Education and Career
- PhD, Economics, Ohio State University, 1983
- MA, Economics, Ohio State University, 1980
- BA, Economics, Summa cum laude, Washington State University, 1978
U.S. Securities and Exchange Commission, 1983 - 1987
- Josiah Meigs Distinguished Teaching Professor, University of Georgia, 2017
- Distinguished Service Award, University of Georgia, Terry College of Business, 2014
- Finalist, Outstanding MBA Teacher, University of Georgia, 1999
- Outstanding MBA "Core" Teacher, University of Georgia MBA 1st-year class, 1997
- Distinguished Teacher Award, University of Georgia, Terry College of Business, 1997
- Distinguished Research Award, University of Georgia, Terry College of Business, 1994
- Journal of Financial Economics All-Star Paper Award: "Shark repellents and stock prices: The effects of antitakeover amendments since 1980," 2001
- Journal of Financial Economics All-Star Paper Award: "Event study methodology under conditions of event-induced variance," 2001
Financial Management Association International, President, 2001 – 2002, Professional
Research, Expertise and Publications
- International Finance
- Corporate Contracting
- Corporate Control
Book Chapter: The Evidence on Mergers and Acquisitions: A modern and historical report, with J. Harold Mulherin and Jeffry M. Netter, pp. 235-290, in The Handbook of the Economics of Corporate Governance, edited by Benjamin E. Hermalin and Michael S. Weisbach, 2017, North Holland.
“Corporate Governance of a Multinational Enterprise: Firm, Industry and Institutional Perspectives,” with Igor Filatotchev and R. Greg Bell, 57, 1-8, 2019, Journal of Corporate Finance.
“Observations on research and publishing from nineteen years as editors of the Journal of Corporate Finance,” with J. Harold Mulherin and Jeffry M. Netter, 49, 120-124, 2018, Journal of Corporate Finance.
- “What does it take? Comparison of research standards for promotion in Finance,” with Jeffry M. Netter and William P. Kieser, 49, 379-387, 2018, Journal of Corporate Finance.
- “The determinants of buyout returns: Does transaction strategy matter?,” with Brian Ayash and Robert P. Bartlett, III, 46, 342-360, 2017, Journal of Corporate Finance.
- “Foreign independent directors and the quality of legal institutions,” with Mihail Miletkov and Jide Wintoki, Journal of International Business Studies, 48, 267-292, 2017.
- “The role of corporate board structure in attracting foreign investors,” with Mihael Miletkov and Jide Wintoki, Journal of Corporate Finance, 29, 143-157, 2014. (Winner, 2014 Outstanding Paper Award in International Finance at the Eastern Finance Association)
- “Shareholder Proposal Rules and Practice: Evidence from a Comparison of the US and UK,” with Bonnie Buchanan, J. Netter, & T. Yang, American Business Law Journal, 49, 739-803, 2012. (Winner, 2013 Hoeber Memorial Award Most Outstanding Article of the Year, ABLJ.)
- “Mutual Funds as Monitors: Evidence From Mutual Fund Voting,” with Angela Morgan, Jack Wolf and Tina Yang, Journal of Corporate Finance, 17, 914-928, 2011.
- “Target Firm Information Asymmetry and Acquirer Returns,” with Micah Officer & Mike Stegemoller, Review of Finance, 13, 467-493, 2009.
- “The Rise of Corporate Governance in Corporate Control Research,” with Jeffry Netter and Mike Stegemoller, Journal of Corporate Finance, 15, 1-9, 2009
- “Moving from Private to Public Ownership: Selling Out to Public Firms vs. Initial Public Offerings,” with Mike Stegemoller, Financial Management, 37, 81-101, 2008
- “The Dynamics of Corporate Governance: Changes in Contractual Relations,”Journal Of Corporate Finance, 14, 163-165, 2008
- “The Evolution of Shareholder Voting for Executive Compensation Schemes,” with Angela Morgan and Jack Wolf, Journal of Corporate Finance, 12, 715-737, 2006.
- “ The Choice of Private versus Public Capital Markets: Evidence from Privatizations,”with William Megginson, Robert Nash and Jeffry Netter, Journal of Finance, 49, 2835-2870, 2004.
- “Operational Risk in Finance Service Providers and the Proposed Basel Capital Accord: An Overview,” with Jeffry Netter, Advances In Financial Economics, 8, 147-172, 2003. (Research funded by a grant from Financial Services Exchange.)
- “Linking Pay to Performance - Compensation Proposals in the S&P 500,” with Angela Morgan, Journal of Financial Economics, 62, 489-523, 2001.
- “Determinants of Contractual Relations Between Shareholders and Bondholders: Investment Opportunities and Restrictive Debt Covenants,” with Rob Nash and Jeffry Netter, Journal Of Corporate Finance, 9, 201-232, 2003. (Research funded by a National Science Foundation grant.)
- “Proxy Contests and Corporate Change: Implications for Shareholder Wealth,” with J. Harold Mulherin, Journal of Financial Economics, 47, 279-314, 1998.
- “Managers in Financially Distressed Firms: Villains or Scapegoats?,” with Naveen Khanna, Journal of Finance, 50, 919-940, 1995.
- “Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion,” with Larry Lang and Rene Stulz, Journal of Financial Economics, 37, 3-38, 1995.
“Syndicated Loan Announcements and the Market Value of the Banking Firm,” Journal of Money, Credit and Banking, with William Megginson and Joseph F. Sinkey, Jr., 27, 457-475, 1995.
“Rule 415: An Analysis of Intra‑Industry Changes in Underwriting Revenues,” Journal of Regulatory Economics, with Wayne Marr and Jeffry Netter, 6, 27-40, 1994.
“Event Study Methodology Under Conditions of Event-Induced Variance,” Journal of Financial Economics, with Jim Musumeci and Ekkehart Boehmer, 30, 253-272, December 1991.
“Contractual Resolution of Bondholder-Stockholder Conflicts in Leveraged Buyouts,” Journal of Law and Economics, with Kenneth Lehn, 34, 645-673, October 1991.
“Proxy Reform as a Single Norm? Evidence Related to Cross-Sectional Variation in Corporate Governance,” Journal of Corporation Law, with J. Harold Mulherin, 17, 125-142, Fall 1991.
“Consolidating Corporate Control: The Choice Between Dual-Class Recapitalizations and Going Private Transactions,” Journal of Financial Economics, with Kenneth Lehn and Jeffry Netter, 27, 557-580, October 1990.
“Shark Repellents and Managerial Myopia: An Empirical Test,” Journal of Political Economy, with Lisa Meulbroek, Mark Mitchell, Harold Mulherin and Jeffry Netter, 98, 1108-1117, October 1990.
“The Economics of Event Risk: The Case of Bondholders in Takeovers,” Journal of Corporation Law, with Kenneth Lehn, 15, 199-218, Winter 1990.
“Free Cash Flow and Stockholder Gains in Going Private Transactions,” Journal of Finance, with Kenneth Lehn, 44, 771-787, July 1989.
“Stock Trading Before the Announcement of Tender Offers: Market Anticipation or Insider Trading,” Journal of Law, Economics and Organization, with Gregg Jarrell, 5, 225-248, Fall 1989.
“Returns to Acquiring Firms in Tender Offers: Evidence from Three Decades,” Financial Management, with Gregg Jarrell, 18, 12-19, Autumn 1989. (Reprinted in Readings in Mergers and Acquisitions, Ed. by Patrick A. Gaughan, Blackwell Publishers, 1994.)
“Effects of State Corporation Laws: The Recent Experience,” Financial Management, with Jeffry Netter, 18, 29-40, Autumn 1989.
“Harmonizing Margins: The Regulation of Margin Levels in Stock Index Futures Markets,” Cornell Law Review, with Dean Furbush, 74, 873-901, July, 1989.
“Dual-Class Recapitalizations as Antitakeover Mechanisms: The Recent Evidence,” Journal of Financial Economics, with Gregg Jarrell, 20, 129-152, January/March 1988.
“Leveraged Buyouts: Wealth Created or Wealth Redistributed,” with Kenneth Lehn, in Public Policy Toward Corporate Takeovers, 46-62, edited by Murray Weidenbaum and Kenneth Chilton, Transaction Publishers: New Brunswick, NJ, 1988. (Reprinted in Readings in Mergers and Acquisitions, Ed. by Patrick A. Gaughan, Blackwell Publishers, 1994.)
“Insider Trading: The Law, the Theory, the Evidence,” Contemporary Policy Issues, with Jeffry Netter and Philip Hersch, VI, 1-13, July 1988.
“Shark Repellents and Stock Prices: The Effects of Antitakeover Amendments since 1980,” Journal of Financial Economics, with Gregg Jarrell, 19, 127-168, September 1987.
“Japanese Bank Regulation and the Activities of U.S. Offices of Japanese Banks,” Journal of Money, Credit and Banking, 18, 366-373, August, 1986.
“Motivations for Hostile Tender Offers and the Market for Political Exchange,” Contemporary Policy Issues, with Gregg Jarrell, 4, 30-45, July 1986.
“Shark Repellents and Poison Pills: Stockholder Protection from the Good Guys or the Bad Guys?,” Midland Corporate Finance Journal, with Gregg Jarrell, 4, 39-47, Summer 1986.
- Managing Co-Editor, Journal of Corporate Finance, 2001 - 2018
- Associate Editor, Financial Management, 1999 - 2018
- Associate Editor, Journal of Financial Research, 1993 - 2015