SHERIDAN TITMAN
Graduate School of Business
Finance Department
The University of Texas at Austin
Austin, Texas 78712-1179
512-232-2787
Fax: 512-471-5073
E-mail: TITMAN@MAIL.UTEXAS.EDU
EDUCATION
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-
EMPLOYMENT
-
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)
PUBLICATIONS
- "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,
December 1985.
- "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,
Fall 1986.
- "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,
March 1989.
- "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
1990.
- "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,
March 1991.
- "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,
1995.
- 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,
1997.
- 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.
WORKING PAPERS
- "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).
PROFESSIONAL ACTIVITIES
Editor: Review of Financial Studies: 1996-present
Associate Editor:
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