Ronald W. Masulis
Frank K. Houston Professor of Finance
Owen Graduate School of Management
Vanderbilt University
401 21st Avenue South
Nashville, TN 37203
Tel : (631) 322-3687
Fax : (631) 343-7177
Email : ronald.masulis@owen.vanderbilt.edu
SSRN Author Page: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=122768
Curriculum
Vitae for Ronald Masulis
WORKING PAPERS:
Are All Inside
Directors the Same? with
Shawn Mobbs, September 2009, (Under 3nd
round revision for the Journal of Finance and presented at the 3rd
FIRS Finance Conference and the 2008 Conference on Empirical Legal Studies, the
2009 American Finance Association Meetings and the 2009 European Financial
Management Symposium on Corporate Governance and Control at Cambridge
University.)
Do
Underwriters or Venture Capitalists Restrain Earnings Management by IPO
Issuers? with Gemma Lee, August 2009, (Presented at the 2007 American Accounting
Association Meetings, Chicago and the 2008 EFM Symposium on IPOs at Oxford
University and the 2009 Financial Management Association Annual Meetings.)
Family Business Groups around the World: Costs and
Benefits of Pyramids with Peter Pham and Jason Zein, September 2009, (Presented at the 2008 Hong Kong University
of Science and Technology, 2008 Summer Symposium on Family Business Research,
the 2008 Conference on Executive Compensation & Corporate Governance, the
UNC-Duke Corporate Finance Conference, the 5th Annual Conference on
Corporate Finance at Washington University, the 2009 European Financial
Management Symposium on Corporate Governance and Control at Cambridge
University and the 2009 FMA European Conference and given the Best Corporate
Finance Paper Award and presented at the 2009 FMA Annual Meetings.)
Are
Foreign Directors Valuable Advisors or Ineffective Monitors? with Cong Wang and Fei Xie, November 2009, (Under review and presented at the 2008 Financial Management
Association Meetings and the 2009 European Financial Management Symposium on
Corporate Governance and Control at Cambridge University.)
Corporate
Venture Capitalists, Strategic Alliances, and the Governance of Newly Public
Firms with Vladimir Ivanov, August 2009, (Presented at 2007 European Finance Association Meetings and the 2007 Financial
Management Association Meetings.)
How Do Venture
Investments by Different Classes of Financial Institutions Affect the Equity
Underwriting Process? with Xi Li, September 2008, (Presented at the 2008 American Economic
Association Meetings, EFM Symposium on IPOs at Oxford University, 3rd
FIRS Finance Conference and the 2008
Financial Management Association Meetings.)
Equity
Ownership in IPO Issuers by Brokerage Firms and Analyst Research Coverage with Xi Li, May
2008, (Presented at the 2007 Financial
Management Association Meetings.)
Venture
Capital Investments by IPO Underwriters: Certification or Conflict of Interest? with
Xi Li, August 2007 (Presented at the 2004
Financial Management Association Annual Meetings and the 2003 Western Finance
Association Annual Meetings.)
Local
Director Talent and Board Composition with Anzuhela Knyazeva and Diana Knyazeva, November
2009, (Presented at the 2008
the European Financial Management
Symposium on Corporate Governance and Control, Cambridge England and the 2009 Financial
Management Association Annual Meetings.)
Law Firm
Reputation and Mergers and Acquisitions with C.N.V. Krishnan, November 2009, (Presented at the 2009 Conference on
Empirical Legal Studies.)
Information Revelation along the Supply Chain: The
Relationship between Suppliers and Large Customers, with William Johnson,
Jun-koo Kang and Sangyo Yi, November 2009.
PUBLICATIONS:
Venture
Capital Reputation, Post-IPO Performance and Corporate Governance (with Vladimir
Ivanov, C.N.V. Krishnan and Ajai Singh), forthcoming Journal of Financial and
Quantitative Analysis, 2009.
Venture
Capital Conflicts of Interest: Evidence from Acquisitions of Venture Backed
Firms (with
Raj Nahata), forthcoming Journal of Financial and Quantitative
Analysis, 2009.
Strategic
Investing: Evidence from Corporate Venture Capital (with Raj Nahata), forthcoming Journal of Financial Intermediation, 2009.
Agency Costs
at Dual-Class Companies (with Cong
Wang and Fei Xie), Journal of Finance, August 2009, 64:4, 1697-1727.
Seasoned
Equity Offerings: Quality of Accounting Information and Expected Flotation
Costs (with
Gemma Lee), Journal of Financial Economics, August 2009,
92,
443-469.
Does Private
Equity Create Wealth? The Effects of Private Equity and Derivatives on
Corporate Governance (with Randall Thomas) University of Chicago Law
Review, 2009, vol. 76,
219-260.
Corporate
Governance and Acquirer Returns (with Cong Wang and Fei Xie), Journal
of Finance, August 2007, vol. 62:4, 1851-1889.
Security
Offerings (with Espen Eckbo
and Oyvind Norli), in B. E. Eckbo, Handbook of Corporate Finance: Empirical Corporate Finance
2007, (North-Holland/Elsevier), Chapter 13.
Government
Bailouts and Political Connections (with Mara Faccio and John McConnell), Journal
of Finance, December 2006, vol. 61:6, 2597-2635.
The Choice of
Financing Methods in European Mergers & Acquisitions (with Mara Faccio),
Journal
of Finance, June 2005, vol. 60:3, 1345-1388.
Trading
Activity and Stock Price Volatility: Evidence from the London Stock Exchange (with Roger Huang),
Journal
of Empirical Finance, May 2003, vol. 10:3, 249-269, (lead
article).
Does Market
Structure Affect the Immediacy of Stock Price Responses to News? (with
Lakshmanan Shivakumar), Journal of Financial and Quantitative
Analysis, December 2002, vol. 37:4, 617-648.
Seasoned
Public Offerings: Resolution of the ‘New Issues Puzzle’ (with B. Espen Eckbo and Oyvind Norli), Journal
of Financial Economics, May 2000, vol. 56:2, 251-291.
Journal of Financial
Economics All Star Award.
FX Spreads and
Dealer Competition across the 24 Hour Day (with Roger Huang), Review
of Financial Studies, Spring 1999,
vol. 12:1, 61-93.
Energy Shocks
and Financial Markets (with Roger Huang and Hans Stoll), Journal of Futures Markets,
February 1996, vol. 16:1, 1-27, (lead article).
Overnight and
Daytime Stock Return Dynamics on the London Stock Exchange (with Victor Ng), Journal
of Business and Economic Statistics,
October 1995, vol. 13:4, 365-378,
(lead article).
Seasoned
Equity Offerings: A Survey, (with B. Espen Eckbo) Handbook in Finance, R. Jarrow, V. Maksimovic and B. Ziemba
(eds.) 1995, North Holland.
Common Stock
Offerings across the Business Cycle: Theory and Evidence, (with Hyuk Choe
and Vikram Nanda), Journal of Empirical Finance, 1993, vol. 1:1, 3-31 (lead article, inaugural issue).
Adverse
Selection and the Rights Offer Paradox, (with B. Espen Eckbo), Journal
of Financial Economics, December 1992, vol. 32:3, 293-332.
Costs of Equity Issuance, (with B. Espen Eckbo) New Palgrave Dictionary of Money and Finance, 1992,
MacMillan.
Dividend Capture, (with Jonathan Karpoff) New Palgrave Dictionary of Money and
Finance, 1992, MacMillan.
An
Investigation of Market Microstructure Impacts on Event Study Returns (with Ronald Lease
and John Page), Journal of Finance, September 1991, vol. 46:4, 1523-1536.
An
Investigation of the Earnings Information Content in Issuer Tender Offers (with Larry Dann and
David Mayers), Journal of Accounting and Economics, September 1991, vol. 14:3, 217-251, (lead article).
The Effect of
the 1987 Stock Crash on International Financial Integration (with Yasushi Hamao
and Victor Ng), Japanese Financial
Market Research, W. Bailey,
Y. Hamao and W. Ziemba (eds.), 1991 North Holland.
Correlations
in Price Changes and Volatility across International Stock Markets (with Yasushi Hamao
and Victor Ng), Review of Financial Studies, 1990, vol. 3:2, 281-308.
Reprinted
in R. Stulz and A. Karolyi (eds.), International
Capital Market Integration, London: Edward Elgar Publishing, 2003.
The Debt‑Equity Choice, Institutional Investor Series in Finance,
1988, Ballinger Press.
Corporate
Investment and Dividend Decisions under Differential Personal Taxation (with Brett
Trueman), Journal of Financial and Quantitative Analysis, December 1998, vol. 23:4, 369-386.
Changes
in Ownership Structure: Conversions of Mutual Savings and Loans to Stock
Charter
Journal
of Financial Economics, March 1987, vol. 18:1, 29-60.
Seasoned
Equity Offerings: An Empirical Investigation (with Ashok
Korwar), Journal of Financial Economics, January/February 1986, vol. 15:1/2,
91-118, Journal of Financial Economics All Star Award.
The
Valuation Effects of Stock Splits and Stock Dividends (with Mark
Grinblatt and Sheridan Titman), Journal of Financial Economics, December
1984, vol. 13:4, 461-490, (lead
article).
The Impact
of Capital Structure Change on Firm Value, Some Estimates Journal
of Finance, March 1983, vol. 38:1,
107-126.
Government
Intervention in the Mortgage Market, A Study of Anti‑Redlining
Regulations
Journal
of Monetary Economics, September 1982, vol. 10, 191-213.
Optimal Capital Structure under Corporate and Personal Taxation (with Harry
DeAngelo), Journal of Financial Economics, March 1980, vol. 8:1, 3-27,
(lead article), Journal of Financial Economics All
Star Award.
Reprinted
in Clifford Smith, editor, The Modern
Theory of Corporate Finance, 2nd edition, McGraw-Hill, 1990.
Stock
Repurchase by Tender Offer, An Analysis of the Causes of Common Stock Price
Changes
Journal
of Finance, May 1980, vol. 35:2, 305-319.
Leverage
and Dividend Irrelevance under Corporate and Personal Taxation (with Harry
DeAngelo), Journal of Finance, May 1980, vol. 35:2, 453-464.
The
Effects of Capital Structure Change on Security Prices: A Study of Exchange
Offers
Journal
of Financial Economics, June 1980, vol. 8:2, 139-178, Journal of Financial
Economics All Star Award.
Reprinted
in Clifford Smith, editor, The Modern
Theory of Corporate Finance, 2nd edition, McGraw-Hill, 1990.
The
Option Pricing Model and the Risk Factor of Stock (with Dan Galai), Journal
of Financial Economics, January/March 1976, vol. 3:1/2, 53-81, Journal of Financial Economics All Star Award.
Reprinted
in Cheng-few Lee, editor, Financial
Analysis and Planning: Theory and Application, Addison-Wesley 1982.
Updated: November 28,
2009