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Personal Data:

Date of Birth: September 29, 1962
Marital Status: Married, two children
Citizenship: United States of America

Academic and Professional Appointments:

2015-present Visiting Fellow, Hoover Institution
Stanford University
2018-present A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business
2008-2017 A. Barton Hepburn Professor of Economics in the Faculty of Business
2010-2015 Founding Director and Chair of the Advisory Board, Program for Financial Studies
1998-2008 Professor of Finance and Economics

Associate Professor of Finance and Economics (with tenure)

  Graduate School of Business, Columbia University
2021-present Independent Director
2020-present Independent Director
2017-present Independent Director
PGIM Investment Funds
2015-2021 Visiting Professor of Law
Rock Center for Corporate Governance Fellow, Stanford Law School
2019-2021 Independent Director
2018-2020 Independent Director
2017-2018 Independent Director
Corporate Capital Trust
2015-2016 Visiting Scholar, Stanford Graduate School of Business
Stanford University
2012-2013 Visiting Scholar
Stanford University Graduate School of Business
Stanford Institute for Economic Policy Research
2006-2008 Managing Director, Global Head of Alternative Investment Strategies
  Deutsche Bank
1999-2006 Independent Director/Trustee
  Merrill Lynch Investment Managers
1992-1996 Associate Professor of Finance
1988-1992 Assistant Professor of Finance
  J. L. Kellogg Graduate School of Management Northwestern University
1991-1992 Arch W. Shaw National Fellow
  Hoover Institution on War, Revolution and Peace
  Stanford University


June 1988 Ph.D., Economics, Stanford University
Dissertation: "Essays on Financial Structure and Corporate Control"
May 1984 B.A., summa cum laude, Duke University (economics)

Outside Activities:

2019- present Advisory Board member, private company
Consultant to a global financial advisory and asset management firm
2017-2018 Advisory Board member, private company
2016 Consulting expert on a securities litigation matter
2015 Consultant to a Fortune 100 Company
2012-2014 Consultant to a family business
2008-2009 Deutsche Bank Alternative Trading

Academic Honors and Grants:

National Science Foundation Presidential Young Investigator Award, 1991-1998

Lynde and Harry Bradley Foundation Grant, 1993-1994, 1994-1998

Smith Breeden Prize for Distinguished Paper in the Journal of Finance in 1992 ("Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity")

Roger F. Murray Award for Excellence in Quantitative Research in Finance, presented by The Institute for Quantitative Research in Finance, 1992

National Fellow, Hoover Institution on War, Revolution and Peace, Stanford University, 1991-1992

Selected one of "Forty Under Forty," Crain's Chicago Business, 1991

National Science Foundation Grant SES-8821666, "Dividends and Corporate Financial Policy" (joint with Doug Bernheim), 1989-1991

Trefftzs Award for Best Student Paper, presented by the Western Finance Association, 1988 ("Share Repurchase and Takeover Deterrence")

Phi Beta Kappa; Beta Gamma Sigma

Teaching Honors:  

Presidential Award for Outstanding Teaching, Columbia University, 2006

Singhvi Professor of the Year for Scholarship in the Classroom: Graduate School of Business, Columbia University, 1997, 2005, 2006

Rated Outstanding Faculty at Columbia Business School, Business Week, 2000, 2002, 2004

Rated Most Popular Teacher at Columbia Business School, Business Week, 1998

Outstanding Professor of the Year: Kellogg Graduate School of Management, Northwestern University, 1991, Finalist 1994


“The Interaction of Markets and Policy: A Corporate Finance Perspective,” 2020. In Strategies for Monetary Policy, edited by John H. Cochrane and John B. Taylor, Hoover Institution Press.

“Payment Systems and the Distributed Ledger Technology,” 2018. In The Structural Foundations of Monetary Policy, edited by Michael Bordo, John Cochrane, and Amit Seru, Hoover Institution Press.

"Liquidity: Considerations of a Portfolio Manager" (joint with Pam Moulton), 2009. Financial Management, Spring, 59-74.

"Synergies and Internal Agency Conflicts: The Double-Edged Sword of Mergers" (joint with Paolo Fulghieri), 2006. Journal of Economics & Management Strategy, Vol. 15, No. 3, 549-576.

"Predicting Equity Liquidity" (joint with Bill Breen and Bob Korajczyk), 2002. Management Science, Vol. 48, No. 4, 470-483.

"Does Stock Price Elasticity Affect Corporate Financial Decisions?" 1999. Journal of Financial Economics, Vol. 52, No. 2, 225-256.

"Veblen Effects in a Theory of Conspicuous Consumption" (joint with Doug Bernheim)*, 1996. American Economic Review, Vol. 86, No. 3, 349-373.

"Influence Costs and Capital Structure" (joint with Josef Zechner),* 1993. Journal of Finance, Vol. 48, No. 3, 975-1008.

"Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity," * 1992. Journal of Finance, Vol. 47, No. 1, 71-105.

"Share Repurchase and Takeover Deterrence,"* 1991. RAND Journal of Economics, Vol. 22, No. 1, 72-88.

"Shareholder Heterogeneity: Evidence and Implications,"* 1991. American Economic Review, Vol. 81, No. 2, 218-221.

"Cash Distributions to Shareholders" (joint with John Shoven),* 1989. Journal of Economic Perspectives, Vol. 3 No. 3, Summer, 129-140. Reprinted in The Corporate Finance Reader, edited by Robert Kolb, Kolb Publishing Company, 202-213, first edition.

"Share Repurchases and Acquisitions: An Analysis of Which Firms Participate" (joint with John Shoven),* 1988. In Corporate Takeovers: Causes and Consequences, edited by Alan Auerbach, University of Chicago Press, 191-220.

Comments on "Converting Corporations to Partnerships through Leverage" by Myron S. Scholes and Mark A. Wolfson,* 1990. In Taxes, Debt, and Corporate Restructuring, edited by John Shoven and Joel Waldfogel, The Brookings Institution, 196-200.

* Published as Laurie Simon Bagwell

Teaching Cases, Articles, and Published Teaching Materials:

“Are Dual-Class Companies Harmful to Stockholders? A Preliminary Review of the Evidence” (joint with David J. Baker), Harvard Law School Forum on Corporate Governance and Financial Regulation, 2018.

“Please Add Me to Your Network: Microsoft’s 2016 Acquisition of LinkedIn,” 2017.

"Are U.S. Firms Really Holding Too Much Cash?" Stanford Institute for Economic Policy Research Policy Brief, July 2013.

"Four Princesses, Meet the Fantastic Four: Disney's 2009 Acquisition of Marvel," 2011. Columbia CaseWorks #110314.

"Don’t Be Evil: Google’s 2004 Dutch Auction IPO," 2009. Columbia CaseWorks #090327.

"Cash is King: Microsoft’s 2004 Cash Disbursement," 2008. Columbia CaseWorks #070302.  

"The War of the Handbags: The Takeover Battle for Gucci Group N.V." (joint with Sean Carr and Robert Bruner), 2005. Darden Case No. UVA-F-1473.  

"Walgreen Company, 1990: The Cash Distribution Decision," 2008. Columbia CaseWorks #080322.

"Dutch Auctions," Columbia Business School Ideas at Work, June 2005.

"Google’s IPO: A Dutch auction works, if you let it," Columbia Business School Hermes Magazine, Fall 2004.  

Research Roundtable Discussion: The Diversification Discount, Financial Economics Network Educator, 2004.

Working Papers and Research in Progress:

“Take my Shoes, not my iPhone: Substitutability, Time, and the Endowment Effect” (joint with Timothy Joseph Kane), 2022, submitted for publication.

“Corporate Cash Holdings and Capital Allocation Decisions”

“The Economics of Elite Law Firms” (joint with Joseph A. Grundfest)

“The Blockchain and its Implications for Corporate and Securities Law and Practice” (joint with David J. Berger and Joseph A. Grundfest)

“Self-Selection and Stock Returns around Corporate Security Offering Announcements” (joint with Marie Dutordoir), Unpublished Working Paper, latest revision June 2015, currently being revised for resubmission to the Journal of Financial Economics.

Professional Activities:

Stanford Blockchain Research Center, Steering Committee member, 2022-present

External Reviewer, Duke in New York Financial Markets and Institutions Program, 2014

Coeditor, Journal of Economics & Management Strategy, 2005-2010

FINRA Series 7 and 63 Certification, 2006-2008

Associate Editor, Journal of Finance, 2000-2003, Financial Management, 1999-2006

Advisory Editor, Social Sciences Electronic Publishing, Financial Economics Network Educator: Courses, Cases, and Teaching Abstracts, 2000-2006, Financial Economics Network Course Electronic Journal, 1998-2000

Program Committee, Western Finance Association Meetings, 1996-2006

Program Committee, Financial Management Association European Conference, 2005-2006

Nominated for Director, American Finance Association, 2004

Panelist, Financial Management Association Doctoral Consortium, 2001

Recent Major Speeches:

2022 LaddHer Up, Enhancing Your Business and Financial Acumen

2022 Stanford Center for Blockchain Research on DAO Governance

2022 Andela All Hands Meeting

2021 Women of Roku (WoR) Conversation with Roku Board Members

2020 #GetOnBoard How Women Lead, Women on Boards event

2020 Guest Speaker in Stanford Law School Law 1049 Corporate Governance

2019 Stanford Directors’ College

2019 Stanford Law School Rock Center Program for Journalists

2019 Hoover Institution Strategies for Monetary Policy Conference

2019 Millennium Mams’

2019 Guest Speaker in Stanford Law School Law 1049 Corporate Governance

2018 Hoover Institution National Fellows Orientation

2018 Stanford Center for Blockchain Research

2018 Stanford Directors’ College

2018 Stanford Law School Rock Center Program for Journalists

2017 Columbia Women in Management Mentorship Kickoff

2017 David and Lyn Silfen Leadership Series, Columbia Business School

2017 Stanford Directors’ College

2017 Stanford Law School Rock Center Program for Journalists

2017 Hoover Institution Structural Foundations of Monetary Policy Conference

2017 Columbia Business School West Coast Trek Luncheon Speaker

Session Chair:

Five Star Conference on Research in Finance, 2008

Summer Meetings of The Western Finance Association, 1996, 1999, 2003

Winter Meetings of The Econometric Society, 1992


American Law & Economics Association Annual Meeting, 2015

Annual Conference on Financial Economics and Accounting, 1995, 1997

Columbia/NYU Joint Conference, 1997

Fall NBER Corporate Finance Workshop, 2001, 2002

Five Star Conference on Research in Finance, 2004

Spring NBER Corporate Finance Workshop, 1995, 1997

Summer NBER Corporate Finance Workshop, 1998

Summer Meetings of The Western Finance Association, 1990, 1991, 1993, 1994, 1996, 1997, 1998

Winter Meetings of The American Economic Association, 1989

Winter Meetings of The American Finance Association, 1992, 1993, 1998, 2000, 2004, 2005

Winter Meetings of The Econometric Society, 1988