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/

 

 

WORK EXPERIENCE

 

Dean’s Excellence Faculty Fellow, Katz Graduate School of Business, University of Pittsburgh, 2014-present

 

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

 

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

 

PEER REVIEWED JOURNAL PUBLICATIONS

 

·        What is the shareholder wealth impact of target CEO retention in private equity deals?” with Leonce Bargeron, Frederik Schlingemann, and René Stulz, 2017, at 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

 

·        Principles of Managerial Finance, 15th edition, (Prentice Hall Publishing, 2019), with Scott B. Smart.

 

·        Principles of Managerial Finance Brief, 8th edition, (Prentice Hall Publishing, 2019), with Scott B. Smart.

 

·        Principles of Managerial Finance, 14th edition, (Prentice Hall Publishing, 2015), with Lawrence J. Gitman.

 

·        Principles of Managerial Finance Brief, 7th edition, (Prentice Hall Publishing, 2015), with Lawrence J. Gitman.

 

·        Principles of Managerial Finance, 13th edition, (Prentice Hall Publishing, 2012), with Lawrence J. Gitman.

 

·        Principles of Managerial Finance Brief, 6th edition, (Prentice Hall Publishing, 2012), with Lawrence J. Gitman.

 

WORKING PAPERS

 

·        “Conflicts of Interest in Residential Real Estate Transactions: New Evidence” with Marcus Allen, Jessica Rutherford, Ronald Rutherford, and Abdullah Yavas. Revise and resubmit at RAND Journal of Economics.

 

·        “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. Under second round review at Journal of Marketing.

 

·        “Global Digital Divide and Capital Markets: The Effect of Internet Penetration on IPO Underpricing” with Thomas Boulton, Nayaran Ramasubbu, and Scott Smart. Under first round review at Management Science.

 

·        “Worldwide Short Selling Regulations and IPO Underpricing” with Thomas Boulton and Scott Smart.

 

·        “Greased Wheels or Just Greased Palms: Political Corruption and Firm Value” with Nerissa Brown, Jared Smith, and Roger White.

 

·        “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.

 

·        “Disclosure and M&A” with Arup Ganguly  and Lin Ge

 

·        “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.

 

AWARDS AND HONORS

 

Katz Excellence in Service Award, 2015

Dean’s Excellence Faculty Fellowship, 2014-present

Beta Gamma Sigma Honor Society Member, 2013-present

Joseph P. and Angela A. Campolo Faculty Fellowship, 2010-2013

Katz 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, 2007-2010

Katz Excellence in Research Award, 2007

Katz Excellence in Teaching Award, 2004

Students’ Choice Award, 2004

Outstanding McNair Alumnus, Texas McNair Conference, 2002

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

 

CONFERENCE PRESENTATIONS (includes presentations by coauthors)

 

·        “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

 

·        “Internet Penetration and International 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

 

·        “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 Valuewith 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

 

PROFESSIONAL AFFILIATIONS

 

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

 

PROFESSIONAL SERVICE

 

Conferences:

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

Presentation 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 Economics

Journal of Financial and Quantitative Analysis

Journal of Futures Markets

Quarterly Review of Economics and Finance

Review of Financial Studies

The Accounting Review

The Financial Review

 

SCHOOL SERVICE

 

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-present

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

 

DOCTORAL COMMITTEES

 

Yelin Zhang – Outside committee member at the Schulich School of Business, York University

Quinn Donahoe – Outside committee member at the Department of Mathematics, University of Pittsburgh

Arup Ganguly – 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

 

TEACHING EXPERIENCE

 

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)


COMMUNITY SERVICE

 

VOICe, 2004-2016

Big Brothers and Sisters of Tarrant County, 1995-1996