Professor of Finance
Norman J. Metcalfe Faculty Fellow in Finance
PhD, University of Rochester, 1982
MS, University of Rochester, 1976
BA, University of California, Santa Barbara, 1973Specialties
Mergers and acquisitions, corporate governance, initial public offerings, econometrics.Positions Held
At the University of Washington since 1980
Visiting scholar at Arizona State University (1997),
economics instructor at Colgate University (1977-80)
Research Associate for Weyerhaeuser's Pension Fund Investments Group (1988-91)Current Research
Private placements, stock price reactions to earnings components, managerial turnover and firm performance.Honors and Awards
Norman J. Metcalfe Endowed Fellowship in Finance (1997-present)Academic Service
Managing editor of the Journal of Financial and Quantitative Analysis (1987-present)
Program committee member of the American Finance Association (1991, 1993-95)
Executive committee member of the Western Finance Association (1987-88)Selected Publications
'Firm Values and Sovereign Wealth Fund investments," with Kathy Dewenter and Xi Han, Journal of Financial Economics, Vol. 98, No. 2, 2010, pp.256-278.
"Earnings Management, Stock Issues, and Shareholder Lawsuits," with L. DuCharme and S. Sefcik, Journal of Financial Economics
, Vol. 71, 2004, pp. 27-49.
"Earnings Management: IPO Valuation and Subsequent Performance," with L. DuCharme and S. Sefcik, Journal of Accounting
, Auditing and Finance, Vol. 16, Fall 2001, pp. 369-396.
"State-Owned and Privately-Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity," with K. Dewenter, American Economic Review
, Vol. 91, March 2001, pp. 320-334.
"Public Offerings of State-Owned and Privately-Owned Enterprises: An International Comparison," with K. Dewenter, Journal of Finance
, Vol. 52, September 1997, pp. 1659-1679.
"Corporate Governance and Shareholder Initiatives: Empirical Evidence," with Jonathan Karpoff and Ralph Walkling, Journal of Financial Economics
, Vol. 42, November, 1996, pp. 365-395.Selected Consulting Experience
Eastman Kodak, litigation support.
U.S. Navy, economic analysis of the selective reenlistment bonus program.