Tuck School of Business
Dartmouth College
100 Tuck Hall
Hanover, NH 03755 USA
Gordon.M.Phillips@Tuck.Dartmouth.edu

Education

• Ph.D., M.A. (1991) Harvard University
• B.A. (1986) Northwestern University

Academic Positions

• Laurence F. Whittemore Professor of Finance, Tuck School of Business, 2022–present
• Harvard Business School, Visiting Professor, Spring 2022
• Faculty Adviser, Center for Private Equity and Venture Capital, Tuck School of Business, 2021–present
• Laurence F. Whittemore Professor of Business Administration, Tuck School of Business, 2018–present
• Faculty Director, Center for Private Equity and Venture Capital, Tuck School of Business, 2016–21
• C.V. Starr Foundation Professor and Faculty Director of the Center for Private Equity and Entrepreneurship, Tuck School of Business, 2016–18
• 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.

Other Positions

• Research Associate, National Bureau of Economic Research, 2002-present.
• President, Midwest Finance Association, March 2020-March 2021, Vice President, 2019-2020.
• Director, American Finance Association, 2020-2023.
• 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.

Research Grants

• National Science Foundation, Co-Principal Investigator, 2019-2021. 3 year research grant with Kyle Herkenhoff for $299,976. Title: The Impact of Consumer Credit Access on Earnings Mobility, Entrepreneurship and Income Inequality."
• National Science Foundation, Co-Principal Investigator, 2019-2020, with Gerard Hoberg, Craig Knoblock, Jay Pujara and Louiqa Raschid for $1,000,000. Title: “Exploiting Financial and Economic Data - Business OKN.” https://www.nsf.gov/od/oia/convergence-accelerator/.
• 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 to study the role of personal credit in new business formation.
• National Science Foundation, Co-Principal Investigator, 2008-2011. 3 year research grant with Brent Goldfarb and Vojislav Maksimovic, for $349,000 to study the role of organizational form in exploiting patents and innovation.
• National Science Foundation, Co-Principal Investigator, 2002-2004. 3 year research grant with Vojislav Maksimovic, for $287,882 to study the role of finance in industry evolution and tech-nology adoption.
• National Science Foundation, Co-Principal Investigator, 1997-1999. 2 year research grant with Vojislav Maksimovic, for $163,800 to study capital structure and the time-series dimensions of mergers and asset sales.
• ASA/NSF Research Fellowship, 1994-1995. Fellowship funded by the American Statistical Association and the National Science Foundation.

Honors

• Keynote address, Paris Dauphine-PSL, Tech for Finance:  AI and the Blockchain, Paris, France, June 2024.
• Keynote address, IFW-FIN-FIRE Challenges to Financial Stability, Halle Germany, August 2022.
• Keynote address, Finance Global Research Network (FIRN) in Hamilton Island, AU, November 2022.
• Keynote address, 35the Australasian Finance and Banking Conference (AFBC). “Using Computational Linguistics and Big Data in Finance,” December 2022.
• Keynote address, Financial Management Association Asia, “Industries and Competition: New Foundations for Corporate Finance and Asset Pricing,” July, 2019.
• Keynote address, Southern Denmark University, “Financial and Organizational Decisions over the Firm and Industry Life Cycle,” June 2019.
• Keynote address, Stockholm School of Economics, “Product Integration and Merger Success,” April 2016.
• Keynote address, Claremont McKenna College, “(The Need for) Industrial Organization Foundations for Corporate Finance and Asset Pricing, ” October 2015.
• Keynote address, Nordic Finance Association, May 2010, “Industrial Organization and Corporate Finance.”
• 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.
• Judy Olian Research Fellowship, 2001 and 2002, “The Role of Finance in Firm Survival and Industry Consolidation.”
• Dean’s Fellowship, 1986-1991, Harvard Business School.
• Frederick Deibler Award for Economics honors thesis, 1986, Northwestern University.

Papers Under Review and Finished Papers

• With J. Braxton, N. Chikhale and K. Herkenoff, "Intergenerational Mobility and Credit," revise and resubmit, Review of Economic Studies, 2024.
  

• With Utku U. Acikalin, Tolga Caskurlu, Gerard Hoberg, “Intellectual Property Protection Lost and Competition: An Examination Using Large Language Models,” revise and resubmit, Journal of Financial Economics, 2022 [slides]
• With G. Hoberg, C. Knoblock, J. Pujara, Z. Qui and L. Rashid, "Using Representation Learning and Web Text to Identify Competitor Networks," revise and resubmit, Management Science.
• With Y. Lu and J. Yang, “Cloud Infrastructure, Industry Dynamics and Competition: Evidence from China,” 2024 working paper.
• With K. Lewellen and G. Sertsios, "Control Without Ownership: Governance of Nonprofit Hospitals," 2024 working paper.
• with T. Caskurlu and G. Hoberg, "New Technology Sectoral Disruptions," 2024 working paper.

Publications

• With E. Giambina and A. Kumar, “Hedging, Contract Enforceability and Competition.” Forthcoming, Review of Financial Studies, 2025.
• With B. Larrain, G. Sertsios, and F. Urzúa I., "The Effects of Going Public on Firm Profitability and Strategy," Forthcoming, Review of Financial Studies, 2025.
• With Carter Braxton and Kyle Herkenhoff, “Can the Unemployed Borrow: Implications for Public Insurance,” Journal of Political Economy, September 2024, https://doi.org/10.1086/729583.
• With Gerard Hoberg, “Scope, Scale and Concentration: The 21st Century Firm,” forthcoming, Journal of Finance, 2024.
  
• With Kyle Herkenhoff and Ethan Cohen-Cole, “How Credit Constraints Impact Job Finding Rates, Sorting and Aggregate Output,”  The Review of Economic Studies, October, 2024, rdad104, https://doi.org/10.1093/restud....
  
• With Kyle Herkenhoff, Jeremy Lise and Guido Menzio, “Production and Learning in Teams,” Econometrica, Vol. 92, March 2024, pp. 467-504, https://doi.org/10.3982/ECTA16...
• With A. Zhdanov, “Venture Capital Investments and Merger and Acquisition Activity around the World,” The Review of Corporate Financial Studies, Editor's Choice article, Vol. 13, Issue 2, May 2024, Pages 303-334, https://doi.org/10.1093/rcfs/c....
• With V. Maksimovic and L. Yang, “Do Public Firms Become Myopic,”  Review of Finance, 2023, Editor's Choice article,  27(3), 2023, 765-807.
  
• With Charles Hsu, Xi Li and Yuming Ma, “Does Industry Competition Influence Analyst-Level Coverage Decisions and Career Outcomes?,” Journal of Financial and Quantitative Analysis, Volume 58, March 2023, pp. 711 745.
• With Kyle Herkenhoff and Ethan Cohen-Cole, “The Impact of Consumer Credit Access on Self-Employment and Entrepreneurship,” Journal of Financial Economics, 2021, 144(1): 345-71.
• With S. Katie Moon, “Outsourcing Supply Contracts, Human Capital and Firm Capital Structure,” Management Science, 2021, 67(1):363-87.
• With Laurent Fresard and Gerard Hoberg, “Innovation Activities and Integration through Vertical Acquisitions,” Oliver Williamson best paper award, Review of Financial Studies, 2020,33(7): 2937-76.
• With Minwen Li and Yao Lu, “CEOs and the Product Market: When are Powerful CEOs Beneficial?” Journal of Financial and Quantitative Analysis, 2019, 54(6): 2295-2326.
• With John Bai and Daniel Carvalho, “The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity,” Journal of Finance, December, 2018, 73:6, pp. 2787-2836.
• With Gerard Hoberg, “Text-Based Industry Momentum,” Journal of Financial and Quantitative Analysis, December, 2018. Sharpe best paper prize award, JFQA , Dec. 2018, pp. 2355-88.
• With Gerard Hoberg, “Conglomerate Industry Choice and Product Language,” Management Science, August, 2018, 64:8, pp. 3735-55.
• With Laurent Fresard and Uli Hege, “Extending Industry Specialization through Cross-Border Acquisitions,” Review of Financial Studies, 2017, 30 (5), 1539-1582.
• With Giorgo Sertsios, “Financing and New Product Decisions of Private and Publicly Traded Firms” Review of Financial Studies, 2017, 30 (5), 1744-89.
• With Gerard Hoberg, “Text-Based Network Industries and Endogenous Product Differentiation,” Journal of Political Economy, October, 2016, pp. 1423-65.
• With Gerard Hoberg and Nagpurnanand Prabhala, “Product Market Threats, Payouts, and Financial Flexibility,” Journal of Finance, 2014, Vol. 69, (1), 293-332.
• With Hernan Ortiz-Molina, “Real Asset Illiquidity and the Cost of Capital,” Journal of Financial and Quantitative Analysis, 2014, 1-32 (lead article).
• With Vojislav Maksimovic and Liu Yang, “Private and Public Merger Waves,” Best paper award Financial Management Association, Journal of Finance, 2013, Vol. 68, (5), 2177-2217.
• With Giorgo Sertsios, “How Do Firm Financial Conditions Affect Product Quality and Pricing?” Management Science, 2013, 59, Vol. 8, 1764-1782.
• With Alexei Zhdanov, “R&D and the Incentives from Merger and Acquisition Activity,” Review of Financial Studies, 2013, 26, Vol. 1, 34-78.
• With Vojislav Maksimovic. “Conglomerate Firms, Internal Capital Markets and the Theory of the Firm,” Annual Review of Financial Economics, 2013, Vol. 5: 225-244.
• With Armando Gomes, “Why do Public Firms Issue Private and Public Securities?”, Journal of Financial Intermediation, 2012, Vol. 21, 619-658.
• With Vojislav 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 Gerard 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 Gerard Hoberg, “Real and Financial Industry Booms and Busts,” Journal of Finance, February, 2010, Vol. 65, 45-86.
• With Vojislav Maksimovic, “The Industry Life-Cycle, Acquisitions and Investment: Does Firm Organization Matter?” Journal of Finance, April, 2008, Vol. 63, 629-64. Finalist: Brattle Prize for best paper in corporate finance in the Journal of Finance
• With Peter 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 Vojislav Maksimovic, “Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence,” The Journal of Finance, April, 2002, 57 721-767, paper nominated for the Brattle Prize. Reprinted in “Corporate Restructuring” volume in The International Library of Critical Writings in Financial Economics, ed. J. McConnell and D. Denis. 4.
• With Vojislav 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, lead article, paper nominated for the Brattle Prize. 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 Jeffrey Allen, “Corporate Equity Ownership, Strategic Alliances and Product Market Relationships,” Journal of Finance, December, 2000, Vol. 55, 2791-2815.
• With Vojislav Maksimovic, “Asset Efficiency and Reallocation Decisions of Bankrupt Firms,” Journal of Finance, October, 1998, 53, 1495-1532, paper nominated for the Smith Breeden Prize. Reprinted in “Empirical Corporate Finance” volume in The International Library of Critical Writings in Financial Economics, ed. M. Brennan.
• With Dan 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 Dan 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 Robert Weiner, “Trading Performance in Forward Markets: Information vs. Normal Backwardation,” The Economic Journal, 1994, Vol. 104, 76-95.
• With Robert Weiner, “Options in Forward Contracts: Empirical Estimates from the Petroleum Market,” The Review of Futures Markets, 1990, Vol. 9, 1-14.

Conference Organization

• 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.

Refereeing

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

University Service

• 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).

Departmental Service

• 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