Curriculum Vitae

CRAIG M. LEWIS

 

Owen Graduate School of Management

Vanderbilt University

401 21 st Avenue South

Nashville, Tennessee 37203

 

craig.lewis@vanderbilt.edu

 

Telephone:   Office: (615) 322‑2626                                                                                             

Home: (615) 665‑0682                                                                                             

 

EDUCATION

 

Ph D., University of Wisconsin‑Madison, Finance, August 1986.

M.S., University of Wisconsin‑Madison, Finance, August 1982.

B.S., Ohio State University, Accounting, June 1978.

 

ACADEMIC EXPERIENCE

 

Professor of Finance, Owen Graduate School of Management, Vanderbilt University,  Nashville, Tennessee, 2004 ‑ Present

Associate Professor of Management, Owen Graduate School of Management, Vanderbilt University,  Nashville, Tennessee, 1993 ‑ 2004

Visiting Professor of Finance, Donau Universität, Krems, Austria, 2001 - 2004

Visiting Professor of Derivatives and Financial Engineering, Johann Wolfgang Goethe-Universität, Frankfurt, Germany, Summer 2000

Visiting Professor of Finance, Amos Tuck School of Business, Dartmouth College, Hanover, New Hampshire, Spring 2000

Assistant Professor of Management, Owen Graduate School of Management, Vanderbilt University,  Nashville, Tennessee, 1986 ‑ 1993

Instructor, Graduate School of Business, University of Wisconsin‑Madison, Madison, Wisconsin, Summers of 1983 - 1985

 

PROFESSIONAL EXPERIENCE AND CERTIFICATION

 

Arthur Young and Company, 1978‑1981.

Passed Certified Public Accounting Exam in the state of Ohio


 

DISSERTATION

 

"A Multiperiod Theory of Corporate Financial Policy with Taxation."

Advisor: Lemma Senbet

 

PUBLICATIONS

 

Day, Theodore E. And Craig M. Lewis, “The Behavior of the Volatility Implicit in the Prices of Stock Index Options,” Journal of Financial Economics, 22: l (1988), 103 ‑ 122.

 

Lewis, Craig M., “A Multiperiod Theory of Corporate Financial Policy under Taxation,” Journal of Financial and Quantitative Analysis, 25: l (1990), 25‑44.

 

Lewis, Craig M., “Convertible Debt: Valuation and Conversion in Complex Capital Structures,” Journal of Banking and Finance, 15: 3 (1991), 665‑682.

 

Lewis, Craig M., “A Role for Recapitalization in Corporate Control Contests,” Managerial and Decision Economics, 12 (1991), 489‑498.

 

Day, Theodore E. And Craig M. Lewis, “Stock Market Volatility and the Information Content of Stock Index Options,” Journal of Econometrics, 52 (1992), 267‑287.

-  Reprinted in ARCH: Selected Readings (Advanced Texts in Econometric), edited by Robert Engle, Oxford Univesity Press (2000).

 

Lewis, Craig M and James Schallheim, “Are Debt and Leases Substitutes?,” Journal of Financial and Quantitative Analysis, 27 (1992), 497‑512.

 

Day, Theodore E. And Craig M. Lewis, “Forecasting Futures Market Volatility,” The Journal of Derivatives, 1 (1993), 33-50.

-  Reprinted in Volatility New Estimation Techniques for Pricing Derivatives, edited by Robert Jarrow, RISK Books (1998).

 

Chaney, Paul K. And Craig M. Lewis, “Eamings Management and Firm Valuation Under Asymmetric Information,” Journal of Corporate Finance, 1 (1995), 319‑345.

 

Lewis, Craig M , Richard Rogalski, and James K. Seward, “The Information Content of Value Line Convertible Bond Rankings,”  Journal of Portfolio Management, 24 (1997), 42-52.

 

Day, Theodore E. And Craig M. Lewis, “Initial Margin Policy and Stochastic Volatility in the Crude Oil Futures Market,” Review of Financial Studies, 10 (1997), 303-332.

 

Chaney, Paul K. And Craig M. Lewis, “Income Smoothing and Underperformance in Initial Public Offerings,” Journal of Corporate Finance, 4 (1998), 1-29.

 

Lewis, Craig M , Richard Rogalski, and James K. Seward, “Agency Problems, Information Asymmetries and Convertible Debt Security Design,” Journal of Financial Intermediation, 7 (1998), 32-59,

-   1998 JFI Most Significant Paper Prize, runner-up .

 

Lewis, Craig M , Richard Rogalski, and James K. Seward, “Understanding the Design of Convertible Debt,”  Journal of Applied Corporate Finance, 7 (1998), 45-53.

 

Chaney, Paul K., Debra Jeter, and Craig M. Lewis, “The Use of Accruals in Income Smoothing: A Permanent Earnings Hypothesis,” Advances in Quantitative Analysis of Finance and Accounting, 6 (1998), 103-136.

 

Lewis, Craig M , Richard Rogalski, and James K. Seward, “Is Convertible Debt a Substitute for Straight Debt or Common Equity?,”  Financial Management, 28:3 (1999), 5-27.

 

Cooper, Rick A. and Craig M. Lewis, “Global Investing: Slicing the World Into Meaningful Pieces,”  Advances in Financial Economics, 5 (2000), 73-104.

 

Cooper, Rick A., Theodore E. Day and Craig M. Lewis, “Following the Leader: A Study of Individual Analysts Earnings Forecasts,”  Journal of Financial Economics, 61: 3 (2001), 383 – 416.

-     Fama-DFA Prize for the Best Paper Published in the Journal of Financial Economics in the Areas of Capital Markets and Assest Pricing, 2001

 

Lewis, Craig M , Richard Rogalski, and James K. Seward, “The Long-Run Performance of Firms that Issue Convertible Debt: An Empirical Analysis of Operating Characteristics and Analyst Forecasts,” Journal of Corporate Finance, 7: 4 (2001), 447-474.

 

Lewis, Craig M , Richard Rogalski, and James K. Seward, “Risk Changes Around Convertible Debt Offerings,” Journal of Corporate Finance, 8: 1 (2002), 67-80.

 

Lewis, Craig M , Richard Rogalski, and James K. Seward, “Industry Conditions, Growth Opportunities, and Market Reactions to Convertible Debt Financing Decisions,” 2003, Journal of Banking and Finance, 27: 1, (2003), 153-181.

 

Day, Theodore E. And Craig M. Lewis, “Margin Adequacy in Futures Markets,” Journal of Business, 77: 1 (2004), 101-136.

 

Hogan, Chris and Craig M. Lewis, “Long-Run Investment Decisions, Operating Performance and Shareholder Value Creation of Firms Adopting Compensation Plans Based on Economic Profits,” revised 2004, forthcoming Journal of Financial and Quantitative Analysis.

 

OTHER PAPERS

 

Day, Theodore E. And Craig M. Lewis, “Marginal Influence,” Energy and Power Risk Management, Risk Publications, 1 (1997), 27-29.

 

Lewis, Craig M., “Economic Value Added? A Look at EPPs,”  OWEN@Vanderbilt 20 (2001), 14 - 16.

 

WORKING PAPERS

 

Foster-Johnson, Lynn, Craig M. Lewis, and James K. Seward, “Busted IPOs and Windows of Misopportunity,” July 2000.

-     2001 NASDAQ Best Paper on Capital Formation Award

 

 Hogan, Chris and Craig M. Lewis, “Economic Profit Plans and Firm Operating Performance,” September 2002.

 

Ivanov, Vladimir, and Craig M. Lewis, “The Determinants of Issue Cycles for Initial Public Offerings,” revised February 2004.

 

Charoenrook, Anchada and Craig M. Lewis, “Information and Selective Disclosure,” May 2004

 

Gande, Amar and Craig M. Lewis, “Shareholder Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Feedback,” November 2004.

 

PAPER PRESENTATIONS

 

“A Multiperiod Theory of Corporate Financial Policy under Taxation,” The Amos Tuck Graduate School of Business, Dartmouth College, February 1987, University of Arizona, February 1987, Columbia University, February 1987, Indiana University, Janauary 1987, The University of Houston, February 1987, Vanderbilt Univeristy, March 1987, Western Finance Association meeting, June 1987, Harvard University, March 1989.

 

“The Behavior of the Volatility Implicit in the Prices of Stock Index Options,” Western Finance Association meeting, June 1988 and the Amex Option Colloquium, December 1987.

 

“A Role for Recapitalization in Corporate Control Contests,” The Amos Tuck Graduate School of Business, Dartmouth College, May 1988, TIMS meeting ‑ Osaka, Japan, July 1989.

 

“Convertible Debt: Valuation and Conversion in Complex Capital Structures,” Western Finance Association meeting, June 1989, Nanzan University, July 1989.

 

“Are Debt and Leases Substitutes?,” University of Florida, May 1989.

 

“Earnings Management and Firm Valuation under Asymmetric Information,” University of Utah, January 1990, ORSA/TIMS meeting, May 1990, Western Finance Association meeting, June 1991.

 

“Stock Market Volatility and the Information Content of Stock Index Options,” Statistical Models for Financial Volatility Conference at the University of California‑San Diego; April 1990, Association of Managerial Economists meeting, Washington, D.C., December 1990, The Wharton School, University of Pennsylvania, October 1991.

 

“Initial Margin Policy and Stochastic Volatility in the Crude Oil Futures Market,” Winter Finance Conference at the University of Utah; February 1993.

 

“Agency Problems, Information Asymmetries, and Convertible Debt Security Design,” NBER Conference on Corporate Finance, November 1994, American Finance Association meetings, December 1996.

 

“The Information Content of Value Line Convertible Bond Rankings,” University of Utah, May 1995, The University of Virginia, May 1995.

 

“Margin Adequacy in Futures Markets,” University of Illinois, November 1995, Virginia Tech, October 1996, University of Maryland, March 1997, Dartmouth College, October 1997.

 

“Is Convertible Debt a Substitute for Straight Debt or Common Equity?,” University of Miami, November 1997, American Finance Association meetings, December 1998, European Financial Management Association meetings, June 1999.

.

“Following the Leader: A Study of Individual Analysts Earnings Forecasts,” University of Wisconsin – Madison, November 1998, Conference on Corporate Earnings, April 1999, NBER Conference on Corporate Finance, August 1999, University of British Columbia, March 2000, Mannheim University, July 2000.

 

“The Long-Run Performance of Firms Adopting Compensation Plans Based on Economic Profits,” Dartmouth College, May 2000, The Ohio State University, May 2000, Johann Wolfgang Goethe-Universität, June 2000, Financial Management Association meetings, October, 2000, The London Business School, October 2001.

 

“Busted IPOs and Windows of Misopportunity,” Carnegie-Mellon, October 2000, Penn State University, April 2001, Western Finance Association meetings, June, 2001, Southern Methodist University, April 2002, University of Texas at Dallas, April 2002.

 

“The Determinants of Issue Cycles for Initial Public Offerings,” University of Kentucky, October 2002, Babson College, February 2003, University of Oklahoma, December 2003, University of New Orleans, March 2004, University of Tubingen, June 2004, University of Freiberg, June 2004.

 

“Shareholder Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Feedback,”  University of Kansas, October 2004


 

RESEARCH GRANTS

 

Visiting Scholar Grant, Johann Wolfgang Goethe-Universität, Summer 2000

State Street Global Advisors, “Market Responsiveness to Earnings Forecasts,” 1996, 1997, 1998.

New York Mercantile Exchange, “Forecasting Conditional Volatility in The Oil Futures Market with Option Prices,” 1991.

Chicago Board Options Exchange, “The Behavior of Volatility Implicit in the Prices of Stock Index Options,” 1987.

 

HONORS AND AWARDS

 

James A. Webb Award for Excellence in Teaching, 1991, 2000

Finalist for James A. Webb Award for Excellence in Teaching, 1997, 1999, 2001

Outstanding Executive MBA Professor, 1991

Dean's Award for Teaching Excellence, 1992, 1999

NASDAQ Award for the  Best Paper on Capital Formation at the Western Finance Association, June 2001 for “Busted IPOs and Windows of Misopportunity”

Fama-DFA Prize for the Best Paper Published in the Journal of Financial Economics in the Areas of Capital Markets and Assest Pricing, 2001, 1st Place for “Following the Leader: A Study of Individual Analysts Earnings Forecasts,”

 

COURSES TAUGHT

 

Advanced Corporate Finance (MBA)

Corporate Value Management(MBA)

Corporate Financial Policy(MBA, Ph.D.)

Executive Managerial Finance I (MBA)

Financial Economics Seminar (Ph.D.)

Life Cycle of the Firm (MBA/JD)

Managerial Finance (Undergraduate, MBA)

Option Pricing (Undergraduate)

Quantitative Portfolio Management(MBA)

Empirical Methods in Corporate Finance (Ph.D.)

Seminar in Venture Capital (Ph.D.)

Seminar in Dynamic Capital Structure (Ph.D.)

 

EDITORIAL BOARDS

 

The Journal of Financial Research, 1999 – present

Journal of Corporate Finance, 2001 – present.

 

REFEREEING

 

Professional Journals:

Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Journal of Econometrics, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation, Financial Management, Journal of Financial Research, Journal of Corporate Finance, Journal of Derivatives, Journal of Empirical Finance, Management Science,  Journal of Futures Markets, Intenational Review of Financial Analysis, Review of Derivatives Research, Review of Financial Economics, The Financial Review, Quarterly Review of Economics and Business, Review of Futures Markets

 

Program Committees:

Western Finance Association meetings, 1989 and 1992

Financial Management Association, 1990, 1992, 1993, 2004

FMA Competitive Paper Awards Committee, 1996, 2000.

 

ACADEMIC SERVICE

 

Open Rank Accounting Search Committee (1994)

Open Rank Finance Search Committee(1986, 1988, 1989, 1992, 1996, 1997, 1999, 2001)

Open Rank Finance Search Committee (1987) - Chairman

Senior Level Faculty Search Committee (1987, 1988, 1989, 2000)

Ph.D. Committee (1987, 1988, 1989, 1990)

Facilities Planning Committee (1990)

Honors and Awards Committee (1991, 1992)

New Position Description Committee (1993)

Committee on Computing/Telecommunications Planning (1993, 1994)

Executive MBA Oversight Committee (1994, 2004)

Accounting Search Committee (1994)

SACS Compliance Audit Committee (1994)

Committee on Instruction (1995, 1996, 1997)

Computer Camp Planning Group (1996)

Building Committee (1996, 1997)

Statistics Camp Planning Group (1997)

Undergraduate Business Major Committee (1997)

Renewal and tenure review committees (1995, 1996, 1997, 1999, 2001, 2002, 2003)

Core Curriculm Review Committee (2002, 2004, 2005)

Research Committee (2002, 2003, 2004, 2005)

Co-Director of the Law and Business Program (2002, 2003)

LEAD program committee (2004)

Executive Committee (2004,2005)

 

THESIS COMMITEES

 

Mahmud Hassan (1987, Economics, University of Alabama at Birmingham)

Paul Laux (1988, Economics, University of Texas at Austin)

Rick Cooper (1990, Finance, Wayne State University)

Vijay Chopra (1990, Finance, Frank Russell and Company),

L. Shivakumar (1996, Finance, London Business School)

C. Sinha (1997, Finance, General Electric Credit Corporation)

Mary Watson (1997, Organizational Studies, University of North Carolina at Chapel Hill)

Yi Zhang (2000, Economics, State Street Global Advisors)

Hans Heidle (2001, Finance, Notre Dame)

Saadet Kasman (2001, Economics)

Xi Li (2002, Finance, University of Miami)

Ingrid Fulmer (2003, Organizational Studies, Michigan State University)

Raj Nahata (2004, Finance)

Vladimir Ivanov (2004, Finance, Dissertation Chairman, University of Kansas)

Yuanhe Yao (Current, Economics)

Sunhee Lee (Current, Economics)

Jiaren Pang (Current, Economics)

Jun Zhang, economics (Current, Economics)

Veronika Krepley (Current, Finance)

Fei Xi  (Current, Finance)