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Education, Experience, Research and Government Associations, Editorial Associations, Teaching, Awards, Publications, Working Papers. Popular Press.
B.A. Economics, U.C. Berkeley 1982, Departmental Citation, Highest Honors, Highest Distinction in General Studies, Phi Beta Kappa.
1996-1999: Associate Professor (with tenure), Haas School of Business, University of California at Berkeley.
1994-1996: Assistant Professor, Haas School of Business, University of California at Berkeley (The University of California does not have an untenured Associate Professor title for ladder rank faculty.)
1992-1994: Visiting Associate Professor, Haas School of Business, University of California at Berkeley.
1992-1993: Associate Professor, Graduate School of Business, Columbia University.
1987-1992: Assistant Professor, Graduate School of Business, Columbia University.
1986-1987: Associate in Business, Graduate School of Business, Columbia University.
2007-date: Academic Advisory Board University of College Dublin
2003-2006: Member of the NASDAQ Economic Advisory Board
1997-1999: Member of the California State Commissioner's Advisory Committee on Securities Regulation and Capital Formation for the Department of Corporations.
1996: Yale International Institute for Finance Summer Fellow.
1995: Scholar in Residence at the Yale Finance Institute Summer Program.
1989-1994: Research Associate at The Center for Japan-US Business and Economic Research at New York University.
1987-1991: Research Associate at the Center for the Study of Futures Markets at Columbia University.
Winter Finance Workshop: 2004, 2005.
European Finance Association's Annual Meeting: 2003, 2005.
Western Finance Association's Annual Meeting: 1995 - 1999, 2001-2004.
Winter Finance Meeting: 1994 - 2004.
NBER Market Microstructure Research Group: 1997, 1999 - 2004.
Review of Financial Studies Conference on Investments in Imperfect Capital Markets: 2002.
Yale International Center for Finance-NASDAQ-JFM Market Microstructure Conference: 2002.
Econometric Society Summer Meeting: 2001.
Yale International Center for Finance-JFM Market Microstructure Conference: 2000.
Society for Financial Studies Conference on Price Formation: 1998.
Institute for Operations Research and the Management Sciences International Meeting: 1997.
American Finance Association's Annual Meeting: 1996.
PhD level courses: Market Microstructure, Corporate Finance, Econometrics, Industrial
Organization.
MBA level courses: Corporate Finance, Business Finance, Mergers and Acquisitions, Applied Financial Analysis, Corporate Finance II.
BA level courses: Industrial Organization, Introductory Finance, Introductory Micro-Economics.
| 2008: | Michael Brennan Award for the Best Paper in Volume 20 of the Review of Financial Studies for "Portfolio Performance Manipulation and Manipulation-Proof Performance Measures." |
| 2008: | Keynote speaker Caesarea Center Conference on Private Equity |
| 2008: | Inaugural Challenge Article in Finance Research Letters: "Patterns in Cross Market Liquidity." |
| 2007: | Keynote speaker New York City Triple Crown Conference |
| 2003: | Keynote speaker European meeting of the Financial Management Association |
| 2003-2005: | NASDAQ Economic Advisory Board (three year term). |
| 2001-2003: | Director Western Finance Association (three year term). |
| 2000: | Weimer School Post-Doctoral Honoree. |
| 2000: | Member of the nominating committee for the position of Secretary/Treasurer of the Society of Financial Studies. |
| 1998: | Member of the American Finance Association's Nominations Committee. |
| 1998: | ANBAR Management Intelligence Citation of Excellence for "Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion." |
| 1995-1996: | Schwabacher Fellowship. |
"Patterns in Cross Market Liquidity," Finance Research Letters, Volume 5(1), 2008.
Abstract and PDF
"Estimating the Dynamics of Mutual Fund Alphas and Betas," with H. Mamaysky and H. Zhang. Review of Financial Studies, Volume 21, 2007.
Abstract and PDF
"Improved Forecasting of Mutual Fund Alphas and Betas," with H. Mamaysky, and H. Zhang. Review of Finance, Volume 11, 2007.
Abstract and PDF
"Portfolio Performance Manipulation and Manipulation-proof Performance Measures," with W.Goetzmann, J. Ingersoll Jr., and I. Welch. Review of Financial Studies, Volume 20, 2007.
Abstract and PDF
"Managers, Block-Holders, and Takeovers," Research in Banking and Finance, Volume 2, 2002 (with A. Ravid).
"Housing Return and Construction Cycles," Real Estate Economics, 2001, 29(4).
Abstract, PDF
"The Policy Implications of Portfolio Choice in Underserved Mortgage Markets," Low- Income Ownership, Joint Center for Housing Studies, Brookings Institution Press, Washington D.C.. Eds. Retsinas and Belsky, 2002. (with W. Goetzmann ). Abstract and PDF
"Asymmetric Information and Disclosure Rules," Journal of Financial
Intermediation, 2000, 9(4), (with A. Subrahmanyam).
Abstract, PDF
"Toehold Strategies and Rival Bidders," Journal of Banking and
Finance, 1999, 23, (with A. Ravid).
Abstract, PDF
"Do Cities and Suburbs Cluster?," Cityscape, 1998, 3(3), (with W. Goetzmann and S. Wachter).
"Stock Price Volatility in a Multiple Security Overlapping Generations Model,"
Review of Financial Studies,1998, 11(2).
Abstract,
Errata
"Optimal Financial Contracts for a Start-Up with Unlimited Operating Discretion," Journal of Financial and Quantitative Analysis, 1997, 32(3), (with Avri Ravid).
Abstract, PDF
"Anatomy of a Market Failure: Trading Suspensions on the NYSE 1974-1988," Journal
of Business and Economic Statistics, 1998, 16(2),(with
U. Bhattacharya).
Abstract, PDF
"A Spatial Model of Housing Returns, and Neighborhood Substitutability,"
Journal of Real Estate Finance and Economics, 1997, 14, (with
W. Goetzmann
).
Abstract
"Private Value Components, and the Winner's Curse in an Art Index," European Economic Review, 1995, 39, (with W. Goetzmann ).
"On Intraday Risk Premia," Journal of Finance, March 1995, 50(1), (with A. Subrahmanyam).
"Destructive Interference in an Imperfectly Competitive Multi-Security Market," Journal of Economic Theory, February 1995, 65(1) (with P. Reny and U. Bhattacharya).
"Non-Temporal Components of Residential Real Estate Appreciation," Review of Economics and Statistics, February 1995, 77(1), (with W. Goetzmann ).
"Understanding When Agents are Fairmen or Gamesmen," Journal of Games and Economic Behavior, 1994, 7, (with J. Currie, H. Sonnenschein and A. Sen).
"A Theory of the Distribution of Underpriced Initial Public Offers by Investment Banks," Journal of Economics and Management Strategy, Winter 1993, 2(4), (with P. Fulghieri).
"An Experimental Comparison of Dispute Rates in Alternative Arbitration Systems," Econometrica, 1992, 60(6), (with O. Ashenfelter, J. Currie, and H. Farber).
"A Theory of Predictable Excess Returns in Real Estate," The Journal of Real Estate Finance and Economics, December 1992, (with W. Strange).
"Corporate Raiders," The New Palgrave Dictionary of Money and Finance, Vol. 1, eds. Newman, Milgate, and Eatwell, 1992.
"Informed Speculation and Hedging in a Non-Competitive Securities Market," Review of Financial Studies, 1992, 5(2), (with A. Subrahmanyam).
"Good Projects, Bad Projects, and IPOs," Pacific-Basin Capital Markets Research, Volume III, 1992, (with A. Ravid).
"Insiders, Outsiders and Market Breakdowns," Review of Financial Studies, 1991, 4(2), (with U. Bhattacharya).
"A Further Test of Noncooperative Bargaining Theory: Comment," American Economic Review, September 1988, 78(4), (with J. Neelin and H. Sonnenschein).
"Dynamic Competition, Innovation and Strategic Financing," with Heather Tookes.
"Cross-sectional Variation in Stock Returns: Liquidity and Idiosyncratic Risk," with X. Wang.
Abstract and PDF
"Modeling and Measuring Russian Corporate Governance: The Case of Russian preferred and Common Shares," with W. Goetzmann, and A. Ukhov.
Abstract, PDF
"Are Chads Democrats? An Analysis of the Florida Presidential Recount."
Abstract and PDF
"Closed-End Fund Discounts in a Rational Agent Economy."
Abstract, PDF
"A Theory of Mutual Funds: Optimal Fund Objectives and Industry Organization," with
H. Mamaysky.
Abstract,
PDF
"Timing the market with past returns? Good luck," InvestmentNews.com, October 3, 2005.
"2000 A Bubble? 2002 A Panic? Maybe Nothing?," Wilmott Magazine, March 2004.
"Who's to Blame for the U.S. Recession? A Comment," The International Economist, Winter 2002.
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