RANDALL
K. MORCK
|
Jarislowsky Distinguished Professor of Finance (780) 492-5683 (780) 492-3325 (fax) |
Research Associate National Bureau of Economic Research 1050 Massachusetts Avenue Cambridge MA 02138 USA (617) 588-1646 (617) 495-8570 (fax) |
Ph.D. in
economics (finance thesis), June 1986.
M.A. in
economics (joint with B.Sc.), May 1979.
B.Sc. summa cum laude, May 1979 double major
with honors in applied mathematics and honors in economics.
Certificate of Completion in
Philology, August 1977.
Stephen A.
Jarislowsky Distinguished Chair in Finance, 1992 - present.
Full
Professor, January 1991 - present.
Associate
Professor, January 1990 - January 1991.
Assistant
Professor, July 1986 - January1989.
William Lyon Mackenzie King Visiting Prof
Visiting Prof
Visiting Professor of Economics, September 1999 - May 2000.
Visiting Professor, Center for Economic Institutions, February 2003 to
May 2003
William Davidson
Visiting Professor, May - June 1999.
Visiting R
Assistant Professor, September 1985 - May 1986.
Lecturer, September 1983 - May 1984.
William
Davidson Institute at the
Research Fellow
Citizenship: Canadian.
Languag
William Lyon Mackenzie King Visiting Chair,
Brattle Prize nominee, Journal of Finance Best Pape4r Award, American
Finance Association 2005.
Laurier Lecture,
Senior Fellow,
Distinguished Speaker, Bank of
Olin Lecturer, University of
Donald and Margaret MacKenzie Award for Distinguished
Teaching,
B
Distinguished Speaker, Industry
Appointed to the Stephen A. Jarislowsky Distinguished Chair
in Finance, 1992, renewed 1998.
McCalla Research Professorship at the University of Alberta, 1991-1992 academic
year.
B
Graham and Dodd Award, with Martin Feldstein, 1983.
Sir James Lougheed Award for Academic Distinction in Graduate Studies, 1983.
Phi Beta Kappa, 1977.
Economic Entrenchment and Growth, with
Daniel Wolfenzon and Bernard Yeung. Journal
of Economic Literature, forthcoming.
When Labor Has a Voice in Corporate
Governance, with Olubunmi Faleye and Vikas Mehrotra. Journal of Financial and Quantitative Analysis. Forthcoming
Dividend Taxation and Corporate
Governance, with Bernard Yeung. Journal
of Economic Perspectiv
Firm-Specific Variation and Openn
The Global History of Corporate Governance – An Introduction, with Lloyd
Steier. In R. Morck, ed. A History of Corporate Governance
around the World: Family Business Groups to Professional Managers. National Bureau of Economic R
The Rise and Fall of the Family Firm – A History of Corporate Governance
in
A Frog in a Well Knows Not the Sea – A History of Corporate Governance
in
How to Eliminate Pyramidal Busin
Value Enhancing Capital Budgeting
and Firm-Specific Stock Returns Variation, with Artyom Durnev and
Does Greater Firm-specific Return
Variation Mean More or Less Informed Stock Pricing? with Artyom Durnev,
Law, Share Price Accuracy and
Economic Performance, with Artyom Durnev, Merritt Fox, and Bernard Yeung.
The Puzzle of the Harmonious Stock Prices, with Bernard Yeung. World
Economics 3(3) July-September 2002.
Why Firms Diversify: Internalization
versus Agency Behavior, with
Habitual and Occasional Lobbyers in
the U.S. Steel Industry - An EM Algorithm Approach, with J. Spanski and
Bernard Yeung, Economic inquiry.
39(3) 365-378, 2001.
Banks, Ownership Structure, and Firm
Value in
The Information Content of Stock
Markets: Why Do Emerging Markets Have
Synchronous Stock Price Movements? with Bernard Yeung and Wayne Yu, Journal of Financial Economics. 58(1) 215-260, Oct. 2000.
Demand Curves for Stocks Do Slope
Down: New Evidence from an Index Weights Adjustment, with Aditya Kaul and Vikas
Mehrotra, Journal of Finance. 55(2) 893-912, Apr. 2000.
Inherited Wealth, Corporate Control,
and Economic Growth: The Canadian
Disease? with David Stangeland and Bernard Yeung. In R. Morck (ed.) Concentrated Corporate
Ownership. National Bureau of
Economic R
Banks and Corporate Control in
Testing for Addiction, joint with
Bernard Yeung, Applied Stochastic Methods for Data Analysis, conference
volume, Complesso Universitario di Monte S. Angelo, 1997.
Causality between International
Expansion and Investment in Intangibles:
Implications for Financial Performance and Firm Survival, with Will
Mitchell, Bernard Yeung, and Myles Shaver.
In Global Competition and Market
Entry Strategies, J-F Hennert (ed.) Elsevier, North-Holland, 1997.
Rent Seeking, Innovation and
Protectionism and the American Steel Industry:
An Empirical Study, with Stephanie Lenway and Bernard Yeung, Economic Journal. 106(435) 410-421, March 1996.
On the Mercantilist Objectives of
Value and Information - A Profit
Maximizing Strategy for Maxwell's Demon, with Harold Morowitz, Complexity - The Journal of the
The Economics of Concentrated
Ownership. Canadian Business Law Journal.
1(2), 58-63, Nov. 1995.
Income Shifting in
Internalization: An Event Study Test, with Bernard Yeung, Journal of International Economics. 33
41-56, Aug. 1992.
Why Investors Value
Multinationality, with Bernard Yeung, Journal
of Business. 64(2) 165-187, April
1991.
A Test of Rational Expectation in
the Index Option Market, with Giovanni Barone-Adesi, Advances In Futures and Options Research. 5 137-147, 1991.
The Stock Market and
Investment: Is the Market a Side Show?
with Andrei Shleifer and Robert Vishny, Brookings Papers on Economic Activity. 2 157-215, Fall 1990.
Do Managerial
Reprinted
in Empirical Corporate Finance, The International Library of Critical
Writings in Financial Economics, Richard Roll (series editor) and Michael J.
Brennan (editor), 2000.
The Valuation of Forestry Resources
under Stochastic Prices and Inventories, with Eduardo Schwartz and David
Stangeland, Journal of Financial and Quantitative
Analysis. 24(4) 473-487, Dec. 1989.
Alternative Mechanisms for Corporate
Control, with Andrei Shleifer and Robert Vishny, American Economic Review.
79(4) 842-852, Sept. 1989.
Management Ownership and Corporate
Performance: An Empirical Analysis, with
Andrei Shleifer and Robert Vishny, Journal
of Financial Economics. 20(2)
293-315, Jan./Mar. 1988.
The Differences Between Hostile and
Friendly Takeovers, with Andrei Shleifer and Robert Vishny. In Corporate
Takeovers: Causes and Consequences,
Allan Auerbach (ed.) National Bureau of Economic Research Conference Volume,
How Does the Market Value Unfunded
Pension Liabilities? with Jeremy Bulow and
Funding and Asset Allocation in
Corporate Pension Plans: An Empirical
Investigation, with Zvi Bodie, Jay Light and Robert Taggart. In Issues
in Pension Economics, Bodie, Shoven and Wise (eds.) National Bureau of
Economic Research Conference Volume, University of Chicago Press, 1986.
Pension Funding Decisions, Interest
Rate Assumptions and Share Prices, with Martin Feldstein. In Financial
Aspects of the U.S. Pension System, Bodie and Shoven (eds.) National Bureau
of Economic Research Conference Volume, University of Chicago Press, 1983.
Corporate Stability and Economic Growth:
Is What’s Good for General Motors Good for
Increased Openness and Institutional Change, with Minyuan Zhao, Kathy
Fogel, and Bernard Yeung.
The Supply of entrepreneurs and institutional obstacles to advancement,
with Kathy Fogel, Ashton Hawk and Bernard Yeung
Patterns of Comovement: The Role of Information Technology in the
Behavioral Finance in Corporate Governance - Independent Directors and
Non-Executive Chairs. National Bureau of Economic R
Heterogeneous Inv
The Mysterious Growing Value of S&P 500 Membership, with Fan Yang.
National Bureau of Economic R
The Rising Sun Bank, with Fan Yang.
Survival, with Kathy He and
Special Issu
Family Firms and the Rent-Seeking
Society, with
Agency problems in Large Family Busin
Review of The Money of Invention: How Venture Capital Creates New Wealth, by
Paul Gompers and Joshua Lerner, Journal
of Economic Literature 40(4) 1259-62.
Japanese
Economic Success and the Curious Characteristics of Japanese Stock Prices, with
Japanese
Corporate Governance and Macroeconomic Problems, with Masao Nakamura. In The Japanese Business and Economic
System: History and Prospects for the 21st Century, Masao Nakamura (ed.)
Palgrave, 2001.
Entrepreneurship, Globalization and Canadian Public Policy, with Zoltan
Acs and Bernard Yeung, International Journal of Management. 7 235-251, 2001
The Economic
Underpinnings of a Knowledge Based Economy, with Bernard Yeung. In Doing
Business in the Knowledge Based Economy – Facts and Policy Challenges,
Louis Lefebvre, Elisabeth Lefebvre and Pierre Mohnen (eds.) Kluwer Academic Publishers, Boston, 2001.
Canadian
Public Policy a Knowledge Based Economy, with Bernard Yeung. In Doing
Business in the Knowledge Based Economy – Facts and Policy Challenges,
Louis Lefebvre, Elisabeth Lefebvre and Pierre Mohnen (eds.) Kluwer Academic Publishers, Boston, 2001.
The Economic Determinants
of Innovation, with Bernard Yeung. In Productivity in
Also circulated as Industry Canada Occasional Paper No. 25, January 2001.
Bring
Stocks of a Feather: Why Emerging
Markets Have Synchronous Stock Price Movements, with Bernard Yeung. SternBusinss, Spring/Summer, 2000.
Telling the Crackpots from the
Geniuses, Policy Options. 21(6)
27-29, July-August 2000.
Productivity Growth and Firm Size Distribution,
with Zoltan Acs and Bernard Yeung. In
Z.J. Acs, B. Carlsson, and C. Karlsson, eds. Entrepreneurship, Small and
Medium Sized Enterprises and the Macroeconomy,
Why Synergy Creates Real Value, with Bernard
Yeung. Invited article in The
Financial Times (special issue supplement entitled Mastering Strategy),
Nov. 8, 1999.
Foreign Investment and Emerging Markets, with
Bernard Yeung, Transition, World Bank, Aug. 1999.
The Internationalization of Small
and Medium-Sized Enterprises: A Policy Perspective, with Zoltan J. Acs, J. Myles Shaver and Bernard Yeung, Small Business Economics 9 7-20,
1997.
Reprinted
in Globalization of the World Economy
Structural Change, Industrial Location, and Competitiveness, Bernard Yeung
and Joanne Oxley (eds.) Edward Elgar, Cheltenham
Reprinted
in Small and Medium Sized Enterprises in
the Global Economy, Zoltan Acs and Bernard Yeung (eds.) University of
Michigan Press. 1999.
Reprinted in SMEs in the Age of
Globalization, David Audretsch, ed.
Edward Elgar, 2003
The Effect of Protectionism in the
American Steel Industry: an Empirical Analysis, with Stefanie Lenway and
Bernard Yeung. In Structural Change, Industrial Location, and Competitiveness, Joanne
Oxley and Bernard Yeung (eds.) Edward Elgar Co., 1998.
Evolution, Community and the Global
Economy, joint with Zoltan Acs and Bernard Yeung. In Are
Small Firms Important? -Their Role and Impact, Zoltan Acs (ed.)
The Corporate Governance Consequences of the Intercorporate Dividend Tax
Exemption. Corporate Governance Review.
6(9) 9-12, October/November 1997.
Financial Regulation in the Global
Economy as Property Rights, with Bernard Yeung.
In Reforming the Canadian
Financial Sector:
Changes in Management Ownership and
the Valuation Effects of Equity Offerings, with Marco Bigelli, Vikas Mehrotra,
and Wayne Yu. In Geld, Finanzwirtschaft, Banken und Versicherungen, Verlag Versicherungswirtschaft, Christian
Hipp (ed.), Karlsruhe, Germany, 1996.
The Market and the Closely Held
Corporation in
Overhauling
Executive Stock Options. In Value for
Money: Executive Compensation in the
1990s, Edward Iacobucci and Michael Trebilcock (eds.) C.D. Howe Institute,
1996.
Canadian Corporate Governance: The Challenge, with Ron Daniels. In Corporate Decision-Making in Canada,
R. Daniels and R. Morck (eds.) Industry Canada and the University of
Calgary Press, Calgary, 1995.
In High Gear: A Case Study of the Hees-Edper Corporate
Group, with Ron Daniels and David Stangeland.
In Corporate Decision-Making in
Canada, R. Daniels and R.
Morck (eds.) Industry Canada
and the University of Calgary Press, Calgary, 1995.
The Corporate Governance of
Multinationals, with Bernard Yeung. In Corporate Decision-Making in Canada, R. Daniels and R. Morck (eds.)
Industry Canada and the University of Calgary Press, Calgary, 1995.
Banks and Corporate Governance in
Canadian Corporate Governance: Policy Options, with Ron Daniels. In Corporate
Decision-Making in Canada, R.
Daniels and R. Morck (eds.) Industry Canada and the University of Calgary
Press, Calgary, 1995.
Corporate Ownership and Management, The Palgrave Dictionary of Money and Finance,
Foreign Acquisitions: When Do They Make Sense? with Bernard Yeung, Managerial Finance. 17(6) 10-17, 1991.
Takeovers, the Economy and Public
Policy. In Takeovers and Tax Policy, Jack Mintz (ed.) John Deutsch
Institute for the Study of Economic Policy, Queen's University, Kingston, 1990.
Corporate Pension Policy: An Empirical Investigation, with Zvi Bodie,
Jay Light and Robert Taggart, Financial
Analysts Journal, Sept./Oct. 1985.
Reprinted
in The Foundations of Pension Finance, Zvi Bodie and E. Phillip Davis,
eds. Edward Elgar,
Pension Funds and the Value of
Equities, with Martin Feldstein, Financial
Analysts Journal, Sept./Oct. 1983.
Editor of A History of Corporate
Governance around the World: Family Business Groups to Professional Managers,
National Bureau of Economic R
Editor of Concentrated Corporate
Ownership, National Bureau of Economic R
Co-editor of Corporate Decision Making in Canada, with Ron Daniels, Industry
Canada and the University of Calgary Press, Calgary, 1995.
Managerial Finance in a Canadian Setting, 5th Edition, with Peter Lusztig and Bernhard
Schwab. John Wiley and Sons,
French
language
Co-editor of La Prise de décision dans les entreprises au
Chinese
language
The Great Experiment, Intelligentsia of
The Schumpeterian Process: A Requirement in
Meeting Demand, with Li Huaizu and Bernard Yeung,
A Win-Win Outcome for Multinational Firms and Host
Countries, with Li Huaizu and Bernard Yeung, Chinese Social Sciences,
November 1997.
Stop Corruption at its Sources: An Economic
Analysis of Corruption, with Li Huaizu and Bernard Yeung, Chinese Social
Sciences, 1998.
SEMINAR AND OTHER PRESENTATIONS
Invited speaker at
numerous universiti
Director, Canadian Corporate Governance Institute (on leave)
Member, Board of Directors, Global Corporate Governance Academic Network.
Frequent speaker at busin
Consultant to the World Bank on
Corporate governance issues
Consultant to the International
Monetary Fund on corporate governance issues
Consultant to the Canadian
government on corporate governance issues.
Consultant to the Canadian
government on public policy regarding knowledge-intensive firms.
Consultant to various corporations
on corporate governance and other corporate finance issues.
Commentator on financial issu
My r
Guest on the CBC business news
program Venture and on the Report on Business cable news program The
Close. Guest on local and nationally
syndicated TV and radio news programs numerous times.
Academic referee for: American Economic Review, Journal of
Business, Journal of Economic Literature, Journal of Finance, Journal of
Financial Economics, Journal of Financial and Quantitative Analysis, Journal of
Industrial Economics, Journal of
Political Economy, Management Science, Quarterly Journal of Economics, Rand
Journal of Economics, Review of Economics and Statistics, Scottish Journal of
Political Economy, and others.
Instructor at the Banff School of
Advanced Management's executive development program in Banff, Canada, 1988-2001.
Occasional Professor at the Tel Aviv
School of Management, an experimental private-sector business program for joint
instruction of Palestinian and Jewish Israeli students, 1995-1997.
Member,
Visiting Scholar and instructor at
Xi'an Jiaotong University's Management Program in Xian, People's Republic of
Various department and faculty level
administrative committees, 1986 to present
Member, The Busin
Organized National Bureau of
Economic Research Conferences on the History of Corporate Ownership in Lake
Louise in July 2003, in
Organized National Bureau of
Economic Research conferences on Corporate Governance and Concentrated
Ownership in
Member of the A.A.S.U. Faculty
Pension Advisory Committee, 1991-present.
Member of the Canadian delegation to
the O.E.C.D. Conference on Changing Workplace Strategies,
Co-organized
(with Ron Daniels, Dean of the University of Toronto Law School) an Industry
Canada sponsored Conference on Canadian Corporate Governance,
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Corporate Finance, Corporate
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