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Appointments
University
of Alabama, Culverhouse College of Business
Professor and Powell
Chair of Finance, January 1999-.
North Carolina State
University, College of Management
Associate Professor of
Finance, July 1992 – Dec. 1998.
Assistant Professor of
Finance, July 1989 – June 1992.
University of Pennsylvania,
The Wharton School
Visiting Associate
Professor of Finance, June 1994 - August 1995.
City University of New York,
Baruch College
Assistant Professor of
Finance, January 1986 - June 1989.
University of Pittsburgh,
Katz School of Business
Part-time Lecturer in
Finance, September 1984 – December 1985.
Research Assistant, September
1981 – August 1984.
A. F.
Ferguson & Co., Bombay
Management Consultant, May 1979 – July 1981.
Education
Ph.D. (Finance), University of Pittsburgh,
April 1986.
M.B.A., XLRI, Jamshedpur, India,
April 1979.
Bachelor of Commerce (Honors), University of Bombay, July 1977.
Research
Interests
Corporate Finance and Investments: Corporate Governance, Corporate
Control, Executive Compensation, Corporate Fraud, Security Analyst Behavior,
Insider Trading, Market Efficiency
Teaching
Interests
· Corporate Finance
·
MBA and Undergraduate: Introductory, Intermediate, Advanced or Case
·
Ph.D Seminar
· Investments and Portfolio
Management: MBA and Undergraduate
·
Corporate Control and Governance: MBA and Ph.D.
Publications
. A. Agrawal
and M. Chen. “Do Analyst
Conflicts Matter? Evidence from Stock Recommendations.” Journal of Law and Economics, August
2008, V. 51(3), 503-537. (Winner of
Fannie Mae
Best paper award, FMA 2005)
. F. Tsoulouhas,
C. Knoeber and A. Agrawal.
“Contests to Become CEO:
Incentives, Selection and Handicaps.”
Economic Theory, February
2007, V. 30(2), 195-221. (Lead article)
. A. Agrawal, S. Chadha and M. Chen. "Who is Afraid of Reg FD? The Behavior and Performance of Sell-side
Analysts Following the SEC’s Fair Disclosure Rules." Journal
of Business, November 2006, V. 79(6), 2811-2834. (Listed
among the most cited Finance papers published during 2000-06 (Source:
M. Keloharju, What’s New in Finance?, European
Financial Management 14(3), 2008, 564-608.))
·
Digest published in CFA Digest, August 2007, pp. 38-39.
. A. Agrawal,
C. Knoeber and F. Tsoulouhas.
“Are Outsiders
Handicapped in CEO Successions?” Journal
of Corporate Finance, June 2006, V. 12(3), 619-644.
. A. Agrawal and S. Chadha. “Corporate Governance and
Accounting Scandals.” Journal of Law and Economics, October 2005, V. 48(2), 371-406. (Listed at number 12 among ‘Most cited papers’ and at number 6 among
‘Most accessed papers’ published in JLE; Source: JLE website,
September 2009. Listed among
top 100 most cited Finance papers published during 2000-06; Source: M.
Keloharju, What’s New in Finance?,
European Financial Management
14(3), 2008, 564-608.)
· Reprinted in N. Brennan, ed., Corporate Governance and Financial Reporting, Volume II, 2007,
421- 456, Sage Publications Ltd., London, UK.
. A. Agrawal and J. Jaffe. “Do Takeover Targets
Under-perform? Evidence from Operating and Stock Returns.”
Journal of Financial and Quantitative Analysis, December 2003, V. 38(5), 721-746.
. A.
Agrawal and C. Knoeber. “Do
Some Outside Directors Play a Political Role?” Journal
of Law and Economics, April 2001, V. 44(1), 179-198.
.
A. Agrawal and J. Jaffe. “The Post-merger
Performance Puzzle.” Cary
Cooper and Alan Gregory, eds., Advances in Mergers and Acquisitions,
Volume 1, Stamford, CT: JAI Press, 2000, 7-41.
.
A. Agrawal, J. Jaffe, and J. Karpoff.
“Management Turnover and
Governance Changes Following the Revelation of Fraud.” Journal of Law
and Economics, April 1999, V. 42(1), 23-56.
. Digest published in Contemporary
Finance Digest, 2000, V. 3(1), 63-64.
.
A. Agrawal and C. Knoeber. “Managerial Compensation
and the Threat of Takeover.” Journal of Financial Economics,
February 1998, V. 47(2), 219-239.
. Digest
published in Contemporary Finance Digest,
Winter 1998, V. 2(4), 66-67.
.
A. Agrawal and C. Knoeber. “Firm Performance and Mechanisms
to Control Agency Problems between Managers and Shareholders.” Journal
of Financial and Quantitative Analysis, September 1996, V. 31(3),
377-397.
.
Digest published in Contemporary Finance Digest, Autumn 1997, V. 1,
33-34
.
A. Agrawal and J. Jaffe. “Does Section 16b Deter
Insider Trading by Target Managers?” Journal of Financial Economics,
October-November 1995, V. 39(2 & 3), 295-319
.
A. Agrawal and R. Walkling. “Executive
Careers and Compensation Surrounding Takeover Bids.” The
Journal of Finance, July 1994, V. 49(3), 985-1014.
.
A. Agrawal and K. Tandon. “Anomalies or Illusions?
Evidence from Stock Markets in Nineteen Countries.” Journal of
International Money and Finance, February 1994, V. 13(1), 83-106
.
A. Agrawal and J. Narayanan. “Agency Costs, Ownership Control,
and Dividend Policy: A Direct Test of the Free Cash Flow Theory.” Managerial
and Decision Economics, March-April 1994, V. 15(2), 139-148.
.
A. Agrawal and K. Tandon.
"Stock Market Anomalies: The International Evidence". R. Aggarwal, and D. C. Schirm,
eds., Global Portfolio Diversification, 1994, Academic Press, 201-221.
.
A. Agrawal, J. Jaffe and G. N. Mandelker. “The Post-Merger Performance
of Acquiring Firms: A Re-examination of an anomaly.” Journal of
Finance, September 1992, V. 47(4), pp. 1605-1621.
. Reprinted in A. Cosh
and A. Hughes, eds., Takeovers, Volume II, 305-321, Ashgate Publishing Co., Brookfield, VT.
.
A. Agrawal and G. N. Mandelker.
"Shark Repellents and the Role of Institutional Investors in Corporate
Governance". Managerial and Decision Economics, January-February
1992, V. 13(1), pp. 15-22.
.
A. Agrawal, A. K. Makhija and G.
N. Mandelker. “Executive Compensation and
Corporate Performance in Electric and Gas Utilities: Some Empirical
Evidence.” Financial Management, Winter 1991, V. 20(4), pp.
113-124.
.
A. Agrawal and N. J. Nagarajan. “Corporate
Capital Structure, Agency Costs and Ownership Control: The Case of All-equity
Firms.” Journal of Finance, September 1990, V. 45(4),
pp. 1325-1331.
.
A. Agrawal and G. N. Mandelker. “Large
Shareholders and the Monitoring of Managers: The Case of Anti-takeover
Charter Amendments.” Journal of Financial and Quantitative
Analysis, June 1990, Vol. 25(2), pp. 143-161.
. Digest published in CFA Digest,
Spring 1991, Vol. 21(2), pp. 10-12.
.
A. Agrawal and G. N. Mandelker. “Managerial
Incentives and Corporate Investment and Financing Decisions.”
Journal of Finance, September 1987, Vol. 42(4), pp. 823-837.
.
Reprinted in K. F. Hallock and K. J. Murphy, eds., The
Economics of Executive Compensation, The
International Library of Critical Writings in Economics, Edward Elgar
Publishing Limited, Glos, UK, 1999.
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Working
Papers and Work in Progress
·
Agrawal and M. Chen. “Boardroom Brawls: An Empirical Analysis of Disputes Involving Directors.” Presented at the 2010 AFE, 2009 WFA, FIRS-Prague, ALEA-San Diego, 2008
CELS-Cornell and EFA-Athens meetings.
Top Ten paper, FMA 2008.
·
Agrawal and T. Cooper. “Accounting Scandals in IPO
Firms: Do Underwriters and VCs Help?” Presented at the 2008 CRSP Forum, EFA-Athens, Conference on Fraud Prevention and Corporate Governance
at George Mason University, and 2009 CELS-USC meetings.
·
Agrawal and M. Chen. “Analyst
Conflicts and Research Quality.”
Presented at ALEA-UC Berkeley 2006, AFA 2005 and
EFA-Maastricht 2004.
·
Agrawal and T. Cooper. “Insider Trading
Before Accounting Scandals.”
Presented at the 2008 CRSP Forum, EFA-Athens, FIRS-Anchorage, the Conference on
Securities Fraud Litigation at Claremont
McKenna College, and the 2006 FEA
Conference at Georgia State University.
·
Agrawal and T. Nasser. “Blockholders
on Boards and CEO Compensation, Turnover and Firm Valuation.” Presented
or to be presented at the 2009
CELS-USC meetings and 2010 Conference on
Corporate Governance and Executive Compensation at Erasmus University, The
Netherlands.
·
Agrawal and T. Nasser. “Insider Trading in Takeover
Targets.”
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Seminar
Presentations
McMaster University (2009,
1985), University of Alabama (2009, 2008, 2007, 2006, 2005, 1998), University
of South Carolina (2009, 1993), York University (2009), Florida State
University (2008), Kansas State University (2008), North Carolina State
University (2008, 1989, 1988), Louisiana State University (2007, 2001),
Southern Methodist University (2006, 1997), Hong Kong University of Science
and Technology (2006), University of Delaware (2006), Temple University
(2006), Georgia State University (2005, 2002), Texas Christian University
(2005), Indiana University (2004, 1997), Tulane University (2004, 1997,
1991), University of New Orleans (2004, 2003, 1997), New York University
(2003), New York Stock Exchange (2003), U.S. Securities and Exchange
Commission (2003, 2002, 1998), University of Cincinnati (2003), University of
Virginia (2003), Wayne State University (2003), American University (2002),
Australian Graduate School of Management (2002), Georgetown University
(2002), University of Iowa (2002), Melbourne Business School (2002),
University of Oklahoma (2002), CIRANO (Montreal, Canada, 2001), Claremont
McKenna College (2001), University of Mississippi (2001), Vanderbilt
University (2001), Arizona State University (2000), Atlanta Finance Forum
(2000), University of Kansas (2000), University of Utah (2000), Texas A&M
University (1999), U.S. Federal Trade Commission (1999), University of
Georgia (1998), University of Minnesota (1998), University of Pittsburgh
(1997, 1986), Virginia Tech (1997), University of California-Davis (1996), Casewestern University (1996), Emory University (1996,
1989), University of North Carolina-Chapel Hill (1996, 1994, 1993, 1992,
1990), Rutgers University (1996, 1995, 1985), University of Washington
(1996), Wharton School Lunch Seminar (1995, 1994), Wharton School Corporate
Finance Group (1995), Baruch College-CUNY (1994, 1989, 1988, 1987, 1985),
Tilburg University (The Netherlands, 1994), University of Rochester (1993),
Wake Forest University (1992, 1990), Clemson University (1991), Kent State
University (1991), Fordham University (1990), Boston College (1989), Georgia
Tech (1985), McGill University (1985).
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Conference Presentations
- American Finance Association.
2009, 2006, 2005, 2004, 2003, 1997, 1995, 1994.
- American Economic Association.
1986.
- Association of Financial
Economists (formerly, Association of Managerial Economists). 2010, 2001,
2000, 1996, 1992, 1989, 1985.
- Western Finance Association meetings.
2009, 1987, 1986.
- Financial Intermediation Research
Society (FIRS) meetings: Prague 2009, Anchorage 2008, Shanghai 2006.
- CRSP Forum, University of
Chicago. 2008, 2006.
- European Finance Association
(EFA) meetings. Athens 2008, Moscow 2005; Maastricht 2004; Berlin 2002;
Helsinki 1999; Vienna 1997; Brussels 1994.
- Financial Management Association.
1985-2000, 2002-06.
- Conference on Financial Economics
and Accounting. University of Texas at Austin 2008, Georgia State
University 2006, University of Maryland 2002, University of Texas at
Austin 1999.
- American Law and Economics Association. San Diego
2009, UC-Berkeley 2006, NYU 2005, University of Toronto 2003.
- Conference
on Empirical Legal Studies. University of Southern California 2009,
Cornell University 2008, NYU 2007.
- Conference
on Executive Compensation and Corporate Governance, Erasmus University, The Netherlands, 2010.
- Conference
on Securities Fraud Litigation, Claremont
McKenna College. 2008.
- Conference on Corporate Governance and
Fraud Prevention, George Mason University. 2008.
- Olin Conference on Corporate and Securities
Law, University of Virginia Law School. February 2004.
- Vanderbilt
University Conference on Corporate Behavior and Financial Markets. April
2003.
- Georgia
Tech Conference on International Finance. April 2003.
- Conference
on Accounting and Finance, University of Tel Aviv, Israel. July 2000.
- University of Chicago Conference on "Penalties:
Public and Private". December 1997.
Conference Presentations (Special Panels)
- Panel
on Mergers and Acquisitions, European Finance Association, Maastricht,
2004.
Conference
Discussant
- Western Finance Association.
2004, 2002, 1998, 1987.
- American Finance Association.
2010, 1993.
- Association of Financial
Economists (earlier, Association of Managerial Economists). 2006, 1997.
- European Finance Association.
Moscow 2005, Maastricht 2004, Helsinki 1999.
- Financial Management Association.
2004, 2001, 1997, 1991-95, 1988-89.
- Financial Intermediation Research
Society (FIRS) meetings. Anchorage 2008, Shanghai 2006.
- Conference on Corporate Finance, Washington University
in St. Louis. 2006.
- Georgia Tech Conference on
International Finance, 2004.
- Conference on Financial Economics
and Accounting. Rutgers University
(2009), Georgia State University (2006), University of Michigan (2000).
- Financial Research Association
Conference, Las Vegas. 2004.
- Conference
on Empirical Legal Studies. Cornell University, 2008.
Sessions
Chaired at Conferences
- Financial Intermediation Research
Society (FIRS) meetings: Shanghai 2006.
- European Finance Association.
2005, 2002, 1999.
- Financial Management Association.
2006, 1996-2004, 1993-94,
1989-90.
Conference Organization
Co-Chair, Corporate
Finance Track, Financial Management Association, 2004, 2010.
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Conference Program Committees
- Western Finance Association meetings: 2010, 2006-08.
- European
Finance Association meetings: 2006-10, 2003.
- Conference on Corporate Finance, Washington University,
St. Louis:
2007.
- Conference
on Empirical Legal Studies: Cornell University, 2008.
- Financial Management Association
(FMA) meetings: 2009, 2005, 2001-02,
1994-99, 1992, 1990.
- FMA-Europe
meetings: 2009-10, 2006.
- Asian Finance Association & Nippon Finance
Association: 2008-09.
- Southern Finance Association
meetings: 1998.
- Eastern Finance Association
meetings: 1990, 1987.
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Other Conferences Attended
- Texas Finance Festival, 2000, 2001,
2005.
- University of Michigan Finance Symposium, 2005.
- Western Finance Association,
2005-07, 2001, 1995-97.
- Conference on Corporate
Governance, George
Mason University
Law School,
May 1996.
- NBER Conference on Corporate
Finance, Cambridge, MA, December 1994.
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Service
to the Profession
- Journal of
Corporate Finance, 2002-
- Journal of Financial Research, 2006-
- Review of Financial Economics,
1999-
- Journal of Small Business
Management, 2003-
- International
Review of Business & Finance, 2008-
Journal of Finance Journal
of Law and Economics
Review of Financial Studies Rand
Journal of Economics
Journal of Business Economic
Journal
Journal of Financial and Quantitative Analysis J of
Economics and Management Strategy
Journal of International Money and Finance European Economic Review
Journal of Corporate Finance
Financial Management Review of Accounting Studies
European Finance Review Accounting
Review
Journal of Banking and Finance Contemporary
Accounting Research
Financial Review
Journal of Financial Research Management Science
Journal of Financial Services Research
Pacific-Basin Finance Journal Academy of Management Journal
- Ad-hoc Referee:
Funding Agencies
- U.S.
National Science Foundation
- Social Sciences and Humanities
Research Council, Canada
- Research Grants Council, Hong
Kong
- External Reviewer for Promotion and Tenure
Chinese
University of Hong Kong University of Alaska
Claremont
McKenna College University
of Connecticut
Cornell University University
of Hawaii
Florida State University University
of Iowa
Fordham University University
of South Carolina
Indiana University University of Virginia
Washington State University Wayne State
University
·
Board
of Directors
Financial Management Association:
2009-2011
- Other
Professional Service
§
Member,
Best Paper Awards Committee, FMA, 2000
§
Member,
Committee on Mentoring, FMA, 1999
Ph.D.
Dissertations Chaired (Initial
Placement)
- Tommy Cooper, 2007 (Kansas State
University)
- Qin Lian
(co-chair), 2007 (North Dakota State University)
- Sahiba Chadha, 2004 (Charles
River Associates, Boston)
Ph.D. Dissertation Committees (Initial
Placement)
·
Jin Jeon, 2009 (Western
Oregon University)
·
Cheolwoo Lee, 2008
(Ferris State University)
·
Xudong Fu, 2008
(California State University-Fresno)
·
Tian Tang, 2008
(California State University-Fresno)
·
Jin San Kim, 2007 (Winston-Salem State
University)
·
Heng (Hunter) An,
2007 (University
of South Dakota)
·
Huabing (Barbara) Wang,
2007 (West Texas A&M University)
·
Zhaohui (Randall) Xu, Accounting, 2007 (University
of Houston - Clear Lake)
·
Jonathan Stanley, Accounting, 2007 (Clemson University)
- Ali Akyol,
2006 (University of Melbourne, Australia)
- Tewhan Hahn, 2000 (University of Idaho)
- Sunil Wahal,
University of North Carolina-Chapel Hill, 1995 (Purdue University)
External
Ph.D. Examiner
- Victoria University
of Technology, Melbourne, Australia, 2000
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Honors,
Grants and Research Awards
· Research has received about 1,800 citations (excluding
self-cites) as of March 2009: About 1,200 in academic journals and textbooks,
and about 600 in working papers.
·
Who's Who in Economics, Blaug and Vane, eds., 4th ed., 2003, Edward Elgar
Publishing (based on citations during 1990-2000 to my research).
· FMA: Best Paper
award, 2005; Top Ten paper, 2008.
· Two papers
listed among the most cited Finance papers published during 2000-06 (ranks 97
and 157; Source: Table 1 in M. Keloharju, What’s
New in Finance?, European
Financial Management 14(3), 2008, 564-608.)
· Paper listed (at number 6) among ‘Top 20 most
accessed papers published in JLE’ and (at
number 12) among ‘Top 20 most cited papers published in JLE’ on Journal of
Law and Economics website in September 2009.
· Nominated for
Director of FMA: 2002.
· I/B/E/S International, Inc., Analyst
Earnings Estimates Database Grant, 2001.
· Citations of Excellence, ANBAR
Electronic Intelligence, 1996, 1998.
· Faculty Research and Professional
Development Grant, N.
C. State
University, 1991.
· Research Foundation of City University
of New York, PSC-CUNY, Research grants: 1986-1990.
· Summer Research Grants, School of Business,
Baruch College (CUNY). Summers of 1985-1988.
· Scholar Assistance Program Grants, Baruch College (CUNY), 1986-87.
· Marquis Who's Who in
·
The
East, 26th edition, 1997-98.
·
American
Education, 8th edition, 2007-08.
·
Finance
and Industry, 28th Edition, 1994-95; 31st
edition, 2000-01.
·
The
South and Southwest, 24th Edition, 1994-95.
·
America, Special Index, 48th Edition,
1994-95.
· Outstanding Young Man of America,
1996, 1998.
· AcademicKeys Who's Who in Business Higher Education.
Media
Appearances
- Off-key analysts, Aaron Pressman,
Business Week, August 15, 2005, p. 94.
- Two named to HealthSouth board of
directors, Daniel Connolly, Birmingham Post-Herald, July 3, 2005.
- Are CEOs worth big pay packages?
Brian Lawson, The Huntsville Times, June 12, 2005.
- Experts: HealthSouth showing
positive signs, Jamie Kizzire, Birmingham
Post-Herald, December 3, 2004.
- HealthSouth report confirms fraud
scale, Jamie Kizzire, Birmingham
Post-Herald, June 2, 2004.
- Will HealthSouth board face
inquiry? Feds would have to prove negligence, Daniel Connolly, Birmingham
Post-Herald, November 7, 2003.
- Time for boards to stock bullpens
with financial experts, Phyllis Plitch, Wall
Street Journal Online, July 31, 2003.
- Study finds governance reforms
may not cure restatements, The Corporate Library, News
Briefs, April 16-22, 2003, V. 5 (14).
Courses Taught
University of Alabama
·
FI 414 & 514 Investments (Undergraduate and MBA)
·
FI 411 Corporate Financial Policy (Cases,
Undergraduate)
·
FI 610 Financial Management Seminar (Ph.D.)
North Carolina State University
·
BUS 522 Portfolio & Capital Mkt
Theory (MBA)
·
BUS 422 Investments & Portfolio Mgmt. (Undergraduate)
·
BUS 520 Managerial Finance (MBA)
·
BUS 420 Corporate Finance (Undergraduate)
·
BUS 320 Introduction to Financial Management (Undergraduate)
Wharton
School, University of Pennsylvania
·
FNCE 601 Corporate Finance (MBA)
Baruch
College, City
University of New York
·
FI 9781 Managerial Finance (MBA)
·
FI 9783 Investment Analysis (MBA)
·
FIN
U81100: Advanced Topics in Corporate Finance
(Ph.D.)
·
FI 3610 Corporate Finance (Undergraduate)
·
FI 3710 Investment Analysis (Undergraduate)
·
FI 4610 Advanced Corporate Finance (Undergraduate)
Service to the University
University of Alabama
- Chair,
Department Promotion and Tenure Committee, 2009-10.
- Chair, Faculty Search Committee, 2007-08, 2002-2003.
- Co-Chair,
Faculty Search Committee, 2009-10, 2005-06.
- Chair, Camp Chair Search
Committee, 2001-2004.
- Member, College Faculty Executive Board, 1999-2002, 2003--05, 2006-10.
- Member,
Finance Graduate Admissions Committee, 2001-present.
- Alternate
Member, Faculty Senate, 2006-08.
- Faculty
advisor, student trip to Omaha,
Nebraska to meet Mr.
Warren Buffett, Chairman, Berkshire Hathaway, October 2007.
- Member,
College Ph.D. Task Force, 2003.
- Chair, Faculty
Fellows Search Committee, 1999-2000, 2003.
- Member, Bidgood
Chair Search Committee, 1999-2000.
- Member,
Department Promotion and Tenure Committee, 2002-03, 2004-06.
- Chair, Department Faculty Fellows
Search Committee, 1999-2000.
- Member, Department Policy and
Planning Committee, 1999-2001.
- Member,
Finance Ph.D. Comprehensive Examination Committee, 1999-2004.
- Member, Faculty Senate, 2000-02.
- Member, Senate Financial Affairs
Committee, 2000-02.
- Member,
University Energy Management Committee, 2001-2002.
North Carolina State University
- Chairman, Finance Workshop,
1989-98.
- Member, Department Teaching
Effectiveness Committee, 1997-98.
- Member, Department Academic
Affairs Committee, 1996-97.
- Member, College Honors and
Scholars Committee, 1995-96.
- Member, Provost's Advisory
Committee, 1993-94.
- Member, MSM Program Review
Committee, 1993-94.
- Member, SACS Accreditation
Committee on Educational and Instructional Support, 1992-93.
- Member, Undergraduate Business
Management Curriculum Committee, 1989-90, 1991-93.
- Member, Faculty Hiring Priorities
Committee, Department of Business Management, 1992-93.
- Member, Core-Curriculum Committee
on Environment, College of Management, 1992-93.
- Member, MSM Curriculum Committee,
1990-91.
- Member, Research Database
Subscription Review Committee, Division of Economics and Business, 1989.
- Undergraduate Advisor, Department
of Business Management, 1989-98.
Baruch College,
City University
of New York
- Undergraduate Advisor, Department
of Economics and Finance, 1986-88.
Personal
U.S.
Citizen, Married, Two children
Other
interests
Jogging, Travel, Movies, Tennis, Hiking, Reading
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