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Since April 2001                           Fred H. Gowen Professor of Finance, University of Rochester
July 1989 – April 2001                 Professor, University of Rochester
July 1982 - June 1989                  Associate Professor, University of Rochester
July 1976 - June 1982                  Assistant Professor, University of Rochester
Spring 1976                                  Lecturer in Finance, Graduate School of Business, University of Chicago



Ph.D.               Economics/Finance, University of Chicago, 1976
M.B.A.            Economics/Finance, University of Chicago, 1975
M.A.                Operations Research, Yale University, 1972
B.S.                 Economics, Wharton School, University of Pennsylvania, 1970



"Economic Fundamentals, Risk, and Momentum Profits," (with Laura Liu and Lu Zhang), April 2004.

"Changes in Mutual Fund Advisory Contracts," (with J. Wu), October 2004.

“Assessing Mutual Fund Performance:  A Monograph” (with S.P. Kothari), July 2001, commissioned by the Association for Investment Management Research

“Private versus Public Debt: Evidence from Firms that Replace Bank Loans with Risky Public Debt” (with S. Gilson), April 2001.



“The Economics and of Event Studies” (with S.P. Kothari), invited book chapter for Handbook in Empirical Corporate Finance (North Holland), B. Espen Eckbo,
          Editor, forthcoming 2005.
"Stock Returns, Aggregate Earnings Surprises and Behavioral Finance" (with S.P. Kothari & J.  Lewellen), forthcoming in the Journal of Financial Economics
           (pdf available)
“Evaluating Mutual Fund Performance” (with S.P. Kothari),  Journal of Finance, October 2001.  (pdf available)

“Aggregate Price Effects of Institutional Trading:  A Study of Mutual Fund Flow and Market Returns” (with R. Edelen), Journal of Financial Economics, February 2001. (pdf available)

“Measuring Long-Horizon Security Price Performance” (with S.P. Kothari), Journal of Financial Economics, April 1997. (pdf available)

“Stealth Trading and Volatility:  Which Trades Move Prices?”  (with M. Barclay), Journal of Financial Economics, December 1993. (pdf available)

“Private Information, Trading Volume, and Stock Return Variances” (with M. Barclay and R. Litzenberger), The Review of Financial Studies, 1990.  Reprinted in Japanese Financial Market Research, edited by W. Ziemba, W. Bailey, and Y. Hamao (North-Holland:  Amsterdam, 1991). (pdf available)

Symposium on the Distribution of Power Among Corporate Managers, Shareholders, and Directors (Editor, with M. Jensen), Journal of Financial Economics, January/March 1988.

“The Distribution of Power Among Corporate Managers, Shareholders, and Directors” (with M. Jensen), Journal of Financial Economics, January/March 1988.  Reprinted in M. Jensen, A Theory of the Firm: Governance, Residual Claims and Organizational Forms (Harvard University Press), 2000. (pdf available)

“Stock Prices and Top Management Changes” (with R. Watts and K. Wruck), Journal of Financial Economics, January/March 1988. (pdf available)

“Stock Market Reaction to Management Incentive Plan Adoption:  Overview,” Journal of Accounting and Economics, April 1985. (pdf available)

“Using Daily Stock Returns:  The Case of Event Studies” (with S. Brown), Journal of Financial Economics, March 1985.   (pdf available)

“On Corporate Governance:  A Study of Proxy Contests” (with P. Dodd), Journal of Financial Economics, April 1983. (pdf available)

“Measuring Security Price Performance” (with S. Brown), Journal of Financial Economics, September 1980.  Reprinted in Empirical Research in Capital Markets, edited by C.W. Smith and G.W. Schwert, (McGraw-Hill:  New York), 1992.  Reprinted in Empirical Corporate Finance, edited by M.J. Brennan, (Elgar Publishing), 2000. (pdf available)

“On Financial Contracting:  An Analysis of Bond Covenants” (with C.W. Smith), Journal of Financial Economics, June 1979.  Excerpted in Economics of Corporation Law and Securities Regulation, edited by R. Posner and K. Scott (Little, Brown:  Boston) 1980.  Reprinted in The Modern Theory of Corporate Finance, edited by M. Jensen and C.W. Smith (McGraw-Hill:  New York) 1984.  Excerpted in Corporate Finance Cases and Materials edited by M.A. Chirelstein and V. Brudney (Foundation Press), (forthcoming).  Reprinted in The Modern Theory of Corporate Finance, edited by C.W. Smith (McGraw-Hill:  New York) 1990.  Reprinted in The Economics of Accounting Policy Choice, edited by R. Ball and C.W. Smith (McGraw-Hill:  New York), 1992.  Excerpted in Economic Foundations of Corporate Law edited by R. Romano (Oxford University Press) 1993.  Reprinted in Studies in Financial Institutions:  Commercial Banks, edited by C. James and C.W. Smith (McGraw-Hill:  New York) 1993.  Reprinted in The Debt Market, edited by Stephen Ross (Elgar Publishing), 1997. (pdf available)

“Bankruptcy, Secured Debt, and Optimal Capital Structure:  Comment” (with C.W. Smith), Journal of Finance, March 1979. (pdf available)

Book Review of Financial Crises:  Institutions and Markets in a Fragile Environment, edited by Edward Altman and Arnold Sametz, Journal of Finance, March 1978. (pdf available)

“Indexation, The Risk-Free Asset, and Capital Market Equilibrium” (with J. Siegel), Journal of Finance, September 1977. (pdf available)

“Bankruptcy, Absolute Priority, and the Pricing of Risky Debt Claims,” Journal of Financial Economics, May 1977. (pdf available)

“Bankruptcy Costs:  Some Evidence,” Journal of Finance, May 1977.  Reprinted in The Modern Theory of Corporate Finance, edited by C.W. Smith.  (pdf available)



            Atlanta Finance Forum (Atlanta Fed, Emory, Georgia Tech, Georgia State)
            University of British Columbia
            University of California, Berkeley
            University of California, Los Angeles
            University of Chicago
            Duke University
            Harvard Business School
            M.I.T. (Sloan School of Management)
            University of Michigan
            New York University
            University of Pennsylvania (Wharton)
            Stanford University
Yale University



            2004, Assaf Eisdorfer, Fred Hood
            2003, Yong Zhang, Purdue University
            2001 Katherina Lewellen (Thesis Co-Chairman) Sloan School, MIT
            2001 Tzachi Zach, Washington University
            1998, Jonathan Lewellen, Sloan School, MIT
            1997, Jarrad Harford, University of Oregon
            1996, Jangkoo Kang, University of Seoul
            1995, Roger Edelen, Wharton School, University of Pennsylvania
            1992, Robert Parrino (Thesis Chairman), University of Texas
            1991, Meeta Kothare, University of Texas
            1990, Sarah Peck (Thesis Chairman), University of Iowa
            1988, Timothy Mech, Boston College
            1988, Stuart Gilson (Thesis Chairman), Harvard University
            1987, Karen Wruck, Harvard University
            1985, Michel Vetsuypens, Southern Methodist University
            1984, Nejat Seyhun, University of Michigan
            1982, Ahron Rosenfeld, University of Pittsburgh
            1980, Peggy Weir, University of Rochester
            1979, Avner Kalay, University of Utah




            Associate Editor, Journal of Financial Economics since 1998, Advisory Editor 1996-  1998, 
            Co-Editor 1986-1996, Associate Editor, 1979-1986
            Associate Editor, Journal of Finance, 1981-1982
            Associate Editor, Journal of Accounting and Economics, 1981-1990
            Referee for various publications, including:
                        Journal of Business
                        Journal of Finance
                        Journal of Financial and Quantitative Analysis
                        Journal of Monetary Economics
                        Journal of Political Economy
                        Journal of Portfolio Management

            University of Rochester

            Simon Mission and Strategy Task Force, since 2004
            Simon IT Director Search Committee, 2004
            Simon Faculty Curriculum Committee, 1998-2000, Chairman since 2001 - 2003
            Simon Dean's Strategy Committee, since 2001
            Sproull Fellowship Selection Committee, 1998
            Simon School CMBA Committee since 1996
            Simon Ph.D. Committee Chairman, 1990-1996
            University Hearing Panel 1996-1998
            University Committee on Minority Affairs, 1990-1992
            University Committee on Minority Recruitment, 1992
            Promotion and Tenure Committee, 1986-1990
            AT&T Research Fellow, 1987-1988
            Australia Simon School Committee, 1987-1988
            Finance Area Coordinator, 1982-1986

            Consulting areas

            Mutual fund market timing
            Financial restructuring (Ch.11)
            Portfolio management