Center for Corporate Governance
Faculty and Fellows
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.
Center for Corporate Governance Internal Fellows
Dr. David A. Becher’s areas of expertise include mergers and acquisitions, corporate governance and financial institutions. His publications on corporate governance include, “Board Classification and Managerial Entrenchment: Evidence from the Market for Corporate Control,” and “Why Do Good Takeover Bids Fail: Managerial Bargaining or Bad Faith?”
Dr. Jie Cai’s research interests involve the models of corporate governance, mergers and acquisitions, executive compensation and derivatives. His publications on corporate governance include, “Shareholders’ Say on Pay: Does it Create Value?,” “Electing Directors,” and “Executive Stock Option Exercises: Good Timing or Backdating?”
Dr. Naveen Daniel’s areas of expertise include corporate governance, mutual funds and hedge funds.
His published papers in corporate governance include “Do firms manage earnings to meet dividend thresholds?” and “Boards: Does One Size Fit All?”
Dr. Eliezer Fich’s areas of expertise include empirical issues in corporate finance, particularly the effect of board composition and director compensation on the value of publicly traded firms.
His publications on corporate governance include, “Are Busy Boards Effective Monitors?,” “The Impact of Stock-Option Compensation for Outside Directors on Firm Value, “Why do CEOs Reciprocally Sit on Each Other’s Boards?,” and “Are Some Outside Directors Better than Others? Evidence from Director Appointments by Fortune 1000 Firms.”
Dr. Michael Gombola’s areas of expertise include topics involving empirical methods in corporate finance, particularly those that overlap accounting issues.
His publications in corporate governance include, “New Evidence on the Effectiveness of the Insider Trading Sanctions Act of 1984” and “Further Evidence of Insider Selling Before Seasoned Equity Offering Announcement: The Role of Growth Opportunities.”
Dr. Gombola has served as a consultant to Johnson and Johnson Consumer Products and Advanta Corporation.
Dr. Ed Nelling’s areas of expertise include investments, corporate finance, real estate, and finance.
Dr. Nelling’s legal and industry presentations involve work with law firms and executives from Fortune 500 companies and divisions including Johnson and Johnson, Invesco, and Arthur Andersen Business Consultants. He has also served as an expert witness in financial management cases.
His published papers in corporate governance include “Executive Compensation in Socially Responsible Firms” and “An Analysis of the Determinants and Shareholder Wealth Effects of Mutual Fund Mergers.”
Center for Corporate Governance External Fellows
Jeffrey Coles, PhD
- Department Chair of Finance, W.P. Carey School of Business, Arizona State University
K.J. Martjin Cremers, PhD
- Associate Professor of Finance, Yale School of Management
Cremers’ research focuses on empirical issues in asset pricing and corporate governance. His interests also cover the development of new methodologies in investments and mutual funds, using Bayesian as well as classical statistical analysis.
David Denis, PhD
- Roger S. Ahlbrandt, Sr. Chair and Professor of Business Administration, University of Pittsburgh
Denis’ primary teaching interest is corporate finance. His current research examines corporate governance, corporate financial policies and corporate diversification. He is the author of more than 40 published articles in leading peer-reviewed journals on topics related to corporate governance, corporate financial policies, corporate organizational structure, corporate valuation, restructuring and entrepreneurial finance.
Diane Denis, PhD
- Katz Alumni Chair in Finance and Professor of Business Administration, University of Pittsburgh
Denis’ teaching interests include corporate finance, mergers and acquisitions, and international finance. She is a Fellow of Purdue University’s Teaching Academy and also teaches a University Honors Program course on the Modern Corporation in Society. Her research areas include corporate governance, corporate diversification strategy, and mergers and acquisitions.
B. Espen Eckbo, PhD
- Tuck Centennial Professor of Finance, Founding Director, Lindenauer Center for Corporate Governance, Dartmouth College
Eckbo conducts research in corporate finance and capital markets, with emphasis on investment banking, corporate governance, mergers and acquisitions and portfolio management and performance evaluation. He publishes regularly in top finance journals, and is a founding co-editor of the European Finance Review and the Journal of the European Finance Association. He is currently a director the Norwegian Research Council and a former director of the European Finance Association and American Financial Management Association.
Laura Field, PhD
- Associate Professor of Finance, Penn State
Field’s primary research interests include corporate finance, IPOs, and international finance. She has co-authored numerous articles in the Journal of Accounting & Economics, Journal of Corporate Finance and Journal of Financial Economics. Field has served as the associate editor of Financial Management since 2006.
- John Nutie and Edie Dowdle Professor of Finance, Mississippi State
Garner’s areas of expertise include investment banking, initial public offerings (IPOs), corporate finance, and corporate governance.
Her publications in corporate governance include “An Examination of Board Stability and the Long-term performance of Initial Public Offerings,” “Electing Directors,” “An Examination of Board Composition, Donation Sources, and Their Effects on Firm Performance for Non-Profit Firms,” “Democracy or Disruption: Majority Versus Plurality Voting” and “Director and Executive Compensation and the Likelihood of Corporate Fraud.”
- Professor of Finance, Marion Ingersoll Endowed Professor, Foster School of Business, University of Washington
Harford’s specialties include: corporate finance, mergers and acquisitions, payout policy and corporate governance. His current research includes topics such as “Do Firms have leverage Targets: evidence From Acquisitions” and “Conflicts of interests Among shareholders: The Case of Corporate Acquisitions.”
Jonathan Karpoff, PhD
- Professor of Finance, Washington Mutual Endowed Professor in Finance, Faculty Director, CFO Forum, University of Washington
Karpoff serves as an associate editor for the Journal of Finance, the Journal of Financial and Quantitative Analysis, the Journal of Financial Research, and Managerial and Decision Economics, and on the executive committee and board of trustees for the Financial Management Association International. Karpoff has held appointments as the John M. Olin Visiting Professor at the University of Chicago’s Graduate School of Business (1998) and as the Visiting Alumni Professor of Finance and Alumni Research Scholar at the Emory University’s Goizueta Business School (2000-02).
Simi Kedia, PhD
- Associate Professor, Finance and Economics, Rutgers University
Kedia’s research interests include empirical corporate finance, corporate governance, and corporate fraud. Her current research focuses on the causes and consequences of recent accounting scandals. She also examines the role of geography and distance on the resolution of information problems, corporate decisions and performance. Her prior research on the diversification discount and the hedging of foreign exchange risk has been published in leading academic journals.
Kenneth M. Lehn
- Samuel A. McCullough Professor of Finance, Katz Graduate School of Business, University of Pittsburgh
Lehn’s research focuses on topics in corporate finance, corporate governance and capital structure. He joined the Pitt faculty in 1991 after serving as chief economist of the U.S. Securities and Exchange Commission. Lehn has also taught at Washington University, UCLA, Miami University and the Georgetown University Law Center.
Mike Lemmon, PhD
- Wasatch Advisors Professor of Finance, David Eccles School of Business, University of Utah
- Norman J. Metcalfe Faculty Fellow in Finance, Foster School of Business, University of Washington
Malatesta’s specialties include mergers and acquisitions, corporate governance, initial public offerings and econometrics. his current research includes private placements, stock price reactions to earnings components, managerial turnover and firm performance.
John J. McConnell
- Professor of Finance, Emanuel T. Weiler Distinguished Professor of Management, Krannert School of Management, Purdue University
McConnell’s research interests include stock and bond valuation and returns, portfolio management, mergers and acquisitions, corporate restructurings, derivative securities, asset leasing and related topics. McConnell joined Purdue in 1976. In addition to his teaching appointment, he has served as director of doctoral programs and research (1990-1998), area coordinator of finance (1994-1998; 2006-2007), and academic director of professional masters programs (2001-2006).
- Hubert C. & Dorothy R. Moog Professor of Finance, Olin Business School, Washington University in St. Louis
Milbourn’s research interests include corporate finance, managerial career concerns, management compensation and economics of asymmetric information. Milbourn previously taught at the London Business School and the University of Chicago.
- Professor of Banking and Finance, Terry College of Business, the University of Georgia
Kevin J. Murphy
- Kenneth L. Treftz Chair in Finance and Professor of Finance and Business Economics, Marshall School of Business, University of Southern California
Kevin J. Murphy is an internationally known expert on executive compensation and is the author of more than 40 articles, cases, books and book chapters relating to compensation and incentives in organizations. Results from his research on executive compensation have appeared in popular, business and professional press. He is associate editor for the Journal of Financial Economics and Journal of Corporate Finance. From 2004 to 2007, he served as vice dean for faculty and academic affairs at the Marshall School.
- Associate Professor of Finance, Loyola Marymount University in Los Angeles
Officer’s research focuses on corporate finance and corporate governance issues, including capital structure, dividend policy, corporate governance, stockholder voting rights, and the contractual features of merger agreements. Officer has published articles in top-tier finance journals, such as the Journal of Financial Economics, Journal of Finance, Journal of Business, and Journal of Corporate Finance, and regularly gives presentations at universities and conferences around the world. Officer is an associate editor of the Journal of Financial Economics, and his paper titled “Inter-firm linkages and the wealth effects of financial distress along the supply chain” (co-authored with M. Hertzel, Z. Li, and K. Rodgers) won the Fama/DFA prize for best capital markets paper published in the Journal of Financial Economics in 2008.
Gordon Phillips, PhD
- Professor of Finance, R.H. Smith School of Business, University of Maryland
Phillips’ areas of research include corporate finance and how financial decisions play a role in firms’ strategic decisions, and contracting in futures and forward oil markets. His work in corporate finance includes studies of private equity issuance, capital structure, Chapter 11 bankruptcy and how leverage buyouts and other forms of high debt influence a firms’ and rivals’ investment decisions. His recent research published in the Journal of Finance has included how firms organize across multiple markets and their gains from mergers and acquisitions.
Annette B. Poulsen
- Sterne Professor, Department of Banking and Finance, Terry College of Business, University of Georgia
Matthew Rhodes-Kropf, PhD
- Associate Professor of Business Administration, Harvard University
Rhodes-Kropf is an associate professor in the entrepreneurial management unit, where he teaches the Venture Capital and Private Equity course in the MBA elective curriculum. He specializes in mergers and acquisitions, venture capital, hedge funds, and corporate governance and has published in leading finance and economic journals, including the Journal of Finance, the Journal of Business, Journal of Financial Economics, and the RAND Journal of Economics. His 2004 paper “Market Valuation and Merger Waves,” published in the Journal of Finance, was nominated for the Brattle Prize for “Best Paper in Corporate Finance” in 2005.
Anil Shivdasani, PhD
- Wachovia Distinguished Professor of Finance, Kenan-Flagler Business School, University of North Carolina
Shivdasanis’ areas of expertise include corporate valuation, capital structure, financing strategies, mergers and acquisitions and corporate governance. He is an award-winning teacher of mergers and acquisitions and corporate financial strategy.
- Chair, Finance Department, Charles E. & Sara M. Seay Regents' Chair, Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin
Starks’ teaching interests include global financial strategies, investments, valuation theory, and financial management. Her recent research focuses on the evaluation, compensation and performance of portfolio managers and the role of institutional investors in markets and corporate governance.
Michael S. Weisbach
- Professor and Ralph W. Kurtz Chair in Finance, Fisher College of Business, Ohio State University
Weisbach’s research and teaching interests are in finance and economics, with specialties in corporate finance, corporate governance, and private equity. He has 31 publications on these and related topics, which together have been cited over 1500 times. He has previously taught at the University of Illinois, the University of Chicago, the University of Rochester, and the University of Arizona. Weisbach is an editor of The Review of Financial Studies, one of the leading academic journals in finance, and has been an associate editor of five other academic journals. He is a senior advisor of The Brattle Group, a Cambridge, Massachusetts business-economics and litigation-support consulting firm.
Tracie Woidtke, PhD
- David E. Sharp/Home Federal Bank Professor of Banking and Finance, Department of Finance, the University of Tennessee
Woidtke is a research fellow for the Corporate Governance Center at the University of Tennessee. She received both an undergraduate degree in mathematics and computer science and an MBA from Millsaps College. She attended Queen’s University in Canada as a Rotary Scholar and received a PhD in Finance from Tulane University. Prior to coming to the University of Tennessee, Woidtke served on the faculty at Texas A&M University.
David L. Yermack, PhD
- Albert Fingerhut Professor of Finance and Business Transformation, Daniel P. Paduano Faculty Fellow, Stern School of Business, New York University
Yermack’s primary research areas include boards of directors, executive compensation, executive stock options and law and finance. He has been published in many journals including Journal of Financial Economics, Journal of Finance, and Journal of Law, Economics and Organizations. He teaches courses in corporate finance, restructuring firms and industries and law and finance.