BUSINESS INFORMATION
363 Mervis Hall
Office: (412) 648-2159
Fax: (412) 648-1693
Email: czutter@pitt.edu
Vita: www.pitt.edu/~czutter/
Assistant Professor of Finance, Katz Graduate School of Business, University of Pittsburgh, 2001-present
Associate Instructor of Finance,
Fire Control Technician Guns,
– Advanced Electronics
Technician
– Defensive Weapons Subsystem
Operator
Ph.D. in Finance, 2001
–
Major in Finance
– Minor in Mathematics
M.B. in Finance, 1999
–
Major in Finance
– Minor in Mathematics
B.B.A. in Finance, 1996
– Major in Finance
Corporate
finance: initial and seasoned public offerings, mergers and acquisitions,
governance structure, and capital structure
PUBLICATIONS
·
“Why
Do Private Acquirers Pay So Little Compared to Public Acquirers?” with Leonce
Bargeron, Frederik Schlingemann, and René Stulz, 2008, Journal of
Financial Economics, forthcoming
·
“What’s in a Vote? The Short-
and Long-Run Impact of Dual-Class Equity on IPO Firm Value” with Scott Smart
and Ramabhadran Thirumalai, 2008,
Journal of Accounting and Economics, 45,
94-115.
·
“Dual Class IPOs Are
Underpriced Less Severely” with Scott Smart, 2008, The Financial Review, 43, 85-106.
·
“Information
Revelation in the Futures Market: Evidence from the Single Stock Futures
Market” with Kuldeep Shastri and Ramabhadran Thirumalai, 2008, Journal of Futures Market, 28, 1-19.
·
“Control
as a Motivation for Underpricing: A comparison of dual- and single-class IPOs”
with Scott Smart, 2003, Journal of
Financial Economics, 69, 85-110.
WORKING PAPERS
·
“Acquisitions, Strategic IPO Underpricing,
and Firm Survival” with Thomas Boulton and Scott Smart, Financial Management, revise and resubmit
·
“Governance and International
IPO Underpricing” with Thomas Boulton and Scott Smart, Journal of International Business Studies, second round review
·
“Ownership
Structure and Target Returns” with Scott Bauguess, Sara Moeller, and Frederik
Schlingemann, Journal of Corporate
Finance, revise and resubmit
·
“The Short and Long-Run Financial
Impact of Corporate Outsourcing Transactions” with Ning Gao and Kuldeep Shastri,
Financial Management, revise and
resubmit
·
“Sarbanes-Oxley and Corporate
Risk-Taking” with Leonce Bargeron and Kenneth Lehn, Journal of Accounting and
Economics, second round review
·
“Evolution
of Equity Financing: A Comparison of Dual- and Single-Class SEOs” with William
Megginson and Scott Smart
·
“Earnings Quality and
International IPO Underpricing” with Thomas Boulton and Scott Smart
·
“Active vs. Passive ETFs” with Ramabhadran
Thirumalai
·
“Why Do Firms Go Public? Evidence
from the Banking Industry” with Evren Örs, Richard
Rosen, and Scott Smart
·
“Hot Issue Markets: A Moral Hazard Explanation”
with Hazem Daouk
·
“Option Acquisition and the Preservation
of Real Option Value” with Thomas Boulton and Frederik Schlingemann
·
“The
Long-Run Consequences of Dual-Class IPOs: A Comparison of Dual- and
Single-Class Long-Run Performance” with Ramabhadran Thirumalai
·
“Do Conflicts of Interest Between Target Shareholders and
Target Managers Affect the Acquisition Premium Paid by Private Equity Buyers?” with Leonce Bargeron, Frederik
Schlingemann, and René Stulz
·
“Accounting Restatements, Market
Effects, and Changes in Regulatory Policy” with Kuldeep Shastri and Ramabhadran
Thirumalai
·
“Blockholder Creation in Private
Equity Takeovers Versus Private Placements” with Frederik Schlingemann and
Mehmet Yalin
·
“Valuing
Startups: Lessons from the Performance of IPOs” with Scott Smart
·
“Underpricing
and the Bottom Line” with Scott Smart
CONFERENCE PRESENTATIONS
·
“Ownership
Structure and Target Returns” with Scott Bauguess, Sara Moeller, and Frederik
Schlingemann
– Journal
of Corporate Finance
conference on Corporate Control, Mergers and Acquisitions, 2008
·
“Earnings Quality and
International IPO Underpricing” with Thomas Boulton and Scott Smart
– Financial Management Association
Annual Meeting, 2007
·
“Governance and International
IPO Underpricing” with Thomas Boulton and Scott Smart, under first round review
at Journal International Business Studies
– Financial Management Association
Annual Meeting, 2007
·
“Sarbanes-Oxley and Corporate
Risk-Taking” with Leonce Bargeron and Kenneth Lehn
– American Enterprise Institute for
Public Policy Research, 2007
·
“Information
Revelation in the Futures Market: Evidence from the Single Stock Futures
Market” with Kuldeep Shastri and Ramabhadran Thirumalai
– Financial Management Association
European Conference, 2007
·
“Acquisitions, Strategic IPO Underpricing,
and Firm Survival” with Thomas Boulton and Scott Smart
– Financial Management Association
Annual Meeting, 2007
– Eastern Finance Association
Annual Meeting, 2007
·
“Why Do Firms Go Public? Evidence from the Banking Industry” with
– Financial Management Association
Annual Meeting, 2004
·
“The
Evolution of Equity Financing: A Comparison of Dual- and Single-Class SEOs”
with Scott Smart
– Financial Management Association
Annual Meeting, 2002
·
“Control
as a Motivation for Underpricing: A Comparison of Dual- and Single-Class IPOs”
with Scott Smart
– Financial Management Association
Annual Meeting, 2000
– Journal of Financial Economics and Tuck’s Center for Corporate
Governance Conference on Contemporary Corporate Governance Issues, 2000
– ABN-AMRO International Conference
on Initial Public Offerings, 2000
– Midwestern Finance Association
Annual Meeting, 1998
Katz
Excellence in Teaching Award 2005
Students’ Choice Award 2004
Panschar Teaching Award Nominee 1998-1999, 1999-2000
NASDAQ Research Fellowship ($15,000) 1999-2000
Teaching Excellence Recognition Award ($1,000) 1998-1999
Ronald E. McNair Research Fellowship 1996
Navy Good Conduct Medal 1988-1992
American Finance Association, Financial Management
Association, American Economic Association, Eastern Finance Association
Conferences:
Session Discussant for 2007 Financial Management
Association Annual Meeting
Presenter for 2007 American
Enterprise Institute for Public Policy Research Event
Program Committee Member for 2002 Financial
Management Association Annual Meeting
Session Organizer for 2002 Financial Management Association
Annual Meeting
Session Chairperson for 2002 Financial Management
Association Annual Meeting
Session Discussant for 2002 Financial Management
Association Annual Meeting
Session Discussant for 2002 Eastern Finance
Association Annual Meeting
Session Discussant for 1998 Midwestern Finance
Association Annual Meeting
Ad Hoc Referee:
Journal
of Finance
Journal
of Corporate Finance
Financial
Management
Journal
of Banking and Finance
Financial
Review
Journal
of Economics and Finance
Quarterly
Review of Economics and Finance
Katz Master Policy Committee, 2007-2008
Katz Master Policy Committee, 2006-2007
Katz Master Policy Committee, 2005-2006
Katz CBA Undergraduate Committee, 2005-2006
Katz Affirmative Action Committee, 2004-2005
Katz Masters Programs Committee, 2003-2004
Katz CBA Undergraduate Committee, 2002-2003
Ioannis Floros (Iowa State University) – Committee member
Marcus Braga-Alves (Marquette University) – Committee member
Thomas Boulton (Miami University of Ohio) – Committee member
Ning Gao (
Corporate, Investments, and Microstructure
BFIN 1030: Introduction to Finance
– Lecturer, Three Sessions, Spring 2008
– Average teaching evaluation is 4.01 on a 5-point scale.
BFIN 1030: Introduction to Finance
– Lecturer, Three Sessions, Spring 2007
– Average teaching evaluation is 4.08 on a 5-point scale.
BFIN 2006: Financial Management
– Lecturer, One Session, Spring 2006
– Average teaching evaluation is 4.00 on a 5-point scale.
BFIN 1030: Introduction to Finance
– Lecturer, Two Sessions, Spring 2006
– Average teaching evaluation is 4.20 on a 5-point scale.
BFIN 1321: Investment Management
– Lecturer, Three Sessions, Spring 2005
– Average teaching evaluation is 4.28 on a 5-point scale.
BFIN 1321: Investment Management
– Lecturer, Three Sessions, Spring 2004
– Average teaching evaluation is 4.12 on a 5-point scale.
BFIN 1321: Investment Management
– Lecturer, One Session, Fall 2004
– Average teaching evaluation is 4.71 on a 5-point scale.
BFIN 1321: Investment Management
– Lecturer, Three Sessions, Spring 2003
– Average teaching evaluation is 4.32 on a 5-point scale.
BFIN 1321: Investment Management
– Lecturer, Three Sessions, Spring 2002
– Average teaching evaluation is 3.34 on a 5-point scale.
F335: Security Trading &
Market Making
– Lecturer, Two Sessions, Fall 2000
– Lecturer, Fall 1999
F303: Intermediate Finance
– Lecturer, Summer 1999
– Lecturer, Summer
1998
F300:
Introduction to Financial Management
– Lecturer, Spring
1998
F301:
Financial Management
– Discussion
Leader, Three Sessions, Fall 1997
–
Lecturer, Two Sessions, Summer 1997
– Discussion
Leader, Two Sessions, Spring 1997
Overall
average teaching evaluation is 5.9 on a 7-point scale.
COURSE DEVELOPMENT
Investment Management
Developed comprehensive course curriculum and materials based on the following textbooks Essentials of Investments, by Bodie, Kane, and Marcus and Spreadsheet Modeling In The Fundamentals Of Investments, by Craig W. Holden. To view the course website visit http://www.pitt.edu/~czutter/busfin_1321.html.
BUSFIN 1321 is a survey course intended to give students a broad exposure to investment management. Some of the topics covered include: risk and return, portfolio theory, efficient markets, fixed income, and asset valuation. In addition to attending lectures and taking exams, students complete 10 spreadsheet modeling problem sets utilizing Excel. These problems sets are completed outside of class and provide students with invaluable spreadsheet modeling experience.
Security Trading & Market
Making
Collaborated with Prof. Craig Holden in furthering the development of the microstructure course curriculum and content. Specifically, developed lecture notes and configured course content online via Kelley CourseWorks. To view the course website visit http://gsob3.bus.indiana.edu/ugrad/f335/f335Zutter.nsf.
In the typical finance course we assume that securities can be bought and sold without any real effort or expense (i.e., frictionless markets). F335 relaxes many of the traditional “perfect” capital market assumptions and considers the many costs associated with trading securities; more than just brokerage commissions. This field of study is known as "market microstructure." Microstructure has grown rapidly into a major sub-discipline of finance and has had a profound impact on real world financial markets and practitioners.
Intermediate Finance
Developed comprehensive course curriculum and materials based on the following textbooks Essentials of Investments, by Bodie, Kane, and Marcus and Fundamentals of Corporate Finance, by Ross, Westerfield, and Jordan.
F303 is a finance survey course intended to give students a broad exposure to the major functional areas within finance. Upon completion, students are equipped with the necessary understanding to select from and succeed in the upper-level finance electives. F303 discusses topics in or related to the following areas within finance: corporate, asset pricing, market microstructure, financial intermediation, portfolio theory, financial engineering (derivatives), and market efficiency.
Financial Management
Developed comprehensive course curriculum and materials based on the following textbooks Essentials of Finance an Integrated Approach, by Gallinger and Poe.
F301 is an undergraduate core finance course. The objective of F301 is to fortify all business majors, regardless of discipline, with a fundamental level of understanding about financial management. F301 defines the role of management as one of maximizing shareholders’ wealth and explores how managers’ due diligence to the capital budgeting process meets this goal. Among other things, students are introduced to agency theory, time value of money, decision methods, cost of capital, risk-and-return tradeoffs, and asset valuation.
Introduction to Financial
Management
Developed comprehensive course curriculum and materials based on the following textbooks Essentials of Finance an Integrated Approach, by Gallinger and Poe.
F300 is an introductory offered to non-business majors seeking a business minor. Like F301 the objective of F300 is to fortify students with a fundamental level of understanding about financial management.
VOICe
Big Brothers and Sisters of Tarrant County, 1995-1996
Outdoors
Saltwater Fish/Corals
Woodworking/Cabinet Making