GEORGE ANDREW KAROLYI
PERSONAL INFORMATION
Business Address:
Fisher College of Business
The Ohio State University
Columbus, Ohio U.S.A. 43210-1144
Phone: (614) 292-0229
Fax: (614) 292-2418
Email: karolyi@cob.osu.edu
EDUCATION
Ph.D, University of Chicago, Graduate School of Business, Chicago,
IL, 1989
M.B.A., University of Chicago, Graduate School of Business, Chicago,
IL, 1987
M.A. (Economics), University of Ottawa, Ottawa, Canada, 1985
B.A. (1st Class Honours, Economics), McGill University, Montreal,
Canada, 1983
PROFESSIONAL EXPERIENCE
Ohio State University, Fisher College of Business, Columbus, Ohio
Charles R. Webb Professor of Finance, Oct 2003 - present
Dean’s Distinguished Research Professor, Oct 2001 – Sept 2003
Professor of Finance, Oct 2001 – present
Associate Professor of Finance (tenured), Oct 1995 – Sept 2001
Assistant Professor of Finance, Oct 1989 - Sept 1995
Universität Zürich, Institut für Schweizerisches Bankwesen,
Zürich, Switzerland
Visiting Professor, May-June 2000
University of Western Ontario, Richard Ivey School of Business, London,
Canada
Associate Professor of Finance (tenured), July 1996 – June 1998
Australian Graduate School of Management, Sydney, Australia
Visiting Scholar, July-August 1994
University of Alberta, Faculty of Business, Edmonton, Canada
Assistant Professor of Finance, July 1988 - June 1989.
Bank of Canada, Research Department, Ottawa, Canada
Economist, Special Studies Division, April 1983 - August 1985.
PUBLICATIONS IN JOURNALS AND BOOKS
“Multi-Market Trading and Liquidity: Theory and Empirical Evidence” (with Shmuel Baruch and Michael Lemmon), forthcoming Journal of Finance.
“The Economic Consequences of Increased Disclosure: Evidence from International Crosslistings” (with W. Bailey and C. Salva), forthcoming, Journal of Financial Economics.
“The Impact of Foreign Exchange Rate Risk on Firm Value: Evidence from the Introduction of the Euro,” (with S. Bartram), Working paper, Ohio State University, 2005, forthcoming Journal of Empirical Finance (in Volume 13, No. 4, Special Issue on International Finance, Winner of the Journal’s $5,000 Biennial Prize for Best Paper in 2005-2006.)
“The World of Cross-Listings and Cross-Listings of the World: Challenging Conventional Wisdom,” Review of Finance 10(1), January 2006, 73-115.
“The Role of ADRs in the Development of Emerging Equity Markets,” Review of Economics and Statistics 86(3), August 2004, 670-690.
“Momentum Strategies: Some Bootstrap Tests” (with Bong Chan Kho), Journal of Empirical Finance 11(1), 2004, 509-536.
“Why Are Foreign Firms that List in the U.S. Worth More?” (with Craig Doidge and René Stulz), Journal of Financial Economics 71, 2004, 205-238. (Winner of Fama-DFA Prize for Best Paper on Capital Markets and Asset Pricing in Journal of Financial Economics in 2004)."Does International Finance Contagion Really Exist", International Finance 6(2), Summer 2003, 179-199.(Reprinted in Journal of Applied Corporate Finance, Summer, 2004).
“A New Approach to Measuring Financial Market Contagion” (with Kee Hong Bae and René Stulz), Review of Financial Studies 16(3), Fall 2003, 717-764.
"International Real Estate Returns A Multifactor, Multicountry Approach" (with Shaun Bond and Anthony Sanders), Real Estate Economics 31(3), Fall 2003, 481-500.
“DaimlerChrysler AG, The First Truly Global Share”, Journal of Corporate Finance 9, 2003, 409-430. (Featured in The Economist, December 23, 2000 p. 32).
“Did the Asian Financial Crisis Scare Foreign Investors Out of Japan?”, Pacific Basin Finance Journal 10(4), 2002, 411-442. (Special Issue in Commemoration of Merton Miller, Guest editor: Richard Roll).
“The Long Run Performance of Global Equity Offerings” (with Stephen Foerster), Journal of Financial and Quantitative Analysis 35, 2000, 499-528. (Winner of 2001 William F. Sharpe Award for Scholarship in Financial Research, Best Paper in Journal of Financial and Quantitative Analysis).
“The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the U.S.,” (with Stephen Foerster), Journal of Finance 54, 1999, 981-1014.
“Another Look at the Role of the Industrial Structure of Markets for International Diversification Strategies” (with John Griffin), Journal of Financial Economics 50, December 1998, 351-373.
“Multimarket Trading and Liquidity: A Transactions Data Analysis of Canada-U.S. Interlistings,” (with Stephen Foerster), Journal of International Financial Markets, Institutions and Money 8, December 1998, 393-412.
“The Variation of Economic Risk Premiums in Real Estate Returns,” (with Anthony Sanders), Journal of Real Estate Finance and Economics 17, December 1998, 245-262.
“Adjusted Forward Rates as Predictors of Future Spot Rates,” (with Stephen Buser and Anthony Sanders), Journal of Fixed Income 6, December 1996, 29-42.
“Stock Market Volatility Around Expiration Days in Japan,” Journal of Derivatives 4, Winter 1996, 23-44.
“Why Do Markets Move Together? An Investigation of US-Japanese Stock Return Comovements” (with René Stulz), Journal of Finance 51, July 1996, 951-986.
“A Multivariate GARCH Model of International Transmissions of Stock Returns and Volatility: The Case of the United States and Canada,” Journal of Business and Economic Statistics, Volume 13, January 1995, 11-25.
“Good News, Bad News and International Spillovers of Return Volatility between Japan and the U.S.,” (with Kee-Hong Bae) Pacific Basin Finance Journal, 2, December 1994, 405-438.
“International Listings and Stock Price Reactions: The Case of Canada and the U.S.,” (with Stephen Foerster), Journal of International Business Studies, Volume 24, 1993, 763-784.
“A Bayesian Approach to Modeling Stock Return Volatility for Option Valuation,” Journal of Financial and Quantitative Analysis, Volume 28, 1993, 579-594.
“Global Financial Markets and the Risk Premium on U.S. Equity,” (with K.C. Chan and René Stulz), Journal of Financial Economics, Volume 32, No. 2, 1992, 137-167.
“An Empirical Comparison of Alternative Models of the Short-term Interest Rates,” (with K.C. Chan, Francis Longstaff and Anthony Sanders), Journal of Finance, Volume 47, No. 3, 1992, 1209-1227. (Reprinted in The New Interest Rate Models: Recent Developments in the Theory and Application of Yield Curve Dynamics, L. Hughston (ed.), Risk Publications, London, UK., 2001)
“Predicting Risk: Some New Generalizations,” Management Science, Volume 38, No. 1, 1992, 57-74.
“The Volatility of Japanese Interest Rates: A Comparison of Alternative Models of the Term Structure,” (with K.C. Chan, Francis Longstaff and Anthony Sanders), in Pacific Basin Capital Markets Research, Volume III, G. Rhee and R. Chang, (eds.), 1992 (18pp).
“The Volatility of the Japanese Stock Market,” (with K.C. Chan), in Japanese Financial Market Research, W. Ziemba, W. Bailey and Y. Hamao, (eds.), North-Holland, 1991 (24pp).
“Intraday Volatility in the Stock Index and Stock Index Futures Markets,”
(with K. Chan and K.C. Chan), Review of Financial Studies,
Volume 4, No. 4, 1991, 657-684. (Reprinted in Volatility: New Techniques
for Pricing Derivatives and Managing Financial Portfolios, Robert Jarrow
(ed.), Risk Publications, London, UK.)
BOOKS AND MONOGRAPHS
International Capital Markets, G. A. Karolyi and R. Stulz, (eds.), part of The International Library of Critical Writings in Financial Economics series, R. Roll (ed.), Edward Elgar Publishing Limited, Cheltenham Gloucestershire, UK, 2003.
Why Do Companies List Their Shares Abroad? (A Survey of the Evidence and its Managerial Implications), Volume 7, Number 1, Salomon Brothers Monograph Series, New York University, January 1998, 60 pages.
International Trade and International Finance Cases, G. Andrew
Karolyi, (ed.), China Machine Press, August 1998, 133 pages. (Mandarin
Translation, 1999)
OTHER PUBLICATIONS
“The Consequences of Terrorism for Financial Markets: What Do We Know?,” forthcoming in Canadian Investment Review, 2006.
“Price and Volatility Transmissions Across Borders: A Survey” (with Louis Gagnon), Volume 15, Number 3, New York University Salomon Brothers Monograph Series Financial Markets, Institutions & Instruments, forthcoming 2006.
"Information, Trading Volume and International Stock Market Comovements" (with Louis Gagnon), International Finance Review V.4, J.J. Choi and T. Hiraki (eds.), North-Holland, 2003.
“Are Assets Priced Locally or Globally?” (with R. Stulz), in Constantinides, George, Milton Harris and René Stulz (eds.), The Handbook of the Economics of Finance, North Holland, 2003.
"A Retrospective Evaluation of the Pacific Basin Finance Journal 1993-2002" (with Chan, Kalok and S. Ghon Rhee), forthcoming in Pacific Basin Finance Journal, 2002.
“International Stock Market Correlations: Economic Fundamentals or Irrational Contagion” Canadian Investment Review, Summer 2001.
“Discussion of ‘The Role of American Depositary Receipts in the Development of Emerging Markets’” forthcoming Economia, Volume 2, Number 2, July 2001.
“Why Stock Return Volatility Really Matters” Strategic Investor Relations, March 2001.
“Accessing U.S. Capital Markets from Abroad” Investor Relations Quarterly, June 1999.
“Capital Rewards: The Lure of U.S. Exchanges” (with Stephen Foerster and David Weiner), Ivey Business Journal, May/June 1999.
“Where’s the Risk in Risk Arbitrage?” (with John Shannon), Canadian Investment Review, February/March 1999. (lead article)
“Sourcing Equity Internationally with Depositary Receipt Offerings: Two Exceptions that Prove the Rule” Journal of Applied Corporate Finance, Winter 1998, Volume 10, Number 4, 90-101.
“The Lure of the US” (with Steve Foerster) Canadian Investment Review, Winter 1998.
“Perpetual Global Motion” in Post 2000: Report on the Nation, C. Davies (ed.), Financial Post, November 29, 1997. (invited feature article)
“Seasoned Equity Offerings in Canada: Some Comments” in Financing Growth in Canada, P. Halpern (ed.), University of Calgary Press, 1997.
“Top Down or Bottom Up: What’s it to Be Internationally?” Canadian Investment Review, Summer 1996, pp. 37-38.
“The Volatility of Japanese Interest Rates: A Comparison of Alternative Models of the Term Structure,” (with K.C. Chan, Francis Longstaff and Anthony Sanders), in Pacific Basin Capital Markets Research, Volume III, G. Rhee and R. Chang, (eds.), 1992 (18pp).
“The Volatility of the Japanese Stock Market,” (with K.C. Chan), in Japanese Financial Market Research, W. Ziemba, W. Bailey and Y. Hamao, (eds.), North-Holland, 1991 (24pp).
COMPLETED WORKING PAPERS
"Has New York become less competitive in global markets? Evaluating foreign listing choices over time" (with Craig Doidge and René Stulz), Working paper, Ohio State University, 2007.
“What Fundamental Factors Drive Global Stock Returns?” (with Kewei Hou and Bong-Chan Kho), Working paper, Ohio State University, 2006.
"Terrorism and the Stock Market" (with Rodolfo Martell), Working paper, Ohio State University, 2005.(under review)
"Private Benefits of Control, Ownership and the
Cross-Listing Decision" (with Craig Doidge, Karl Lins, Darius Miller,
and René Stulz), Working paper, Ohio State University, 2005.
(under review)
“Indirect Robust Estimation of Short-term Interest Rate
Processes,” (with V. Czellar and Elvezio Ronchetti), Working paper,
Ohio State University, 2005 (under review)
“Why
Do Countries Matter So Much for Corporate Governance?”
(with Craig Doidge and René Stulz), Working paper, Ohio State University,
2004.(under review)
"Multi-Market Trading and Arbitrage" (with
Louis Gagnon), Working paper, Ohio State University, 2004.(under
review)
"A Resolution of the Chinese Discount Puzzle" (with Lianfa Li), working paper, Ohio State University, 2003.
"Understanding Electricity Price Volatility Within and Across Markets" (with Mika Goto), working paper, Ohio State University and Central Research Institute of Electric Power Industry of Japan, 2004.
WORK IN PROGRESS
“Commonality in Returns, Liquidity and Trading Volume around the World” (with Kuan-Hui Lee and Mathijs Van Dijk)
“The Valuation of Non-U.S. Stocks Listed on U.S. Markets” (with Craig Doidge and René Stulz)
“The Profitability of Arbitrage Trades with Internationally Cross-listed Stocks” (with Louis Gagnon)
“Dynamic Volume-Return Relationships Among Cross-listed Stocks” (with Louis Gagnon)
PUBLISHED TEACHING CASES AND NOTES
“The U.S. & Canadian Dollars in the 1990s” (9-97-N001, Ivey Publications, Ivey Management Services, Inc., 1997).
“Ontario Teachers Pension Plan Board: Managing Currency Exposure” (9-97-N002, Ivey Publications, Ivey Management Services, Inc., 1997).
“Currency Hedging for International Portfolios” (N-97-N011, Ivey Publications, Ivey Management Services, Inc., 1997).
“Canadian Occidental Petroleum Ltd: The Wascana Energy Inc. Decision” (9-97-N014, Ivey Publications, Ivey Management Services, Inc., 1997) (with S. Foerster and J. White).
“Valuing a Business or Earnings Stream” (9A98N026, Ivey Publications, Ivey Management Services, Inc., 1998) (with S. Foerster)
“Huaneng Power International Inc: Raising Capital in Global Markets” (9A98N001, Ivey Publications, Ivey Management Services, Inc., 1998) (with S. Foerster and J. White).
“Hutchison Whampoa’s Yankee Bond Issue” (9A98N023, Ivey Publications, Ivey Management Services, Inc., 1999) (with R. Johnston).
“Hutchison Whampoa’s Capital Structure Decision” (9A99N021, Ivey Publications,
Ivey Management Services, Inc., 2000) (with G. Crum, P. Yuan and L. Wynant).
TEACHING EXPERIENCE
Undergraduate Courses Taught:
International Finance, Bus 443, University of Western Ontario, 1997-98.
Investments Management, Bus Fin 722, Ohio State University, 1990-1996.
Investment Principles: Security Analysis, Bus 412, University of Alberta,
1988.
Risk Management: Options and Futures, Bus 413, University of Alberta,
1989.
Undergraduate Honors Thesis Supervisor/Advisor, 1991-2000:
Hillary Smith, Ohio State University, 2003
Saikit Yee, Ohio State University, 2000
Kalok Yuen, Ohio State University, 2000
Gary Schwake, Ohio State University, 1991
Walter Manning, Ohio State University, 1990
Graduate Courses Taught:
Securities Markets & Investments, Bus Fin 822, Ohio State University,
1990-01.
Corporate Finance, Bus 503, University of Western Ontario, 1996-98.
International Finance, Bus 663, University of Western Ontario, 1997-98.
Risk Management: Options and Futures, Bus 513, University of Alberta,
1989.
Graduate (MBA) Independent Study, Bus Fin 893, Supervisor, 1993-2004.
Todd Burchett,
Ohio State University, 2005
Aasim Khwaja, Ohio State University, 2004
Bhavik Kothari, Ohio State University, 2004
Craig Ganger, Ohio State University, 2003
Jonn McCurry, Ohio State University, 1993
Sonali Chalishazar, Ohio State University, 1993
Graduate (MBA) Thesis Advisors, University of Alberta, Supervisor,
1988-89.
Ph.D. Seminar on Investments, Bus Fin 894, Ohio State,1991.
Ph.D. Empirical Methods in Finance, Bus Fin 921, Ohio State, 1994-2000.
Ph.D. Dissertation Chair:
Gilberto Loureiro, Ohio State,
2007 expected
Alvaro Taboada, Ohio State, 2007 expected
Kuan-Hui Lee, Ohio State, 2006 expected
Boyce Watkins, Ohio State, 2002 (Syracuse University)
John Schmitz, Western Ontario, 1997
Akitoshi Ito, Western Ontario, 1997 (Keio University, Tokyo)
Ph.D. Dissertation Committee Member (completed, current affiliation):
Rodolfo Martell, Ohio
State, 2005 (Purdue University)
Laura Tuttle, Ohio State, 2004 (University of Kansas)
Dong Lee, Ohio State, 2003 (University of Kentucky)
Natasha Burns, Ohio State, 2003 (University of Georgia)
Keji Chen, Ohio State, 2003 (Accounting, University of Alabama)
Nicole Boyson, Ohio State, 2003 (Northeastern University)
Craig Doidge, Ohio State, 2002 (University of Toronto)
Greg Sommers,
Ohio State, 2002 (Accounting, Southern Methodist University)
Protiti Dastidar, Ohio State, 2002 (George Washington University)
Christo Pirinsky, Ohio State, 2001 (Texas A&M University)
Ming Dong, Ohio State, 2000 (York University)
Miguel Villanueva, Ohio State, 1999 (Economics,
University of Wyoming)
Padmaja Kadiyala, Ohio State, 1995 (Purdue University)
Sung-Hoon Cho, Ohio State, 1995 (Korea Telecom)
Bong-Chan Kho, Ohio State, 1994 (Seoul National
University)
Kee-Hong Bae, Ohio State, 1993 (Queen's University)
Edward H. Ng, Ohio State, 1991 (National University
Singapore)
Kalok Chan, Ohio State, 1990 (Hong Kong University of
Science and Technology)
Ph.D. External Examiner:
Kathy Fogel, University of Alberta, 2004 (northern Kentucky University)
Peter Klein, University of Toronto, 1996 (Simon
Fraser)
Geoff Loudon, University of New South Wales 1995
(Macquarie)
Sam Shiu, Queen’s University, 1993 (Algorithmics)
Ph.D. General Examination Committee, Ohio State University, 1990- present
Ph.D. Theory Examination Committee, Ohio State University, 1993- present
Ph.D. Qualifying Examination Committee, Ohio State University, 1991- present
Executive Education Courses:
Instructor, Equity Portfolio Management, 5-day course at the
International Center
for Money and Banking/Financial Asset Management
and Engineering
(ICMB/FAME), Geneva, Switzerland, 2000-2002, 2004-2005. Conceived,
developed the program and delivered the course. Contact:
Professor Harry
Hurzeler,
www.fame.ch
Instructor, Topics in International Financial Management, 2-day
block seminar at
Universität Zürich, Institut für
Schweizerisches Bankwesen, Zürich,
Switzerland, June 2000-2002. Conceived, developed
the program and
delivered the course. Contact: Professor Rudolph
Volkart,
www.isb.unizh.ch
Director, Strategic Management of Investor Relations, co-sponsored
by Ivey
Business School and Canadian Investor Relations
Institute for Investor
Relations Executives, 5-day Program, 1997-99. Conceived,
developed the
program and recruited faculty, supervised executive
development staff, and
instructed for the valuation module. Evaluations,
participant lists and
brochures available upon request.
Instructor, Finance Module, Competition and Competitiveness,
Erasmus
University Executive MBA Study Tour at Ivey Business
School, taught on
global competition in the financial Services, Inc.
industry, June 1997-1998.
Coordinator, Finance Module, Management Training and Economics Education
in Central and Eastern Europe, $1.8 million
project sponsored by Midwest
Universities Consortium for International Activities,
Inc. (MUCIA) and
U.S. Agency for International Development.
Developed and taught in
seven 3-day courses at Budapest University of Economic
Sciences
(Hungary), Prague School of Economics (Czech Republic)
and Warsaw
University Faculty of Management (Poland), 1993-1995.
Instructor, Executive Programs, Australian Graduate School of Management,
Sydney, Australia. Taught in 3-day course
on Portfolio Management to
Australian and New Zealand fund managers and equity/fixed
income
analysts. Taught in 3-day course on Investment
Evaluation to corporate
treasurers and analysts. July/August 1994. Contact:
Professor Gary Twite,
Australian Graduate School of Management.
SCHOLARLY HONOURS AND AWARDS
Fama-DFA $5000 Prize for Best Paper on Capital Markets and Asset Pricing in
Journal of Financial Economics in 2004
Outstanding Professor Award, OSU-MBA Finance Association, 2004.
ACADEMIC GRANTS
BSI Gamma Foundation Grant, 2003, $12,000, for “The Role of ADRs in the Development and Integration of Emerging Equity Markets”
Social Sciences and Humanities Research Council of Canada Grant, $58,900, for “Global Equity Issuance and Trading,” (Principal Investigator) 1997-99.
Dean's Summer Research Fellowship from College of Business of Ohio State University, $15,000, for project “Global Interlistings of Stocks,” 1994.
College of Business Research Seed Grant, Ohio State University, $5,438,
for “Good News, Bad News and International Spillovers of Stock Return
Volatility between Japan and the U.S.,” 1994-95.
Social Sciences and Humanities Research Council of Canada Grant, $19,800,
for “The Impact of Canadian Stocks Listing on U.S. Exchanges”
(Collaborator; Stephen Foerster, Principal Investigator), 1992-94.
Dean's Summer Research Fellowship from College of Business of Ohio State
University, $12,000, for “Index Arbitrage, Stock Market Volatility and
Expiration-day Effects in Japan,” 1992.
Faculty Research Grant, International Council of Canadian Studies, $4500, for “International Transmissions of Stock Return Volatility,” 1991-92.
University Research Seed Grant, Ohio State University, $5,357, for “International Transmissions of Stock Return Volatility”, 1991-92.
University Research Seed Grant, Ohio State University, $5,700, (with
K.C. Chan and Rene Stulz) for “Global Financial Markets and the Risk Premium
on
U.S. Equity”, 1991-92.
EDITORIAL SERVICE
Associate Editor, Journal of Finance, 1/06 -
present
Associate Editor, Review of Finance, 5/05 – present
Associate Editor, Journal of
Banking and Finance, 7/98 – present
Associate Editor, Journal of
Empirical Finance, 1/95 – present
Associate Editor, Journal of
Financial Research, 1/01 – present
Associate Editor, Journal of
Int’l Fin’l Mkts, Institutions, Money, 11/99- present
Associate Editor, Finance
Letters, 2/03 – present
Associate Editor, Emerging
Markets Letters, 3/06 – present
Co-Editor, Pacific Basin
Finance Journal, 3/99 – 2/03
Associate Editor, Pacific Basin
Finance Journal, 1/97 – 2/99, 3/03 – present
Associate Editor, Journal of
International Business Studies, 9/04 - present
Ad Hoc Reviewer:
|
Journal of
Financial Economics |
Journal of
Derivatives |
Ad hoc reviewer
for the following grant agencies:
Social Sciences and Humanities Research Council of Canada
U.S. National Science Foundation
Australian Research Council
Hong Kong Research Council
Canadian Embassy Research Grant Council
U.S. Civilian Research and Development Foundation
PROFESSIONAL SERVICE
American Finance Association (1987 - present)
2005 - Member, Board of Directors (elected)
2003, 2006 - Member, Program Committee and Session Chair
2002 - Member, Nominations Committee
Western Finance Association (1989 - present)
2000-2002, 2005-2006 - Member, Program Committee
2003 - Associate Program Chair (with Program Chair René Stulz)
Financial Management Association (1990 – present)
2006 – Program Track Chair
(International Finance)
2004 – 2006, Academic Director (elected)
2005 – 2006, Member, Nominations
Committee
2004 – Invited Panelist, Doctoral
Student Seminar
2001 – Invited
Panelist, Doctoral Student Seminar
2000 – Member, Annual Conference
Program Improvement Committee
1999 – Member, Selection Committee,
VP – Practitioners
1998 – 2001, Regional Director
(elected)1999 – 2000,
Member, Nominations Committee
1999 – 2001, 2004 - 2005, Member,
Program Committee
Pacific Basin Financial Management
Society (1992 – present)
1999 – 2001, Member,
Board of Directors, Editorial Representative
1998 – Member, Board
of Directors, North American Representative
Society for Financial Studies (1988 - present)
PRESENTATIONS
Conference Presentations:
American Finance Association (1992, 1995-98, 2002-2005)
Western Finance Association (1991, 1996-97, 2001-2002, 2004)
European Finance Association (1990, 1991, 2002)
American Economics Association (2003-2005)
National Bureau of Economic Research (1991, 1995, 1998, 2004)
Pacific Basin Capital Markets Conference (1991, 1994, 1997)
Financial Management Association (1990, 1996, 2005)
American Real Estate and Urban Economics Association (1997, 1998)
Georgia Tech Global Investment Forum (199-1996,1998-1999,2002-2003)
Northern Finance Association (1990, 1992, 1993, 1994, 1996, 1997)
Financial Management Association International (Geneva, 1997)
Asia Pacific Finance Association (1995)
Western Economics Association (1991)
Association of Managerial Economists (1988, 1989, 1990)
Wisconsin Johnson Symposium (1991)
Chicago CRSP Seminar (1994)
Cornell/Queen’s Derivative Securities Conference (1994)
High Frequency Data in Finance - Zurich (1995)
Michigan Conference on Finance and Accounting, Ann Arbor, MI (1995)
Columbia University Conference "Emerging Trends
in Japanese Financial Markets," New York, NY (1995)
UBC Global Investment Conference, Whistler, BC, Canada (1996, 2001)
Vanderbilt Conference on International Investing, Nashville TN (1996)
New York Stock Exchange "Global Equity Issuance nd Trading," Cancun, Mexico (1997)
University of California, Davis Conference "October 1987 Market Crash: Ten Years Later" Davis, CA (1997)
London School of Economics, Financial Markets Group, Conference "The Future of Exchanges: Strategic Choices Ahead" London, UK (2000)
NYSE Global Equity Markets in Transition, Kona, Hawaii (2001)
NYSE Conference on
“The Future of Global Equity Trading” Sarasota, FL (2004)
World Bank Conference “International Market Liberalization,” Washington, DC
(2002)
International Doctoral Education,
Ohio State CIBER, Columbus, Ohio (2002)
UCLA CIBER Working Group
“International Capital Flows” Los Angeles, (2002)
Journal of Empirical Finance
Conference “Behavioral Finance,” Palma de
Mallorca, Spain
(2002)
Stanford Law School Conference
“International Crosslistings” Palo Alto, CA (2002)
Ohio State University Moritz
College of Law Conference, “Corporations,
Financial Markets and
the Government” Columbus OH (2003)
BSI Gamma
Foundation Conference on “Emerging Financial Markets,” Milan, Italy (2003)
Ohio State
University’s Fisher Thought Leaders Speech, “The World of Cross-Listings and
Cross-Listings of the World:
Challenging Conventional Wisdom” (April 2005)
Journal of
Empirical Finance Conference on “International Finance” at Limburg Institute of
Financial Economics, Maastricht, The Netherlands (June 2005)
Wharton
Conference on “The Future of International Cross-Listings” at Weiss Center for
International Finance, Philadelphia (2005)
Dimensional
Fund Advisors Conference on “Rethinking Risk,” Santa Monica, CA (January 2006)
Invited Seminar Presentations:
University of Alberta (February 1988)
University of British Columbia (February1988)
Ohio State University (March 1989)
University of Michigan (March 1989)
University of Pittsburgh (May 1990)
Purdue University (November 1990)
University of Western Ontario (April 1991)
University of Indiana (October 1991)
Wilfrid Laurier University (February 1993)
Ohio State University Agricultural.Economics. (November 1993)
Queen's University (February 1994)
University of Michigan (April 1994)
Australian Graduate School of Management (June 1994)
Reserve Bank of Australia (July 1994)
University of Toronto (February 1995)
University of Western Ontario (March 1995)
McGill University (March 1995)
Universiteit Limburg, Maastricht, Netherlands (March 1995)
University of Illinois (November 1995)
University of Alberta (March 1996)
University of Waterloo (October 1996)
Queens University (December 1996)
Université Laval (December 1996)
University of Toronto (March 1997)
Cornell University (February 1998)
University of South Carolina (April 1998)
University of Southern California (November 1998)
University of Virginia-Darden (November 1998)
Arizona State University (April 1999)
Southern Methodist University (April 1999)
Virginia Tech University (April 2000)
Harvard University (May 2000)
Rice University (May 2000)
University of Zurich, Switzerland (June 2000)
Yale University (October 2000)
Michigan State University (December 2000)
Rice University (March 2001)
Universiteit Limburg, Maastricht, Netherlands (May 2001)
Université Genève, Switzerland (May 2001)
University of Florida (September 2001)
University of Minnesota (October 2001)
Emory University (November 2001)
University of California at Los Angeles (December 2001)
Vanderbilt University (January 2002)
University of Cincinnati (February 2002)
University of Utah (March 2002)
University of Washington (March 2002)
University of British Columbia (March 2002)
International Monetary Fund (April 2002)
Indiana (September 2002)
Case
Western Reserve (October 2002)
Chicago (November 2002)
Cincinnati (December
2002)
International Monetary Fund (January 2003)
Texas A&M (September 2003)
Bank of Canada (October 2003)
City University Business School
London (January
2004)
International University of Japan,
Tokyo (March 2004)
Federal Reserve
Board of Governors, Washington DC (March 2004)
McGill (April 2004)
Cornell
(April 2004)
Notre Dame (September 2004)
Alberta (September 2004)
Harvard
Business School (October 2004)
Georgetown (November 2004)
Pennsylvania State
(December 2004)
York (March 2005)
Toronto (March 2005)
North Carolina
(April 2005)
Miami (April 2005)
New York Stock Exchange (August 2005)
Illinois (November 2005)
ISCTE (Lisbon, Portugal) (April 2006)
Universidad de
Porto (Porto, Portugal) (April 2006)
Queen’s (April 2006)
Wharton School,
Pennsylvania (April 2006)
Conference Program:
Track Chair (International Finance), Financial Management Association,
2006.
Program Co-Organizer, Weiss Center for International Financial Research
Conference on “Issues in Global Asset Allocation” at Wharton School, University
of Pennsylvania, Philadelphia, April 2006.
Program Co-Organizer, Weiss Center for International Financial Research
Conference on “The Future of International Cross-Listings” at Wharton School,
University of Pennsylvania, Philadelphia, April 2005.
Track Chair
(Asset Pricing), European Finance Association, 2004.
Program
Committee, European Financial Management Association, 2004.
Program
Associate Chair, Western Finance Association Meetings, Mexico, 2003.
Program
Committee, NYSE Conference on Global Markets, Hawaii, 2001.
Program Committee,
Financial Management Association, 1999-2001, 2004.
Program
Committee, Western Finance Association Meetings, 1999-2002.
Program
Committee, 1999 PACAP/FMA Finance Conference, Singapore, 1999.
Track Chair,
PACAP/FMA Finance Conference, Kuala Lumpur, Malaysia, 1998.
Program Chair,
Northern Finance Association Meetings, London, Canada, 1995.
Invited Speeches/Keynote Addresses:
The PhD Project, Keynote Address, Keystone, Colorado, June 2006.
The
PhD Project, “Transitioning from PhD Student to Faculty Member: An Overview of
the Process,” affiliated with Western Finance Association meetings, Vancouver,
B.C., Canada, June 18, 2004.
Center
for Research on the Electricity Pricing Industry Workshop, “How
Volatility
Affects Markets: Implications for Wholesale Electricity Pricing,” Tokyo,
Japan, March 16, 2004.
Global Webcast, National Investor Relations
Institute, “IR Strategies for Non-US Companies:
Understanding the U.S. Equities Markets” July 30, 2003, 10:00am – 11:00am US Eastern Time
(www.niri.org/webcasts,
www.openchannel.info/events/niri/MediaRegister.cfm?MediaID=8627)
Administrative Sciences Association of Canada,
Winnipeg, Canada, May 2002 on
“Does
International Financial Contagion Really Exist?”
Financial Management Association
Doctoral Student Consortium, Toronto,
October 2001 on
“The Current State of Research in International Finance”
Nordic Investor Relations Conference, Helsinki, Finland, May
2000 on “The
Importance of Indexed Investing for Investor Relations.”
Kaderschule Zurich, Swiss Banking Institute, Zürich, Switzerland,
May 2000 on
“Why Swiss Firms Should List their Shares in the U.S.”
National Investor Relations Institute Conference, Orlando, Florida,
June 1999, on
“The Future of the ADR.”
International Investor Relations Federation Conference, Toronto, Ontario,
October 1998 on “The Complexities in Valuation of Global Companies.”
Financial Executives Institute, Western Ontario Chapter, London, Ontario,
April
1998, on “The Rationale for U.S. Listing by Canadian Companies”
Canadian Investor Relations Institute National Meetings, Toronto,
Ontario, May
1998, on “The Process of Valuation.”
UNIVERSITY AND COLLEGE SERVICE ACTIVITIES
Departmental Committees:
Member (elected),
Departmental Executive Committee (2003 – present)
Director, Student Investment Management Program (2001 – present)
Director, PhD Program in Finance, Ohio State (2001 – present)
Faculty Advisor, MBA Finance Association, Ohio State (1994-1996,
2001-present)
Chair, New Faculty Search Committee, Ohio State (1998-2000)
Chair, Data Committee, Ohio State (1998-present)
Member, Data Committee, Ohio State (1992-96)
Member, New Faculty Search Committee, Ohio State (1990-95)
Member, Finance Department Chairperson Search Committee, Ohio State
(1991)
United Way Campaign Coordinator, Ohio State (1990)
College Committees:
Member, College Personnel Committee (2002-2004)
Member, Committee for Graduate Education in Business Administration (2001- )
Member, Advisory Board, Center for International Business Education
and
Research (2000 - present)
Member, Evening MBA Program Task Force, Ohio State (2000-2001)
Member, MBA Policy Committee, Ohio State (1995-96, 1998-2002)
Member, International Programs Committee, Ohio State (1998-2003)
Member, Research Committee, Ivey Business School, (1996 - 1998)
Member, PhD Program Committee, Ivey Business School (1997 - 1998)
Faculty Advisor, MBA Student Chapter of the FMA, Ohio State (1992-96)
Faculty Advisor, The MBA Consortium, Ohio State (1993)
Member, Career Services Faculty Advisory Committee, Ohio State (1992-95)
Member, College Research Committee, Ohio State (1992-95)
Member, International Business Programs Task Force, Ohio State (1993-95)
Member, Blue Ribbon Commission of the Agenda for Action, Ohio State
(1991)
CONSULTING EXPERIENCE
New York Stock
Exchange, 2005-2006
Dimensional Fund Advisors, 2005-2006
New York Stock Exchange,
2004
Ohio Public Employees Retirement System, 2003
AOTUSA, 2003
Nordea Bank,
2002
Scotia Capital Markets, 1996-1998
National Public Relations 1997
New York
Stock Exchange, 1996
Bank of New York, 1996
MEDIA ACTIVITIES
Feature Articles on Research
“Terror Takes Aim at Bottom Line” Toronto Globe and Mail, June 6, 2006.
“Around the Markets: ADR listings decline in U.S. markets,” Bloomberg News, January 30, 2006,
International Herald Tribune, January 30, 2006.
“Depositary Receipts (DR) Capital Raising Approaches Record High, Reaching $27.5 Billion in 2005; Second highest DR Capital Raising Level in History,”
Yahoo Finance, December 23, 2005, Forbes.com, December 22, 2005,
Morningstar.com, December 22, 2005.
“Empresas brasileiras com ADRs valem mais” Gazeta Mercantil (Sao Paolo, Brazil), November 24, 2005.
“Wall St. piazza cara ma generosa,” Mercati Finanziara Newspaper (Milan, Italy), October 25, 2005.
“Yritykset hyötyvät kahdesta pörssistä,” Kauppalehti Newspaper
(Helsinki, Finland), October 18, 2005.
“Las empresas extranjeras que cotizan en EE UU tienen una valoración mayor”
Cinco Dias Newspaper (Madrid, Spain), October 13, 2005.
“Notierung in Amerika steigert Börsenwert” Frankfurter Allgemeine Newspaper (Frankfurt, German), October 12, 2005.
“Cross-listing in U.S. boosts company value – study,” Reuters Newswire, October 11, 2005.
“Foreign Firms Cross-listed in U.S. Valued Higher: Study Shows Average Premium of 13.9 Percent”
The Exchange (New York Stock Exchange Newsletter), October 2005.
“STRS Policies on Investments Appear Sound” (Editorial) The Columbus Dispatch, July 18, 2003.
“Access to Indices Can Be Influenced” Index (Metso Investors’ Magazine), Spring 2003, p. 12.
“Global Investing: Spreads that can yield free lunch” Financial Times, March 17, 2003.
“Rewards of U.S. Listings” NYSE Magazine, January/February 2003.
“Topekspert: Taenk langsigtet” (Top expert: Invest patiently) Morgenavisen Jyllands-Posten (Copenhagen, Denmark), Saturday, April 20, 2002.
“Vive la Difference: ADRs Grow as an Acquisition Currency” (Cover Story)
Mergers and Acquisitions, Volume 36 (4), p. 6-10, April 2001.
“Um Retrato da Caça ao Capital Global (The Returns to Global
Equity Offerings)” Gazeta Mercantil (Sao Paolo, Brazil), January
16, 2001.
“Eläke- ja sijoitusrahastot suosivat tulevaisuudessa indeksisijoittamista”
(The growing importance of indexed investing in Europe) Helsingin Sanomat
(Helsinki
Business News), May 30, 2000,
p. D6.
“The World is Not Enough” The Economis, December 23, 1999.
“Canada Invades the Nasdaq” Cover Story, Buyside Magazine, October
1998.
“Good Marks for IR” The Financial Post, October 6, 1998, p.
C7
“Surfin’ SAP: Listing in America” CFO Europe Magazine, September
1998.
“Corporate Growth Strategies: Listing is Not Enough” Toronto Globe
& Mail, September 22, 1998.
“American Interlisting Brings in New Capital” Today’s Corporate
Investor, July 1998, p.10-14.
“Raising Equity Key to Interlisting” The Financial Post, July
31, 1998, p. C7.
“Taking Aim at Acquisition Targets” Toronto Globe & Mail,
June 27, 1998.
“Risky Business: Not for the Arbs” Toronto Globe & Mail,
June 19, 1998.
“Foreign Companies Flock to US But their Stocks Carry Extra Risks”
Investor’s Business Daily, June 2, 1998, p. a7.
“Telling the Story: Investor Relations is Becoming an Increasingly
Important Component of Corporate Strategy” inTouch Magazine, p.
p.22-27.
“US Listing No Panacea: Survey” Toronto Globe & Mail, January
28, 1998, p.c3.
“Briefings from the Editors: What to Expect from Cross-Border Listings”
Harvard Business Review, November/December 1997, p. 14-15.
“Perpetual Motion Maching” The Financial Post, November 29,
1997, p. 4-6.
“The American Depositary Receipt Upsurge” Impact, November 1996,
p. 1-2.
Other Stories
“Falling Dollar, Climbing Debt” US Banker, June 2006.
“Those Fleeing Hoofprints” Outlook India, June 5, 2006.
“Emerging Markets Beat Quick Retreat,” BusinessWeek, May 23, 2006.
“Scandals Rekindle Debate for Private Workers’ Comp: Ohio is Just 1 of 5 States to Run its Own System,”
Toledo Blade, August 7, 2005.
“NCR Chairman Says Goodbye” Dayton Daily News, July 29, 2005.
“Investigation Focusing on Poor Performers,” Akron Beacon Journal, July 14, 2005.
“BWC Investments Compare Favorably; Doesn’t Appease Critics,”
Akron Beacon Journal, July 12, 2005.
“Bureau Puts More Money At Risk than Most Pension Systems,” Dayton Daily News, June 11, 2005.
“Understanding Banking Fees” WCMH-NBC-TV4 News, May 24, 2005.
“What Now? Observers of Commerce, Finance in Ohio Predict Effects of Re-Election,”
Columbus Dispatch, November 4, 2004.
“More Shareholders Sue Cardinal: Company Misled Investors about Financial Health, Suits Say,”
Columbus Dispatch, July 15, 2004.
“Bad News Weighs Heavily on Cardinal Stock, Outlook,” Business First, July 9, 2004.
“Never Too Early for Financial Planning,” The Lantern, March 5, 2004.
“JP Morgan acquires Bank One” WOSU-AM Radio Interview, January 16, 2004.
“Bank One Sold,” The Columbus Dispatch, January 15, 2004.
“Acquisition could reduce Columbus-based 'back-office support,” The Daily Reporter, January 16, 2004.
“Despite Problems, Mutual Funds Still Are Wise Choices,” The Daily Reporter, October 31, 2003.
Interview, WBNS 10TV, “Bank One’s Restructuring of Mutual Funds,” October 15, 2003.
“John Reed Gets a Shot at Redemption at NYSE,” CBS MarketWatch, September 25, 2003 (cbs.marketwatch.com/).
"Panel to Seek Grasso’s Replacement at NYSE,” CBS MarketWatch, September 19, 2003 (cbs.marketwatch.com/).
“Dyer Straits: Former STRS Executive Director Herb Dyer may be gone, but
problems still loom for Ohio’s five public retirement systems,” Columbus
CEO Magazine, September 2003, pp. 8-14.
“Bank One to ‘Do the Right Thing’ Losses from One Group dealings with Canary to be Repaid, Bank Says,”
The Columbus Dispatch, September 11, 2003.
“War’s Effect on Market Topic of Debate,” Columbus Dispatch, March 23, 2003.
“CIBC Tries To Mix Markets: Hopes to win IPO investors by using new debt-like
structure” Investment Dealer’s Digest, February 24, 2003.
“Odds Call for 2003 Likely to be Positive Year” Columbus Dispatch, January 12, 2003.
“State Treasurer Lags Behind” Cleveland Plain Dealer, Sept 6, 2002.
“State Investments Lagging, Report Says” Columbus Dispatch, Sept 7, 2002.
“SEC Shines Light on Stock Trades, New Rules Make Process More Transparent”
Newark Star Ledger, July 22, 2001.
“Declining 401(k) balances” WCBE 90.5 Radio, July 10, 2001.
“SEC tightening up on analysts, companies to push for more equal disclosure”
The Daily Reporter, July 9, 2001.
“Risk Management Needed for Businesses of All Sizes” Business First,
June 8, 2001.
“The Little Financial Stocks That Could” SmartMoney.com, April
10, 2001.
“The Truth about Trading Costs” SmartMoney.com, February 2,
2001.
“Time for Long Haul: Tech Stock Millionaires Still Possible? Opinions
Vary” The Sunday Oklahoman, January 21, 2001, p B1.
“Investors value good corporate governance and disclosure, but are
lukewarm on regulatory mandates to disclose” The Daily Reporter,
December 12, 2000.
“When More is Less” SmartMoney.com, December 19, 2000.
“Goodbye, Teenies” SmartMoney.com, February 3, 2000.
“The Nasdaq: A Ride on the Wild Side” SmartMoney.com, January
24, 2000.
“Nasdaq changes its image from second-rate exchange” Columbus Dispatch,
January 16, 2000, p. 3G.
“New for 2000: a Dow that Gives Technology is Due” Columbus Dispatch,
October 31, 1999, p. 3H.
“If This is the Future, It’s Gonna Cost You” SmartMoney.com,
October 22, 1999.
“Not on My Watch: Can Anything Help Stop the Extinction of the TSE”
Canadian Business, February 12, 1999.
“Good Markets for IR” The Financial Post, October 6, 1998. p.
C3.
“Battling the Brain Drain” Maclean’s, September 14, 1998, p.43.
“Red Flags? What Red Flags?” Business Week, June 8, 1998,
p. 114-5.
“Crisis in Hong Kong” Maclean’s, November 8, 1997, p.
48.
“Asian Market Jitters” CBC Radio National, October 28, 1997.
“Sharing the Good Society” OSU Alumni Magazine, December 1993,
p. 22-26.
“Business School Starts Eastern Europe Program” Business First,
November 18, 1991, p. 19.
“OSU Professors Will Aid Eastern Europe” The Lantern, September
25, 1991.