WORK EXPERIENCE

Associate Professor of Finance, Katz Graduate School of Business, University of Pittsburgh, 2009-present

Assistant Professor of Finance, Katz Graduate School of Business, University of Pittsburgh, 2001-2009

Associate Instructor of Finance, Kelley School of Business, Indiana University, 1996-2001

Fire Control Technician Guns, U.S. Navy, USS Michigan SSBN 727 Gold, 1988-1992
– Advanced Electronics Technician
– Defensive Weapons Subsystem Operator

EDUCATION

Indiana University, Bloomington, IN

Ph.D. in Finance, 2001

– Major in Finance
– Minor in Mathematics

Indiana University, Bloomington, IN

M.B. in Finance, 1999

– Major in Finance
– Minor in Mathematics

University of Texas, Arlington, TX

B.B.A. in Finance, 1996

– Major in Finance

– Magna cum laude

RESEARCH INTERESTS

Corporate finance: governance structure, securities issuance, and mergers and acquisitions

REFEREED PUBLICATIONS

· “Sarbanes-Oxley and Corporate Risk-Taking” with Leonce Bargeron and Kenneth Lehn, 2010, Journal of Accounting and Economics, 49, 34-52.

· “Governance and International IPO Underpricing” with Thomas Boulton and Scott Smart, 2010, Journal of International Business Studies, 41, 206-222.

· “Ownership Structure and Target Returns” with Scott Bauguess, Sara Moeller, and Frederik Schlingemann, 2009, Journal of Corporate Finance, 15, 48-65. Best paper award, Journal of Corporate Finance special issue on Corporate Control, Mergers, and Acquisitions.

· “Why Do Private Acquirers Pay So Little Compared to Public Acquirers?” with Leonce Bargeron, Frederik Schlingemann, and René Stulz, 2008, Journal of Financial Economics, 89, 375-390. Jensen Prize for the Best Paper Published in the Journal of Financial Economics in the areas of Corporate Finance and Organizations.

· “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” 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

· “Acquisition Activity and IPO Underpricing” with Thomas Boulton and Scott Smart, conditional acceptance at Financial Management

· “Earnings Quality and International IPO Underpricing” with Thomas Boulton and Scott Smart, under second-round review at The Accounting Review

· “Do Target CEOs Sell Out Their Shareholders to Keep Their Job in a Merger?” with Leonce Bargeron, Frederik Schlingemann, and René Stulz, under first-round review at The Review of Financial Studies

· “Industrial Diversification and Initial Public Offerings” with Thomas Boulton and Scott Smart

· “Evolution of Equity Financing: A Comparison of Dual- and Single-Class SEOs” with William Megginson and Scott Smart

· “Why Do Firms Go Public? Evidence from the Banking Industry” with Evren Örs, Richard Rosen, and Scott Smart

· “Active vs. Passive ETFs” with Ramabhadran Thirumalai

· “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

RESEARCH IN PROGRESS

· “Target CEO Horizons and Acquisition Premia” with Leonce Bargeron, Frederik Schlingemann, and René Stulz

· “Risk Sharing in Mergers” with Leonce Bargeron and Frederik Schlingemann

· “Accounting Restatements, Market Effects, and Changes in Regulatory Policy” with Kuldeep Shastri and Ramabhadran Thirumalai

· “Valuing Startups: Lessons from the Performance of IPOs” with Scott Smart

CONFERENCE PRESENTATIONS

· “Ownership Structure and Target Returns” with Scott Bauguess, Sara Moeller, and Frederik Schlingemann

– Best paper award, 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

– 20th Anniversary Conference on Financial Economics and Accounting, 2009

· “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

– Journal of Accounting and Economics conference on Current Issues in Accounting and Reassessing the Regulation of Capital Markets held at the William E. Simon Graduate School of Business University of Rochester, 2008

· “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 Richard Rosen and Scott Smart

– 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

AWARDS AND HONORS

Best paper for JCF special issue on Corporate Control, Mergers, and Acquisitions, 2009

Jensen Prize for the Best Paper Published in the JFE, 2008

Katz Excellence in Research Award, 2007-2008

Katz Excellence in Teaching Award, 2004-2005

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

PROFESSIONAL AFFILIATIONS

American Finance Association, Financial Management Association, American Economic Association, Western Finance Association, Eastern Finance Association

PROFESSIONAL SERVICE

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:

Financial Management

Journal of Banking and Finance

Journal of Corporate Finance

Journal of Economics and Finance

Journal of Finance

Journal of Financial and Quantitative Analysis

Journal of Futures Markets

Quarterly Review of Economics and Finance

Review of Financial Studies

The Financial Review

SCHOOL SERVICE

University Senate Council, 2009-2010

University Faculty Assembly, 2009-2010

University Faculty Assembly, 2008-2009

Katz Building Committee, 2009-2010

Katz Building Committee, 2008-2009

Katz Reengineering Task Force, 2008-2009

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

DOCTORAL COMMITTEES

Ioannis Floros (Iowa State University) – Committee member

Marcus Braga-Alves (Marquette University) – Committee member

Thomas Boulton (Miami University of Ohio) – Committee member

Ning Gao (Towson University) – Committee member

TEACHING EXPERIENCE

University of Pittsburgh, Pittsburgh, PA

BFIN 1030: Introduction to Finance

– Lecturer, Two Sessions, Spring 2009

– Average teaching evaluation is 3.95 on a 5-point scale.

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.