PhD Harvard Business School & Department of Economics, Business Economics 1995
First year honors, Harvard MBA program
Thesis: "Leverage and Restructuring:
Theory and Application to Corporate Control in the 1980s"
M.A. University of Chicago, B.A./M.A. Program in Economics 1984
Masters Thesis: "A Theoretical & Empirical Analysis of Dependence in Stock Returns"
B.A. University of Chicago, B.A./M.A. Program in Economics 1983
I am interested in theory and empirical work in corporate finance and behavioral finance.
include: the relationship between CEO compensation and stock misvaluation, the relationship between bank
employee compensation and risky lending practices, corporate governance, myopia, and the incentive effects
of high leverage.
MBA Executive Education:
Advanced Financial Management. Topics include real options, interest
rate swaps, and hedging, among others.
Money and Capital Markets. Topics include the workings of financial markets
Financial Management of the Firm. An introductory corporate finance course.
Economics course for employed senior executives.
Participated in conducting various business simulations.
Full Time MBA:
Corporate Control Topics in Finance. Topics included mergers, takeovers, LBOs,
leveraged recapitalizations, corporate oversight, among others.
BSM Executive Education: Managerial Finance.
Graziadio School of Business, Pepperdine University, 2002–Present
Fisher School of Business, Ohio State University, 2001-2002
IntegralMarkets Inc., Los Angeles CA, 1999–2001 (startup venture)
Founder & President
Marshall School of Business, University of Southern California, 1997–1998
Visiting Assistant Professor of Finance and Business Economics
University of Michigan Business School, 1995–1997
Visiting Assistant Professor of Finance
Lexecon Inc., Chicago IL, 1983–1988 (law and economics consulting and expert witness firm)
2011 Examining Bank Employee Compensation and Residential Mortgage Loan Volume at
the State Level,
International Journal of Business, Accounting, and Finance, 4(1), 18-32, with Maretno Augus Harjoto.
2009 The Impact of Mortgage Loans Transferred on Bank Employee Compensation, Global Business &
Finance Review, 14(1), 77-85, with Maretno Augus Harjoto.
2008 Learning to Love Financial Market Barbarians, Yes Traders Do Make a Valuable
Society, Graziadio Business Report, V. 11, Issue 1.
1995 Leverage and Restructuring: Theory and Application to Corporate Control in the
1980s, PhD Thesis,
1992 Thermo Electron, Harvard Business School Press, case study 9-292-104, with Carliss Baldwin.
2007, Misvaluation, CEO Equity-Based Compensation, and Corporate Governance, with
Siew Hong Teoh
and Yinglei Zhang.
2007, Examining Motives: Clues About Bank Lending Practices That Can Be Found in Employee
Compensation, with Maretno Augus Harjoto.
1997, Changes in Firm Diversification: Theory and Evidence of Financial Sources
1997, Corporate Control, Leverage, and Managerial Incentives
1996, The Incentive Role of Leverage: Evidence from Restructuring after Mergers
IABPAD Annual Conference, 2009. Examining Bank Employee Compensation and Residential
Loan Volume at the State Level, with Maretno Augus Harjoto. Given Research Award.
Association for Global Business, 2008. Mortgage Loan Transfers and Bank Employee Compensation,
Maretno Augus Harjoto. Received Best Paper (in session) Award.
Financial Management Association, 2007. Misvaluation, CEO Equity-Based Compensation,
Governance, with Siew Hong Teoh and Yinglei Zhang. Presented at a top ten session.
Harvard Economics Department
Harvard Business School
University of Michigan Business School
University of Southern California Marshall School of Business
Research Award. International Academy of Business and Public Administration Disciplines
Best Paper (in session) Award, Association for Global Business Conference, 2008.
Referee, Graziadio Business Report
Ad-hoc reviewer for The Quarterly Journal of Economics
Member of the BSM Committee, The Graziadio Business School
Member of the Learning Assurance Committee, The Graziadio Business School
Other Professional Activities
Discussant Western Finance Association