do Public Firms Issue Private and Public Securities?" Journal of Financial Intermediation, 2012, Vol. 21, 619-658
- With V. Maksimovic and N.R.Prabhala, "Post-Merger Restructuring and the Boundaries of the Firm," The Journal of Financial Economics, 2011, Vol. 102, 317-343 Reprinted as chapter 5 in "Mergers and Acquisitions", volume in The International Library of Critical Writings in Economics, ed. J. Harold Mulherin
- With G. Hoberg, "Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis," The Review of Financial Studies, 2010, Vol. 23, 3773-3811. Reprinted as chapter 6 in "Mergers and Acquisitions," volume in The International Library of Critical Writings in Economics, ed. J. Harold Mulherin
- With G. Hoberg, "Real and Financial Industry Booms and Busts," Journal of Finance, February, 2010, Vol. 65, 45-86
- With V. Maksimovic, "Does Firm Organization Matter?" Journal of Finance. April, 2008, Vol. 63, 629-64
- With P. MacKay, "How Does Industry Affect Firm Financial Structure?" formally titled "Is There an Optimal Industry Capital Structure?" December, 2005, The Review of Financial Studies
- With V. Maksimovic, "Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence," The Journal of Finance, April, 2002, 57 721-767. Reprinted in "Corporate Restructuring" volume in The International Library of Critical Writings in Financial Economics, ed. J. McConnell and D. Denis
- With V. Maksimovic, "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Gains?" Journal of Finance December, 2001, Vol. 56, 2019-2065. Reprinted in "Corporate Restructuring" volume in The International Library of Critical Writings in Financial Economics, ed. J. McConnell and D. Denis Also reprinted in Mergers and Corporate Governance, ed: J. Harold Mulherin
- With J. Allen, "Corporate Equity Ownership, Strategic Alliances and Product Market Relationships,"Journal of Finance, December, 2000, Vol. 55, 2791-2815
- With V. Maksimovic, "Asset Efficiency and Reallocation Decisions of Bankrupt Firms," Journal of Finance, October, 1998, 53, 1495-1532. Reprinted in "Empirical Corporate Finance" volume in The International Library of Critical Writings in Financial Economics, ed. M. Brennan
- With D. Kovenock, "Capital Structure and Product Market Behavior: An Examination of Plant Closing and Investment Decisions," Review of Financial Studies, 1997, Vol. 10, 767-803, to be reprinted in: The International Library of Critical Writings in Financial Economics, volume editor: Michael Brennen, series editor: Richard Roll.
- With D. Kovenock, "Capital Structure and Product Market Rivalry: How Do We Reconcile Theory and Evidence?" American Economic Review, May 1995, Vol. 85, 403-408
- "Increased Debt and Industry Product Markets: An Empirical Analysis," Journal of Financial Economics, 1995, Vol. 37, 189-238
- With R.Weiner, "Trading Performance in Forward Markets: Information vs. Normal Backwardation," The Economic Journal, 1994, Vol. 104, 76-95
- With R. Weiner, "Options in Forward Contracts: Empirical Estimates from the Petroleum Market," The Review of Futures Markets, 1990, Vol. 9, 1-14
- Finance, Organizations and Markets, Director of Research Group and Program Organizer 2013-2015.
- Western Finance Association, 2014 Associate Program Chair, 1998, 2001, 2007, 2013 session chairs and 1998-current program committees.
- Program committees: Financial Intermediation Research (FIRS), 2008-11, European Finance Association (EFA), 2010-11, Paris Corporate Finance conference, 2010-11.
- Frontiers of Finance program chair, 2008-09, committee, 2006, 2007. Washington Area Finance Symposium, program committee.
- Financial Management Association, 1997, 1999, 2002 program committees.
Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Fi- nancial Management, American Economic Review, Jorunal of Financial Intermediation, Journal of Finance and Quantitative Analysis, European Economic Review, International Journal of Industrial Organization, Journal of Industrial Economics, Quarterly Journal of Economics, Rand Journal of Economics, Review of Economics and Statistics, Review of Economics Studies
- Keyston Chair Search Committee, 2013-2014.
- Promotion and Tenure Committee, 2013-2015 (3 year appointment).
- Ph.D. Committee, 2013-2014.
- Chair of Masters of Science in Finance (MS) committee, 2002-2008, 2010-2011.
- Chair of Teaching Evaluation committee, 2010.
- Coordinator of MBA finance core, 1998-2003 (except 2001-02).
- Committee to evaluate technology portal.
- Committee to evaluate teaching in the evening MBA program.
- MBA core teaching faculty committee.
- Washington Week ELM: arranged sessions for MBA students in 4 different years (7 sessions total over 4 years).
- Co-chair Finance Recruiting Committee 2013-2015.
- Annual Performance Review Committee 2013-2014 (2 years).
- Chair of Finance Ph.D. program, 2007-2009.
- First National Bank of Maryland seminar co-coordinator (8 different semesters).
- Head of MBA curriculum committee in finance, 2003-2007.
- Co-director, Maryland Finance Symposium (2 day academic conference).
- Department of Finance Recruitment Committee, multiple years.
- Department of Finance Ph.D. Committee.
- In charge of developing and maintaining the finance department website for 3 years.
Teaching Innovation and Recognition
- Recipient of Krowe (2 times) and Wikler Teaching Awards for Teaching Excellence in MBA core and elective courses.
- Student ratings in the top 15 percent of MBA courses for second year MBA corporate finance course.
- Designed Corporate Finance Ph.D. course on finance - industrial organization interactions.
Ph.D. Dissertation Committees
- Yuan Li, (member), Cornerstone.
- Shiwon Song, (member), Insead University.
- John Bai, (chairman), Northestern University.
- Katie Moon, (co-chairman), Securities and Exchange Commission.
- Giorgo Sertsios, (co-chairman), University of Houston.
- Michael Padhi, (chairman), American University.
- Tanakorn Makaew, (committee member), University of South Carolina.
- Liu Yang, (committee member), UCLA.
- Hernan Ortiz Molina, (co-chairman), UBC.
- Meghana Ayyagari, (committee member), George Washington University.
- Jason Faberman, (committee member), BLS.
- Paul Lengermann, (committee member), Federal Reserve Board of Governors.
- Kim Baird, (committee member), Federal Reserve Board of Governors.
- Bin Jiang, (committee member), McKinnsey & Co.
- Solomon Tadesse, (committee member), Pennsylvania State University.
- Peter MacKay, (co-chairman), Southern Methodist University.
- Gayle Erwin, (committee member), Virginia.
- Julie Hunsaker, (committee member), Wayne State University.
- Jeff Allen, (committee member), Southern Methodist University.
- Bob Chan, (co-chairman), Chinese University of Hong Kong.
- Kyle Steigart, (committee member), Kansas State University.
- Greg Kadlec, (committee member), Virginia Polytechnic University.
- Tina Galloway, (committee member), Miami University.
Book Chapters and Reviews
- "Discussion of A Measure of Competition Based on 10-K Filings," Journal of Accounting Research, Vol. 51, 437-447, 2013
- With V. Maksimovic, "Conglomerate Firms and Internal Capital Markets"Handbook of Corporate Finance: Empirical Corporate Finance, ed. B. Espen Eckbo, Handbooks in Finance Series, Elsevier/North-Holland, April, 2007, 423-475