Finance

Dr. Walkling is internationally known for his research involving corporate governance and corporate acquisitions and for his ability to communicate financial concepts with clarity and in an exciting, effective fashion. He is a regular consultant to industry and a leading contributor to the top refereed journals in his field including The Journal of Financial Economics, The Journal of Finance, The Journal of Financial and Quantitative Analysis and The Rand Journal of Economics.

Dr. Walkling has been listed in the top 1% of more than twelve thousand finance authors in terms of academic citations to their work. He has received numerous awards for best papers in corporate finance and excellence in graduate teaching. In 2008 the Eastern Finance Association awarded him their scholar of the year award.

Dr. Walkling currently serves as associate editor of The Journal of Financial and Quantitative Analysis , The Journal of Empirical Finance , The Journal of Applied Finance , The Journal of Empirical Finance and The Journal of Corporate Finance . He is a past associate editor of Financial Management. He is a member of the Board of Trustees and immediate Past President of the Financial Management Association, an international organization of over 7,000 academics and practitioners. Prior to joining Drexel, Dr. Walkling was Dean’s Research Professor of Finance in the Fisher College of Business at Ohio State University. He received his B.S. from Towson State University and his MBA and Doctorate from the University of Maryland.

As the founder and Executive Director of the Center for Corporate Governance at Drexel University, Dr. Walkling directs the Center’s advisory board comprised of leading area CEOs and executives. He has organized and moderated numerous conferences covering diverse issues such as rules of engagement for CEO and boards in the Sarbanes-Oxley era and corporate governance failures contributing to the subprime meltdown and subsequent lending crisis. In addition to his academic research Dr. Walkling writes a column for Directors and Boards magazine.

Education

BS Business Administration and Music Theory - Towson State University Towson, MD United States 1975
MBA Business Administration - University of Maryland United States 1976
Ph.D. Finance - University of Maryland United States 1980

Selected Works

Articles

Fich, Eliezer M., Tran, Anh, and Walkling, Ralph A., On the Importance of Golden Parachutes. Journal of Financial and Quantitative Analysis (Dec 2013):

Cai, Jie, Garner, Jacqueline L., and Walkling, Ralph A., A Paper Tiger? An Empirical Analysis of Majority Voting. Journal of Corporate Finance (Jun 2013):

Walkling, Ralph A., Becher, David A., and Mulherin, Harold, Sources of Gains in Corporate Mergers: Refined Tests from a Neglected Industry. Journal of Financial and Quantitative Analysis 47 (Feb 2012): 57-89.

Walkling, Ralph A., and Song, Moon H., Anticipation, Acquisition and Bidder Returns: Industry shocks and the transfer of information across rivals. Review of Financial Studies 24 (Jul 2011):

Walkling, Ralph A., and Cai, Jie, Shareholders’ Say on Pay: Does It Create Value?. Journal of Financial and Quantitative Analysis 46 (Apr 2011): 229-339.

Walkling, Ralph A., CEO-centric Firms: Risks and Remedies. Directors & Boards Magazine (Jan 2010):

Walkling, Ralph A., Garner, Jacqueline L., and Cai, Jie, Electing Directors. Journal of Finance (Fall 2009):

Walkling, Ralph A., Saying Goodbye to Broker Votes. Directors & Boards Magazine (Oct 2009):

Walkling, Ralph A., Hershey DIspute Underscores Risk. Agenda Magazine (Aug 2009):

Walkling, Ralph A., Share Repurchase, Executive Options and Wealth Changes to Stockholders and Bondholders. Journal of Corporate Finance 15 (Apr 2009): 212-229.

Walkling, Ralph A., Evidence & Perspectives: Natural Partners in a Necessary Partnership. Directors and Boards Magazine (Apr 2009):

Walkling, Ralph A., Evidence & Perspectives: Electing Directors- The Votes Do Matter. Directors & Boards Magazine (Jan 2009):

Walkling, Ralph A., Evidence & Perspectives: Say on Pay. Directors & Boards Magazine (Nov 2008):

Hsieh, Jim, and Walkling, Ralph A., The history and performance of concepts stocks. Journal of Banking and Finance 30 (Sep 2006): 2433-2469.

Walkling, Ralph A., and Hsieh, Jim, Determinants and Implications of Arbitrage Holdings in Acquisitions. Journal of Financial Economics 77 (Sep 2005): 605-648.

Jindra, Jan, and Walkling, Ralph A., Speculation Spreads and the Market Pricing of Proposed Acquisitions. Journal of Corporate Finance 10 (Apr 2003): 495-526.

Schlingemann, Frederik P., Stulz, Rene, and Walkling, Ralph A., Divestitures and the Liquidity of the Market for Corporate Assets. Journal of Financial Economics 64 (Apr 2002): 117-144.

Song, Moon H., and Walkling, Ralph A., Abnormal Returns to Rivals of Acquisition Targets: A Test of the ?Acquisition Probability Hypothesis. Journal of Financial Economics 55 (Feb 2000): 143-172.

Karpoff, Jonathan, Malatesta, Paul H., and Walkling, Ralph A., Corporate Governance and Shareholder Initiatives: Empirical Evidence. Journal of Financial Economics 42 (Nov 1996): 365-396.

Kahle, Kathleen M., and Walkling, Ralph A., The Impact of Industry Classifications on Financial Research. Journal of Financial and Quantitative Analysis 31 (Sep 1996): 309-335.

Agrawal, Anup, and Walkling, Ralph A., Executive Careers and Compensation Surrounding Takeover Bids. Journal of Finance 49 (Jul 1994): 985-1014.

Song, Moon H., and Walkling, Ralph A., The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth. Journal of Financial and Quantitative Analysis 28 (Dec 1993): 439-457.

Lang, Larry, Stulz, Rene, and Walkling, Ralph A., A Test Of The Free Cash Flow Hypothesis: The Case of Bidder Returns. Journal of Financial Economics 29 (Oct 1991): 315-335.

Karpoff, Jonathan, and Walkling, Ralph A., Dividend Capture in NASDAQ Stocks. Journal of Financial Economics 28 (Dec 1990): 39-66.

Stulz, Rene, Walkling, Ralph A., and Song, Moon H., The Distribution of Target Ownership and the Division of Gains in Successful Takeovers. Journal of Finance 45 (Jul 1990): 817-833.

Lang, Larry, Stulz, Rene, and Walkling, Ralph A., Managerial Performance, Tobin’s Q and the Gains from Successful Tender Offers. Journal of Financial Economics 24 (Sep 1989): 137-154.

Karpoff, Jonathan, and Walkling, Ralph A., Short Term Trading Around Ex-Dividend Days: Additional Evidence. Journal of Financial Economics 21 (Sep 1988): 291-298.

Malatesta, Paul H., and Walkling, Ralph A., Poison Pill Securities: Stockholder Wealth, Profitability, and Ownership Structure. Journal of Financial Economics 20 (Jan 1987): 347-376.

Huang, Yen-Sheng, and Walkling, Ralph A., Target Abnormal Returns Associated with Acquisition Announcements: Payment, Acquisition Form, and Managerial Resistance. Journal of Financial Economics 19 (Dec 1987): 329-349.

Comiskey, Eugene E., Walkling, Ralph A., and Weeks, Michael, Dispersion of Expectations and Trading Volume. Journal of Business, Finance & Accounting 14 (Jun 1987): 229-239.

Ehrhardt, Michael C., Jordan, James V., and Walkling, Ralph A., An Application of Arbitrage Pricing Theory to Futures Markets. Journal of Futures Markets 7 (Jan 1987): 21-34.

Walkling, Ralph A., Strategic Issues in Cash Tender Offers: Predicting Bid Premiums, Probability of Success and Managerial Resistance. The Midland Corporate Finance Journal (Jun 1986): 57-65.

Walkling, Ralph A., Predicting Tender Offer Success: A Logistic Analysis. Journal of Financial and Quantitative Analysis 20 (Dec 1985): 461-478.

Edmister, Robert O., and Walkling, Ralph A., Trends in Institutional Commission Costs Following Deregulation. Journal of Business, Finance & Accounting (Nov 1985): 553-559.

Walkling, Ralph A., and Edmister, Robert O., Determinants of Tender Offer Premiums. Financial Analysts Journal (Jan 1985): 27-37.

Walkling, Ralph A., and Long, Michael S., Agency Theory, Managerial Welfare and Takeover Bid Resistance. Rand Journal of Economics 15 (May 1984): 54-68.

Edmister, Robert O., and Walkling, Ralph A., Are There Commission Cost Side Effects from Portfolio Management Decisions. Financial Analysts Journal (Jul 1983): 3-10.

Presented Research

Cai, Jie, and Walkling, Ralph A., Shareholders’ Say on Pay: Does It Create Value?, Securities and Exchange Comission Office of Economic Analysis: Washington, DC,

Walkling, Ralph A., Managerial Indiscretions: Sex, Lies and Firm Va…, Massey University: Auckland, NZ, (Sep 2013):

Cai, Jie, Garner, Jacqueline L., and Walkling, Ralph A., Electing Directors, Eurpoean FMAs: Turin Italy, (Jun 2009):

Professional Experience

Academic-Georgia Institute of Technology Assistant Professor of Finance Atlanta GA May 1980 - Nov 1985
Academic-Ohio State University Deans Research Professor Columbus OH Mar 1985 - Jun 2005
Academic-Drexel University Stratakis Chair in Corporate Governance Philadelphia Pa Jul 2005 -

Awards

2012 2012 Best Paper Award (Financial Management Association Asia Meetings )
2012 Sharpe Award for best paper (Journal of Financial and Quantitative Analysis)
2011 Best Paper in Investments (Southern Finance Association meetings)
2011 Best Paper Award (Financial Management Association Asia Meetings )
2008 Distinguished Scholar Award (Eastern Finance Association Meetings)
2003 Best Paper in Corporate Finance Award (Financial Management Association Meetings )

Areas of Expertise

  • Board of Directors
  • Corporate Control and Mergers and Acquisitions
  • Corporate Finance
  • Corporate Governance
  • Executive Compensation

Media Mentions

Danger! American Apparel, Lululemon impale

via CNN

As stock prices tumble at two apparel brands with controversial founders, CNN Money looks to research by LeBow professor Ralph Walkling, PhD to examine what the costs of the two men’s indiscretions truly are.

NW CEOs reap larger rewards, despite 'say on pay' votes

via The Seattle Times

Ralph Walkling, Ph.D., a professor and executive director of the Center for Corporate Governance at LeBow College of Business, was quoted in The Seattle Times on June 23 in a story about a company’s “say on pay” votes.

Despite Resistance, Boards Shift Toward Breaking Up CEO, Chair Roles

via Fox Business

A Fox Business article on the shift toward separating the roles of CEO and chairman quotes Ralph Walkling, Ph.D., executive director of the Center for Corporate Governance.“It’s sound governance to split the roles,” says Walkling. “I’ve known some CEOs who I thought were pretty darn effective at being chairman of the board. But I still worried about not having the independence and a separate pair of eyes.”

College News

Danger! American Apparel, Lululemon impale

via CNN

As stock prices tumble at two apparel brands with controversial founders, CNN Money looks to research by LeBow professor Ralph Walkling, PhD to examine what the costs of the two men’s indiscretions truly are.

NW CEOs reap larger rewards, despite 'say on pay' votes

via The Seattle Times

Ralph Walkling, Ph.D., a professor and executive director of the Center for Corporate Governance at LeBow College of Business, was quoted in The Seattle Times on June 23 in a story about a company’s “say on pay” votes.

Despite Resistance, Boards Shift Toward Breaking Up CEO, Chair Roles

via Fox Business

A Fox Business article on the shift toward separating the roles of CEO and chairman quotes Ralph Walkling, Ph.D., executive director of the Center for Corporate Governance.“It’s sound governance to split the roles,” says Walkling. “I’ve known some CEOs who I thought were pretty darn effective at being chairman of the board. But I still worried about not having the independence and a separate pair of eyes.”