CHAD J. ZUTTER
University of Pittsburgh
Katz Graduate School of Business
352 Mervis Hall • Pittsburgh, PA 15260
Office: (412) 648-2159 • Fax: (412) 648-1693
Email: czutter@pitt.edu
Vita: www.pitt.edu/~czutter/
James R. Allen Faculty Fellow, Katz Graduate School of Business, University of Pittsburgh, 2018-present
Dean’s Excellence Faculty Fellow, Katz Graduate School of Business, University of Pittsburgh, 2014-2017
Joseph P. and Angela A. Campolo Faculty Fellow, Katz Graduate School of Business, University of Pittsburgh, 2010-2013
Associate Professor of Finance, Katz Graduate School of Business, University of Pittsburgh, 2009-present
Dean’s Excellence Faculty Fellow, Katz Graduate School of Business, University of Pittsburgh, 2007-2009
Assistant Professor of Finance, Katz Graduate School of Business, University of Pittsburgh, 2001-2008
Associate Instructor of Finance, Kelley School of Business, Indiana University, 1996-2000
Fire Control Technician Guns, U.S.
Navy, USS Michigan SSBN 727 Gold, 1988-1991
– Advanced Electronics Technician
– Defensive Weapons Subsystem Operator
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
PEER REVIEWED JOURNAL PUBLICATIONS
“Worldwide Short Selling Regulations and IPO Underpricing” with Thomas Boulton and Scott Smart. Forthcoming at Journal of Corporate Finance.
“Political Corruption and Firm Value in the U.S.: Do Rents and Monitoring Matter?” with Nerissa Brown, Jared Smith, and Roger White. Forthcoming at Journal of Business Ethics.
“What is the shareholder wealth impact of target CEO retention in private equity deals?” with Leonce Bargeron, Frederik Schlingemann, and René Stulz, 2017, Journal of Corporate Finance, 46, 186-206. Featured by The Harvard Law School Forum on Corporate Governance and Financial Regulation, March 4, 2013.
“Conservatism and International IPO Underpricing” with Thomas Boulton and Scott Smart, 2017, Journal of International Business Studies, 48, 763-785.
“The Impact of Institutional Quality on Initial Public Offerings” with Don Autore, Thomas Boulton and Scott Smart, 2014, Journal of Economics and Business, 73, 65-96.
“Industrial Diversification and Underpricing of Initial Public Offerings” with Thomas Boulton and Scott Smart, 2013, Financial Management, 42, 679-704.
“Earnings Quality and International IPO Underpricing” with Thomas Boulton and Scott Smart, 2011, The Accounting Review, 86, 483-505. Featured by The Harvard Law School Forum on Corporate Governance and Financial Regulation, December 27, 2010.
“Acquisition Activity and IPO Underpricing” with Thomas Boulton and Scott Smart, 2010, Financial Management, 39, 1521-1546.
“Sarbanes-Oxley and Corporate Risk-Taking” with Leonce Bargeron and Kenneth Lehn, 2010, Journal of Accounting and Economics, 49, 34-52. Featured by The Harvard Law School Forum on Corporate Governance and Financial Regulation, June 24, 2009.
“IPO Underpricing and International Corporate Governance” 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. Reprinted in Corporate Takeovers, Modern Empirical Developments, vol. 1, B. Espen Eckbo, ed., Elsevier Academic Press.
“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.
BOOK PUBLICATIONS
Fundamentals of Investing, 14th edition, (Pearson Education, 2020), with Scott B. Smart.
Principles of Managerial Finance, 15th edition, (Pearson Education, 2019), with Scott B. Smart.
Principles of Managerial Finance Brief, 8th edition, (Pearson Education, 2019), with Scott B. Smart.
Principles of Managerial Finance, 14th edition, (Pearson Education, 2015), with Lawrence J. Gitman.
Principles of Managerial Finance Brief, 7th edition, (Pearson Education, 2015), with Lawrence J. Gitman.
Principles of Managerial Finance, 13th edition, (Pearson Education, 2012), with Lawrence J. Gitman.
Principles of Managerial Finance Brief, 6th edition, (Pearson Education, 2012), with Lawrence J. Gitman.
OTHER PUBLICATIONS
“Determinants of Variation in IPO Underpricing” with Thomas Boulton and Scott Smart, 2018, Oxford Handbook of IPOs, edited by Douglas Cumming and Sofia Johan, Oxford University Press, 81–107.
WORKING PAPERS
“Conflicts of Interest in Residential Real Estate Transactions: New Evidence” with Marcus Allen, Jessica Rutherford, Ronald Rutherford, and Abdullah Yavas. Revising for resubmission at RAND Journal of Economics.
“Global Digital Divide and Capital Markets: The Effect of Internet Penetration on IPO Underpricing” with Thomas Boulton, Nayaran Ramasubbu, and Scott Smart. Revising for resubmission at Management Science.
“The Buffering Effect of Brands for Companies Facing Legislative Homogenization: Evidence from the Introduction of Sarbanes-Oxley” with Leonce Bargeron, Felipe Thomaz, and John Hulland. Revising for resubmission at Journal of the Academy of Marketing Science.
“Shareholder Litigation and Readability in Financial Disclosures: Evidence from a Natural Experiment” with Abhishek Ganguly, Arup Ganguly, and Lin Ge.
“The Impact of Tightly Contested Governance Proposals on Firms’ Narrative Disclosures: Evidence from a Regression-Discontinuity Design” with Abhishek Ganguly, Arup Ganguly, and Lin Ge.
“Evolution of Equity Financing: A Comparison of Dual- and Single-Class SEOs” with Chang Suk Bae, 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.
“Disclosure and M&A” with Arup Ganguly and Lin Ge.
“Risk Sharing in Mergers” with Arup Ganguly and Lin Ge.
James Allen Faculty Fellow, 2018-present
Katz Graduate School of Business Excellence in Service Award, 2015
Dean’s Excellence Faculty Fellowship, 2014-2017
Beta Gamma Sigma Honor Society Member, 2013-present
Joseph P. and Angela A. Campolo Faculty Fellowship, 2010-2013
Katz Graduate School of Business Excellence in Research Award, 2009
Best paper for JCF special issue on Corporate Control, Mergers, and Acquisitions, 2009
Jensen Prize for the Best Paper Published in the JFE, 2008
Dean’s Excellence Faculty Fellowship, 2007-2009
Katz Graduate School of Business Excellence in Research Award, 2007
Katz Graduate School of Business Excellence in Teaching Award, 2004
University of Pittsburgh Students’ Choice Award, 2004
Outstanding McNair Alumnus, Texas McNair Conference, 2002
Indiana University Panschar Teaching Award Nominee, 1998-1999, 1999-2000
NASDAQ Research Fellowship ($15,000), 1999-2000
Indiana University Teaching Excellence Recognition Award ($1,000), 1998-1999
Ronald E. McNair Research Fellowship, 1996
Navy Good Conduct Medal, 1988-1992
PRESENTATIONS (includes presentations by coauthors)
“Conflicts of Interest in Residential Real Estate Transactions: New Evidence” with Marcus Allen, Jessica Rutherford, Ronald Rutherford, and Abdullah Yavas
– Telfer Annual Conference on Accounting and Finance (Ottawa), 2018
“Worldwide Short Selling Regulations and IPO Underpricing” with Thomas Boulton and Scott Smart
– Telfer Annual Conference on Accounting and Finance (Ottawa), 2016
– Infiniti Conference on International Finance (Dublin), 2016
– Financial Management Association Annual Meeting, 2016
– Australasian Finance and Banking Conference, 2016
– Midwest Finance Association Annual Meeting, 2017
– Financial Management Association European Conference, 2017
– Paris Financial Management Conference, 2017
– European Financial Management Association Conference, 2018
“Global Digital Divide and Capital Markets: The Effect of Internet Penetration on IPO Underpricing” with Thomas Boulton and Scott Smart
– Eastern Finance Association Meetings (Baltimore), 2016
– Financial Management Association Annual Meeting, 2016
– 6th Annual CIRANO-Sam M. Walton College of Business Workshop, 2017
– University of Ottawa, Telfer School of Management, Seminar Series, 2017
“Conservatism and International IPO Underpricing” with Thomas Boulton and Scott Smart
– Financial Management Association European Annual Meeting (Venice), 2015
– IFABS Corporate Finance Conference (Oxford): Institutions, Governance and Finance in Globally Connected Environment (London), 2015
– Financial Management Association Annual Meeting (Orlando), 2015
– Paris Financial Management Conference (Paris), 2015
– Journal of International Business Studies “The Role Of Financial And Legal Institutions In International Corporate Governance” Paper Development Conference (London), 2016
“Does Target CEO Retention in Acquisitions by a Private Equity Acquirer Harm or Benefit Target Shareholders?” with Leonce Bargeron, Frederik Schlingemann, and René Stulz
– Third Edinburgh Corporate Finance Conference (Edinburgh), 2016
– Fourth Finance, Organizations and Markets (FOM) Conference (Tuck School of Business, Dartmouth College), 2016
“Greased Wheels or Just Greased Palms: Political Corruption and Firm Value” with Nerissa Brown, Jared Smith, and Roger White
– American Accounting Association Annual Meeting (Anaheim), 2013
“The Impact of Institutional Quality on Initial Public Offerings” with Thomas Boulton and Scott Smart
– IGS International Corporate Finance and Governance, 2010
– Financial Management Association Annual Meeting, 2010
“Industrial Diversification and Initial Public Offerings” with Thomas Boulton and Scott Smart
– Eastern Finance Association Annual Meeting, 2008
– Financial Management Association Annual Meeting, 2010
“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
– Eastern Finance Association Annual Meeting, 2008
– 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
– Job market paper, 2001
– Midwestern Finance Association Annual Meeting, 1998
– 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
American Finance Association, Financial Management Association, American Economic Association, Western Finance Association, Eastern Finance Association
Journal Editorial Service:
Associate Editor: Journal of Corporate Finance, 2018-
Guest Editor: Journal of Corporate Finance, 25th Anniversary Special Issue, 2019
Ad Hoc Journal Reviewer Service:
Financial Management
Journal of Banking and Finance
Journal of Corporate Finance
Journal of Economics and Finance
Journal of Finance
Journal of Financial Economics
Journal of Financial and Quantitative Analysis
Journal of Futures Markets
Journal of International Business Studies
Management Science
Quarterly Review of Economics and Finance
Review of Financial Studies
The Accounting Review
The Financial Review
Conference Service:
Guest Editor for 2019 11th Annual Florida State University SunTrust Beach Conference
Session Discussant for 2016 Telfer Annual Conference on Accounting and Finance
Session Discussant for 2010 Financial Management Association Annual Meeting
Session Discussant for 2007 Financial Management Association Annual Meeting
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
University of Pittsburgh Planning and Budget Committee, 2012-present
University of Pittsburgh Board of Trustees Audit Committee, 2012-2016
Katz GSOB Building Committee (chairperson), 2011-2018
University of Pittsburgh Senate Council, 2009-2011
University of Pittsburgh Faculty Assembly, 2008-2011
Katz GSOB Building Committee, 2008-2010
Katz GSOB Reengineering Task Force, 2008-2009
Katz GSOB Master Policy Committee, 2005-2008
Katz CBA Undergraduate Committee, 2005-2006
Katz GSOB Affirmative Action Committee, 2004-2005
Katz GSOB Masters Programs Committee, 2003-2004
Katz CBA Undergraduate Committee, 2002-2003
Tianyue Zhao – Committee member at the Katz Graduate School of Business, University of Pittsburgh
Yelin Zhang – Outside committee member at the Schulich School of Business, York University
Jackson R. Pfeiffer – Outside committee member at the Tepper School of Business, Carnegie Mellon University
Quinn Donahoe – Outside committee member at the Department of Mathematics, University of Pittsburgh
Arup Ganguly (University of Mississippi) – Committee member at the Katz Graduate School of Business, University of Pittsburgh
Ushad Subadar-Agathee (University of Mauritius) – Outside Committee member at the University of Mauritius
Manoj Kulchania (Marquette University) – Committee member at the Katz Graduate School of Business, University of Pittsburgh
Ioannis Floros (Iowa State University) – Committee member at the Katz Graduate School of Business, University of Pittsburgh
Marcus Braga-Alves (Marquette University) – Committee member at the Katz Graduate School of Business, University of Pittsburgh
Thomas Boulton (Miami University of Ohio) – Committee member at the Katz Graduate School of Business, University of Pittsburgh
Ning Gao (Towson University) – Committee member at the Katz Graduate School of Business, University of Pittsburgh
University of Pittsburgh, Pittsburgh, PA
BFIN 1030: Introduction to Finance (CBA)
BFIN 1321: Investment Management (CBA)
BFIN 2006: Financial Management (MBA)
BFIN 2306: Financial Management (EMBA)
Indiana University, Bloomington, IN
F300: Introduction to Financial Management (CBA)
F301: Financial Management (CBA)
F303: Intermediate Finance (CBA)
F335: Security Trading & Market Making (CBA)
Director, BOD of Lutheran Senior Life, 2018-present
VOICe, 2004-2016
Big Brothers and Sisters of Tarrant County, 1995-1996