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(Financial Economics), M.A., (Economics) and M.B.A., Columbia
University. C.P.N. University of Buenos Aires.
of Finance and Economics, Graduate School of Business,
Columbia University, since 1980.
Dean for Academic Affairs, Graduate School of Business,
Columbia University, 1982-85 and 1988.
Chairman of the Finance Division, Graduate School of Business,
Columbia University, 1979-82, 1988 and 1990.
Preceptor, Assistant Professor and Associate Professor
at the Graduate School of Business, Columbia University.
Associate Consultant, Ernst & Ernst (now Ernst &
Young). Chief Economist, Latin American Economic Research
Foundation (F.I.E.L.), Argentina. Director of Systems
Analysis, National Council of Development, Argentine Government.
Has been a consultant to United Nations Conference of
Trade and Development, State of New Jersey, and several
U.S. and foreign firms, including: Aerojet, Alfa Group,
Belding Hemingway, Dynamic Corporation of America, The
Equitable Life Assurance Company, Seton Company, BHD Corp.,
Robert R. Nathan Associates, Aeroméxico, AG of
America, Prudential Insurance Company, Toys"R"Us,
SARAS SpA, YPF SA., Macsteel, and Walter Kluwer.
boards: Presently serves as director of The Adams Express
Company, Petroleum & Resources Corporation, and Credit
Suisse Asset Management Funds.
boards: Member of the Joint Committee on Management Education,
GSBA - Zurich.
Co-Director of the Joint Columbia-London
Business School Mergers and Acquisition Program.
lectured in numerous executive programs in North and South
America and Europe, including programs in the following
companies: Deloitte-Touche, Morgan Stanley, Altria Group,
Crane Co., Swiss Bank Corporation (UBS), Combustion Engineering,
The Equitable, J.P.Morgan Chase, Alfa Group, Caja de Madrid,
AT&T, and Banco Icatu.
served as referee to the Journal of Finance, Journal of
Financial and Quantitative Analysis, Journal of Economics
and Business, The Review of Economics and Statistics,
National Science Foundation, Management Science, Journal
of Futures Markets, Journal of Political Economy, The
Financial Review, The Rand Journal, Financial Management,
International Economic Review, European Economic Review,
European Journal of Operational Research, Journal
of Economic Dynamics and Control, European Finanical Management, American Economic Review, and Journal of Applied Finance. Has served as Coordinator
of Research at the Columbia Center for the Study of Futures
affiliations: Member of the American Finance Association,
Financial Management Association, and Eurpoean Financial Management Association.
Professor: Theseus Institut (France), Duxx (Mexico), GSBA-Zurich
(Switzerland), Universidad Di Tella (Argentina), Universidad
Autónoma de Madrid (Spain).
Beta Gamma Sigma. Has received fellowships and grants
from: Ford Foundation, W.R. Grace, and Institute for Quantitative
Research in Finance.
received The Margaret Chandler Memorial Award for Commitment
to Excellence, The Chazen International Innovation Prize,
and the Teaching Award from GSBA-Zurich.
for Mergers, Buyouts and Restructuring, John Wiley
& Sons, 2005.
Modeling Mergers and Buyouts with DealModeler: User's Manual and DealModeler
Software, John Wiley & Sons, 2004.
“A Reconsideration of Tax Shield Valuation,” (with Lawrence Glosten), European Financial Management, Vol. 11, No. 4, September 2005.
Stock and Investment Decisions,” International
Advances in Economic Research, Vol. 8, No. 1, February
Decs and Other Mandatory Convertibles,” Journal
of Applied Corporate Finance, Spring 1997. Reprinted
in Chew, D. H. (ed.), The New Corporate Finance,
2nd ed., McGraw-Hill, 1998.
of Highly Leveraged Firms,” Financial Analysts
Journal, Vol. 52, No. 4, July/August 1996.
in the Global Capital Market," in R. Berndt, ed., Global Management, Springer-Verlag, Berlin, 1996.
in Italy: Roundtable Discussion with Paolo Savona the
Italian Minister of Industry," Columbia Journal
of World Business, Spring 1994.
the Capital Structure of Leveraged Buyouts," Financial
Management, Vol. 21, No. 1, Spring 1992.
Shares and Economics of Scope," Journal of Economic
Theory, Vol. 54, No. 2, August 1991.
Insurance with Uncertain Output," International
Economic Review, Vol. 30, No. 3, August 1989.
Your Business Units Create Shareholder Value," Harvard
Business Review, Vol. 64, No. 1, January February
1986. Reprinted in Harvard Business Review, Finance
for Corporate Growth, Harvard Business School Press,
Boston, 1991. Translated to Chinese in A Collection
of Readings in Global Finance and Management, Morgan
Stanley Dean Witter, New York, 1998.
Cost Allowance for the Regulated Firm: A Reply," (with M. Marcus), Journal of Finance, Vol. 39,
No. 1, March 1984.
Cost Allowance in Rate of Return Regulation: A Reply," (with M. Marcus), Journal of Finance, Vol. 38,
No. 2, September l983.
Mechanism for the Allocation of Corporate Investment,"
Journal of Financial and Quantitative Analysis, Vol.
XVIII, No. 2, June 1983.
Cost Allowance in Rate of Return Regulation," (with
M. Marcus), Journal of Finance, Vol. 36, No.
5, December 1981.
Theory and Test of Credit Rationing: Some Further Results," (with R.A. Schwartz and D.K. Whitcomb), American Economic
Review, Vol. 71, No. 4, September 1981.
Leverage Structure of Interest Rates," (with R.A.
Schwartz and D.K. Whitcomb), Journal of Money, Credit
and Banking, Vol. XII, No. 1, February 1981.
Costo del Capital," Administración de
Empresas, Vol. XI, No. 130, January 1981.
Analysis and Optimal Control of Agricultural Commodity
Models," (with M. Wilkinson), in A. Bensoussan, P.
Kleindorfer and C.S. Tapiero (eds.), Applied Stochastic
Control in Econometrics and Management Science, North
Econometric Evaluation of Stabilization Policies for the
U.S. Grain Market," Western Journal of Agricultural
Economics, Vol. 4. No. 1, July 1979.
Quarterly Econometric Model of the United States Livestock
and Feed Grain Markets and Some of its Policy Implications," (with M. Wilkinson), American Journal of Agricultural
Economics, Vol. 61, No. 2, May 1979.
"Stabilization Policies for the United States Feed
Grain and Livestock Markets," (with M. Wilkinson), Journal of Economic Dynamics and Control, Vol.
1, No. 1, January 1979.
in Regulated and Unregulated Firms: An Iconoclastic View," (with F.R. Edwards), in M.A. Crew (ed.), Problems
in Public Utility Economics and Regulation, Lexington,
"Investment: Empirical Studies" (Discussion), Journal of Finance, Vol. XXXII, No. 2, May 1977.
Analysis of Chance Constrained Portfolio Selection: A
Correction," Journal of Financial and Quantitative
Analysis, Vol. XII, No. 2, June 1977.
Choice and Equilibrium in Capital Markets with Safety
First Investors," (with V. Bawa), Journal of
Financial Economics, Vol. 14, No. 3, May 1977.
and Safety in the Theory of the Firm Under Price Uncertainty,"
International Economic Review, Vol. 17, No. 1,
Planning Under Controllable Business Risk," Journal
of Finance, Vol. XXX, No. 5, December 1975.
Analysis of Chance Constrained Portfolio Selection,"
Journal of Financial and Quantitative Analysis,
Vol. IX, No. 6, December 1974.
de Recursos con Información Parcial," Anales
de las Séptimas Jornadas Argentinas de Investigación
Operativa, S.A.D.I.O., Buenos Aires, 1968.
Dynamic Characteristics of Chow's Model of the U.S. Economy:
A Simulation Study," Journal of Financial and
Quantitative Analysis, Vol. I, No. 4, December 1967.