Areas of Expertise:
 
 Education

Doctor of Business Administration (DBA), Indiana University, 1973

Master of Business Administration (MBA), Indiana University, 1972

Bachelor of Science in Industrial Management, Georgia Tech, 1970

Magna cum laude. Co-op plan.

Areas of Expertise / Research

Corporate finance and investments

Portfolio theory and capital markets

Valuation of securities and assets

Initial public offerings

Venture capital

Debt markets and timing

Emerging capital markets

International finance

Key Publications

“Debt Financing and Initial Public Offerings” (with Vassil Mihov), unpublished working paper, 2005.

“Tax-Induced Trading of Equity Securities: Evidence from the ADR Market,” (with Sandy Callaghan) Journal of Finance, V. 58, No. 4, August 2003, 1583-1611.

“Robustness of Size and Growth-Value Effects: Evidence from Emerging Equity Markets,” (with L. J. Lockwood, E. Goldreyer, and M. Rodriguez) Emerging Markets Review, V. 3, No. 1, March 2002, 1-30.

"The Role of Venture Capital in the Creation of Public Companies: Evidence from the Going Public Process," (with C. J. Muscarella, J. W. Peavy, III, and M. R. Vetsuypens) Journal of Financial Economics, 27, (October 1990), 447-471.

"Differential Information and the Small Firm Effect," (with Stephen J. Brown) Journal of Financial Economics, 13 (July 1984), 283-294.

Awards / Recognition

Neeley School of Business, TCU, selection for the Chancellor’s University-wide Teaching Award, 1992.

Neeley School of Business, TCU, selection for the Chancellor's University-wide Research Award, 1993 & 1995.

Outstanding MBA Elective Course, MJNSB, 2002.

Winner of the Neeley School of Business Distinguished Research and Creative Activity Award, 2003.

Winner of Teaching Excellence Award, Tulane University Executive MBA Program, 1993.

Winner of the Research Excellence Award, School of Business, SMU, 1984.

International Experience

Have taught a variety of courses in finance, mostly in Spanish, in Mexico (ITAM, Monterrey Tech and UDLA), Argentina (Belgrano and Cujo), Chile (Santiago), Peru (ESAN) and Venezuela (IESA).

Have taught courses for the Ecole Nationale des Ponts et Chausees in Paris and in Quimper (Brittany) and in TCU exchange programs in Dijon, France and Duesseldorf, Germany.

Have taught in Executive MBA programs in Europe for KPMG (in France and Britain) and Kempinski Hotels (in Germany, China and Turkey (not an EMBA program)).

I have taught in international masters programs also in Morroco and Japan.

Have taught for corporations in the energy business in Jakarta, Indonesia (ARCO) and in Buenos Aires, Argentina (Amoco).

Consulting

I have a wide variety of experience in litigation consulting in areas that include securities litigation, business and asset valuation, derivative securities, damage analysis, initial public offerings, issues in corporate finance and investments, banking, and other areas.

Clients have included corporations, major investment banking firms, major accounting firms, the United States Department of Justice, and numerous others.

I have worked with top law firms throughout the United States and have testified in Federal Courts as well as State and/or local courts, in securities and property valuation arbitration matters, and in Lima, Peru in Spanish before the Peruvian SEC (CONASEV).

I have conducted a variety of consulting in executive education, training on cost of capital and derivatives, financial management and other areas. I also have experience in consulting on statistical analyses of issues in business, pricing, and hedging risks.