Research Interests

Corporate Finance, Optimal Security Design, Information Economics, Business Ethics, Law and Economics, Banking and the Theory of Financial Intermediation, Learning in Financial Markets, and Corporate Governance.

Education

University of Texas at Austin, Ph. D., Finance, May 1987. Major Field: Corporate Finance. Minor Field: Mathematics. Thesis Chairman: Richard MacMinn.

University of Texas at Austin, M.B.A. Program, 1981-1983. Nominated to the Phi Kappa Phi and Beta Gamma Sigma Honor Societies. Received Sord Scholar Award, Dean's Distinguished Student Award and the Washington Campus Scholarship.

Whittier College, Whittier, California, B. A., Philosophy 1979. Nominated to Phi Sigma Tau Honor Society. Received Presidential Scholarship.

Current Appointment

A. B. Freeman Professor of Finance, A. B. Freeman School of Business, Tulane University, New Orleans, Louisiana (July 1997-present).

Editorial Boards

Associate Editor, The Journal of Financial Research (1996--2006),
Associate Editor, The Review of Financial Studies (2003--2006).

Program Committees

Past Appointments

Associate Professor, School of Business, Georgia State University, Atlanta, Georgia (September 1992-June 1997). Teaching assignments included corporate finance theory, valuation theory, and game theory (Ph. D. level), mathematical programming and corporate finance (M. S. level).

Assistant Professor, School of Business, Georgia State University, Atlanta, Georgia (June 1988-September 1992). Teaching assignments included corporate finance theory, valuation theory, and game theory (Ph. D. level), mathematical programming and corporate finance (M. S. level).

Assistant Professor, College of Management, Georgia Institute of Technology, Atlanta, Georgia. (June 1987-June 1988). Teaching assignments included corporate finance (undergraduate) and international finance (graduate and undergraduate).

Visiting Scholar Appointments

Massachusetts Insitutute of Techology (Fall 2005, Spring 2006)

University of Auckland, Auckland New Zealand (Summer 1998)

Queensland University, Brisbane, Australia (Summer 1998)

Federal Reserve Bank of Atlanta, Atlanta, GA (1994 - 1997).

Hong Kong University of Science and Technology, Kowloon, Hong Kong (Summer 1996).

Consulting Experience

Gerson Lehrman Group Accounting & Financial Analysis Council: research presentations and consults regarding corporate governance and management compensation. Southern Electric International (SEI) and Risk Limited, and Phoenix Capital LLC: consulted regarding mergers, strategic alliances, capital budgeting, and hedging strategies. Various law firms: depositions regarding minority shareholder rights and business ethics.

Faculty Development

Universidad de los Andes, Bogota, Colombia (1997-1998). Taught doctoral-level classes to the faculty members of the Universidad los Andes in Tulane Universities's Doctoral program.

Universidad de Chile, Santiago, Chile (October 1998) Delivered a series of lectures to the faculty on game theory, corporate finance theory, and current research directions in finance.

Completed Research Papers

Learning to bid: The design of auctions under uncertainty and adaptation (with M. Rebello and J. Wang), Working paper, Tulane University working paper.

Buying up the block: An experimental investigation of capturing economic rents through sequential negotiations (with G. Goswami and J. Wang), Tulane University working paper.

Fat tails and slumping shoulders: Kurtosis and the market microstructure of daily returns (with S. Banerjee and D. Lesmond), Tulane University working paper.

Good IPOs draw in bad: Inelastic banking capacity and persistently large underpricing in hot IPO markets , working paper (with N. Khanna, and R. Sonti) Tulane University.

Doom or gloom? CEO stock options in the post-enron world, working paper (with V. Gatchev and S. Banerjee) Tulane University.

Corporate governance and outside director power: The experimental evidence, working paper (with M. Gillette and M. Rebello), Tulane University.

The evolution of security designs, working paper (with M. Rebello and J. Wang).

Exotics and electrons: Electric power crises and the financial risk management. working paper (with S. Banerjee), Tulane University.

Creditor rights and multinational capital structure, working paper, Tulane University.

Recent Publications - Refereed/Academic

For a more complete list see my CV.

If at first you don't succeed: The effect of the option to resolicit on corporate takeovers (with A. Gillette) Review of Financial Studies 19, 561-601. Copyright 2006: Society for Financial Studies.

The role of debt purchases in takeovers: A tale of two retailers (with M. Rebello). Journal of Economics and Management Strategy 15, 609-648. Copyright 2006: The Authors; Journal Compilation Copyright 2006: Blackwell Publishing.

Crushed by a rational stampede: Strategic share dumping and shareholder insurrections, working (with M. Attari and S. Banerjee), Journal of Financial Economics 79 181-222, Copyright 2006, Elsevier.

Winner take all: Competition, strategy, and the structure of returns in the internet economy (with G. Parker), Journal of Economics and Management Strategy 14, 141-164. Copyright 2005, MIT Press.

Fooling all of the people some of the time: A theory of endogenous sequencing in confidential negotiations (with J. Wang), Review of Economic Studies 71, 855-881, 2004.

Corporate board composition, protocols, and voting behavior: Experimental evidence (with A. Gillette and M. Rebello), Journal of Finance 63, 1997-2031, 2003.

Corporate financing: An artificial agent-based analysis (with M. Rebello and J. Wang), Journal of Finance 63, 943-973, 2003.