Ugur headshot

Ugur Lel

  • Nalley Distinguished Chair in Finance and Associate Professor, Department of Finance
B363 Amos Hall


  • PhD, Finance, Indiana University, 2005
  • MS, Finance, Indiana University, 2003

Research Interests

  • International Finance
  • Corporate Governance
  • Corporate Finance


Journal Articles

  • Toxic CEOs, ESG investors as watchdogs, and the labor market outcomes, Management Science (forthcoming).
  • Delegated monitoring, institutional ownership, and corporate misconduct spillovers, Journal of Financial and Quantitative Analysis, 2021 (with J. Martin and Z. Qin).
  • The labor market for directors and externalities in corporate governance: evidence from the international labor market. Journal of Accounting and Economics 2019 (with D. Miller).
  • Can institutional investors restrain earnings management activities in weak investor protection countries? The role of foreign and domestic institutional investors. Journal of International Business Studies 2019.
  • Explaining top management turnover in private corporations: The role of cross-country legal institutions and capital market forces. Journal of International Business Studies 2019 (with D. Miller and N. Reisel).
  • Say on pay laws, executive compensation, pay slice, and firm valuation around the world. Journal of Financial Economics 2016 (with R. Correa).
  • Does takeover activity cause managerial discipline? Evidence from international M&A laws. Review of Financial Studies 2015 (with D. Miller).
  • Distracted directors: Does board busyness hurt shareholder value? Journal of Financial Economics 2014 (with A. Falato and D. Kadyrzhanova).
  • Friends or foes? Target selection decisions of sovereign wealth funds and their consequences. Journal of Financial Economics 2011 (with J. Kotter).
  • Escape from New York: the market impact of SEC rule 12h-6. Journal of Financial Economics 2010 (with D. Miller and N. Fernandes).
  • International cross-listing, firm performance and top management turnover: a test of the bonding hypothesis. Journal of Finance 2008 (with D. Miller).
  • The use of foreign currency derivatives, corporate governance, and firm value around the world. Journal of International Economics 2012 (with G. Allayannis and D. Miller).
  • Currency hedging and corporate governance: a cross-country analysis. Journal of Corporate Finance 2012.
  • Political risk and business relocations: evidence from Quebec and the rest of Canada.Journal of Banking and Finance 2004 (with H. Bhabra and D. Tirtiroglu).
  • Stock market reaction to headquarters relocation decisions in Canada. Canadian Journal of Administrative Sciences 2002 (with H. Bhabra and D. Tirtiroglu).


Ph.D. Program Director, 2019-2022

Graduate Coordinator, 2019-2022

College Undergraduate Programs Committee, 2022-present

College Terry-Sanford Research Awards Committee, 2020-present

College Outstanding Service Award Committee, 2020-present

College Lecturer Promotion Committee, 2020-present

College Diversity and Inclusion Advisory Board, 2017-2019

Prior Professional Positions

  • Associate Professor, Virginia Tech, 2016-2016
  • Assistant Professor, Virginia Tech, 2011-2016
  • Financial Economist, Federal Reserve Board of Governors, 2005-2011