BS Business (Finance), Canisius College, New York, 1987
MS Applied Economics, University of Rochester, 1990
PhD University of Rochester, 1995
Well-functioning capital markets are essential for economic growth. The allocation of scarce resources requires accurate prices and this includes accurate prices for investment capital (i.e., the cost of capital). This course examines the roles played by various financial intermediaries as they engage in activities that enhance the functionality of capital markets, the risks faced as they do so, and the ways that these risks are managed. At the end of this course you should understand the economic role of financial intermediaries in general, the risks faced by specific types of financial intermediaries as they fulfill their roles, and techniques for measuring and managing the risks. Success in this course requires a sound grasp of business fundamentals, critical thinking and problem solving, communication skills, and the application of quantitative methods. Prerequisite: FIN 301. Students may not receive credit for both FIN 414 and ECON 341.Fall Term 2020
Topics may vary from year to year. Students should check with the MBA Office for pre/corequisites of specific sections.Fall Term 2020 Winter Term 2021
“Legal Constraints on Large Block Shareholders: An upper bound on expropriation” in Ronald J. Daniels and Randall Morck eds., Concentrated Corporate Ownership, 1999, University of Chicago Press.
“Decimal quotes, market quality and competition for order flow: evidence from the Toronto Stock Exchange,” (with Y. Kim and V. Mehrotra), in Proceedings of the NYSE Conference on Global Equity Issuance and Trading, 1997.
“The demand for trading services: evidence from the Toronto Stock Exchange,” (with Y. Kim and V. Mehrotra), in Proceedings of the VIII International Symposium on Applied Stochastic Models and Data Analysis, 1997.
“Institutional activism in Canada: does it work, can it be improved?” in R.J. Daniels and R. Morck eds., Corporate Decision-Making in Canada, Industry Canada Research Series, University of Calgary Press, 1995.
"Public market staging: the timing of periodic capital infusions to newly public firms," (with M. Hertzel and R. Parrino), Journal of Financial Economics, Vol. 106, No. 1, 2012.
"Compensation Committees' Treatment of Earnings Components in CEO's Terminal Years," (with Yao Tian, Christine Wiedman, and Heather Wier), Accounting Review, Vol. 87, No. 1, 2012.
“Managerial succession and firm performance,” (with Paul Malatesta and Robert Parrino), Journal of Financial Economics, Vol. 74, No. 2, 237-275.
“Corporate spinoffs and information asymmetry between investors,” (with Greg MacKinnon), Journal of Corporate Finance, Vol. 9, No. 4, September 2003.
“Internal monitoring mechanisms and CEO turnover: a long-term perspective,” (with Robert Parrino and Laura Starks). Journal of Finance, Vol. 56, No. 6, December 2001.
“Earnings dilution and the explanatory power of earnings for returns,” (with Tom Scott and Heather Wier). The Accounting Review, Vol. 76, No. 4, October 2001.
“Executive Pay and the Disclosure Environment: Canadian Evidence,” (with Toni Nelson and Yun Park). Journal of Financial Research, Vol. 24, Issue 3, 2001.
“The impact of just-in-time manufacturing on firm performance in the U.S.,” (with D. Nanda), Journal of Operations Management, Vol. 12, 1995.
“The effect of restructuring charges on executive compensation,” (with P. Dechow and R. Sloan), The Accounting Review, Vol. 69, No. 1, January 1994.