RANDALL K. MORCK

 

 

Jarislowsky Distinguished Professor of Finance

School of Business

University of Alberta

Edmonton, Canada T6G 2R6

 

(780) 492-5683

 (780) 492-3325 (fax)

randall.morck@ualberta.ca

 

 

Research Associate

National Bureau of Economic Research

1050 Massachusetts Avenue

Cambridge MA 02138 USA

 

 (617) 588-1646

(617) 495-8570 (fax)

rmorck@fas.harvard.edu

 

 

 

 

EDUCATION tomorrow

Harvard University, Cambridge, U.S.A.

Ph.D. in economics (finance thesis), June 1986.

Yale University, New Haven, USA

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.

Leningrad State University, St. Petersburg, Russia

            Certificate of Completion in Philology, August 1977.

 

EMPLOYMENT

University of Alberta, Edmonton, Canada

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.

Harvard University, Cambridge, U.S.A.

William Lyon Mackenzie King Visiting Professor,  January 2005 – January 2006. 

Visiting Professor of Economics, January 2004 - May 2004.

Visiting Professor of Economics, September 1999 - May 2000.

 

Hitotsubashi University, Tokyo, Japan

            Visiting Professor, Center for Economic Institutions, February 2003 to May 2003

The University of Michigan, Ann Arbor Michigan

            William Davidson Visiting Professor, May - June 1999.

George Mason University, Fairfax Virginia

Visiting Research Professor, Krasnow Institute for Advanced Study, Sept. – Dec. 1997.

Boston University, Boston, U.S.A.

Assistant Professor, September 1985 - May 1986.

Lecturer, September 1983 - May 1984.

RESEARCH INSTITUTE AFFILIATIONS

National Bureau of Economic Research

Research Associate                            

1060 Massachusetts Avenue                                      

Cambridge, Massachusetts 02138

United States

 

William Davidson Institute at the University of Michigan

Research Fellow

University of Michigan

742 East University Avenue

Ann Arbor MI 48109

United States               

 

PERSONAL INFORMATION

Citizenship:     Canadian.

Languages:    English; French, German and limited Russian. Studied Egyptian hieroglyphics.  

 

AWARDS AND HONORS

William Lyon Mackenzie King Visiting Chair, Harvard University, 2005.

Brattle Prize nominee, Journal of Finance Best Pape4r Award, American Finance Association 2005.

Laurier Lecture, Wilfred Laurier University, 2005. 

Senior Fellow, Canadian Center for Entrepreneurship and Family Enterprise

Distinguished Speaker, Bank of Canada, Ottawa, November 2003.

Olin Lecturer, University of Toronto Law School, October, 2003.

‘State of the Art’ Speaker, Canadian Economics Association, 2003

Doctoral Students Keynote Speaker, European Financial Management Association, 2002.

All Academy Symposium Lecture, the Academy of Management, 2002.

Donald and Margaret MacKenzie Award for Distinguished Teaching, University of Alberta, 2000.

Best Paper Award at the Northern Finance Association, with Aditya Kaul and Vikas Mehrotra, 1999.

Distinguished Speaker, Industry Canada, Ottawa, December 1996.

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. 

Best Paper Award at the Northern Finance Association, with Andrei Shleifer and Robert Vishny, 1989. 

Graham and Dodd Award, with Martin Feldstein, 1983.

Sir James Lougheed Award for Academic Distinction in Graduate Studies, 1983. 

Phi Beta Kappa, 1977.

 

RESEARCH PUBLICATIONS

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 Perspectives.  Forthcoming. 

Firm-Specific Variation and Openness in Emerging Markets, with Kan Li, Fan Yang, and Bernard Yeung.  Review of Economics and Statistics  86(3) 658. 

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 Research Volume, University of Chicago Press, 2005.

The Rise and Fall of the Family Firm – A History of Corporate Governance in Canada, with Michael Percy, Gloria Tian and Bernard Yeung.  In R. Morck, ed. A History of Corporate Governance around the World: Family Business Groups to Professional Managers.  National Bureau of Economic Research Volume, University of Chicago Press, 2005.

A Frog in a Well Knows Not the Sea – A History of Corporate Governance in Japan, with Masao Nakamura.  In R. Morck, ed. A History of Corporate Governance around the World: Family Business Groups to Professional Managers.  National Bureau of Economic Research Volume, University of Chicago Press, 2005.

How to Eliminate Pyramidal Business Groups - The Double Taxation of Inter-Corporate Dividends and Other Incisive Uses of Tax Policy.  In James Poterba, ed.  Tax Policy and the Economy, Volume 19.  National Bureau of Economic Research. 

Value Enhancing Capital Budgeting and Firm-Specific Stock Returns Variation, with Artyom Durnev and Bernard Yeung. Journal of Finance 59(1) 65-106, 2004. 

Does Greater Firm-specific Return Variation Mean More or Less Informed Stock Pricing? with Artyom Durnev, Bernard Yeung, and Paul Zarowin, Journal of Accounting Research 41(5) 797, 2003. 

Law, Share Price Accuracy and Economic Performance, with Artyom Durnev, Merritt Fox, and Bernard Yeung.  University of Michigan Law Review.  102(3) 331-86. 

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 Bernard Yeung.  In Intangibles.  Baruch Lev, ed. Oxford University Press, 2001.

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 Japan, with Masao Nakamura, and Anil Shivdasani, Journal of Business.  73(4) 539-568, Oct. 2000.

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 Research Volume, University of Chicago Press, 2000.

Banks and Corporate Control in Japan, with Masao Nakamura, Journal of Finance.  54(1) 319-339, Feb. 1999.

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 Canadian State Owned Enterprises, with David Stangeland, Canadian Journal of Economics.  29(1) S249-255, April 1996.

Value and Information - A Profit Maximizing Strategy for Maxwell's Demon, with Harold Morowitz, Complexity - The Journal of the Santa Fe Institute.  1(2) 58-63, 1995.

The Economics of Concentrated Ownership.  Canadian Business Law Journal.  1(2), 58-63, Nov. 1995.

Income Shifting in U.S. Multinational Corporations, with David Harris, Joel Slemrod, and Bernard Yeung.  In International Aspects of Taxation, J. Slemrod et al. (eds.) National Bureau of Economic Research Conference Volume, University of Chicago Press, 1993.

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 Objectives Drive Bad Acquisitions? with Andrei Shleifer and Robert Vishny, Journal of Finance.  45(1) 31-48, March 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, University of Chicago Press, 1988. 

How Does the Market Value Unfunded Pension Liabilities? with Jeremy Bulow and Lawrence Summers.  In Issues in Pension Economics, Bodie, Shoven and Wise (eds.) National Bureau of Economic Research Conference Volume, University of Chicago Press, 1986.

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.

 

SELECTED WORKING PAPERS

Corporate Stability and Economic Growth:  Is What’s Good for General Motors Good for America? with Kathy Fogel and Bernard Yeung. 

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 U.S. Economy, with Hyunbae Chun, Jung-Wook Kim, and Jason Lee.  National Bureau of Economic Research working paper 10937. 

Behavioral Finance in Corporate Governance - Independent Directors and Non-Executive Chairs. National Bureau of Economic Research working paper 10644. 

Heterogeneous Investors and their Changing Demand and Supply Schedules for Individual Common Stocks,   with Jung-Wook Kim, Jason Lee:, with Jungwook Kim and Jason Lee.  National Bureau of Economic Research working paper w10410

The Mysterious Growing Value of S&P 500 Membership, with Fan Yang. National Bureau of Economic Research working paper 8654. 

The Rising Sun Bank, with Fan Yang.

Survival, with Kathy He and Bernard Yeung. 

 

PROFESSIONAL, PUBLIC POLICY, AND NONFINANCE PUBLICATIONS

Special Issues Relating to Corporate Governance and family Control (with Bernard Yeung)  ICFAI Journal of Corporate Governance 3(3) 50-65. 

Family Firms and the Rent-Seeking Society, with Bernard Yeung.  Entrepreneurship – Theory and Practice, forthcoming, 2004. 

Agency problems in Large Family Business Groups, with Bernard Yeung. Entrepreneurship Theory and Practice 27(4) 367, 2003.

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 Bernard Yeung. In Title TBA, International Monetary Fund Publication, 2001.

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 Canada Andrew Sharpe and Someshwar Rao, eds. University of Calgary Press, 2001. 

            Also circulated as Industry Canada Occasional Paper No. 25, January 2001.

Bring China Into the WTO, with Bernard Yeung, Japan and the World Economy.  12(3) 289-294, Sept. 2000.

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, Cambridge, Cambridge University Press, 1999, 367-397.

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 UK. 1997.

            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.) US Office of Advocacy and Kluwer Academic Publisher, 1998.  pp. 147-158.  Also circulated as a United States Small Business Administration discussion paper entitled ‘Small Firms and Globalisation’.

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: Canada in Global Perspective, Thomas J. Courchene and Edwin H. Neave (eds) John Deutsche Institute for the Study of Economic Policy, Queen's University, 1997.

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 Canada, Canadian Investment Review.  49-50, Spring 1996. 

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 Canada, with Masao Nakamura.  In Corporate Decision-Making in Canada, R. Daniels and R. Morck (eds.) Industry Canada and the University of Calgary Press, Calgary, 1995.

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, Stockton Press, 1994. 

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, Northampton MA, Volume II, 2001. 

Pension Funds and the Value of Equities, with Martin Feldstein, Financial Analysts Journal, Sept./Oct. 1983.

 

BOOKS

Editor of A History of Corporate Governance around the World: Family Business Groups to Professional Managers, National Bureau of Economic Research Conference Volume, University of Chicago Press, 2005 forthcoming.   

Editor of Concentrated Corporate Ownership, National Bureau of Economic Research Conference Volume, University of Chicago Press, 2000.

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, Toronto, 1994.

 

NON-ENGLISH PUBLICATIONS

French language

Co-editor of La Prise de décision dans les entreprises au Canada, with Ron Daniels.  Industry Canada and the University of Calgary Press, Calgary, 1995.  (French translation of Corporate Decision Making in Canada).

Chinese language

China’s Lucky Corporate Governance. Peking University Business Review, Aug. 2005. 

The Great Experiment, Intelligentsia of China.  2 36-41, 1995.

The Schumpeterian Process: A Requirement in Meeting Demand, with Li Huaizu and Bernard Yeung, China and Foreign Countries Technology Policy and Management, January 1998.

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.

 

CITATIONS

As of September 2002, 1,029 articles cited the above listed publications, according to the Science Citation Index Expanded, Social Sciences Citation Index, and Arts & Humanities Citation Index.

 

SEMINAR AND OTHER PRESENTATIONS

Invited speaker at numerous universities and research institutes, including the Aspen Institute, Boston College, Boston University, the Brookings Institute, George Mason University, Groupe HEC (Hautes Etudes Commerciales) - Paris, Harvard Business School, Harvard Economics Department, INSEAD, Hitotsubashi University, Indiana University, International Monetary Fund, Massachusetts Institute of Technology, Michael Milken Institute for Job and Capital Formation, National Bureau of Economic Research, New York University, The Ohio State University at Columbus, Queen’s University, Rutgers University, Tulane University, Universitá della Svizzera Italiana, Université Laval, Université de Montréal, University of California at Los Angeles Economics Department, University of Michigan, University of Minnesota, University of North Carolina at Chapel Hill, University of Rochester, University of Texas at Austin, University of Toronto, Vanderbilt University, University of Virginia Darden School, University of Western Ontario, World Bank, Xi’an Jiaotong University, Yale University, and others.

Speaker at the American Economic Association, American Finance Association, Asian Economic Forum, Canadian Economic Association, Econometric Society, Northern Finance Association, European Finance Association, European Financial Management Association, Financial Management Association, French Finance Association, the Q Group, Toronto Society of Financial Analysts, Western Finance Association, various World Bank and IMF conferences, and many other conferences and professional associations. 

 

PROFESSIONAL ACTIVITIES

Director, Canadian Corporate Governance Institute (on leave)

Member, Board of Directors, Global Corporate Governance Academic Network. 

Frequent speaker at business, professional, government and academic seminars, conferences and round tables.

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 issues for local, Canadian and international radio, television, newspapers and magazines including the Financial Times, the Financial Post, the Toronto Globe and Mail, and the Financial Times of London

My research has been the subject of articles in Business Week, The Economist, The Financial Times of London, MacLean’s Magazine, the Financial Post, the Toronto Globe and Mail, and many other newspapers; and has also been discussed (by others) on the PBS News Hour and the NBC Nightly News. 

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, Alberta Science and Research Authority Task Force, 1995. 

Visiting Scholar and instructor at Xi'an Jiaotong University's Management Program in Xian, People's Republic of China, numerous occasions from 1987 to present.  This was as part of a Canadian International Development Agency (CIDA) project based at the University of Alberta to build a Western style business school at Xian Jiaotong University.  Xian Jiaotong’s business program was ranked number one in China in 2002.  I served as acting director of this program in 1992. 

 

ORGANIZATIONAL AND ADMINISTRATIVE WORK

Various department and faculty level administrative committees, 1986 to present

Member, The Business Advisory Council of the Faculty of Business, University of Alberta, July 1 2000 to the present.

Organized National Bureau of Economic Research Conferences on the History of Corporate Ownership in Lake Louise in July 2003, in Cambridge in October 2002.  A follow up conference was held in Fontainebleau, France in January 2004. 

Organized National Bureau of Economic Research conferences on Corporate Governance and Concentrated Ownership in Banff in May and June 1998, in Toronto in January 1998.

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, Ottawa, December 1996.

Co-organized (with Ron Daniels, Dean of the University of Toronto Law School) an Industry Canada sponsored Conference on Canadian Corporate Governance, Toronto, March 1995. This conference provided initial input to the Senate Banking Committee prior to its public consultations, and also helped shape Industry Canada’s positions on various corporate governance issues. 

 

TEACHING

 

Course

Student Evaluations

Most recent

Average

q        Mergers and Acquisitions, Alberta Executive MBA program (4.5/5)

 

 

q        Mergers, Restructuring and Corporate Control, University of Alberta MBA program (4.4/5)

 

 

q        Advanced Topics in Corporate Finance, University of Alberta undergraduates (4.8/5)

 

 

q        Public Sector Financial Management, University of Alberta MBA program (4.2/5)

 

 

q        Research Topics in Corporate Finance, University of Alberta PhD program (5.0/5)

 

 

q        Introductory Corporate Finance

 

 

            University of Alberta undergraduates (4.0/5)

 

 

            Harvard University undergraduates (4.0/5)

 

 

            University of Alberta MBA program (4.4/5)

 

 

            Executives (Banff School of Advanced Management) (4.3/5)

 

 

 

RESEARCH AND TEACHING INTERESTS

Corporate Finance, Corporate Governance, International Business, Political Economy, Economic Development.