cv – Anup Agrawal

Curriculum Vitae

Appointments

University of Alabama, Culverhouse College of Business

Professor and Powell Chair of Finance, January 1999-.

North Carolina State University, College of Management

Associate Professor of Finance, July 1992 – Dec. 1998.
Assistant Professor of Finance, July 1989 – June 1992.

University of Pennsylvania, The Wharton School

Visiting Associate Professor of Finance, June 1994 – August 1995.

City University of New York, Baruch College

Assistant Professor of Finance, January 1986 – June 1989.

University of Pittsburgh, Katz School of Business

Part-time Lecturer in Finance, September 1984 – December 1985.
Research Assistant, September 1981 – August 1984.

A. F. Ferguson & Co., Bombay

Management Consultant, May 1979 – July 1981.

Education

Ph.D. (Finance), University of Pittsburgh, April 1986.
M.B.A., XLRI, Jamshedpur, India, April 1979.
Bachelor of Commerce (Honors), University of Bombay, July 1977.

Research Interests

Corporate Finance: Corporate Governance, M&A, Executive Compensation, Corporate Fraud
Investments: Security Analyst Behavior, Insider Trading, Market Efficiency

Editorial and Academic Boards

Editorial Boards: Journal of Corporate Finance, 2002-2014; International Review of Finance, 2014- ; Journal of Financial Research, 2006-2011; Journal of Risk and Financial Management, 2020-; Review of Financial Economics, 1999- ; North American Journal of Economics and Finance, 2010- ; Finance India, 1999- ; Journal of Small Business Management, 2003- ; International Review of Business & Finance, 2008-.

Board of Directors: Financial Management Association (FMA; elected), 2023-25, 2009-2011.
Track Chair: FMA Annual Meetings: 2019, 2018, 2012, 2010, 2004; Eastern Finance Assn: 2020.

Publications

(23,432 Google Scholar Citations; 6 papers with >1,000 citations each; 31 papers with >100 citations each; H-Index: 36; i10-Index: 40; 47,089 paper downloads from SSRN.com as of April 2025)

A. Agrawal, T. Cooper, Q. Lian, and Q. Wang, “Does Hiring M&A Advisers Matter for Private Sellers?” Quarterly Journal of Finance, March 2023, V. 13(1), 1-45.

B. Sharma, B. K. Adhikari, A. Agrawal, B. R. Arthur and M. K. Rabarison. “Unintended Consequences of the Dodd-Frank Act on Credit Rating Risk and Corporate Finance.” Journal of Financial and Quantitative Analysis, September 2022, 57(6), 2286–2323.

A. Agrawal and Y. Lim. “Where Do Shareholder Gains in Hedge Fund Activism Come From? Evidence from Employee Pension Plans.” Journal of Financial and Quantitative Analysis, September 2022, 57(6), 2140–2176. (Best Paper award, International Center for Pension Management, Canada, 2017.)

M. Azimi and A. Agrawal, “Is Positive Sentiment in Corporate Annual Reports Informative? Evidence from Deep Learning.” Review of Asset Pricing Studies, December 2021, 11(4), 762–805.

B. K. Adhikari, A. Agrawal and J. Malm. “Do Women Managers Keep Firms Out of Trouble? Evidence from Corporate Litigation and Policies.” Journal of Accounting and Economics, 67(1), February 2019, 202-225.

A. Agrawal and T. Nasser. “Blockholders on Boards and CEO Compensation, Turnover and Firm Valuation.” Quarterly Journal of Finance 9(3), September 2019, 1-67.

A. Agrawal and T. Nasser. “Corporate Financial and Investment Policies in the Presence of a Blockholder on the Board.” Quarterly Journal of Finance 8(3), September 2018, 1-59.

A. Agrawal and Y. Lim. “Local Obesity Prevalence and Corporate Policies.” Quarterly Journal of Finance 8(2), June 2018, 1-33.

B. K. Adhikari and A. Agrawal. “Peer Influence on Payout Policies.” Journal of Corporate Finance 48, February 2018, 615-637.

A. Agrawal and M. Chen. “Boardroom Brawls: An Empirical Analysis of Disputes Involving Directors.” Quarterly Journal of Finance 7(3), September 2017, 1-58.

B. K. Adhikari and A. Agrawal. “Does Local Religiosity Matter for Bank Risk-Taking?” Journal of Corporate Finance 38, June 2016, 272–293.

A. Agrawal and T. Cooper. “Corporate Governance Consequences of Accounting Scandals: Evidence from Top Management, CFO and Auditor Turnover.” Quarterly Journal of Finance, 7(1), March 2017, 1-41. (Lead article)

B. K. Adhikari and A. Agrawal. “Religion, Gambling Attitudes and Corporate Innovation.” Journal of Corporate Finance 37, April 2016, 229-248.

A. Agrawal and T. Cooper, “Insider Trading Before Accounting Scandals.” Journal of Corporate Finance 34, October 2015, 169-190. (Lead article in JCF special issue on Financial Market Misconduct; Digest published in CFA Digest 46(5), May 2016, 38-39. Winner of CFA Best Paper award, JCF-York Conference on Financial Market Misconduct, 2014.)

A. Agrawal, T. Cooper, Q. Lian, and Q. Wang, “Common Advisors in Mergers and Acquisitions: Determinants and Consequences.” Journal of Law and Economics 56(3), August 2013, 691-740. Summarized in Finance and Accounting Memos (FAMe jagazine), Issue 4, 2016.

A. Agrawal and C. Knoeber. “Corporate Governance and Firm Performance.” Thomas, Christopher R. and William F. Shughart II, eds., Oxford Handbook in Managerial Economics, 2013, Oxford University Press, New York, NY.

A. Agrawal and M. Chen. “Analyst Conflicts and Research Quality.” Quarterly Journal of Finance, 2(2), June 2012, 179-218.

A. Agrawal and T. Nasser. “Insider Trading in Takeover Targets.” Journal of Corporate Finance, 18(3), June 2012, 598-625.

A. Agrawal and T. Cooper. “Accounting Scandals in IPO Firms: Do Underwriters and VCs Help?” Journal of Economics and Management Strategy, V. 19(4), Winter 2010, 1117–1181.

A. Agrawal and M. Chen. “Do Analyst Conflicts Matter? Evidence from Stock Recommendations.” Journal of Law and Economics, August 2008, V. 51(3), 503-537. (Winner of Fannie MaeBest paper award, FMA 2005)

F. Tsoulouhas, C. Knoeber and A. Agrawal. “Contests to Become CEO: Incentives, Selection and Handicaps.” Economic Theory, February 2007, V. 30(2), 195-221. (Lead article)

A. Agrawal, S. Chadha and M. Chen. “Who is Afraid of Reg FD? The Behavior and Performance of Sell-side Analysts Following the SEC’s Fair Disclosure Rules.” Journal of Business, November 2006, V. 79(6), 2811-2834. (Listed among the most cited Finance papers published during 2000-06. See M. Keloharju, What’s New in Finance?, European Financial Management 14(3), 2008, 564-608. Digest published in CFA Digest 37(3), August 2007, 38-39.

A. Agrawal, C. Knoeber and F. Tsoulouhas. “Are Outsiders Handicapped in CEO Successions?” Journal of Corporate Finance, June 2006, V. 12(3), 619-644.

A. Agrawal and S. Chadha. “Corporate Governance and Accounting Scandals.” Journal of Law and Economics, October 2005, V. 48(2), 371-406. (Listed at number 12 among ‘Most cited papers’ and at number 6 among ‘Most accessed papers’ published in JLE; Source: JLE website, September 2009. Listed among top 100 most cited Finance papers published during 2000-06; Source: M. Keloharju, What’s New in Finance?, European Financial Management 14(3), 2008, 564-608. Reprinted in N. Brennan, ed., Corporate Governance and Financial Reporting, Volume II, 2007, 421- 456, Sage Publications Ltd., London, UK.)

A. Agrawal and J. Jaffe. “Do Takeover Targets Under-perform? Evidence from Operating and Stock Returns.” Journal of Financial and Quantitative Analysis, December 2003, V. 38(4), 721-746.

A. Agrawal and C. Knoeber. “Do Some Outside Directors Play a Political Role?” Journal of Law and Economics, April 2001, V. 44(1), 179-198.

A. Agrawal and J. Jaffe. “The Post-merger Performance Puzzle.” Cary Cooper and Alan Gregory, eds., Advances in Mergers and Acquisitions, Volume 1, Stamford, CT: JAI Press, 2000, 7-41.

A. Agrawal, J. Jaffe, and J. Karpoff. “Management Turnover and Governance Changes Following the Revelation of Fraud.” Journal of Law and Economics, April 1999, V. 42(1), 23-56. (Digest published in Contemporary Finance Digest, 2000, V. 3(1), 63-64.)

A. Agrawal and C. Knoeber. “Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders.” Journal of Financial and Quantitative Analysis, September 1996, V. 31(3), 377-397. (Digests appeared in Contemporary Finance Digest 1, Autumn 1997, 33-34; CFA Digest 27(2), May 1997, 70-71.)

A. Agrawal and J. Jaffe. “Does Section 16b Deter Insider Trading by Target Managers?” Journal of Financial Economics, October-November 1995, V. 39(2 & 3), 295-319.

A. Agrawal and R. Walkling. “Executive Careers and Compensation Surrounding Takeover Bids.” Journal of Finance, July 1994, V. 49(3), 985-1014.

A. Agrawal and K. Tandon. “Anomalies or Illusions? Evidence from Stock Markets in Nineteen Countries.” Journal of International Money and Finance, February 1994, V. 13(1), 83-106.

A. Agrawal and J. Narayanan. “Agency Costs, Ownership Control, and Dividend Policy: A Direct Test of the Free Cash Flow Theory.” Managerial and Decision Economics, March-April 1994, V. 15(2), 139-148.

A. Agrawal and K. Tandon. “Stock Market Anomalies: The International Evidence”. R. Aggarwal, and D. C. Schirm, eds., Global Portfolio Diversification, 1994, Academic Press, 201-221.

A. Agrawal, J. Jaffe and G. N. Mandelker. “The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly.” Journal of Finance, September 1992, V. 47(4), 1605-1621. (Reprinted in A. Cosh and A. Hughes, eds., Takeovers, Volume II, 1998, 305-321, Ashgate Publishing Co., Brookfield, VT.)

A. Agrawal and G. N. Mandelker. “Shark Repellents and the Role of Institutional Investors in Corporate Governance”. Managerial and Decision Economics, January-February 1992, V. 13(1), pp. 15-22.

A. Agrawal, A. K. Makhija and G. N. Mandelker. “Executive Compensation and Corporate Performance in Electric and Gas Utilities: Some Empirical Evidence.” Financial Management, Winter1991, V. 20(4), pp. 113-124.

A. Agrawal and N. J. Nagarajan. “Corporate Capital Structure, Agency Costs and Ownership Control: The Case of All-equity Firms.” Journal of Finance, September 1990, V. 45(4), pp. 1325-1331.

Agrawal and G. N. Mandelker. “Large Shareholders and the Monitoring of Managers: The Case of Anti-takeover Charter Amendments.” Journal of Financial and Quantitative Analysis, June 1990, Vol. 25(2), pp. 143-161. (Digest published in CFA Digest, Spring 1991, Vol. 21(2), pp. 10-12.)
A. Agrawal and G. N. Mandelker. “Managerial Incentives and Corporate Investment and Financing Decisions.” Journal of Finance, September 1987, Vol. 42(4), pp. 823-837. (Reprinted in K. F.Hallock and K. J. Murphy, eds., The Economics of Executive Compensation, The International Library of Critical Writings in Economics, Edward Elgar Publishing Limited, Glos, UK, 1999).

Working Papers and Work in Progress

H. Nguyen and A. Agrawal. Disruptive Innovation and IPO Outcomes: Evidence from Machine Learning. 2024 ZEW Conference on the Economics of Innovation, Mannheim, Germany; 2025 AFA meetings Poster.

A. Agrawal and Y. Lim. Does General Solicitation Improve Access to Capital for Small Businesses? Evidence from the JOBS Act. 2021 ALEA – University of Chicago, and Indian School of Business Summer Research meetings.

B. K. Adhikari, A. Agrawal and B. Sharma. Does Litigation Risk Deter Insider Trading? Evidence from Universal Demand Laws. 2023 AFA/AFE meetings, 2020 FIRS and MFA meetings.

A. Agrawal and Y. Lim. Is There Racial Discrimination in Private Placements? 2023 AEA/AFE meetings.
A. Le and A. Agrawal. How Do Corporate Financial Policies Respond to Unionization at Major Customer Firms? (2024 AFA meetings Poster, 2025 AEA meetings Poster)

Seminar Presentations

University of Texas at Dallas (2024), University of Connecticut (2024), University of Oklahoma (2023, 2016, 2002), University of Alabama (2023, 2022, 2021, 2019, 2018, 2017, 2015, 2014, 2012, 2005-2009, 1998), University of Waterloo (2022), York University (2022, 2018, 2009), Michigan State University and University of Illinois at Chicago (2021), University of Wisconsin at Milwaukee (2021), University of Miami (2020, 2011), University of Texas at San Antonio (2020), Emory University (2019, 1996, 1989), Georgia Tech (2019, 2010, 1985), University of Alabama Law School (2020, 2019), University of Utah (2019, 2000), U.S. Securities and Exchange Commission (2019, 2003, 2002, 1998), University of New Orleans (2018, 2004, 2003, 1997), Concordia University (2018), McMaster University (2017, 2009, 1985), Georgia State University (2014, 2005, 2002), University of Iowa (2014, 2002), Indian School of Business (2013), Norwegian School of Economics (NHH, 2013), Norwegian Business School (BI, 2013), Yeshiva University (2013), Tulane University (2012, 2004, 1997, 1991), West Virginia University (2011), Case Western Reserve University (2010, 1996), Vanderbilt University Law School (2010), Vanderbilt University (2001), University of South Carolina (2009, 1993), Florida State University (2008), Kansas State University (2008), North Carolina State University (2008, 1989, 1988), Louisiana State University (2007, 2001), Southern Methodist University (2006, 1997), Hong Kong University of Science and Technology (2006), University of Delaware (2006), Temple University (2006), Texas Christian University (2005), Indiana University (2004, 1997), New York University (2003), New York Stock Exchange (2003), University of Cincinnati (2003), University of Virginia (2003), Wayne State University (2003), American University (2002), Australian Graduate School of Management (2002), Georgetown University (2002), Melbourne Business School (2002), CIRANO (Montreal, Canada, 2001), Claremont McKenna College (2001), University of Mississippi (2001), Arizona State University (2000), Atlanta Finance Forum (2000), University of Kansas (2000), Texas A&M University (1999), U.S. Federal Trade Commission (1999), University of Georgia (1998), University of Minnesota (1998), University of Pittsburgh (1997, 1986, 1985, 1984), Virginia Tech (1997), University of California-Davis (1996), University of North Carolina-Chapel Hill (1996, 1994, 1993, 1992, 1990), Rutgers University (1996, 1995, 1985), University of Washington (1996), Wharton School Lunch Seminar (1995, 1994), Wharton School Corporate Finance Group (1995), Baruch College-CUNY (1994, 1989, 1988, 1987, 1985), Tilburg University (The Netherlands, 1994), University of Rochester (1993), Wake Forest University (1992, 1990), Clemson University (1991), Kent State University (1991), Fordham University (1990), Boston College (1989), McGill University (1985).

Conference Presentations

American Finance Association/Association of Financial Economists: 2025^d, 2024^d, 2023^e, 2020^d, 2016, 2013, 2012, 2011^b, 2010^a, 2009, 2006^a, 2005, 2004, 2003, 2001, 2000, 1997^a, 1996, 1995, 1994, 1993^b, 1992, 1989, 1985.
American Economic Association: 2025^d, 2023^c, 2014^c, 1986^c.
Western Finance Association: 2020, 2015b, 2014b, 2012, 2009, 2004b, 2002b, 1998b, 1987a, 1986.
European Finance Association: Vienna 2015, Athens 2008, Moscow 2005a, Maastricht 2004a; Berlin 2002; Helsinki 1999a; Vienna 1997; Brussels 1994.
Financial Intermediation Research Society (FIRS) meetings: Budapest 2020, Savannah 2019, Barcelona 2018b, Lisbon 2016b, Quebec City 2014, Minneapolis 2012a, Sydney 2011a, Florence 2010, Prague 2009, Anchorage 2008a, Shanghai 2006a.
Northern Finance Association: Halifax 2017, Mont Tremblant 2016.
Midwest Finance Association: 2020a, 2019a.
China International Conference in Finance: Tianjin 2018a.
SITE Workshop on Labor and Finance, Stanford University, July 2017.
ZEW Conference on the Economics of Innovation, Mannheim, Germany, 2024^a.
CRSP Forum, University of Chicago: 2010, 2008, 2006.
Indian School of Business (ISB) Summer Research Conference: 2021.
JCF-York Conference on Financial Market Misconduct, 2014.
Conference on Corporate Finance, Washington University in St. Louis: 2006b.
Conference on Financial Economics and Accounting: NYU 2019, Tulane 2018, Rutgers 2009b, UT-Austin 2008, Georgia State 2006a, Maryland 2002, Michigan 2000b, UT-Austin 1999.
American Law and Economics Association: U of Chicago 2021, Boston U 2018, Columbia 2011, Princeton 2010, San Diego 2009, UC-Berkeley 2006, NYU 2005, U of Toronto 2003.
Conference on Empirical Legal Studies: U of Michigan 2018, Wash. U. 2015, Yale 2010, USC 2009, Cornell 2008a, NYU 2007.
Florida State University Suntrust Beach Conference: 2019, 2016b.
Texas A&M University Young Scholars Conference: 2018b, 2016b.
University of Miami Conference on Machine Learning and Business, 2021.
Mitsui Finance Symposium, University of Michigan: Governance and Markets 2010.
Financial Research Association Conference, Las Vegas: 2004b.
Conference on Executive Compensation and Corporate Governance, Erasmus University, Netherlands, 2012, 2010.
Entrepreneurial Finance and Innovation Conference, Brandeis University, 2014, 2013b.
Conference on Securities Fraud Litigation, Claremont McKenna College, 2008.
Conference on Corporate Governance and Fraud Prevention, George Mason University, 2008.
Financial Management Association: 2021-24, 2017-19, 2013-15, 2010-11, 1985-2008.
Olin Conference on Corporate and Securities Law, University of Virginia Law School, Feb. 2004.
Vanderbilt University Conference on Corporate Behavior and Financial Markets, April 2003.
Georgia Tech Conference on International Finance: 2004b, 2003.
Conference on Accounting and Finance, University of Tel Aviv, Israel, July 2000.
University of Chicago Conference on “Penalties: Public and Private”. December 1997.

a – Presenter and discussant b – Discussant c – Joint AFE/ American Economic Association session
d – Poster session e – Joint AFA/AFE session

Sessions Chaired at Conferences

American Finance Association/Association of Financial Economists: 2013.
Financial Intermediation Research Society (FIRS) meetings: 2010-2012, 2006.
European Finance Association. 2005, 2002, 1999.
Conference on Financial Economics and Accounting: Indiana University, 2021.
Financial Management Association. 2018, 2013-14, 2009-11, 2006, 1996-2004, 1993-94, 1989-90.
Entrepreneurial Finance and Innovation Conference, Brandeis University, 2014, 2013.

Sessions organized at Conferences

Association of Financial Economists (part of ASSA): 2016.
Joint AFE/ American Economic Association session: 2023.

Conference Program Committees

Western Finance Association meetings: 2024, 2010-19, 2006-08.
European Finance Association meetings: 2013-25, 2006-11, 2003.
Financial Intermediation Research Society (FIRS) meetings: 2020-25, 2013-16.
Society of Financial Studies (SFS) Cavalcade: 2013.
Northern Finance Association: 2021, 2018-19.
Midwest Finance Association meetings: 2020.
Summer Research Conference, Indian School of Business (ISB): 2023-25.
Conference on Corporate Finance, Washington University, St. Louis: 2007.
Finance Down Under Conference, University of Melbourne, Australia: 2011-18.
Texas A&M Young Scholars Finance Consortium: 2018.
Conference on Empirical Legal Studies: Northwestern University 2011, Cornell University, 2008.
Financial Management Association (FMA) meetings: 2013, 2009, 2005, 2001-02, 1994-99, 1992, 1990.
FMA-Europe meetings: 2009-10, 2006.
Asian Finance Association & Nippon Finance Association: 2008-09.
Southern Finance Association meetings: 1998.
Eastern Finance Association meetings: 1990, 1987.

Other Conferences Attended

Texas Finance Festival, 2000, 2001, 2005.
University of Michigan Finance Symposium, 2005.
Western Finance Association, 2017, 2013, 2005-07, 2001, 1995-97.
Conference on Corporate Governance, George Mason University Law School, May 1996.
NBER Conference on Corporate Finance, Cambridge, MA, December 1994.

Service to the Profession

Ad-hoc referee: Journals

Academy of Management Journal, Accounting Review, Contemporary Accounting Research, Economic Journal, European Economic Review, European Finance Review, Financial Management, Financial Review, Journal of Accounting Research, Journal of Banking and Finance, Journal of Business, Journal of Corporate Finance, Journal of Economics & Management Strategy, Journal of European Economic Association, Journal of Finance, Journal of Financial Intermediation, Journal of Financial and Quantitative Analysis, Journal of Financial Research, Journal of Financial Services Research, Journal of International Money and Finance, Journal of Law & Economics, Journal of Political Economy, Management Science, Pacific-Basin Finance Journal, Rand Journal of Economics, Review of Accounting Studies, Review of Economics & Statistics, Review of Finance, Review of Financial Studies

Ad-hoc Referee: Funding Agencies

U.S. National Science Foundation
Social Sciences and Humanities Research Council, Canada
Research Grants Council, Hong Kong

External Reviewer for Promotion and Tenure

American University, Baruch College-CUNY (3), California State University – Fullerton, Case Western Reserve University (2), Chinese University of Hong Kong (5), City University of Hong Kong, Claremont McKenna College, Clemson University, Cleveland State University (2), Concordia University, Cornell University (Applied Economics; Hotel School), Drexel University, Florida Atlantic University, Florida State University (8), Fordham University (2), George Mason University, George Washington University, Georgia State University, Indiana University (2), Lehigh University, Monash University, Queen’s University (Canada), Rutgers University (2), Stony Brook University, Temple University, University of Alaska (2), University of Arkansas, University of Colorado Denver, Univ. of Connecticut, University of Georgia, University of Hawaii, University of Iowa (2), University of Kansas (2), University of Kentucky, University of Massachussetts-Dartmouth, University of Missouri, University of Oklahoma (4), University of South Alabama, University of South Carolina, University of Tennessee, University of Texas–El Paso, University of Texas–San Antonio, University of Utah, University of Virginia (McIntire School), Virginia Commonwealth University, Washington State University (2), Wayne State University (2).

Financial Management Association

Best Paper Awards Committee: 2018, 2000
Search Committee for Chair of Publications Committee: 2010
Nominating Committee: 2022-23, 2010-11
Mentoring Committee: 1999

Eastern Finance Association

Best Paper Awards Committee: 2023

Ph.D. Dissertations Chaired (Initial Placement)

Hoang Nguyen, 2023-
Ngoc Thi (Annie) Le, 2021-
Mehran Azimi, 2021 ( University of Massachusetts Boston)
Michael Young (co-chair), 2018 (University of Virginia-Darden)
YuRee Lim, 2016 (University of Wisconsin – La Crosse)
Tara Rich, 2016 (American University)
Binay Adhikari, 2015 (Miami University)
Tareque Nasser, 2010 (Kansas State University)
Tommy Cooper, 2007 (Kansas State University)
Qin Lian (co-chair), 2007 (North Dakota State University)
Sahiba Chadha, 2004 (Charles River Associates, Boston)

Ph.D. Dissertation Committees (Initial Placement)

Tae-In Jun, 2023- (Grand Valley State University)
Tianhua (Tim) Cao, 2024 (Indiana University Kokomo)
Boheng Su, 2023 (University of South Florida)
Dae Woung (Joey) Choi, 2016 (Louisiana State University Shreveport)
M. Tony Via, 2014 (Kent State University)
Xing Lu, 2011 (Indiana University South Bend)
Jin Jeon, 2009 (Western Oregon University)
Cheolwoo Lee, 2008 (Ferris State University)
Xudong Fu, 2008 (California State University-Fresno)
Tian Tang, 2008 (California State University-Fresno)
Jin San Kim, 2007 (Winston-Salem State University)
Heng (Hunter) An, 2007 (University of South Dakota)
Huabing (Barbara) Wang, 2007 (West Texas A&M University)
Zhaohui (Randall) Xu, Accounting, 2007 (University of Houston – Clear Lake)
Jonathan Stanley, Accounting, 2007 (Clemson University)
Ali Akyol, 2006 (University of Melbourne, Australia)
Tewhan Hahn, 2000 (University of Idaho)
Sunil Wahal, University of North Carolina-Chapel Hill, 1995 (Purdue University)

External Ph.D. Examiner

Victoria University of Technology, Melbourne, Australia, 2000

Honors, Grants, and Research Rewards

Burnum Distinguished Professor Award, University of Alabama: Winner, 2021; Finalist, 2020; Semi-finalist, 2019.
World’s Top 2% Scientists, Stanford University and Elsevier, https://top2percentscientists.com/, 2024.
Best Scientists in Economics and Finance, Research.com, 2025.
Top Scholar, ScholarGPS.com, 2024.
Honored among Five Prominent Indian American Faculty at the University of Alabama by Consul General of India (Atlanta) and UA President, February 2025.
Blackmon-Moody Outstanding Professor Award, University of Alabama: Nominee, 2019, 2009.
Who’s Who in Economics, Blaug and Vane, eds., 4th ed., 2003, Edward Elgar Publishing (listed among the 1,200 most widely-cited economists during 1990-2000).
Among the top 0.05% (i.e., 1,114 out of 2,180,570) of the authors on Social Science Research Network based on 47,089 downloads of my papers from SSRN.com as of April 2025.
Best Paper awards: International Center for Pension Management, Canada, 2017; CFA Institute Award, JCF-York Conference on Financial Market Misconduct, 2014; Fannie Mae Award, Financial Management Association Annual Meetings, 2005.
Board of Visitors Research Achievement Award, Culverhouse College of Business, University of Alabama: Nominee, 2020.
Top Ten paper, FMA 2008, 2010 (2).
Two papers listed among the most cited papers in the field of Finance published during 2000-06 (ranks 97 and 157; Source: Table 1 in M. Keloharju, What’s New in Finance?, European Financial Management 14(3), 2008, 564-608.)
Paper listed (at number 8) among ‘Top 20 most accessed papers published in JLE’ and (at number 12) among ‘Top 20 most cited papers ever published in JLE’ on Journal of Law and Economicswebsite in May 2010.
Four papers featured online on Harvard Law School Corporate Governance Forum: 2015, 2014, 2012, 2011.
Five papers featured online on Columbia Law School Blue Sky Blog: 2020, 2019 (3x), 2015.
Paper featured online on NYU Law School Compliance & Enforcement Blog: 2020.
Paper featured in UCLA FAMe jagazine (Finance and Accounting Memos), April 2015.
Paper featured online on Alpha Architect blog: July 17, 2015.
Nominated for Academic Director of FMA: 2002, 2017.
I/B/E/S International, Inc., Analyst Earnings Estimates Database Grant, 2001.
Citations of Excellence, ANBAR Electronic Intelligence, 1996, 1998.
Faculty Research and Professional Development Grant, N. C. State University, 1991.
Research Foundation of City University of New York, PSC-CUNY, Research grants: 1986-1990.
Summer Research Grants, School of Business, Baruch College (CUNY). Summers of 1985-1988.
Scholar Assistance Program Grants, Baruch College (CUNY), 1986-87.
Marquis Who’s Who in: America, 58th edition, 2004; American Education, 8th edition, 2007-08; Finance and Industry, 28th Edition, 1994-95; 31st edition, 2000-01;
The East, 26th edition, 1997-98; The South and Southwest, 24th Edition, 1994-95; America, Special Index, 48th Edition, 1994-95.
Outstanding Young Man of America, 1996, 1998.
AcademicKeys Who’s Who in Business Higher Education.

Media Appearances

How Diversity, Oversight And Healthy Boundaries Can Stop White-Collar Crime, Corinne Post, Forbes, Sep 23, 2022.

The Underside of Hedge Fund Activism: Looting the Pension Fund, John C. Coffee, Jr., Columbia Law School Blue Sky Blog, April 14, 2021.

Does Advertising Improve Access to Capital for Small Businesses? Columbia Law School Blue Sky Blog, August 28, 2020.

Academic Literature Review: Does Advertising Improve Access to Capital for Small Businesses? – Evidence from the JOBS Act, Jack Mill, Audit Analytics Blog, August 12, 2020.

Do Shareholder Lawsuits Deter Insider Trading? Evidence from Universal Demand Laws, NYU Law School Compliance & Enforcement Blog, January 15, 2020.

Does Litigation Risk Deter Insider Trading? Columbia Law School Blue Sky Blog, December 23, 2019.

The Dark Side of Hedge Fund Activism: Evidence from Employee Pension Plans , Columbia Law School Blue Sky Blog, December 12, 2019.

Money Stuff: 10-K tone, Matt Levine, Bloomberg, August 27, 2019.

Is Positive Sentiment in Corporate Annual Reports Informative? Columbia Law School Blue Sky Blog, August 26, 2019.

How Hedge Fund Billionaires Loot Worker Pensions, Jan Weir, Rantt Media, August 19, 2019.

Are activists fleecing pensions to fluff shareholder wealth? Barclay’s Insider Report, August 2017.

Do Women Stay Out of Trouble? Blog, Harvard Law School Corporate Governance Forum, 2015.

Do Women Stay Out of Trouble? Evidence from Corporate Litigation. Columbia Law School Blue Sky Blog: 2015.

Daily Academic Alpha: Why Women should make MORE than Men…. Wesley R. Gray, Alpha Architect blog: July 17, 2015.

More female executives may lead to fewer lawsuits. Amy Lee Rosen, Congressional Quarterly CQ Roll Call, July 22, 2015.

Does Hiring M&A Advisers Matter for Private Sellers?, Blog, Harvard Law School Corporate Governance Forum, May 13, 2014.

Insider Trading in Takeover Targets, Blog, Harvard Law School Corporate Governance Forum, April 2, 2012.

An Insider Trading Loophole Congress Didn’t Close, Jack Hough, SmartMoney, March 22, 2012. (Also reported in Yahoo! Finance, March 23, 2012.)

5 Warning Signs for IPOs, Dawn Kawamoto, The Motley Fool, October 14, 2011.

The Impact of Common Advisors on Mergers and Acquisitions, Blog, Harvard Law School Corporate Governance Forum, July 20, 2011.

UA professor studies causes, consequences of corporate infighting, Patrick Rupinski, Tuscaloosa News, July 12, 2009.

Board Blow-Ups Driven by Disputes Over ‘Processes’, Katie Wagner, Financial Times Agenda, May 18, 2009.

Is a restatement a CFO’s Kiss of Death? Roy Harris, CFO.com, November 19, 2007.

Off-key analysts, Aaron Pressman, Business Week, August 15, 2005, p. 94.

Two named to HealthSouth board of directors, Daniel Connolly, Birmingham Post-Herald, July 3, 2005.

Are CEOs worth big pay packages? Brian Lawson, The Huntsville Times, June 12, 2005.

Experts: HealthSouth showing positive signs, Jamie Kizzire, Birmingham Post-Herald, December 3, 2004.

HealthSouth report confirms fraud scale, Jamie Kizzire, Birmingham Post-Herald, June 2, 2004.

Will HealthSouth board face inquiry? Feds would have to prove negligence, Daniel Connolly, Birmingham Post-Herald, November 7, 2003.

Time for boards to stock bullpens with financial experts, Phyllis Plitch, Wall Street Journal Online, July 31, 2003.

In stock-picking, governance ratings may be like darts, Phyllis Plitch, Wall Street Journal Online, June 26, 2003.

Key governance reforms may not cure restatements: Study, Phyllis Plitch, Wall Street Journal Online, April 17, 2003.

Study finds governance reforms may not cure restatements, The Corporate Library, News Briefs, April 16-22, 2003, V. 5 (14).
Accuracy of US analysts diminishes (in German), Ina Bauer, Financial Times Deutschland, August 26, 2002.

Courses Taught

University of Alabama

FI 610 Financial Management Seminar (Ph.D.)
FI 514 Investments (MBA)
FI 410 Intermediate Financial Management (Undergraduate)
FI 414 Investments (Undergraduate)
FI 411 Corporate Financial Policy (Cases, Undergraduate)

North Carolina State University

BUS 522 Portfolio & Capital Mkt Theory (MBA)
BUS 422 Investments & Portfolio Mgmt. (Undergraduate)
BUS 520 Managerial Finance (MBA)
BUS 420 Corporate Finance (Undergraduate)
BUS 320 Introduction to Financial Management (Undergraduate)

Wharton School, University of Pennsylvania

FNCE 601 Corporate Finance (MBA)

Baruch College, City University of New York

FI 9781 Managerial Finance (MBA)
FI 9783 Investment Analysis (MBA)
FIN U81100: Advanced Topics in Corporate Finance (Ph.D.)
FI 3610 Corporate Finance (Undergraduate)
FI 3710 Investment Analysis (Undergraduate)
FI 4610 Advanced Corporate Finance (Undergraduate)

Service to the University

University of Alabama

Member, Burnum Award Selection Committee, 2022, 2023.
Member, College Research and Scholarship Committee, 2017-18.
Chair, Finance Journals List Committee, 2016-17.
Chair: Department Promotion and Tenure (P&T) Committee, 2009-10.
Member, Department P&T Steering Committee, 2002-03, 2004-06, 2011-14, 2015-23.
Chair or Co-Chair, Faculty Search Committee, 2002-2003, 2005-06, 2007-08, 2009-10, 2012-13, 2015-16, 2022-23.
Member, Faculty Search Committee, 2013-14, 2016-17, 2024-25.
Chair, Value Investing Chair Search Committee, 2016-17.
Chair, Camp Chair Search Committee, 2001-2004.
Member, College Faculty Executive Board, 1999-2002, 2003-05, 2006-10, 2012-13, 2016-17, 2018-23.
Member, College Faculty Awards and Honors Committee, 2015-17.
Member, College Promotion and Tenure Committee, 2013, 2014, 2015, 2017, 2018, 2023.
Member, Faculty Search Committee, 2013-14.
Member, Ph.D. Admissions Committee, 1999-present.
Member, MSF Admissions Committee, 1999-2013.
Faculty advisor, student trip to Omaha, Nebraska to meet Mr. Warren Buffett, Chairman, Berkshire Hathaway, October 2007.
Member, College Ph.D. Task Force, 2003.
Alternate Member, College Faculty Executive Board, 2013-14.
Alternate Member, Faculty Senate, 2006-08.
Chair, Faculty Fellows Search Committee, 1999-2000, 2003.
Member, Bidgood Chair Search Committee, 1999-2000.
Chair, Department Faculty Fellows Search Committee, 1999-2000.
Member, Department Policy and Planning Committee, 1999-2001.
Member, Finance Ph.D. Comprehensive Examination Committee, 1999-2004.
Member, Faculty Senate, 2000-02.
Member, Senate Research & Service Committee, 2014-16.
Member, Senate Financial Affairs Committee, 2000-02.
Member, University Energy Management Committee, 2001-2002.

North Carolina State University

Chairman, Finance Workshop, 1989-98.
Member, Department Teaching Effectiveness Committee, 1997-98.
Member, Department Academic Affairs Committee, 1996-97.
Member, College Honors and Scholars Committee, 1995-96.
Member, Provost’s Advisory Committee, 1993-94.
Member, MSM Program Review Committee, 1993-94.
Member, SACS Accreditation Committee on Educational and Instructional Support, 1992-93.
Member, Undergraduate Business Management Curriculum Committee, 1989-90, 1991-93.
Member, Faculty Hiring Priorities Committee, Department of Business Management, 1992-93.
Member, Core-Curriculum Committee on Environment, College of Management, 1992-93.
Member, MSM Curriculum Committee, 1990-91.
Member, Research Database Subscription Review Committee, Division of Economics and Business, 1989.
Undergraduate Advisor, Department of Business Management, 1989-98.

Baruch College, City University of New York

Undergraduate Advisor, Department of Economics and Finance, 1986-88.

Personal

U.S. Citizen, Married, Two children

Other Interest

Travel, Movies, Running, Hiking, Reading