Michael S. Weisbach

The Ohio State University, Professor and Ralph W. Kurtz Chair in Finance, October 2008- Present

University of Illinois, Stanley C. and Joan J. Golder Distinguished Chair in Corporate Finance, January 2003-August 2008

University of Illinois, Professor of Law, January 2007-August 2008

University of Illinois, Academic Director, Stanley C. Golder Center for the Study of Private Equity, March 2002-August 2008

University of Chicago, Visiting Professor, Graduate School of Business, January 2006-June 2006

University of Illinois, I.B.E. Distinguished Professor of Finance, August 1999-January 2003

University of Arizona, Professor, College of Business and Public Administration, July 1998-June 1999

University of Arizona, Associate Professor, College of Business and Public Administration, August 1994-June1998

William E. Simon Graduate School of Business Administration, University of Rochester, Associate Professor, July 1993-June 1994

William E. Simon Graduate School of Business Administration, University of Rochester, Assistant Professor, July 1987-June 1993

Massachusetts Institute of Technology, In residence 1983-1987. Ph.D. (Economics) awarded, February, 1988.

• (Thesis: “The Role and Selection of Boards of Directors”).

University of Michigan, B.S. (University High Honors, High Honors in Mathematics, Phi Beta Kappa), 1983.

Board of Directors, American Finance Association, 2008-2012.

Research Affiliate, Swedish Institute for Financial Research, 2010-present.

Research Associate, National Bureau of Economic Research, 2000-present.

Distinguished Scholar Award, Center for Corporate Governance, Drexel University, 2014.

Brattle Group Prize, Best Paper in Corporate Finance in The Journal of Finance, first prize, 2009.

Brattle Group Prize, Best Paper in Corporate Finance in The Journal of Finance, distinguished paper, 2014.

Wharton-WRDS award at the 2011 Western Finance Association Meetings for Best Paper in Empirical Finance.

Wharton-WRDS Award for Best Paper on Corporate Finance at the Northern Finance Association, Niagara Falls, Ontario, October 2012.

Fama/DFA Prize for Best Paper in Capital Markets and Asset Pricing in Journal of Financial Economics, second prize, 2014.

Korea Investment & Securities Co., Ltd. Outstanding Paper Award at The 6th International Conference on Asia-Pacific Financial Markets, 2011.

Jensen Prize for Best Paper in Corporate Finance and Organizations in Journal of Financial Economics, second prize, 1999.

Research Award (2012) and Fellow of National Center for the Middle Market, Fisher College of Business.

National Science Foundation: Co-Principal Investigator (with Benjamin Hermalin) of a $200,000 grant entitled “Corporate Governance as an Endogenous Economic Institution”, 1997.

The Q Group: Co-Principal Investigator (with Michael J. Barclay and Neil Pearson) of a $10,000 grant entitled “A Closer Look at the Tax Advantage from Tax-Advantaged Mutual Funds”, 1994.

Editor, Special Review of Financial Studies issue on Corporate Governance, March 2010.

National Science Foundation Graduate Fellowship 1983-1986.

Phi Beta Kappa, 1983.

“Indirect Incentives of Hedge Fund Managers” (with Jongha Lim and Berk A. Sensoy), The Journal of Finance, forthcoming.

“CEO Investment Cycles,” (with Yihui Pan and Tracy Yue Wang), Review of Financial Studies, forthcoming.

“Learning about CEO Ability and Stock Return Volatility” (with Yihui Pan and Tracy Yue Wang), Review of Financial Studies, forthcoming.

“Do Acquisitions Relieve Target Firms’ Financial Constraints?” (with Isil Erel and Yeejin Jang), The Journal of Finance, Vol. 70 (February 2015) pp. 289-328.

“Limited Partner Performance and the Maturing of the Private Equity Industry,” (with Berk A. Sensoy and Yingdi Wang), Journal of Financial Economics, Vol. 112 (June 2014), pp. 320-343.  Fama/DFA Prize for best paper published in Journal of Financial Economics in capital markets and asset pricing in 2014, second prize.

“Syndicated Loan Spreads and the Composition of the Syndicate” (with Jongha Lim and Bernadette A. Minton), Journal of Financial Economics, Vol. 111 (January 2014), pp. 45-69. Winner of the Wharton-WRDS Award for Best Paper on Corporate Finance at the Northern Finance Association, Niagara Falls, Ontario, October 2012.

“Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts” (with Ulf Axelson, Tim Jenkinson and Per Strömberg), The Journal of Finance, (lead article) Vol. 68 (December 2013), pp. 2223-2267. Brattle Group Prize for best paper in published in The Journal of Finance in corporate finance, Distinguished Paper, 2014.

“What do Boards Really do? Evidence from Minutes of Board Meetings” (with Miriam Schwartz-Ziv), Journal of Financial Economics, Vol. 108 (May 2013), pp. 349-366.

“Pay for Performance from Future Fund Flows: the Case of Private Equity” (with Ji-Woong Chung, Berk A. Sensoy, and Léa Stern), Review of Financial Studies, Vol. 25 (November 2012), pp. 3259-3304. Wharton-WRDS award at the 2011 Western Finance Association Meetings for Best Paper in Empirical Finance. Korea Investment & Securities Co., Ltd. Outstanding Paper Award at The 6th International Conference on Asia-Pacific Financial Markets.

“Did Securitization Affect the Cost of Corporate Debt?” (with Taylor D. Nadauld), Journal of Financial Economics, Vol. 105 (August 2012), pp. 332-352.

“Determinants of Cross-Border Mergers and Acquisitions,” (with Isil Erel and Rose C. Liao), The Journal of Finance, Vol. 67 (June 2012), pp. 1045-1082.

 “Information Disclosure and Corporate Governance” (with Benjamin E. Hermalin), The Journal of Finance, Vol. 67 (February 2012), pp. 195-233. The “Top Read” article in The Journal of Finance for 2012 (according to the AFA website as of December 2012).

“Macroeconomic Conditions and Capital Raising,” (with Isil Erel, Brandon Julio and Woojin Kim), Review of Financial Studies, Vol. 25 (February 2012), pp. 341-376.

“Corporate Financial and Investment Policies when Future Financing is not Frictionless” (with Heitor Almeida and Murillo Campello), Journal of Corporate Finance, Vol. 17, (June 2011), pp. 675-693.

“The State of Corporate Governance Research” (with Lucian A. Bebchuk), Review of Financial Studies, Vol. 23, (March 2010), pp. 939-961. Reprinted in Corporate Governance: Recent Developments and New Trends, Edited by Sabri Boubaker, France Bang Dang Nguyen, and Doc Khuong Nguyen, Springer Verlag publisher, 2012.

“Boards of Directors and their Role in Corporate Governance: A Conceptual Framework and Survey” (with Renee Adams and Benjamin E. Hermalin), Journal of Economic Literature, Vol. 48, (March 2010), pp. 58-107.

“Why are Buyouts Leveraged? The Financial Structure of Private Equity Firms” (with Ulf Axelson and Per Strömberg). The Journal of Finance, Vol. 64 (August 2009), pp. 1549-1582. Brattle Group Prize for best paper in Corporate Finance, First Prize 2009.

“Motivations for Public Equity Offers: An International Perspective” (with Woojin Kim), Journal of Financial Economics, Vol. 87, (February 2008), pp. 281-307.

“Optimal Executive Compensation vs. Managerial Power: A Review of Lucian Bebchuk and Jesse Fried’s Pay without Performance: The Unfulfilled Promise of Executive Compensation”, Journal of Economic Literature, Vol. XLV, (June 2007), pp. 420-429.

“World Markets for Raising New Capital” (with Brian J. Henderson and Narasimhan Jegadeesh), Journal of Financial Economics, Vol. 82, (October 2006), pp. 63-101.

“Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholders’ and Managers’ Perspectives,” (with Nengjiu Ju, Robert Parrino, and Allen Poteshman), Journal of Financial and Quantitative Analysis, Vol. 40, (June 2005), pp. 259-281.

“Measuring Investment Distortions when Risk-Averse Managers Decide Whether to Undertake Risky Projects,” (with Robert Parrino and Allen Poteshman), Financial Management, Vol. 34, Issue 1, (Spring 2005), pp. 21-60.

“Hospital Governance, Performance Objectives, and Organizational Form” (with Leslie Eldenburg, Benjamin E. Hermalin, and Marta Wosinska), Journal of Corporate Finance, Vol. 10, (September 2004) pp. 527-548.

“The Cash Flow Sensitivity of Cash,” (with Heitor Almeida and Murillo Campello), The Journal of Finance, Vol. 59, (August 2004) pp. 1777-1804. Brattle Group Prize nominee for 2004.

“Private Benefits and Cross-Listings in the United States,” (with Evangelos Benos), Emerging Markets Review, Vol. 5, (June 2004) pp. 217-240.

“The Economics of Has-Beens” (with Glenn MacDonald), Journal of Political Economy, Vol. 112, (February 2004) pp. S289-S310.

“Boards of Directors as an Endogenously-Determined Institution: A Survey of the Economic Evidence” (with Benjamin E. Hermalin), Economic Policy Review, Vol. 9, Number 1, (April 2003) pp. 7-26. Reprinted in IJMR, The Icfaian Journal of Management Research, Vol. 3, Number 5 (May 2004) pp. 39-68.

“Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings” (with William A. Reese, Jr.), Journal of Financial Economics, Vol. 66 (October 2002) pp. 65-104. JFE “All-Star” paper (averaging more than 5 cites per year). Reprinted in Governance: An International Perspective, edited by Diane Denis and John McConnell, Edward Elgar, publishers, 2005.

“Financial Flexibility and The Choice Between Dividends and Stock Repurchases” (with Murali Jagannathan and Clifford P. Stephens), Journal of Financial Economics, Vol. 57 (September, 2000) pp. 355-384. Reprinted in Recent Developments in Corporate Finance, edited by Jay Ritter, Edward Elgar publishers, 2005.

“Discussion of Gompers and Lerner’s ‘Corporate Venture Capital, Complementarities, and Success’,” in Concentrated Ownership, edited by Randall Morck, University of Chicago Press: Chicago, IL, 2000.

“Measuring Investment Distortions Arising from Stockholder-Bondholder Conflicts,” (with Robert Parrino), Journal of Financial Economics, Vol. 53 (July, 1999), pp. 3-42. Jensen Prize for best paper on Corporate Finance and Organizations, 1999.

“The Influence of Institutions on Corporate Governance through Private Negotiations: Evidence from TIAA-CREF” (with Willard T. Carleton and James M. Nelson), The Journal of Finance, Vol. 53 (August, 1998), pp. 1335-1362. Featured in The Economist, June 21, 1997.

“Open-End Mutual Funds and Capital Gains Taxes” (with Michael J. Barclay and Neil D. Pearson), Journal of Financial Economics, (lead article) Vol. 49 (July, 1998), pp. 3-43.

“Endogenously Chosen Boards of Directors and Their Monitoring of Management” (with Benjamin E. Hermalin), American Economic Review, Vol. 88 (March, 1998), pp. 96-118. Reprinted in Governance, Directors and Boards, edited by Mahmoud Ezzamel, Edward Elgar Publishing: United Kingdom, 2005.

“Actual Share Reacquisitions in Open-Market Repurchase Programs” (with Clifford P. Stephens), The Journal of Finance, Vol. 53 (February, 1998), pp. 313-334. Featured in Bloomberg Business News, June 26, 1996 and Forbes, April 21, 1997.

“Securities Fraud Lawsuits: A Descriptive Study” (with Willard T. Carleton and Elliott J. Weiss), Arizona Law Review, Vol. 38 (Summer, 1996), pp. 491-511.

“Institutional Investors and the Governance of Canadian Corporations: An American Perspective,” in Corporate Decision Making in Canada, ed. by R. Daniels and R. Morck, University of Calgary Press: Calgary, Alberta, 1995.

“CEO Turnover and the Firm's Investment Decisions,” Journal of Financial Economics, Vol. 37 (February, 1995) pp. 159-188. Featured in The Wall Street Journal, April 20, 1993 and Dec. 2, 1993.

“Accounting Information and Internal Performance Evaluation: Evidence from Texas Banks” (with David W. Blackwell and James A. Brickley), Journal of Accounting and Economics, Vol. 17 (May, 1994), pp. 331-358.

“Corporate Governance and Hostile Takeovers,” Journal of Accounting and Economics, Vol. 16 (January/April/July, 1993), pp. 199-208.

“The Success of Acquisitions: Evidence from Divestitures” (with Steven N. Kaplan), The Journal of Finance, Vol. 47 (March, 1992), pp. 107-138: Smith-Breeden prize nominee for 1992.

“The Effects of Board Composition and Direct Incentives on Firm Performance” (with Benjamin E. Hermalin), Financial Management, Vol. 20, No. 4 (Winter, 1991), pp. 101-112.

“The Economic Effects of Franchise Termination Laws” (with James A. Brickley and Frederick H. Dark), The Journal of Law and Economics, Vol. 34 (April, 1991), pp. 101-132. Reprinted in Franchise Contracting and Organization, edited by Francine Lafontaine, Edward Elgar Publishing, 2005.

“An Agency Perspective on Franchising” (with James A. Brickley and Frederick H. Dark), Financial Management, Vol. 20, No. 1 (Spring, 1991), pp. 27-35.

“Reversions of Excess Pension Assets After Takeovers” (with Jeffrey Pontiff and Andrei Shleifer), The RAND Journal of Economics, Vol. 21, No. 4 (Winter, 1990), pp. 600-613.

“The Determinants of Board Composition” (with Benjamin E. Hermalin), The RAND Journal of Economics, Vol. 19, No. 4 (Winter, 1988), pp. 589-606. Reprinted in Corporate Governance in the New Global Economy, edited by Kevin Keasey, Steve Thompson and Mike Wright, Edward Elgar Publishing, 2005.

“Outside Directors and CEO Turnover,” Journal of Financial Economics, Vol. 20, Nos. 1/2 (January/March, 1988), pp. 431-460. JFE “All-Star” paper (averaging more than 5 cites per year). Reprinted in The Economics of Executive Compensation, edited by K. Hallock and K. Murphy, Edward Elgar Publishing, 1999, pp. 347-376.

Discussant, JLFA Conference, Cambridge, MA, November 2015.

Discussant, Sonoran Winter Finance Conference, Scottsdale, AZ, February 2012.

Discussant, European Finance Association Meetings, Stockholm, Sweden, August 2011.

Discussant, Alumni Conference, Ohio State University, Columbus, OH, July 2011.

Discussant, Allied Social Science Meeting, Denver, CO, January 2011.

Discussant, Argentum Private Equity Symposium, Stockholm, Sweden, September 2010.

Discussant, Allied Social Science Meeting, Atlanta, GA, January 2010.

Discussant, NBER Summer Institute, July 2008.

Discussant, NBER Summer Institute, July 2007.

Discussant, Allied Social Science Meeting, Chicago, IL, January 2007.

Discussant, NBER Corporate Finance Meeting, November 2006.

Discussant, NBER Summer Institute, August 2006

Discussant, Allied Social Science Meeting, Boston, MA, January 2006.

Discussant, Mitsui Symposium on Mutual Funds, Ann Arbor, MI, June 2005.

Discussant, Allied Social Science Meeting, Philadelphia, PA, January 2005.

Discussant, NBER Summer Institute Corporate Governance Meetings, Cambridge, MA, July 2004.

Discussant and Panelist, Venture Capital Conference sponsored by Kauffman Foundation and University of Kansas, Kansas City, MO, March 2004.

Discussant, Allied Social Science Meeting, San Diego, CA, January 2004.

Discussant, Stockholm Institute for Financial Research Conference, “Venture Capital and Entrepreneurial Finance, August 2003.

Discussant, Allied Social Science Meeting, Washington, DC, January 2003.

Discussant, Western Finance Association Meetings, Park City, Utah, June 2002.

Discussant, Allied Social Science Meetings, Atlanta, GA, January 2002.

Discussant, Allied Social Science Meetings, New Orleans, LA, January 2001.

Discussant, Tenth Annual Conference on Finance and Accounting, Austin, TX, October 1999.

Discussant, Allied Social Science Meetings, New York, NY, January 1999.

Discussant, NBER Conference on Concentrated Ownership, Banff, Alberta, May 1998.

Discussant, Allied Social Science Meetings, New Orleans, LA, January 1997.

Discussant, Allied Social Science Meetings, San Francisco, CA, January 1996.

Discussant, Industry Canada Conference: “Corporate Decision-Making in Canada”, Toronto, Ontario, March 1995.

Discussant, Allied Social Science Meetings, Washington, DC, January 1995.

“The Liquidity Cost of Private Equity Investments: Evidence from Secondary Market Transactions”

University of Amsterdam, Amsterdam, Netherlands, December 2015.

Tilburg University, Tilburg, Netherlands, December 2015.

Stockholm School of Economics, Stockholm, Sweden, December 2015.

Ohio State University, Columbus, OH, November 2015.

“Management Risk and and the Cost of Borrowing”

University of Southern California, October 2015.

University of Arizona, Tucson, AZ, October 2015.

Southern Methodist University, Dallas, TX, October 2015.

University of Texas, Dallas TX, October 2015.

George Washington University, Washington DC, September 2015.

Villanova University, Villanova, PA, September 2015.

CKGSB, Beijing, China, June 2015.

Beijing University, Beijing, China, June 2015.

Asian FMA meetings. Seoul, Korea, June 2015.

Western Finance Association Meetings, Seattle, WA, June 2015.

London Business School, London, U.K., December 2014.

California State University at Fullerton, Fullerton, CA, September 2014.

Ohio State University, Columbus, OH, September 2014.

“Understanding Corporate Governance Through Learning Models of Managerial Competence”

   University of North Carolina International Accounting Conference, Chapel Hill, NC, Sept. 2014.

   Drexel University Corporate Governance Conference, Philadelphia, PA, April 2014.

“CEO Investment Cycles”

BI Conference on Corporate Governance, Oslo, Norway, May 2015.

Koc University, Istanbul, Turkey, May 2014.

NOVA University, Lisbon, Portugal, May 2014.

Massachusetts Institute of Technology, Cambridge, MA, February 2014.

Allied Social Science Meetings, Philadelphia, PA, January 2014.

University of California, Berkeley, CA, December 2013.

Stanford University, Palo Alto, CA, December 2013.

Harvard Business School, Boston, MA, October 2013.

Ohio State University, Columbus, OH, September 2013.

“Indirect Incentives of Hedge Fund Managers”

Allied Social Science Meetings, Philadelphia, PA, January 2014.

American University, Washington, DC, November 2013.

“Learning About CEO Ability and Stock Return Volatility”

NBER Summer Institute, Cambridge, July 2013.

EPFL, Lausanne, Switzerland, June 2013.

Ohio State University, Columbus, OH, April 2013.

University of Minnesota, Minneapolis, MN, February 2013.

“Limited Partner Performance and the Maturing of the Private Equity Industry”

Allied Social Science Meetings, Philadelphia, PA, January 2014.

University of North Carolina, Chapel Hill, NC, November 2013.

London Business School, June 2013.

Georgetown University, Washington, DC, April 2013.

Council of Economic Advisors, Washington, DC, April 2013.

Ohio State University, Columbus, OH, March 2013.

“Syndicated Loan Spreads and the Composition of the Syndicate”

Allied Social Science Meetings, San Diego, CA, January 2013.

University of Pittsburgh, Pittsburgh, PA, October 2012.

Michigan State University, East Lansing Michigan, October 2012.

Securities and Exchange Commission, Washington, DC, October 2012.

Penn State University, State College, PA, April 2012.

“Do Acquisitions Relieve Target Firms’ Financial Constraints?”

Allied Social Science Meetings, Philadelphia, PA, January 2014.

Cornell University, Ithaca, NY, November 2012.

University of Minnesota, Minneapolis, MN, September 2012.

Northeastern University, Boston, MA, September 2012.

Brandeis University, Waltham, MA, September 2012.

Boston College, Boston, MA, May 2012.

University of Michigan, Ann Arbor, MI, March 2012.

 “What do Boards Really do? Evidence from Minutes of Board Meetings”

Western Economic Association, San Francisco, CA, June 2012.

Babson College, Wellesley, MA, March 2012.

Ohio State University, Columbus, OH, November 2011.

Purdue University, W. Lafayette, IN, November 2011.

“Did Securitization Affect the Cost of Corporate Debt?”

HEC Paris, Paris, France, September 2010.

Erasmus University, Rotterdam, Netherlands, September 2010.

University of Amsterdam, Amsterdam, Netherlands, September 2010.

Ohio State University, Columbus, OH, September 2010.

“Pay for Performance from Future Fund Flows: the Case of Private Equity”

University of Maryland, College Park, MD, October 2011.

Columbia University, New York, NY, October 2011.

University of Florida, Gainesville, FL, September 2011.

Louisiana State University, Baton Rough, LA, September 2011.

Brigham Young University, Provo, UT, September 2011.

Harvard University, Cambridge, MA, March 2011.

McGill University, Montreal, Canada, November 2010.

University of Georgia, Athens, GA, August 2010.

Rutgers University, Newark, NJ, March 2010.

University of North Carolina, Chapel Hill, NC, March 2010.

Duke University, Durham, NC, March 2010.

University of Arizona, Tucson, AZ, February 2010.

“Determinants of Cross-Border Mergers and Acquisitions”

Western Finance Association Meetings, Victoria, BC, Canada, June 2010.

Hong Kong University of Science and Technology, Hong Kong, December 2009.

Chinese University of Hong Kong, Hong Kong, December 2009.

Lingnan University, Hong Kong, December 2009.

Washington University, St. Louis, MO, November 2009.

Michigan State University, East Lansing, MI, September 2009.

Ohio University, Athens, Ohio, June 2009.

“Borrow Cheap, Buy High? The Determinants of Leverage and Pricing in Buyouts”

Tel Aviv University, Tel Aviv, Israel, December 2008.

Hebrew University, Jerusalem, Israel, December 2008.

Alternative Investments Conference, Scottsdale, AZ, December 2008.

Northwestern Law School, Chicago, IL, November 2008.

Columbia Law School, New York, NY, November 2008.

Harvard Law School, Cambridge, MA, November 2008.

Wharton School Conference, April 2008.

Allied Social Science Association Meetings, New Orleans, LA, January 2008.

University of Southern California, Los Angeles, CA, October 2007.

University of California, Berkeley, CA, October 2007.

University of Pittsburgh, Pittsburgh, PA, September 2007.

University of Pennsylvania, Philadelphia, PA, September 2007.

“Macroeconomic Conditions and Capital Raising”

Case Western Reserve University, Cleveland, OH, May 2009.

Carnegie-Mellon University, Pittsburgh, PA, April 2009.

University of Cincinnati, Cincinnati, OH, March 2009.

Southern Methodist University, Dallas, TX, February 2009.

Harvard University, Cambridge, MA, November 2008

Drexel University, Philadelphia, PA, November 2008.

Stockholm School of Economics, Stockholm, Sweden, October 2008.

University of Utah, Salt Lake City, Utah, September 2008.

Yale University, New Haven, CT, February 2008.

University of Alberta Conference, Banff, Alberta, July 2007.

“Corporate Financial and Investment Policies when Future Financing is not Frictionless”

London Business School, London, UK, March 2008.

University of Michigan, Ann Arbor, MI, June 2007.

Ohio State University, Columbus, OH, May 2007.

University of Oregon, Eugene, OR, October 2006.

University of British Columbia, Vancouver, BC, October 2006.

University of Alberta, Edmonton, AL, October 2006.

University of Minnesota, Minneapolis, MN, September 2006.

University of Illinois, Champaign, IL, September 2006.

University of Notre Dame, South Bend, IN, September 2006.

“Information Disclosure and Corporate Governance”

Harvard Business School, Boston, MA, June 2007.

Allied Social Science Association Meetings, Chicago, IL, January 2007.

Finance Research Association, Las Vegas, NV, December 2006.

University of Chicago Law School, September 2006.

Washington University, St. Louis, MO, November 2005.

Swedish Institute for Financial Research, Stockholm, Sweden, August 2005.

"Why are Buyouts Leveraged? The Financial Structure of Private Equity Firms”

Washington University, St. Louis, MO, September 2007.

Harvard University, Cambridge, MA, November 2006.

University of Illinois (Law School), Champaign, IL, September 2006.

University of Chicago, Chicago, IL, April 2006.

New York University, New York, NY, September 2005.

Rutgers University, Newark, NJ, September 2005.

University of Texas, Austin, TX, September 2005.

Texas A&M University, College Station TX, September 2005.

Boston College, Boston, MA, May 2005.

Massachusetts Institute of Technology, Cambridge, MA, May 2005.

INSEAD, Fountainebleu, France, March 2005.

Oxford University, Oxford, UK, March 2005.

Vanderbilt University, Nashville, TN, February 2005.

University of Virginia, Chalottesville, VA, February 2005.

Emory University, Atlanta, GA, December 2004.

University of Illinois (Finance Department), Champaign, IL, December 2004.

“Motivation for Public Equity Offers: An International Perspective”

University of Western Ontario, London, Ontario, January 2006.

University of North Carolina, Chapel Hill, NC, November 2005.

Stockholm School of Economics, Stockholm, Sweden, March 2005.

“World Markets for Raising New Capital”

Cornell University, Ithaca, NY, October 2004.

Ohio State University, Columbus, Ohio, May 2004.

Boston University, Boston, MA, March 2004.

University of Michigan, Ann Arbor, MI, March 2004.

Yale University, New Haven, CT, December 2003.

Columbia University, New York, NY, November 2003.

University of Central Florida, Orlando, FL, November 2003.

Georgetown University, Washington, DC, October 2003.

University of Toronto, Toronto, CA, October 2003.

“Private Benefits and Cross-Listings in the United States,”

University of Virginia, May 2003.

“The Cash Flow Sensitivity of Cash”

Indiana University, Bloomington, IN, April 2003.

Duke University, Durham, NC, March 2003.

Louisiana State University, Baton Rouge, LA, February 2003.

NBER Corporate Finance Meeting, Cambridge, MA, November 2002.

University of Iowa, Iowa City, Iowa, October 2002.

University of Illinois, Champaign, IL, September 2002.

Atlanta Finance Forum, Atlanta Georgia, September 2002.

New York Federal Reserve Bank, New York, NY, August 2002.

New York University, New York, NY, August 2002.

“Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholders’ and Managers’

Perspectives,”

New York Federal Reserve Bank, New York, NY, August 2002.

University of Athens, Athens, Greece, May 2002.

University of Texas, Austin, TX, May 2002.

Princeton University, Princeton, NJ, April 2002.

De Paul/Chicago Federal Reserve Bank, Chicago, IL, March 2002.

University of Illinois, Champaign, IL, March 2002

“Measuring Investment Distortions when Risk-Averse Managers Decide Whether to Undertake Risky

Projects,”

University of Arizona, Tucson, AZ, January 2002.

University of Rochester, Rochester, NY, November 2001.

NBER, Cambridge, MA, November 2001

University of Southern California, Los Angeles, CA, October 2001.

Loyola University, Chicago, IL, April 2001.

New York University, New York, NY, April 2001.

New York Federal Reserve Bank, New York, NY, April 2001.

Texas A&M University, College Station, TX, March 2001.

“Hospital Governance, Performance Objectives, and Organizational Form”

University of Chicago, Chicago, IL, May 2001.

“Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent

Equity Offerings”

Koc University, Istanbul, Turkey, May 2002.

University of Athens, Athens, Greece, May 2002.

Purdue University, W. Lafayette, IN, April 2000.