KOSE JOHN

Charles William Gerstenberg Professor of Banking and Finance
Stern School of Business, New York University
New York, NY 10012 
Kaufman Management Education Center
44 West 4th Street, Suite 9-190
New York, New York 10012
Phone: (212) 998-0337
Fax: (212) 995-4233


RESEARCH INTERESTS

Corporate Finance: Dividend Policy, Financial Distress, Debt Restructuring, Capital Structure, Project Financing, Industrial Organization and Finance, Governance, Control and Restructuring of Corporations, Insider Trading, Management Compensation, and Privatization.

Capital Markets Theory: Valuation and Efficiency in Financial Markets, Asset Pricing, Multifactor Models, Market Microstructure, Options.

Economics of Information, Asymmetric Information Models, Signaling, Theory of Optimal Contracts, Design of Corporate Securities, Dynamic Games, Bargaining and Contract Re-negotiation.

Dynamic General Equilibrium Analysis, Parametric Fixed Point Algorithms in Optimization and General Equilibrium Models.

EDUCATION

Ph.D. in Management Science, 08/79, University of Florida, Gainesville, FL.

Doctoral Dissertation: "Computing Equilibrium Paths of Continuous Families of Economies: A Homotopy Technique and Algorithms," University of Florida, Gainesville (August, 1979). (Winner: 1979 National Doctoral Dissertation Award, Decision Sciences Institute). Advisor: Antal Majthay, Department of Management Science, University of Florida.

M.S. in Computer Sciences, 12/74, Florida Institute of Technology, Melbourne, Fla.

B.Sc. (Special) in Physics, 06/70, University of Kerala, India.

AWARDS AND HONORS

National Awards

Research Fellowships:

Teaching Awards:

Best Paper Awards:

Other Awards:

EDITORIAL POSITIONS

Editor:

Associate Editorships:

PUBLICATIONS

Books Published:

Dividend Policy: It’s Impact on Firm Value, (with Avner Kalay, Ronald Lease, Uri Lowenstein and Oded Sarig), Harvard Business School Press, Cambridge, 2000.

Hedging with Financial Futures: From Theory to Practice (with Steve Figlewski and John Merrick), Ballinger Publishing Company, Cambridge, 1986.

Politica de Dividendos: Y sus effectos sobre el valor de la empresa, (with AvnerKalay, Ronald Lease, Uri Lowenstein and Oded Sarig), Ediciones Gestion 2000, 2001.

Special Issue on "Corporate Governance and Finance," Advances in Financial Economics, (co-edited with Mark Hirschey and Anil K. Makhija), Vol. 8, 2003.

Special Issue on "Innovations in Investments and Corporate Finance," Advances in Financial Economics, (co-edited with Mark Hirschey and Anil K. Makhija), Vol. 7, 2002.

Advances in Financial Economics, (co-edited with Mark Hirschey and Anil K. Makhija), 2001, Vol. 6.

Special Issue on "Recent Issues in Corporate Finance and Investments," Advances in Financial Economics, (co-edited with Mark Hirschey and Anil K. Makhija), 2000, Vol. 5.

Special Issue on "Financial Aspects of Privatization," Advances in Financial Economics, co-edited with Mark Hirschey and Anil K. Makhija, 1999, Vol. 4.

Special Issue on "Innovative Research in Real Estate Finance" of Journal of Real Estate Finance and Economics, co-edited with Crocker Liu, 1999.

Special Issue on "Financial Distress and Debt Restructuring" of Financial Management, Editor, Autumn 1993.

Special Issue on "Corporate Structure and Governance" of the Managerial and Decision Economics, Editor, December 1992.

Selected Research Publications:

"Debtor-in-Possession Financing and Bankruptcy Resolution: Empirical Evidence," (with S. Dahiya, M. Puri and G. Ramirez), Journal of Financial Economics, Vol. 69, No. 1, July 2003.

"Credit Ratings, Collateral and Loan Characteristics: Implications for Yield," (with Anthony Lynch and Manju Puri), Journal of Business, July 2003 (Lead article).

"On the Optimality of Resetting Executive Stock Options," (with Viral. V. Acharya and Rangarajan K. Sundaram), Journal of Financial Economics, July 2000, Vol. 57.(Won Jensen Award).

"A Theory of Bank Regulation and Management Compensation," (with A. Saunders and L. W. Senbet), Review of Financial Studies, Spring 2000, Vol. 13, No. 1.

"Liquidity Provision by Banks and Markets in a Dynamic Economy", (with Teresa John and Yiming Qian), Journal of International Money and Finance, 2004, forthcoming.

"Incentive Features in CEO Compensation in the Banking Industry," Economic Policy Review April 2003, Vol. 9, No. 1.

"Interactions with Frontiers of Financial Economics: A Research Agenda for Real Estate Finance,"(with C. Liu), Journal of Real Estate Finance and Economics, 1999, Vol.19, No.1.

"Corporate Governance and Board Effectiveness," (with L. Senbet), Journal of Banking and Finance, 1998.

"Review of Institutional Shareholders and Corporate Governance", by Geof P. Stapledon, Journal of Finance, 1998, Vol.53, No.2.

"Determinants of Organizational Form Changes: Evidence and Implications from Real Estate," (with A. Damodaran and C. Liu), Journal of Financial Economics, 1997, Vol. 45 (Lead article).

"Market Manipulation and the Role of Insider Trading Regulations," (with R. Narayanan), Journal of Business, 1997, Vol. 70, No.2.

"Optimal Incorporation, Structure of Debt Contracts and Limited-Recourse Project Financing", (with T. J. Chemmanur), Journal of Financial Intermediation, Vol. 5, No. 4, October 1996.

"Bank Equity Stakes in Borrowing Firms and Financial Distress,"(with M. Berlin and A. Saunders), Review of Financial Studies, 1996, Vol. 9, No.3.

"An Empirical Analysis of Strategic Competition and Firm Values: The Case of R&D Competition," (with Anant K. Sundaram and Teresa A. John), Journal of Financial Economics, June 1996.

"Perspectives on Bank Capital Regulation and Management Compensation," (with A. Saunders and L. W. Senbet), Journal of Banking and Finance, 1996.

"Privatization in Stages and Dynamics of Ownership Structure," (with Z. Fluck and S. A. Ravid), Pacific-Basin Finance Journal, 1996, No. 4.

"Corporate Taxes, Choice Among Accounting Alternatives and Information Content of Earnings," Journal of Accounting, Auditing and Finance, June 1996, Vol. 11, No.2.

"Asset Sales and Increase in Focus," (with E. Ofek), Journal of Financial Economics, 1995, Vol. 37, No.1. (Journal of Financial Economics All Star Paper).

"Accounting Data and Asset Valuation: Theory," Review of Quantitative Finance and Accounting, 1994, Vol. 4, No. 3, ( Lead article).

"Universal Banking and Firm Risk-taking," Journal of Banking and Finance, 1994, Vol. 18, No. 2.

"Top-Management Compensation and Capital Structure," (with Teresa. A. John), Journal of Finance, 1993, Vol. 48, No. 3.

"Managing Financial Distress: A Survey and a Research Agenda," Financial Management, Autumn 1993.

"The Voluntary Restructuring of Large Firms in Response to Performance Decline," (with L. Lang and J. Netter), Journal of Finance, 1992, Vol. 47, No. 3.

"Corporate Structure and Control: An Introduction to the Special Issue," Managerial and Decision Economics, 1992.

"Insider Trading around Dividend Announcements: Theory and Evidence," (with L. Lang), Journal of Finance, 1991, Vol. 46, No. 4.

"Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default," (with S. Gilson and L. Lang), Journal of Financial Economics, 1991, Vol. 27, No. 2. (Journal of Financial Economics All Star Paper).

"Cross-Border Liability of Multinational Enterprises, Border Taxes, and Capital Structure," (with L.W. Senbet and A. K. Sundaram). Financial Management, Winter 1991.

"Evolution of Information Structures, Optimal Contracts and the Theory of the Firm," (with J. Ronen), Journal of Accounting, Auditing and Finance," 1991, Vol. 5, Nos 1/2.

"Fundamentals, Factor Structure, and Multibeta Models in Large Asset Markets," (with H. Reisman), Journal of Financial and Quantitative Analysis, 1991, Vol. 26, No. 1.

"Optimality of Project Financing: Theory and Empirical Implications in Finance and Accounting," (with T. A. John), Review of Quantitative Finance and Accounting, 1991, Vol. 1, No. 1.

"Risk-Shifting Incentives of Depository Institutions: A New Perspective on Federal Deposit Insurance Reform," (with T. A. John and L.W. Senbet), Journal of Banking and Finance, 1991, Vol. 15, No. 3.

"Information Content of Insider Trading around Corporate announcements: The Case of Capital Expenditures," Journal of Finance, 1990, Vol. 45, No. 3.

"Efficient Signaling with Dividends and Investments," (with R. Ambarish and J. Williams), The Journal of Finance, 1987, Vol. 42, No. 2.

"Risk-Shifting Incentives and Signaling Through Corporate Capital Structure," The Journal of Finance, 1987, Vol. 42, No. 3.

"Dividends, Dilution and Taxes: A Signaling Equilibrium," (with J. Williams), The Journal of Finance, 1985, Vol. 40, No. 4.

"Risky Debt, Reputation and Investment Incentives in a Sequential Equilibrium," (with D. C. Nachman), The Journal of Finance, 1985, Vol. 40, No. 3.

"Market Resolution and Valuation in Incomplete Markets," Journal of Financial and Quantitative Analysis, 1984, Vol. 19, No. 1.

"Parametric Fixed Point Algorithms with Applications to Economic Policy Analysis," Operations Research and Computers, 1984, Vol. 11, No. 2.

"Asymmetry of Information, Regulatory Lags and Optimal Incentive Contracts," The Journal of Finance, 1983, Vol. 38, No. 2.

"Structural Stability of Market Models," (with Antal Majthay), Mathematical Social Sciences, 1983, Vol. 5, No. 1. (Reprinted in Zentralblatt Fur Mathematic).

"Collective Fineness of Stock Prices and Efficiency of Financial Markets," European Economic Review, 1983, Vol. 23, No. 2.

"Costly Contracting and Optimal Pay-Out Constraints," (with Avner Kalay), The Journal of Finance, 1982, Vol. 37, No. 2.

"Three Factors, Interest Rate Differentials and Stock Groups," (with H. R. Fogler and J. Tipton), The Journal of Finance, 1981, Vol. 36, No. 2.

"Efficient Funds in a Financial Market with Options: A New Irrelevance Proposition," The Journal of Finance, 1981, Vol. 36, No. 3.

"Spanning the State Space with Options," (with Fred Arditti), Journal of Financial and Quantitative Analysis, 1980, Vol. 15, No. 1.

"Market Efficiency in an Arrow-Debreu Economy: A Closer Look," American Economic Review, 1978, Vol. 68, No. 3.

Other Research Publications:

"Risk-Shifting Incentives of Depository Institutions: A New Perspective on Federal Deposit Insurance Reform," Journal of Banking and Finance, Reprinted in The Regulation and Supervision of Banks, edited by M.B. Hall, 2001.

"Efficient Signaling with Dividends and Investment," Journal of Finance, reprinted in The Theory of Corporate Finance, edited by Michael J. Brennan, 1999, Edward Elgar Publishing, Williston, Vermont.

"Lessons for Corporate Governance from LBOs" in The Power and Influence of Pension and Mutual Funds, edited by Roy Smith, Kluwer Academic Publishers, 1998.

"The Role of Banks in Debt Restructuring," (with G.K. Vasudevan) in New Advances in Financial Economics, (ed) D. K. Ghosh, Pergamon, Oxford, 1995.

"Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default" (with S. Gilson and L. Lang). Reprinted in Studies in Financial Institutions: Commercial Banks, (ed). C. James and C. W. Smith, Jr., McGraw-Hill, 1994.

"Coping with Financial Distress: A Survey," (with T. A. John), Financial Markets, Institutions and Instruments, December 1992.

"Multinational Enterprise Liability and Cross-Border Acquisitions,"(with L. W. Senbet and A. K. Sundaram) in Pacific Basin Capital Markets Research, Vol. II, (ed.) S. G. Rhee and R. P. Chang, North-Holland, 1992.

"Private Corporate Funding," with (T. A. John) The New Palgrave Dictionary of Money and Finance. Macmillan Press Reference Books, London, 1992.

"Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default," (with S. Gilson and L. Lang). Reprinted in Bankruptcy and Distressed Restructuring, (ed.) E. Altman, Business One Irwin, 1992. Reprinted in High-Yield Fixed Income Investments, (ed.) J. Lederman, Probus, 1992. Reprinted in Financial Analysis and Planning: A Book of Reading, (ed.) C. F. Lee, 1992.

"Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default," (with S. Gilson and L. Lang). Summarized in Business Week, 1991, Investor Dealers' Digest, 1991, Business Credit, Sept., 1991, and EXTRA Credit: The Journal of High Yield Bond Research, 1992.

"Corporate Restructuring and Financial Analysis," in The Battle for Corporate Control: Shareholder Rights, Stakeholder Interest, & Managerial Responsibilities," (ed.) Arnold W. Sametz, Business One Irwin: Homewood, IL, 1991.

"Reputation and Investment Incentives," (with D.C. Nachman) in Frontiers of Finance: The Batterymarch Fellowship Papers (ed.) Deborah H. Miller and Stewart Myers, Basil Blackwell, Oxford, 1991.

"Round Table Discussion, with A.J. Auerbach, J. D. Berenson, M. H. Miller, F. Richardson and L. Summers," in The Battle for Corporate Control: Shareholder Rights, Stakeholder Interest, & Managerial Responsibilities," (ed.) Arnold W. Sametz, Business One Irwin: Homewood, IL, 1991.

"Risky Debt, Reputation and Investment Incentives in a Sequential Equilibrium," (with D. C. Nachman), Reprinted in Frontiers of Finance: The Batterymarch Fellowship Papers (ed.) Deborah H. Miller and Stewart Myers, Basil Blackwell, Oxford, 1991.

"Communicating with the Market via Dividends, Investments and Trading by Insiders," in Frontiers in Finance: Research Papers in Honor of Arnold Sametz (ed.) Anthony Saunders, Business One Irwin, 1991.

"Managerial Incentives and Strategies in Production Decisions Under Uncertainty: A Game-Theoretic Approach," (with A. Ovadia and J. Ronen), in Advances in Mathematical Programming and Financial Planning (ed.) J. Guerard, JAI Press, 1990.

"Informational Content of Optimal Debt Contracts," in Recent Advances in Corporate Finance (ed.) E.I. Altman and M. G. Subrahmanyam, Irwin Publishing Company, 1985.

"Computing Equilibrium Paths of Continuous Families of Economies: A Homotopy Technique and Algorithms," Doctoral Dissertation, University of Florida, Gainesville (August, 1978). (Winner: 1979 National Doctoral Dissertation Award, Decision Sciences Institute).

WORKING PAPERS

"Role of Termination in Employment Contracts: Theory and Evidence from Film Directors’ Careers," (with S.A. Ravid and J. Sunder).

"Design of Corporate Governance: Role of Ownership Structure, Takeovers, Bank Debt and Large Shareholder Monitoring," (with Simi Kedia).

"Temporal Resolution of Uncertainty, Disclosure Policy, and Corporate Debt Yields" (with Alexander S. Reisz).

"Transparency, Legal System, and Value Relevance of Earnings in Banks: Global Evidence," (with Anandarajan, Francis, and Hasan).

"Subordinated Debt, Regulation, and Incentive Features in Bank CEO Compensation," (with Hamid Mehran and Yiming Qian).

"Institutions, Markets and Growth: A Theory of Comparative Corporate Governance," (with Simi Kedia).

"Managerial Compensation, Voluntary Disclosure, and Large Shareholder Monitoring," (with N.K. Chidambaran).

"What Motivates Managers?: Evidence from Organizational Form Changes," (with Aswath Damodaran and Crocker H. Liu), February 2000.

"The Role of Incentives in the Prevention of Financial Crises in Emerging Economies," (with A. Gande and L.W. Senbet).

"Margin Rules, Informed Trading in Derivatives, and Price Dynamics," (with A. Koticha, R. Narayanan and M. Subrahmanyam), October 1999.

"Debtor-in-Possession Financing and the Firm’s Investment Choices in Distress," (with V. Acharya and S. Dahiya), January 2000.

"Leverage, Growth and Risky Debt," (with J. A. Brito), February 2000.

"On the Optimality of Intertemporal Smoothing of Dividends," (with D.C. Nachman), February 2000.

"Financial Distress and Reorganization: A Theory of the Choice Between Chapter 11 and Workouts," (with Teresa A. John and G. K. Vasudevan).

"Analysis of Senior-Subordinated Structures Backed by Private-Label Mortgages," (with C. H. Liu and A. Radhakrishnan).

"Privatization with Political Constraints: Auctions versus Private Negotiations," (with Z. Fluck and S. A. Ravid).

"Shareholder Proposals and Corporate Governance," (with A. Klein).

"Product Market Games And Signaling Models In Finance: Do We Know What We Know?," (with Anant Sundaram).

"The Wealth Effects of Patents: Evidence of Intra-Industry Competition," (with J. Doukas and S. Lifland).

"Limited Liability, Tax Deductibility of Corporate Debt and Public Policy," (with L. W. Senbet).

"Corporate Limited Liability and the Design of Corporate Taxation," (with L. W. Senbet and A. K. Sundaram).

"Debt Maturity, Risk-Shifting Incentives, and Screening," (with Francesco Drudi).

"The Paradox of Outside Equity: Should the Owners of an Undervalued Firm Sell Their Shares," (with Francesco Drudi).

"Anti-Takeover Measures and Insider Trading: Theory and Evidence," (with L.H. Lang and F. Y. Liu).

"Good Firms that Go Bad and Then Recover: What Did They Do?", (with L. H. Lang and J. Netter).

"Agency Problems and Contracting," (with D. Madan, L. W. Senbet and B. Soubra).

"The Efficiency of the Market for Initial Public Offerings: U.S. Experience, 1976-1983," (with A. Saunders).

"Temporal Resolution of Technological Uncertainty and Optimal Financing Asymmetric Information."

"Financial Signaling with Agency Costs," (with J. Williams).

"Leverage and Growth Opportunities: Risk-Avoidance Induced by Risky Debt," (with Jose Almedia e Brito).

"A General Framework for Agency-Theoretic Analysis and Characterization of Optimal Contracts," (with A. Majthay).

"New Markets, Delegated Portfolio Management and the Prudent Man Rule."

"A Complementarity Approach to the Solution of a Markov Type Sequential Decision Problem."


RESEARCH IN PROGRESS

"Entrepreneurship and Innovation"

"Venture Capital Contracts," (with M. Puri).

"A Model of the Bond Rating Process," (with A.S. Ravid and Natalia Reisel ).

"Termination, Incentives, and Careers of Film Directors," (with A. S. Ravid and J. Sunder).

"Institutional Investors and Corporate Governance," (with N. K. Chidambaran).

"Management Compensation and Firm Transparency" (with A. Klein and Yiming Qian).

"Dynamic Aspects of Corporate Financing and Dividend Policy," (with D. C. Nachman).

"Design of Bankruptcy Law,"(with Viral. V. Acharya and Rangarajan K. Sundaram).


TEACHING EXPERIENCE

New York University (9/79 to 3/85 and 9/87 to present).

Charles William Gerstenberg Professor of Banking and Finance (1991-Present)
Professor of Finance (1987 - Present) and Yamaichi Faculty Fellow (1989-91)
Associate Professor of Finance (1982 - 1987)
Assistant Professor (1978-1982)
Taught Corporate Finance in the graduate (MBA) and undergraduate programs. Designed and taught two courses, Financial Theory III (Corporate Finance Theory) and Seminar in Corporate Finance in the doctoral program. Also taught the Corporate Finance course in the Executive MBA Program.

Columbia University, (Fall 2000)

Visiting Professor of Finance and Economics.
Taught a doctoral course, "Advanced Seminar in Corporate Finance."

Institut D'Etudes Politiques de Paris (Sciences PO), Visiting Professor, 1995-2004.

Cranfield University, School of Management, Visiting Professor, 2002-2004.
Indian School of Business, Visiting Professor, Spring 2004

University of Chicago (3/85-9/87)

Visiting Professor of Finance and Visiting Associate Professor of Finance.
Taught advanced M.B.A. course in Corporate Finance, "Applications of Financial Theory."

University of Florida (1975-1978)

Graduate teaching assistant.
Taught sections of doctoral courses in Financial Theory II (with F.D. Arditti) and Nonlinear Programming (with A. Majthay). Designed and presented doctoral seminar courses in Complementarity Methods (Fall, 1976) and Fixed Points and Applications (Winter, 1977). Full responsibility for teaching senior-level course in Management Science, 1/77-6/78. Won the Best Graduate Teacher Award, 1978.

Florida Institute of Technology (1972-1973)

Adjunct Faculty, Department of Mathematics.
Full responsibility for teaching courses in Intermediate Differential Equations (senior level), Calculus (sophomore level). Designed and taught a course in Simulation (Summer, 1973).

DOCTORAL STUDENTS

Supervised the doctoral dissertation of the following students as chairman or as member of thesis committee-- chairman indicated in parenthesis. (Institution of initial placement is given in parenthesis):

EXECUTIVE EDUCATION

Designed and taught several executive education programs in the U.S. and abroad. Also taught research workshops and Executive Training Programs in Comparative Corporate Governance (Sciences Po, 4/96 to present) and L’Ecole Nationale des Ponts et Chaussees (5/02), Comparative Corporate Insolvency Codes (Catholic University, Lisbon, 7/97), Options and Futures (Credit Suissue, 11/84, 5/88 and 5/89), Working Capital Management (National Productivity Board, Singapore, 9/85 and 5/86), Corporate Finance (Singapore Institute of Management, 12/88), Design of Corporate Securities (Yamaichi, 3/88), Advances in Corporate Finance (Actuarial Society of Greater New York, 5/88), Options and Futures (Actuarial Society of Greater New York, 10/88), Portfolio Theory and Applications (Yamaichi, 2/89), and International Finance at ISB, Hyderabad, India (1/04).

Prepared Pedagogical Monographs on Corporate Governance, Financial Distress, and Options Markets.

SELECTED PAPER PRESENTATIONS AT CONFERENCES

"Liquidity Provision by Banks and Markets in a Dynamic Economy", Finnish Central Bank Conference, Helsinki, May 2003.

"Transparency, Legal System, and Value Relevance of Earnings in Banks: Global Evidence," Federal Reserve Bank of Chicago Conference on Bank Structure and Competition, May 2003.

"Subordinated Debt, Regulation, and Incentive Features in Bank CEO Compensation," Federal Reserve Bank of New York, July 2003, Association of Financial Economists, San Diego, 1/2004,

"Role of Termination in Employment Contracts: Theory and Evidence from Film Directors’ Careers," American Finance Association Meetings, Washington D.C., 2003, Financial Management Association Annual Meeting, Toronto, 2002.

"Institutions, Markets and Growth: A Theory of Comparative Corporate Governance," Stanford University, April2003, University of California, Berkeley, Haas School and School Of Arts and Sciences, April 2003, Vanderbilt University, March 2003, Thirteenth Annual Conference in Financial Economics and Accounting, University of Maryland, November 2002, Association of Financial Economists, Washington D.C., 1/2003, University of Texas, September 2002, Princeton University, October 2002, Federal Reserve Bank of New York, November 2002, University of Notre Dame, November 2002, New York University, February 2003.

"The Dynamics of Debtor-in-Possession Financing: Bankruptcy Resolution and the Role of Prior Lenders," American Finance Association Meetings, New Orleans, 2001, Journal of Financial Intermediation Conference, Amsterdam. 2001, Journal of Financial Economics Conference, Dartmouth, 2000, NBER Corporate Finance Summer Institute Meetings, Boston, 2000, Symposium on Finance and Growth, Maryland, 2000, Eleventh Annual Financial Economics and Accounting Conference, Ann Arbor, 2000, Annual Conference on Bank Structure and Competition, Fed Chicago, 2000, Financial Management Association Annual Meeting, Seattle, 2000, Conference on Bankruptcy Procedures, ISI New Delhi, January 2001.

"The Role of Incentives in the Prevention of Financial Crises in Emerging Economies," (with A. Gande and L.W. Senbet), January, 2000, presented at the Indiana University’s Sixth Biennial Symposium on Crisis Events in Financial Intermediation and Securities Markets, February 2000, American Finance Association Meetings, Atlanta., 2002.

"Auctions vs Private Negotiations: Privatization with Political Constraints," European Finance Association Meetings, Helsinki, 8/99, Financial Management Meetings, Barcelona, 6/99, University of Cyprus, 4/99. Western Finance Association Meetings, Santa Monica, 6/99, Association of Financial Economists, Chicago, 1/98, American Economic Association Meetings, San Francisco, 1/96, University of Cyprus, Nicosia, 1/96, Tel-Aviv University, Tel-Aviv, 1/96, Haifa University, Haifa, 1/96, Columbia University, 3/96, Seventh Annual PACAP Finance Conference, Manila, Philippines, 7/95, Annual Conference on Finance and Accounting, College Park, 11/95, University of California, Berkeley, 4/98, Boston College, 3/98.

"Changes in Organizational Form: Increasing Stockholder Wealth or Serving Managerial Interests?", Western Finance Association, 6/98

"Design of Corporate Governance: The Role of Ownership Structure , Takeovers, Bank Debt and Large Shareholder," Association of Financial Economists, Boston, 1/00, National Bureau of Economic Research, Corporate Finance Meeting, 8/98, Ninth Annual Conference on Financial Economics and Accounting, New York, 11/98, Sciences PO, Paris, 3/00, Law and Finance Seminar Series, NYU, Spring 2000, Association of Financial Economists, Boston, 1/00, Columbia University, 12/00, Indian Statistical Institute, 1/01, Washington University, St Louis, 4/00, MIT Finance Seminar, 4/00, Western Finance Association Meetings, Tucson, AZ, 6/01.

"Analysis of Senior-Subordinated Structure Backed by Private-Label Mortgages," Association of Financial Economists, Chicago, 1/98.

"Credit Ratings, Collateral and Loan Characteristics: Implications for Yield," Association of Financial Economists, Chicago, 1/98, Ninth Annual Conference on Financial Economics and Accounting, New York, 11/98, American Finance Association Meetings, New Orleans, 1/01, Sciences PO, 3/00.

"Market Manipulation and the Role of Insider Trading Regulations," at American Finance Association Meetings, New Orleans, 1/97, and New York University, 2/97.

"Relationship Investing and Corporate Governance," at the INFORMS Israel 1998 Meetings, Tel-Aviv, 6/98, Association of Financial Economists Association Meetings, New York, 1/99, University of Massachusetts, Amherst, 5/97, University of New Orleans, New Orleans, 5/97, and Tulane University, New Orleans, 5/97, University of Pittsburgh, 2/99, Rutgers University, 4/99, Indian Statistical Institute, January 1/01.

"Margins Informed Trading in Derivatives, and Price Dynamics," Atlanta Federal Reserve Bank Conference on Transparency and Liquidity of Derivatives, Miami, FL, 2/96.

"Optimal Design of Taxation," London School of Economics, 1/96.

"Financial Distress and Reorganization: A Theory of the Choice Between Chapter 11 and Workouts," Sciences Po, 4/97, Association of Managerial Economists, Boston, 1/94, Western Finance Association, Aspen, 6/95.

"An Empirical Analysis of Strategic Competition and Firm Values: The Case of R&D Competition," City University of London Business School, 1/96, Thunderbird American Graduate School of International Management, Glendale, 2/96.

"A Theory of Bank Regulation and Management Compensation," Wharton Financial Institutions Center Conference on Risk Management of Financial Institutions and the Role of Capital, Philadelphia, 3/94, Columbia University, 11/94, and New York University, 11/94, Financial Management Association, St. Louis, 10/95, American Finance Association, San Francisco, 1/96, University of Maryland, 11/95, University of Miami, 2/96, Georgetown University, 3/97, ESSEC, Paris, 4/98, Sciences Po, Paris, 4/98

"Shareholder Proposals and Corporate Governance," American Finance Association, Washington D.C., 1/95, College of William and Mary, 11/94, and Emory University, 2/95, Western Finance Association, Aspen, 6/95, UCLA, 4/95.

"Financial Distress, Free Cash Flow, and Changes in Organizational Form," American Finance Association, Boston, 1/94 and Western Finance Association, Santa Fe, 6/94.

"Changes in Organizational Form in Real Estate: Evidence and Implications," University of California at Berkeley, 2/96.

"Sources of Gains in Asset Sales: Fit or Focus?," Western Finance Association, Whistler, 6/93.

"Universal Banking: Should Banks Hold Equity in Borrowing Banks?," Western Finance Association, Whistler, 6/93; BRC/JFI Symposium on Globalization and Reform of Financial Institutions and Markets, Evanston, 5/93, and Conference at Indiana University, Bloomington, 8/94.

"Anti-Takeover Measures and Insider Trading," Western Finance Association, Whistler, 6/93, and American Finance Association, San Francisco, 1/93.

"Top-Management Compensation and Capital Structure," American Finance Association, San Francisco, 1/93, American Accounting Association, Washington, D.C., 8/92, and Conference on "Optimal Security Design and Innovations in Financing," Rutgers University, New Brunswick, 4/93.

"Strategic Competition in R&D and Firm Values," American Economic Association, Anaheim, 1/93, the European Finance Association meetings, Lisbon, 8/93, the Mitsui Conference in Finance and Accounting at the University of Michigan, Ann Arbor, 10/94, and Stockholm School of Economics, 8/94.

"Product Market Games and Signaling Models in Finance: Do We Know What We Know?" , Western Finance Association, San Francisco, 6/92.

"Corporate Limited Liability and the Design of Corporate Taxation," Joint Session of American Finance Association and American Economic Association, New Orleans,1/92, and Western Finance Association, Whistler, 6/93.

"Good Firms which Go Bad and Then Recover: What Did They Do?" American Finance Association, New Orleans, 1/92.

"Troubled Debt Restructurings: An Empirical Study of Private Reorganization of Firms in Default" (with S. Gilson and L. H. Lang), Harvard /J.F.E. Conference on the Structure and Governance of the Enterprise, Boston, 3/90; Association of Managerial Economists, Washington, D.C., 12/90; N.Y.U. Salomon Brothers Center Conference on Debt Restructuring, New York, 2/91, Q-group (Institute of Quantitative Research in Finance) Autumn Seminar, Laguna Nigel, 10/91, and American Economic Association, Atlanta, 12/89.

"Optimal Incorporation and Structure of Debt Contracts for Multi-project Firms: A Corporate Control Perspective," Harvard/J.F.E. Conference on the Structure and Governance of the Enterprise, Boston, 3/90, American Economic Association, New Orleans, 1/92, Wharton School, 12/92, Western Finance Association, Whistler, 6/93,and Conference on "Optimal Security Design and Innovations in Financing," Rutgers University, New Brunswick, 4/93, Princeton University, 4/94, M.I.T, 4/94, University of Iowa, 3/95.

"Risk-Shifting Incentives of Depository Institutions: A New Perspective on Federal Deposit Insurance Reform," European Finance Association meetings, Athens, 8/91.

"Expected Returns and Accounting Betas," American Finance Association, Washington, D.C., 12/90.

"Performance and Motivations for Going Private," American Economic Association, Atlanta, 12/89.

"Investment Announcements, Insider Trading and Market Response: Theory and Evidence," Western Finance Association, Napa 6/88 and Financial Management Association, New Orleans, 10/88 (Best Paper Award), and American Finance Association, Atlanta, 12/89.

"Limited Liability, Corporate Leverage and Public Policy," American Finance Association, Chicago, 12/87, Western Finance Association Meetings, Seattle, 6/89, and TIMS/ORSA National Meetings, New York, 10/89.

"Strategic Insider Trading around Dividend Announcements: Theory and Evidence," Financial Management Association, New Orleans, 10/88, and Western Finance Association Meetings, Seattle, 6/89.

"On the Optimality of Intertemporal Smoothing of Dividends," American Finance Association, New Orleans, 12/86, Western Finance Association, San Diego, 6/87 and Financial Management Association, Las Vegas, 10/87.

"Reaction of Prices of Stocks and Bonds to Investment Announcements: Theory and Evidence," Western Finance Association, San Diego, 6/87.

"Risk-Shifting Incentives and Signaling Through Corporate Capital Structure," Western Finance Association, Colorado Springs, 6/86, European Finance Association, Dublin, 8/86, Financial Management Association, New York, 10/86, and American Finance Association, New Orleans, 12/86.

"Risky Debt, Investment Incentives and Reputation in a Sequential Equilibrium," American Finance Association, San Francisco, 12/84, Western Finance Association, Scottsdale, 6/85 and Econometric Society, New York, 12/85.

"Efficient Signaling with Dividends and New Issues," American Finance Association, San Francisco, 12/84 and Western Finance Association, Scottsdale, 6/85.

"Information Content of Debt Covenants," Western Finance Association, Vancouver, 6/84, and at Conference on Recent Advances in Corporate Finance, New York, 11/83 (Invited Speaker).

"Dividends, Dilution and Taxes: A Signaling Equilibrium," Western Finance Association, Long Beach, 6/83, Eastern Finance Association, New York, 5/83 (winner, Best Paper Award), TIMS/ORSA National Meeting, Orlando 11/83, American Finance Association, New York, 12/83 and European Finance Association, Manchester, 8/84.

"Signaling Via Optimal Contracts," Western Finance Association, Long Beach, 6/83, and Eastern Finance Association, New York 5/83 (winner, Best Paper Award).

"Market Resolution and Valuation in Incomplete Markets," Eastern Finance Association, Jacksonville, Florida, 5/82 (selected as a finalist for Best Paper Award).

"Financial Signaling with Agency Costs," American Finance Association, New York 12/82 (session on Incentives and Contracting in Corporate Finance) and Western Finance Association, Long Beach, 6/83.

"Asymmetry of Information, Regulatory Lags and Optimal Incentive Contracts," American Finance Association, New York 12/82, WFA, Long Beach, 6/83 and EFA, Fontainebleu, 8/83. "Signaling Via Optimal Contracts," Western Finance Association, Portland, 6/82, European Finance Association, Jerusalem, Israel, 9/82 and G.B.A., New York University, New York, 11/82.

"Structural Stability of Markets Models," Western Finance Association, Portland, Oregon 6/82; Eastern Finance Association, Jacksonville, Florida, 5/82 and at the European Finance Association, The Hague, Netherlands, 9/81.

"Costly Contracting and Optimal Pay-Out Constraints," European Finance Association, The Hague, 9/81, American Finance Association, Washington D.C., 12/81 (session on Dividend Policy), and Eastern Finance Association, Jacksonville, Fla., 4/82.

"Comparative Dynamics in General Equilibrium Models," Econometric Society, Washington, D.C., 12/81 (session on Dynamics and Growth).

"Parametric Fixed Point Algorithms with Applications to Economic Policy Analysis," Third International Symposium on Mathematical Programming, Washington, D.C., 5/81.

"Three Factors, Interest Rate Differentials, Stock Groups and Nonstationarity," American Finance Association, Denver, Colorado, 9/80.

"Pricing of Contingent Claims; A General Approach," Western Finance Association, San Diego, California, 6/80 and at G.B.A., New York University, 5/80.

"A Homotopy Technique and a Parametric Scarf Algorithm," ORSA/TIMS National Meeting, New Orleans, Louisiana, 5/79.

"Spanning Properties of Puts and Calls in A-D Economies," ORSA/ TIMS National Meeting, New Orleans, Louisiana, 5/79.

TIMS/ORSA, European Finance Association, Eastern Finance Association and International Symposium of Mathematical Programming.


OTHER PARTICIPATION AT PROFESSIONAL MEETINGS

Have participated frequently as Speaker/Discussant/Chairperson/Session Organizer/Program Committee Member at Annual Meetings of American Economic Association, American Finance Association, Western Finance Association, Econometric Society, Association of Financial Economists.

Served as the Program Chairman of The Association of Financial Economists Meetings, 1998-present.

Organized The Five Star Annual Conference of Research in Finance, at NYU Stern School (jointly with Yakov Amihud), 2001-present.

Discussion Leader (with Lemma Senbet) on "Issues in Executive Compensation," at the Financial Economists Roundtable, Vancouver, July 2003.

Organized and chaired a session on " Corporate Control," at American Association of Finance Meetings, San Diego, January 2004.

Organized a session on " Corporate Governance," at Association of Financial Economists Meetings, San Diego, January 2004.

Organized a session on " Executive Compensation," at Association of Financial Economists Meetings, San Diego, January 2004.

Discussed a paper at the Western Finance Association Meetings, San Jose del Cabo, 6/2003.

Organized a session on "International Corporate Governance," at Association of Financial Economists Meetings, Washington D.C., 1/2003

Organized a session on "Dividends: Theory and Empirical Evidence," at the American Finance Association Meetings, Washington D.C., 1/2003.

Chaired a session on "Corporate Finance and Governance", at Thirteenth Annual Conference in Financial Economics and Accounting, University of Maryland, November 2002.

Chaired a session on "Corporate Incentives", at the Western Finance Association meetings in Park City, 6/2002.

Organized a conference on "Venture Capital Finance," jointly with the Berkeley Entrepreneurship Center and Atlanta Fed, May 2002.

Organized a session on "Contracts and Institutions," at Association of Financial Economists Meetings, Atlanta, 1/2002.

Organized a session on "Diversification and Firm Value," at the American Finance Association Meetings, Atlanta, 1/2002.

Organized and chaired a session on "Corporate Finance" at the Twelfth Annual Financial Economics and Accounting Conference, Rutgers University, September 2001.

Discussed a paper at the Western Finance Association Meetings, Tucson, 6/2001.

Organized a session on "Investor Uncertainty and Financial Market Crises," at Association of Financial Economists Meetings, New Orleans, 1/2001.

Organized and chaired a session on "Corporate Boards and Performance," at Association of Financial Economists Meetings, New Orleans, 1/2001.

Organized and chaired a session on " International Markets and Developments," at the American Finance Association Meetings in New Orleans, 1/2001.

Organized a session on "Institutions and Corporate Governance," at Association of Financial Economists Meetings, New Orleans, 1/2001.

Organized and chaired a session on "Financial Distress" at the Eleventh Annual Financial Economics and Accounting Conference, Ann Arbor, November 2000.

Discussed a paper at American Finance Association Meetings, New Orleans 1/01.

Chaired a session at The Fourth Maryland Finance Symposium on Finance and Growth, College Park, 11/00.

Organized and Chaired a Session on "Corporate Governance Around the World," at Association of Financial Economists Meetings, Boston, 1/00.

Organized and Chaired a Session on "Corporate Governance Mechanisms," at Association of Financial Economists Meetings, Boston 1/00.

Organized and Chaired a Session on "New Perspective on Debt," at the American Finance Association Meetings, Boston, 1/00.

Organized and Chaired a Session on "Product Markets and Finance" at American Finance Association Meetings, New York, 1/99.

Organized and Chaired a Session on "Financial Distress and Corporate Focus," at Association of Financial Economists Meetings, New York, 1/99.

Organized and Chaired a Session on "Institutional Investors and Agency Problems," at Association of Financial Economists Meetings, New York, 1/99.

Invited discussant at the 1998 Maryland Symposium: Financial Innovation and Technology, University of Maryland, 9/98.

Invited presentation, "A Theory of Comparative Corporate Governance," at the National Bureau of Economic Research, Corporate Finance Meeting, 8/98.

Invited discussant at the National Bureau of Economic Research, Corporate Finance Meeting, 4/98.

Organized and Chaired a Session on "Issues in Banking" at Association of Financial Economists Meetings, Chicago, 1/98.

Session Chair at the NYU Salomon Center Conference on "Executive Compensation," 2/98.

Invited discussant at the National Bureau of Economic Research, Corporate Finance Meeting, 11/97.

Session Chair at the NYU Salomon Center Conference on "Small Business Finance," 11/97.

Organized and Chaired a Session on "Corporate Finance" at the Western Finance Association Meetings in San Diego, 6/97.

Discussant at the NYU Salomon Center Conference on "Corporate Governance," New York, 2/97.

Organized and Chaired a Session on "Initial Public Offerings" at American Finance Association Meetings, New Orleans, 1/97.

Presented a paper, "Incentive Compatibility and the Regulation of Market Risk Exposure" at the Conference on "Market Risk" organized by the Central Bank of Italy in Rome, June 1996.

Organized and Chaired a Session on "Privatization," at American Finance Association Meetings, San Francisco, 1/96.

Organized and Chaired Session on "Corporate Finance and Restructuring," at the Sixth Annual Conference on Financial Economics and Accounting, College Park, MD, 11/95.

Invited to serve as a research workshop leader at the 1994 FMA Doctoral Student Consortium in St.Louis.

Chaired a session on "Corporate Governance and Performance," at Western Finance Association Meetings, Aspen, 6/95.

Organized and Chaired a Session on "Ownership and Corporate Performance," at American Economic Association meetings, Washington D.C., 1/95.

Organized and Chaired a Session on "The Behavior of Institutional Investors," at American Finance Association meetings, Boston, 1/94.

Organized and Chaired a Session on "Managerial Labor Market," at American Economic Association, Boston, 1/94.

Organized a session of "Financial Distress and Reorganization," at Association of Managerial Economists Meetings, Boston 1/94. (Session chair: Edward I. Altman).

Session Chair at the NYU Salomon Center Conference on "Universal Banking," New York, 2/95.

A Talk on "Privatization Mechanisms," to the visiting members of National Research Bureau of Economics from People’s Republic of China, 11/94 and Department of Commerce, University College, Trivandrum, 1/96.

Session Chair at the NYU Salomon Center Conference on "Derivatives: State of the Art," New York, 11/94.

Organized a session on "R&D, Innovation and Finance" at American Economic Association meetings, Anaheim, 1/93. (Session chair: Mark Hirschey). Organized and Chaired a Session on "Management Compensation" at American Finance Association meetings, Anaheim, 1/93.

Organized and Chaired a Session on "Insider Trading: Theory" at Western Finance Association meetings, San Francisco, 6/92.

Organized a Session on "Debt and Re-negotiation" at American Economic Association meetings, New Orleans, 1/92.

Organized and Chaired a Session on "Corporate Structure and Performance," at American Finance Association meetings, New Orleans, 1/92.

Organized and Chaired a Session on "Debt Restructuring" at American Finance Association meetings, Washington, D.C., 12/90.

Session Chair at the Conference on "The Fiduciary Responsibilities of Institutional Investors" sponsored by the Salomon Brothers Center for the Study of Financial Institutions, 6/90, New York.

"Corporate Finance and Corporate Restructuring," in Conference on "Corporate Governance, Restructuring, and the Market for Corporate Control" Salomon Brothers Center Conference sponsored by the Salomon Brothers Center for the Study of Financial Institutions, New York, 5/90.

Organized and Chaired a Session on "Insider Trading and Information" at American Finance Association Meetings, Atlanta, 12/89.

Organized and Chaired a Session on "Governance, Control and Restructuring of Corporations" at American Economic Association meetings, Atlanta, 12/89.

Organized and Chaired an invited session on "Capital Structure and Signaling" at the National meeting of The Institute of Management Science, New York, 10/89.

Organized and Chaired a Session on "Optimal Design of Corporate Securities" at Western Finance Association meetings, Seattle, 6/89.

Organized and Chaired a Session on "Corporate Dividend Policy" at Western Finance Association Meetings, Napa, 6/88.

Conference on "Measures of Productivity," University of Florida, Gainesville, 12/88 (other participants include Arrow, Hakansson, Levy, Markowitz, Modigliani, Radnor, Ronen, Stein, Stigler, Telser, Tobin).

"Dynamic Signaling Models: Some General Aspects," Research Workshop, University of Connecticut, Storrs, 10/88.

Invited Speaker in the Research Symposium on "Strategic Issues in Financial Contracting," Indiana University, Bloomington, 8/87.

Organized and Chaired an invited session of Econometric Society on "Financial Innovations" at Chicago, 12/87.

Invited to serve as a research workshop leader at the 1987 FMA Doctoral Student Seminar in Las Vegas.

Invited speaker at the Salomon Brothers Center Conference on Modern Investment Management and the Prudent Man Rule. Topic: "Implementing Portfolio Strategy: Delegation and Monitoring Performance," 11/86.

Workshop Leader at the Research Workshop in Finance sponsored by the Administrative Sciences Association of Canada, Halifax, 6/85. (Other leaders: Bradley, Kraus, Miller and Ross).

Workshop Leader at the Research Workshop in Finance sponsored by the Administrative Sciences Association of Canada, Ottawa, 6/84. (Other leaders: Hamada, Morgan, Stulz and Roll).

Organized and Chaired an invited session on "Informational Asymmetry and Strategies in Corporate Finance" at the National meeting of The Institute of Management Science, 11/83.

"Financial Innovations," AMEX Options Conference, New York 3/83.

Organized and Chaired a Session on "Informational Equilibria" at European Finance Association meetings at Fontainebleu, France, 9/83.

Keynote Speaker: Invited as the Distinguished Speaker at the National Conference of the Administrative Sciences Association of Canada, Vancouver, 5/83. Address: Asymmetry of Information and Corporate Financial Policy."

"Agency Theory and Signaling in Corporate Finance," Batterymarch Financial Management, Boston, 5/83 and New York University, 7/82.

"Welfare Aspects of Commodity Options," AMEX Options Conference, New York, 1/82.

"New Techniques in Operations Research for Economic Policy Analysis," Indian Institute of Management, Bangalore, India, 9/81.


INVITED SEMINARS AT OTHER UNIVERSITIES

Stanford University (4/03)
University of California, Berkeley (4/03)
Emory University (10/03)
Vanderbilt University (1/02 and 3/03)
University of Notre dame (11/02)
Princeton University (10/02)
University of Texas at Austin (9/02)
Dartmouth (3/01)
Columbia University (2/00)
M.I.T. (4/94, 4/00)
University of Michigan (11/00)
Washington University, St. Louis (4/00) and (10/03)
University of Maryland (11/00)
Indian Statistical Institute, New Delhi (1/01)
Cranfield University (1/01).
University of Florida (2/87), (1/86), (12/88), (11/98), and (8/99)
Sciences PO, Paris (4/97), (4/98), (2/99), (3/00), (3/02), and (3/03).
University of California, Berkeley (4/98)
Catholic University of Portugal, Lisbon (7/97)
ESSEC, Paris (4/97)
Georgetown University (3/97), and (3/99)
University of Miami (2/96)
University of Iowa (9/86) and (3/95)
Princeton University (4/94)
Pennsylvania State University (4/94)
University of Rochester (4/94)
University of Michigan (3/93)
Wharton School (12/92)
Federal Reserve Bank, Philadelphia (11/92)
Tuck School (10/91, 11/01)
Federal Reserve Bank of Atlanta (5/91)
Emory University (5/91)
Boston College (11/90), and (3/98)
Rutgers University (4/88), (11/90), and (4/99)
University of Virginia (11/90)
Columbia University (3/87), (3/83), (4/90)
Harvard Business School (4/90)
University of Pittsburgh (4/90), and (2/99)
Brown University, Providence (4/90)
Tulane University, New Orleans (11/89)
University of Texas, Austin (3/89)
Rutgers University, Newbrunswick (11/88), (4/91), and (4/99)
University of Connecticut, Storrs (10/88)
Indiana University (8/87), (1/87) and (11/85)
University of California, Los Angeles (10/86)
University of North Carolina (10/86)
University of Alberta (10/86)
Cornell University (9/86)
University of Maryland (4/86)
University of Illinois (Chicago) (2/86)
University of Southern California (1/86)
University of Illinois (Urbana) (12/85)
S.U.N.Y. at Buffalo (12/85)
University of Michigan (11/85)
University of Tennessee (10/85)
University of Chicago (5/85), (4/86), and (6/87)
University of Wisconsin (4/85)
Concordia University, Montreal (11/84)
Georgia Institute of Technology (10/84)
Northwestern University (5/84)
University of Texas at Dallas (4/84)
University of Houston (4/84)
Yale University, School of Management (3/84)
University of British Columbia (5/83), and (9/86)
Wharton School of Business (1/83)
Ohio State University (12/82)
Baruch College of Business (4/82), and (5/91)
Purdue University, Krannert School.


OTHER PROFESSIONAL ACTIVITIES

Board of Directors:

Program Committee:

Nominating Committee:

Reviewer for Research Grants:

Doctoral Consortium:

Refereeing:

Committees:

RESEARCH GRANTS RECEIVED