Graduate School of Business
The University of Texas at Austin
Austin, Texas 78712-1179
Carnegie Mellon University, Pittsburgh, Pennsylvania
Ph.D. in Economics, 1981
M.S. in Economics, 1978
University of Colorado, Boulder, Colorado
B.S. in Management Science, 1975
AWARDS AND HONORS
William Larimer Mellon Fellowship, 1976-1980
- Social Science Research Council Fellowship, 1979
- Finalist, Berkeley Doctoral Prize Competition, 1980
- Research Grant, Institute for Quantitative Research in Finance, 1983
- Third Prize, Q-Group Competition, 1985
- Batterymarch Fellowship, 1985
- RERI Research Grant, 1995
- Research Associate, NBER, 1995-
Assistant Professor, UCLA, (1980 - 1986).
- Associate Professor and Finance Department Chairman, UCLA, (1986 - 1988)
- Visiting Scholar, University of British Columbia, (Summers of 1987, 1990 and 1993).
- Special Assistant to the Assistant Secretary of the Treasury, (Fall 1988 - Summer 1989).
- Professor, UCLA, (1989-1994).
- Vice Chairman, Anderson Graduate School of Management, (1990 - 1992).
- Professor, School of Business and Management, Hong Kong University of Science & Technology, (1992-1994). Served as vice
chairman of the faculty and chairman of the appointments and tenure commitees.
- Collins Professor of Finance, Boston College, (1994-1997).
- McAllister Centennial Chair in Financial Services, University of Texas, (1997-present)
- "The Effects of Anticipated Inflation on Housing Market Equilibrium," Journal of Finance, June 1982.
- "Factor Pricing in a Finite Economy," (with Mark Grinblatt), Journal of Financial Economics, December 1983.
- "The Effect of Capital Structure on a Firm's Liquidation Decision," Journal of Financial Economics, March 1984.
- "The Valuation Effects of Stock Splits and Stock Dividends," (with Mark Grinblatt and Ronald Masulis), Journal of Financial
Economics, December 1984.
- "The Effect of Forward Markets on the Debt-Equity Mix of Investor Portfolios and the Optimal Capital Structure of Firms," Journal of
Financial and Quantitative Analysis, March 1985.
- "Urban Land Prices Under Uncertainty," American Economic Review, June 1985.
- "An Integrated Approach to Corporate Risk Management," (with Alan Shapiro), Midland Corporate Finance Journal, Summer 1985.
- "Approximate Factor Structures: Interpretations and Implications for Empirical Tests," (with Mark Grinblatt), Journal of Finance,
- "Information Quality and the Valuation of New Issues," (with Brett Trueman), Journal of Accounting and Economics, June 1986.
- "Risk and the Performance of Real Estate Investment Trusts: A Multiple Index Approach," (with Arthur Warga), AREUEA Journal,
- "The Relation Between Mean-Variance Efficiency and Arbitrage Pricing," (with Mark Grinblatt), Journal of Business, January 1987.
- "How Clients Can Win the Gaming Game," (with Mark Grinblatt), Journal of Portfolio Management, Summer 1987.
- "The Determinants of Capital Structure," (with Roberto Wessels), Journal of Finance, March 1988.
- "Stock Returns as Predictors of Interest Rates and Inflation," (with Arthur Warga), Journal of Financial and Quantitative Analysis,
- "An Explanation of Accounting Income Smoothing," (with Brett Trueman), Journal of Accounting Research, May 1989.
- "Adverse Risk Incentives and the Design of Performance-Based Contracts," (with Mark Grinblatt), Management Science, July 1989.
- "Mutual Fund Performance: An Analysis of Quarterly Portfolio Holdings," (with Mark Grinblatt), Journal of Business, July 1989.
- "Valuing Commercial Mortgages: An Empirical Investigation of the Contingent Claims Approach to Pricing Risky Debt," (with Walter
Torous), Journal of Finance, June 1989.
- "Portfolio Performance Evaluation: Old Issues and New Insights," (with Mark Grinblatt), Review of Financial Studies, Fall 1989.
- "How to Avoid Games Portfolio Managers Play," (with Mark Grinblatt), Institutional Investor Money Management Forum, 1989.
- "Share Tendering Strategies and the Success of Hostile Takeover Bids," (with David Hirshleifer), Journal of Political Economy, April
- "The Impact of Debt on Management Incentives," in The High Yield Debt Market: Investment Performance and Economic Impact, (ed.
Edward Altman), Dow Jones Irwin, Homewood, Illinois, 1990.
- "Taxes and Dividend Policy," (with Eli Talmor), Financial Management, Summer 1990.
- "Financial Policy and a Firm's Reputation for Product Quality," (with Vojislav Maksimovic), Review of Financial Studies, Spring 1991.
- "The Postmerger Shareprice Performance of Acquiring Firms," (with Julian Franks and Robert Harris), Journal of Financial Economics,
- "Interest Rate Swaps and Corporate Financing Choices," Journal of Finance, September 1992.
- "The Persistence of Mutual Fund Returns," (with Mark Grinblatt), Journal of Finance. December 1992.
- "Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency," (with Narasimhan Jegadeesh), Journal of
Finance, March 1993.
- "Performance Measurement without Benchmarks: An Examination of Mutual Fund Returns," (with Mark Grinblatt), Journal of
Business, January 1993.
- "The Characteristics of Leveraged Buyout Firms," (with Tim Opler), Journal of Finance, December 1993.
- "Financial Distress and Corporate Performance," (with Tim Opler), Journal of Finance, July 1994.
- "A Study of Monthly Mutual Fund Returns and Performance Evaluation Techniques," (with Mark Grinblatt), Journal of Financial and
Quantitative Analysis, September 1994.
- "Security Analysis and Trading Patterns When Some Investors Receive Private Information Before Others," (with David Hirshleifer and
Avanidhar Subrahmanyam), Journal of Finance, December 1994.
- "Short Horizon Return Reversals and the Bid-Ask Spread," (with Narasimhan Jegadeesh), Journal of Financial Intermediation, 1995.
- "Overreaction, Delayed Reaction and Contrarian Profits," (with Narasimhan Jegadeesh), Review of Financial Studies, 1995.
- "Momentum Investment Strategies, Portfolio Performance and Herding: A Study of Mutual Fund Behavior," (with Mark Grinblatt and
Russ Wermers), American Economic Review, 1995.
- "Issuing Equity Under Asymmetric Information," (with Kent Daniel), North
Holland Handbook of Finance, Jarrow, Maksimovic and Ziemba editors, North-Holland: Amsterdam, 1995.
- Performance Evaluation, (with Mark Grinblatt), North Holland Handbook of
Finance, Jarrow, Maksimovic and Ziemba editors, North-Holland: Amsterdam,
- Evidence on the Characteristics of Cross Sectional Variation in Stock Returns, (with Kent Daniel), Journal of Finance, 1997.
- Commercial Real Estate Prices and Stock Market Returns: An International Analysis, (with Dan Quan), Financial Analyst Journal,
- Measuring Mutual Fund Performance with Characteristic Based Benchmarks, (with Kent Daniel, Mark Grinblatt, and Russ Wermers),
Journal of Finance, 1997.
- Corporate Liability Management: Designing Capital Structure to Create Shareholder Value, (with Tim Opler and Michael Saron),
Journal of Applied Corporate Finance, 1997.
- "Speculative Trading and Stock Market Volatility," (with Jonathan Jones and Harold Mulherin).
- "The Debt-Equity Choice," (with Tim Opler).
- "Pricing Strategy and Financial Policy," (with Sudipto Dasgupta).
- "The Going Public Decision and the Development of Financial Markets," (with Avanidhar Subrahmanyam).
- "Debt and Corporate Performance: Evidence From Unsuccessful Takeovers," (with Assem Safieddine).
Editor: Review of Financial Studies: 1996-present
Real Estate Economics: 1986-present
Journal of Real Estate Finance and Economics: 1987-present
Review of Financial Studies: 1987-1990
Journal of Finance: 1990-present
Journal of Housing Economics: 1991-present
Journal of Financial and Quantitative Analysis: 1991-1995
Pacific Basin Finance Journal: 1991-present
Review of Financial and Quantitative Analysis: 1994-present
Board of Directors:
American Finance Association: 1990-1993
Asia Pacific Finance Association: 1995- present
Western Finance Association: 1997-present