RANDALL K. MORCK
Jarislowsky Distinguished Professor of Finance
(780) 492-3325 (fax)
National Bureau of Economic Research
1050 Massachusetts Avenue
Cambridge MA 02138 USA
(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 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.
Assistant Professor, September 1985 - May 1986.
Lecturer, September 1983 - May 1984.
Davidson Institute at the
William Lyon Mackenzie King Visiting Chair,
Brattle Prize nominee, Journal of Finance Best Pape4r Award, American Finance Association 2005.
Distinguished Speaker, Bank of
Olin Lecturer, University of
Donald and Margaret MacKenzie Award for Distinguished
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.
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
A Frog in a Well Knows Not the Sea – A History of Corporate Governance
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
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
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.
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
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
Family Firms and the Rent-Seeking
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.
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.
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.
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
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
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.
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,
Co-editor of La Prise de décision dans les entreprises au
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
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
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.
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
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,
(with Ron Daniels, Dean of the University of Toronto Law School) an Industry
Canada sponsored Conference on Canadian Corporate Governance,
q Mergers and Acquisitions, Alberta Executive MBA program (4.5/5)
Restructuring and Corporate Control,
Advanced Topics in Corporate Finance,
Sector Financial Management,
Topics in Corporate Finance,
q Introductory Corporate Finance
Corporate Finance, Corporate
Governance, International Busin