Vikas Mehrotra

Professor, Alberta School of Business - Department of Finance

Contact

Professor, Alberta School of Business - Department of Finance
Email
vmehrotr@ualberta.ca
Phone
(780) 492-2976
Address
4-20F Business Building
11203 Saskatchewan Drive NW
EdmontonAB
T6G 2R6

Overview

Area of Study / Keywords

Family Business; ESG in Finance; Mergers & Acquisitions


About

Vikas Mehrotra is Professor of Finance at the University of Alberta School of Business. Professor Mehrotra has a PhD (Finance) from the University of Oregon, USA, and a BTech (Chemical Engineering) from the Indian Institute of Technology, India. Dr. Mehrotra has been a past-President of the Northern Finance Association and has served as an inaugural director on its board from 2013-2017. He has been a visiting professor at the Institute for Economic Research at Hitotsubashi University in Tokyo and a Shimomura Fellow at the Research Institute at the Development Bank of Japan. Dr. Mehrotra’s work deals with family business, corporate restructuring, mergers and acquisitions, ESG, and international financial markets, and has been published in leading finance journals such as The Journal of Finance, The Journal of Financial Economics, The Review of Financial Studies and The Journal of Financial and Quantitative Analysis. His work has been cited in the Financial Times, The Wall Street Journal, BBC, The Economist, National Public Radio (NYC), and the National Post. He is member of the Canadian Sustainable Finance Network


Research

REFEREED PUBLICATIONS

1.     Dynastic Control without Ownership: Evidence from Post-war Japan, with M. Bennedsen, J.W. Shim and Y. Wiwattanakantang, Journal of Financial Economics, 2021.

2.     How institutional development news moves an emerging market, with Guzmán, A., Morck, R., Trujillo, M.-A., Journal of Business Research, 2020.

3.     Location and Excess Comovement, with Aditya Kaul and Carmen Stefanescu, Journal of Empirical Finance, 2016.

4.     When is Human Capital a Valuable Resource? With Danny Miller and Xiaowei Xu, Strategic Management Journal, 2014.

5.     Adoptive Expectations: Rising Sons in Japanese Family Firms, with Randall Morck, Jungwook Shim, and Yupana Wiwattanakantang. Journal of Financial Economics, 2013.

6.     Why are shareholders not paid to give up their voting privileges? Unique evidence from Italy, with Marco Bigelli and Raghu Rau. Journal of Corporate Finance, 2011.

7.     Must Love Kill the Family Firm? with Randall Morck, Jungwook Shim, and Yupana Wiwattanakantang, Entrepreneurship Theory and Practice, 2011.

8.     Creditor-Focused Corporate Governance: Evidence from Mergers and Acquisitions in Japan, with Dimitri van Schaik, Jaap Spronk and Onno Steenbeek. Journal of Financial and Quantitative Analysis, 2011.

9.     Angel Agents: What We Can (and Cannot) Learn From Pierre Lefaucheux’s Stewardship of Regie Renault. Academy of Management Perspectives, 2011. 

10. Restructuring and performance among Japanese firms after prudential policy reform, with Dick Beason, Ken Gordon and Akiko Watanabe. Asia-Pacific Journal of Business, 2010.

11. Quotes or Trades? How Prices Adjust in International Markets, with Aditya Kaul. Journal of Empirical Finance, 2007

12. Competition and Market Structure of National Association of Securities Dealers Automated Quotations, with Youngsoo Kim. International Review of Finance, 2007

13. Did Decimalization Benefit Members of the Toronto Stock Exchange? with Mark Huson and Youngsoo Kim. Quarterly Journal of Business and Economics, Summer/Autumn 2006

14. When Labor Has a Voice in Corporate Governance, with Olubunmi Faleye and Randall Morck. Journal of Financial and Quantitative Analysis, 2006

15. Is Employee Ownership Counterproductive? with Olubunmi Faleye and Randall Morck. Sloan Management Review, Summer 2005 (invited submission)

16. Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs, with Wayne Mikkelson and Megan Partch. Journal of Applied Corporate Finance, Winter 2005 (invited submission)

17. The Design of Financial Policies in Corporate Spinoffs, with Wayne Mikkelson and Megan Partch. Review of Financial Studies, 2004 

18. Layoffs, Shareholders’ Wealth, and Corporate Performance, with P. Chen, R. Sivakumar, and W. Yu. Journal of Empirical Finance, 2001

19. Demand Curves for Stocks Do Slope Down: New Evidence From An Index Weights Adjustment, with Aditya Kaul and Randall Morck, Journal of Finance, April 2000.

20. Market Reactions to the “Hot Stock” Column of the Financial Post, with Wayne Yu (Queen's University) and Chu Zhang (Hong Kong University of Science and Technology), Canadian Journal of Administrtive Sciences, 1999

21. Changes in Management Ownership and the Valuation Effects of Equity Offerings, with Marco Bigelli, Randall Morck, and Wayne Yu, Journal of Management and Governance, 1998

22. Corporate Focus and Value Creation: Evidence from Spinoffs, with Professor Lane Daley and Ranjini Sivakumar, Journal of Financial Economics, 1997

23. Decimal Quotes, Market Quality, and the Competition for Order Flow, with Mark Huson and Youngsoo Kim, Proceedings of the NYSE Conference on Global Equity Issuance and Trading, 1997

BOOK CHAPTERS

1. Chapter on Stakeholders and Governance, with Randall Morck. In the Handbook of Finance, (edited by Michael Weisbach), University of Chicago press, 2017.

2. Chapter on Entrepreneurship and the Family Firm in the Handbook of Finance (edited by Professor Rene Stulz) co-written by Randall Morck, 2011.

3. Restructuring and returns in Japan, 2000-2001. By Dick Beason, Ken Gordon, Vikas Mehrotra and Akiko Watanabe, in The Age of Globalization, Carin Holroyd and Ken Coates, editors, Routledge Comtemporary Japan Series, 2011.

4. Comment on Waiting for the Omelet to Set: Match-Specific Assets and Minority Oppression in the Close Corporation (by Edward B. Rock and Michael L. Wachter), in Concentrated Corporate Ownership, NBER, 2000

5. The Board and Beyond, report in “Corporate Decision-Making in Canada”, edited by Randall Morck and Ronald Daniels, Industry Canada Research Series, 1995


Teaching



Courses

FIN 473 - Mergers, Restructuring, and Corporate Control

Financial and economic aspects of corporate mergers, asset restructuring, downsizing, and financial restructuring are examined. Particular attention is paid to valuation and shareholder wealth effects of mergers. Relations between corporate ownership and financial structure and performance are investigated. The course also examines anti-takeover devices and their effect on corporate performance. Finally, international mergers are examined from a strategic perspective. Prerequisite: FIN 412.

Winter Term 2023

FIN 673 - Mergers, Restructuring, and Corporate Control

Financial and economic aspects of corporate mergers, asset restructuring, downsizing, and financial restructuring are examined. Particular attention is paid to valuation and shareholder wealth effects of mergers. Relations between corporate ownership and financial structure and performance are investigated. The course also examines anti-takeover devices and their effect on corporate performance. Finally, international mergers are examined from a strategic perspective. Prerequisite: FIN 501 or FIN 503.

Winter Term 2023 Winter Term 2023

Browse more courses taught by Vikas Mehrotra

Scholarly Activities

Research - Book Chapters

Chapter on Stakeholders and Governance, with Randall Morck. In the Handbook of Finance, (edited by Michael Weisbach), University of Chicago press, 2017.

Chapter on Entrepreneurship and the Family Firm in the Handbook of Finance (edited by Professor Rene Stulz) co-written by Randall Morck, 2011.

Restructuring and returns in Japan, 2000-2001. By Dick Beason, Ken Gordon, Vikas Mehrotra and Akiko Watanabe, in The Age of Globalization, Carin Holroyd and Ken Coates, editors, Routledge Comtemporary Japan Series, 2011.

Comment on Waiting for the Omelet to Set: Match-Specific Assets and Minority Oppression in the Close Corporation (by Edward B. Rock and Michael L. Wachter), in Concentrated Corporate Ownership, NBER, 2000

The Board and Beyond, report in “Corporate Decision-Making in Canada”, edited by Randall Morck and Ronald Daniels, Industry Canada Research Series, 1995


Book Chapers

Research - Publications

Dynastic Control without Ownership: Evidence from Post-war Japan, with M. Bennedsen, J.W. Shim and Y. Wiwattanakantang, Journal of Financial Economics, 2021

How institutional development news moves an emerging market, with Guzmán, A., Morck, R., Trujillo, M.-A., Journal of Business Research, 2020.

Location and Excess Comovement, with Aditya Kaul and Carmen Stefanescu, Journal of Empirical Finance, 2016.

When is Human Capital a Valuable Resource? With Danny Miller and Xiaowei Xu, Strategic Management Journal, 2014.

Adoptive Expectations: Rising Sons in Japanese Family Firms, with Randall Morck, Jungwook Shim, and Yupana Wiwattanakantang. Journal of Financial Economics, 2013.

Why are shareholders not paid to give up their voting privileges? Unique evidence from Italy, with Marco Bigelli and Raghu Rau. Journal of Corporate Finance, 2011.

Must Love Kill the Family Firm? with Randall Morck, Jungwook Shim, and Yupana Wiwattanakantang, Entrepreneurship Theory and Practice, 2011.

Creditor-Focused Corporate Governance: Evidence from Mergers and Acquisitions in Japan, with Dimitri van Schaik, Jaap Spronk and Onno Steenbeek. Journal of Financial and Quantitative Analysis, 2011.

Angel Agents: What We Can (and Cannot) Learn From Pierre Lefaucheux’s Stewardship of Regie Renault. Academy of Management Perspectives, 2011.

Restructuring and performance among Japanese firms after prudential policy reform, with Dick Beason, Ken Gordon and Akiko Watanabe. Asia-Pacific Journal of Business, 2010.

Quotes or Trades? How Prices Adjust in International Markets, with Aditya Kaul. Journal of Empirical Finance, 2007

Competition and Market Structure of National Association of Securities Dealers Automated Quotations, with Youngsoo Kim. International Review of Finance, 2007

Did Decimalization Benefit Members of the Toronto Stock Exchange? with Mark Huson and Youngsoo Kim. Quarterly Journal of Business and Economics, Summer/Autumn 2006

When Labor Has a Voice in Corporate Governance, with Olubunmi Faleye and Randall Morck. Journal of Financial and Quantitative Analysis, 2006

Is Employee Ownership Counterproductive? with Olubunmi Faleye and Randall Morck. Sloan Management Review, Summer 2005 (invited submission)

Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs, with Wayne Mikkelson and Megan Partch. Journal of Applied Corporate Finance, Winter 2005 (invited submission)

The Design of Financial Policies in Corporate Spinoffs, with Wayne Mikkelson and Megan Partch. Review of Financial Studies, 2004

Layoffs, Shareholders’ Wealth, and Corporate Performance, with P. Chen, R. Sivakumar, and W. Yu. Journal of Empirical Finance, 2001

Demand Curves for Stocks Do Slope Down: New Evidence From An Index Weights Adjustment, with Aditya Kaul and Randall Morck, Journal of Finance, April 2000.

Market Reactions to the “Hot Stock” Column of the Financial Post, with Wayne Yu (Queen's University) and Chu Zhang (Hong Kong University of Science and Technology), Canadian Journal of Administrtive Sciences, 1999

Changes in Management Ownership and the Valuation Effects of Equity Offerings, with Marco Bigelli, Randall Morck, and Wayne Yu, Journal of Management and Governance, 1998

Corporate Focus and Value Creation: Evidence from Spinoffs, with Professor Lane Daley and Ranjini Sivakumar, Journal of Financial Economics, 1997

Decimal Quotes, Market Quality, and the Competition for Order Flow, with Mark Huson and Youngsoo Kim, Proceedings of the NYSE Conference on Global Equity Issuance and Trading, 1997

Publications

Research - Working Papers

Turn-of-the-Year Stock Returns in the U.S.: Early Evidence, with Aditya Kaul, Randall Morck and Blake Phillips.

Long-run Stock Returns in Japan, with Yasuhiro Arikawa.

Anomalies or Flukes? A Scientific Replication Using Pre-CRSP Data, with Aditya Kaul, Randall Morck and Blake Phillips.

Geopolitical Risk and Corporate Investment, with Ruchith Dissanayakea and Sean Wu.

Can Family Firms in Emerging Markets Create Value through Divestitures? An Analysis of Indian Family Firms, with Rama Seth and S. R. Vishwanath.

Working Papers