EDUCATION

PhD, Cornell University, Management Economics, 1972

MA, Yale University, Operations Research, 1969

BS, Carnegie Mellon University, Physics, 1967

SELECTED GOVERNMENT AND PROFESSIONAL ACTIVITIES

Instructor, Executive Education, Harvard University, 2009 – present

Finance India, Editorial Board Member, 2016 – present

Professor, Corporate Finance, Reykjavik University, weekend program, 2007 – 2018

Moderator, Angel Investing Panel, TIE Con East, Boston, June 2, 2011

Invited Speaker – The Financial Supervisory Authority, Iceland – Lecture: Insider Trading and Market Manipulation – Reykjavik, November 17, 2011

Invited Speaker – Islandsbanki, Iceland – Panel with Iceland’s Minister of Commerce – Reykjavik, November 5, 2009.

Judge – AT&T New Product Business Plan Competition, April 3, 2003.

Co-Founder, BOSTON EXAM REVIEW PROGRAM TESTBANK CD-ROM, 1998-2001
A 3-level program on CD-ROM preparing financial analysts, portfolio managers, brokers and other investment professionals for an examination leading to Chartered Financial Analyst (CFA) designation, a worldwide recognized certification. Its core curriculum consists of the following modules:
* Equity Securities Analysis
* Fixed Income Securities Analysis
* Portfolio Management
* Financial Accounting
* Economic Analysis
* Quantitative Analysis
* Fiduciary Responsibility and Professional Standards

Director, THE INSTITUTE OF CHARTERED PENSION PROFESSIONALS (ICPP), 1994 – 2001
The Institute sponsors various activities for board members of pension funds, support staff and other individuals associated with pension plans. The Chartered Pension Professionals (CPP) certification is designated by the Institute. The certification program covers a wide range of investment-related areas such as equity securities, fixed income securities, economics, portfolio management, and fiduciary responsibility. Responsibilities included co-directing the program and teaching in each of the subject matter areas.

Judge – AT&T Team Leadership Award, 1999 – 2000.

Invited Speaker – Institute for International Research – Public Fund Boards Forum – San Francisco, November 1, 1997.

Invited Speaker – Universidad Peruana de Ciencias Aplicadas – Financial Tools Applied to Marketing Decisions – Lima, Peru, April 10, 1996.

Invited Speaker – National Investor Relations Institute – Mergers and Acquisitions – Boston, Feb. 13, 1990.

Invited Speaker – Institute for International Research, Leverage Buyout Conference – New York City, March 15, 1989.

Testimony to House Ways and Means Committee – Hearings on Tax Policy Aspects of Mergers and Acquisitions – March 14, 1989

Advisor to the United States General Accounting Office – Report on Conflict of Interest Abuses in Commercial Banking Institutions, January, 1989

Contributor – Ethics and Management Education: A Select Survey of Course Development and Research, Harvard Business School, May, 1989.

HONORS AND AWARDS

Co-recipient of the initial Stephen M. Ross Research Fund Award-2018

Selected by the Full-Time MBA students as the “Favorite Elective Professor of 2017” – “Excellence Award”

Selected by the MBA students as the “2013 Professor of the Year”

Selected by the MBA students as the “2012 Professor of the Year”

Graham and Dodd Scroll Award of Excellence – Best Paper Award (2008), Financial Analysts Journal – “Stock Repurchases and the EPS Enhancement Fallacy” (with Jacob Oded), Awarded July 2009

American Bankruptcy Institute Journal Editorial Board, 1997 – 2007

Article awarded the Citation of Excellence and the Highest Quality Rating by ANBAR Electronic Index (1999) – “After Bankruptcy: Can Ugly Ducklings Turn into Swans?” Financial Analysts Journal (with I. Shaked and C. McHugh)

Steering Committee – Universidad Peruana de Ciencias Aplicadas, Lima, Peru, 1997 – 2000

Listed 9th on the list of the “Most Frequently Cited Financial Management Articles” over the previous 25 years (1970-1995)

The Complete Guide to a Successful Leveraged Buyout – Selected by: Fortune Book Club, MacMillan Executive Book

Article selected for inclusion in the Chartered Financial Analysts Study and Examination Program Review (with I. Shaked), 1987-1990

Winner of Outstanding Article of 1982, Journal of Risk and Insurance (with J. Norris)

Nominated for “Metcalf Award,” the highest teaching honor at Boston University – Quarterfinalist 1996

BOOKS

Finance and Accounting for Lawyers (with I. Shaked). Legal Financial Press, Sept. 1996.

The Complete Guide to a Successful Leverage Buyout (with I. Shaked). Dow Jones, January 1988.

Takeover Madness: Corporate America Fights Back (with I. Shaked). John Wiley & Sons, March 1986.

ARTICLES

“What Determines Institutional Investors’ Holdings in IPO Firms” (with Jacob Oded and Israel Shaked), International Review of Finance, forthcoming.

“Behavioral Characteristics of IPO Underpricing” (with Jacob Oded and Israel Shaked), Behavioral Finance: A Novel Approach edited by Itzhak Venezia, World Scientific Publishers, forthcoming.

“Institutional Investors and Firm Performance: Evidence from IPOs” (with Jacob Oded and Israel Shaked), North American Journal of Economics and Finance, 51. https://doi.org/10.1016/j.najef.2019.101099.

“Do Security Breaches Matter? The Shareholder Puzzle” (with Jacob Oded and Israel Shaked), European Financial Management, 26(2), 2888-315, 2020, https://doi.org/10:1111/eufm. 12236, 2019. Summarized in the Columbia Law School’s Blog on Corporations and the Capital Markets (The CLS Blue Sky Blog), Reynolds Holding, Editor-At-Large, October 24, 20.

“Index Correlation: Implications for Asset Allocation” (with Jacob Oded and Israel Shaked), Managerial Finance, Vol.41, No. 11, 2015.

“Have We Learned from Previous Stock Market Meltdowns” (with Israel Shaked), American Bankruptcy Institute Journal, November, 2015. Reprinted in Journal of Global Economics, 03, 2015.

“Investment Analysis of Autocallable Contingent Income Securities” (with Rui Albuquerque and Raquel Gaspar), Financial Analysts Journal, Vol. 71, No. 3, May/June 2015.

“Ownership Structure and Performance: Evidence from the Public Float in IPOs” (with Jacob Oded and Israel Shaked), Journal of Banking and Finance, Vol. 40, March 2014.

“Distortion in Corporate Valuation: Implications of Capital Structure Changes” (with Jacob Oded and Steven Feinstein), Managerial Finance, Special Issue on Capital Structure, Vol. 37, No. 8, 2011.

“Not all Buybacks are Created Equal: The Case of Accelerated Stock Repurchases” (with Jacob Oded and Israel Shaked), Financial Analysts Journal, Vol 66, No 6, November/December 2010.

“Why Does DCF Undervalue Equities” (with Jacob Oded), Journal of Applied Finance, Vol. 19, No. 1&2, 2009 (Reprinted in CFA Digest, February 2010).

“Stock Repurchases and the EPS Enhancement Fallacy” (with Jacob Oded), Financial Analysts Journal, Vol. 64, No. 4, July/August 2008.

“Reconciling DCF Valuation Methodologies” (with Jacob Oded), Journal of Applied Finance, Vol. 17, No. 2, Fall/Winter 2007.

“Avoiding Distortion in Corporate Valuation Litigation: An Application of Discounted Cash Flow” (with Jacob Oded), Journal of Forensic Economics, Winter 2007.

“RJR Nabisco: A Case Analysis of a Complex Leveraged Buyout,” (with I. Shaked) Financial Analysts Journal, Sept. – October, 1991.

“An Evaluation of Investment Banker Acquisition Advice: The Shareholder’s Perspective” (with I. Shaked and Y.T. Lee), Financial Management, Summer 1991.

“The Foreign Acquirer Bonanza: Myth or Reality?” (With I. Shaked and D. McClain), Journal of Business Finance and Accounting, April 1991.

“Innovations in Corporate Finance: Convertible Exchangeable Preferred Stock,” (with I. Shaked), Butterworth’s Journal of International Banking and Financial Law, July, 1990.

“The LBO Nightmare: Fraudulent Conveyance Risk,” (with I. Shaked), Financial Analysts Journal, March-April, 1990.

“What Every LBO Lender Must Know about Valuation,” (with I. Shaked), Commercial Lending Review, Spring

“Corporate Takeovers: Excess Returns and the Multiple Bidding Phenomena,” (with I. Shaked), Journal of Business Finance & Accounting, Summer 1988.

“Leveraged Buyouts: The Financial Issues,” (with I. Shaked), Journal of Corporate Finance, Spring 1988.

“Trucking Deregulation and Motor-Carrier Performance: The Shareholders’ Perspective,” (with I. Shaked), Financial Review, May, 1987.

“Airline Deregulation and the Probability of Air Carrier Insolvency,” (with I. Shaked), Financial Review, February, 1987.

“Multinational Corporations vs. Domestic Corporations: Financial Performance and Characteristics,” (with I. Shaked), Journal of International Business Studies, Fall 1986.

“Country and Industry Influence on Dividend Policy: Evidence from Japan and the U.S.,” (with I. Shaked), Journal of Business Finance & Accounting, Autumn 1986

“Industry Influence on Pension Funding,” (with I. Shaked), Journal of Portfolio Management, Spring, 1986.

“Are Conglomerates Safer?” (with I. Shaked), Research in Finance, Edited by H. Levy, JAI Press, Greenwich, CT, 1985

“Japanese Leverage: Myth or Reality?” (with I. Shaked), Financial Analysts Journal, July/August, 1985

“Evaluating Merger Performance,” (with I. Shaked), California Management Review, Spring 1985.

“The Proprietary Hospital Industry: A Financial Analysis 1972-1982,” (with I. Shaked and J. Daley), Social Science and Medicine, Vol. 21, Nov. 3, 1985.