Education
Ph.D., Stanford University, 1984; B.A., Pomona College, 1979
Research Areas
Corporate governance and control, asset pricing, organizational economics, boards, compensation, mutual funds, insider trading, earnings management, law and economics
Recent Consulting
Institute for Mathematical Studies in the Social Sciences, Stanford University. National Bureau of Economic Research. Utah Power and Light Co. Arizona Public Service. Pinnacle West Capital Corp. Western Area Power Administration (US Department of Energy). PricewaterhouseCoopers. Honeywell. Allied Signal. Motorola. Phoenix Newspapers, Inc. Stinson Morrison Hecker, LLP. Werner & Ayers, LLP. Gibbs & Bruns, LLP. The Directors’ Council. E&I Cooperative. Incentive Lab. Verus Research. Gradient Analytics
Current Projects
“Performance-Vesting Provisions in Executive Compensation,” with Carr Bettis, John Bizjak, and Swaminathan Kalpathy.
“Explicit Evidence of Relative Performance Evaluation Contracts for Executives,” with Carr Bettis, John Bizjak, and Brian Young.
“Board Group Think,” with Naveen Daniel and Lalitha Naveen.
“Clawback Provisions,” with Ilona Babenko, Benjamin Bennett, and John Bizjak.
“Industry Tournament Incentives,’ with Zhichuan (Frank) Li and Yan (Albert) Wang.
“Board Advising,” with Naveen Daniel and Lalitha Naveen.
“An Empirical Assessment of Empirical Corporate Finance,” with Zhichuan Li.
“Managerial Attributes, Incentives, and Performance,” with Zhichuan (Frank) Li.
“Co-opted Boards: Costs, Benefits, Causes and Consequences,” with Naveen Daniel and Lalitha Naveen, 3rd revision request from Review of Financial Studies.
“The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance,” with Mike Lemmon and Yan (Albert) Wang.
“Compensation Consultants,” with Carr Bettis, John Bizjak, and Swaminathan Kalpathy.
“The Factual Basis for Executive Compensation” with Carr Bettis, John Bizjak, and Swaminathan Kalpathy.
“The Structure and Implications of Hedge Fund Manager Compensation,” with George Aragon and Zhen Shi.
“Stock Option Expense Reporting and the Impact on Earnings,” with Carr Bettis, John Bizjak, and Brian Young.
“The Value of Sell-side Analysts' Innate Ability,” with Zhichuan Li and Simona Mola.
Academic Positions
Arizona State University: 1994-present. Previous Appointments: University of Utah, University of Rochester
Career and Professional Awards; Teaching Awards
Best Paper Award, Corporate Governance and Fraud Prevention, George Mason University, 2008; BSI Gamma Foundation Research Award, 2004
Professional Leadership and Service
Supervising Editor, Financial Management, 2005-present; Associate Editor, Journal of Financial and Quantitative Analysis, 2001-present; Co-Editor, Journal of Economics and Management Strategy, 2004-present; Referee: Academy of Management Review, Accounting Review, American Economic Review; The Henry J. Newell Honors Fellowship, Stanford University, 1979-1983.
Corporate and Public Sector Leadership
Board of Directors of Western Finance Association, 2007-current; Board of Directors of Financial Management Association, 2006-2008; Steering Committee, National Association of Corporate Directors (Arizona), 2005-current; Financial Executives Institute, CFO of the Year Award Committee.
Representative Publications
“Structural Models and Endogeneity in Corporate Finance,” with Mike Lemmon and Felix Meschke, Journal of Financial Economics 103 (2012), 149-168.
“Stock and Option Grants with Performance-Based Vesting Provisions,” with Carr Bettis, John Bizjak, and Swaminathan Kalpathy, Review of Financial Studies 23 (2010), 3849-3888.
“Boards: Does One Size Fit All?” with Naveen Daniel and Lalitha Naveen, Journal of Financial Economics 87 (2008), 329-356.
“Earnings Management around Employee Stock Option Reissues,” with Michael Hertzel and Swaminathan Kalpathy, Journal of Accounting and Economics 41 (2006), 173-200.
“Executive Compensation and Managerial Risk-Taking,” with Naveen Daniel and Lalitha Naveen, Journal of Financial Economics 79 (2006), 431-468.
“New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill1310,” with Stan Hoi, Journal of Finance 58 (2003), 197-230.
“Corporate Policies Restricting Trading by Insiders,” with J. Carr Bettis and Michael Lemmon, Journal of Financial Economics 57 (2000), 191-220.
“Fund Advisor Compensation in Closed-End Funds,” with Jose Suay and Denise Woodbury, Journal of Finance 55 (2000), 1385-1414.
“Leadership Structure: Separating the CEO and Chairman of the Board,” with Jim Brickley and Gregg Jarrell, Journal of Corporate Finance 3 (1997), 189-220. Reprinted in Governance: An International Perspective, John J. McConnell and Diane K. Denis (Edwin Elgar Publishing, 2004). Reprinted in Corporate Governance Matters, David Larcker and Brian Tayan, Pearson, 2011.
“On Equilibrium Pricing Under Parameter Uncertainty,” with Uri Loewenstein and Jose Suay, Journal of Financial and Quantitative Analysis 30 (1995), 347-364.
“The Board of Directors and the Adoption of Poison Pills,” with Jim Brickley and Rory Terry, Journal of Financial Economics 35 (1994), 371-390.
“The Effect of Private Antitrust Litigation on the Stock-Market Value of the Firm,” with John Bizjak, American Economic Review 85 (1995), 436-461.
“Stock-Based Incentive Compensation, Asymmetric Information and Investment Behavior,” with John Bizjak and Jim Brickley, Journal of Accounting and Economics 16 (1993), 349-372.
