VITA
Michael G. Hertzel
3301 E. Cherokee Street Department of Finance
Phoenix, Arizona 85044 College of Business
Arizona State University
Tempe, Arizona 85287-3906
(480) 965-6869
EDUCATION
Ph.D., Finance, University of Oregon, 1988
MS, Finance and Applied Economics, University of Rochester, 1980
MBA, Operations Management, University of Rochester, 1977
BA, Psychology, University of Rochester, 1974
PROFESSIONAL POSITIONS
Professor, Arizona State University, 2002-present
Dean’s Council of 100 Distinguished Scholar, 2004-present
Ford Honors Program Faculty Fellow, 2002-2004
Associate Professor, Arizona State University, 1994-2002
Assistant Professor, Arizona State University, 1987-1994
Graduate Teaching Fellow, University of Oregon, 1983-1987
Lecturer, Rochester Institute of Technology, 1981-1983
Teaching Assistant, University of Rochester, 1980
PUBLICATIONS
“Earnings Management Around Employee Stock Option Reissues,” (with Jeffrey Coles and Swaminathan Kalpathy), Journal of Accounting and Economics, Vol. 41, No.1-2, April 2006.
“The Market Impact of Trends and Sequences in Performance: New Evidence,” (with Greg Durham and J. Spencer Martin), Journal of Finance, Vol. 60, No. 5, October 2005.
“Equity Ownership and Firm Value: Evidence from Targeted Repurchases,” (with Saeyoung Chang), Financial Review, Vol. 39, No. 3, August 2004.
"Long-run Performance Following Private Placements of Equity," (with Michael Lemmon, James Linck and Lynn Rees), Journal of Finance, December 2002.
"Competitive Impact of Strategic Restructuring: Evidence From the Telecommunications Industry," (with Janet Smith and Richard Smith), Industrial and Corporate Change, Vol. 10, No. 1, 2001.
“Information, Announcement, and Listing Effects of ADR Programs and German-U.S. Stock Market Integration,” (with Paul Lowengrub and Michael Melvin), Multinational Finance Journal, Vol. 4, No. 3, 2001.
"Earnings and Risk Changes Around Private Placements of Equity," (with Lynn Rees), Journal of Accounting, Auditing and Finance, Winter 1998.
"The Industry Effects of Interfirm Lawsuits: Evidence from Pennzoil v. Texaco," (with Janet Smith), The Journal of Law, Economics, and Organization, October 1993.
"Market Discounts and Shareholder Gains for Placing Equity Privately," (with Richard Smith), Journal of Finance, June 1993.
"Return Autocorrelations Around Nontrading Days," (with Hendrik Bessembinder), Review of Financial Studies, Vol. 6, No. 1, 1993.
"Private Equity Issues," The New Palgrave Dictionary of Money and Finance, Stockton Press, 1992.
"Earnings and Risk Changes Around Stock Repurchase Tender Offers," (with Prem Jain), Journal of Accounting and Economics, September 1991.
"The Effects of Stock Repurchases on Rival Firms," Journal of Finance, June 1991.
"The Volatility of Asset Returns During Trading and Nontrading Hours: Some Evidence From the Foreign Exchange Markets," (with Coleman Kendall and Peter Kretzmer), Journal of International Money and Finance, September 1990.
ARTICLES UNDER SUBMISSION AND REVISION FOR JOURNALS
“Inter-firm Linkages and the Wealth Effects of Financial Distress along the Supply Chain,” (with Zhi Li, Micah Officer and Kimberly Rodgers), July 2006, under revision for second round at Journal of Financial Economics.
“Behavioral Biases and Investor Behavior: Predicting the Next Step of a Random Walk (Revisited and Extended)” (with Elena Asparouhova and Michael Lemmon), September 2006, under review, Management Science.
OTHER MANUSCRIPTS
“Behavioral and Rational Explanations of Stock Price Performance Around SEOs: Evidence From a Decomposition of Market-to-Book Ratios,” (with Zhi Li), August 2006.
“Cross-Border Private Equity Investment and Third-Best Contracting,” (with Ana Balcarcel and Laura Lindsey), April 2006.
“Institutional Investors and the Long-Run Performance of Private Placements,” (with James Linck and M. Babajide Wintoki), January 2006.
“Influence of Complimentarity on the Performance of Corporate Venture Investments,” (with Jeffrey Coles and Mukunthan Santhanakrishnan), August 2005.
“Stock Repurchase Tender Offer Announcements and Revaluation of Prior Accounting Information,” (with Lalitha Naveen and Lynn Rees), December 2005.
“Corporate Soft Money Donations and Firm Performance,” (J. Spencer Martin and J. Felix Meschke), January 2003.
RESEARCH IN PROGRESS
“The Effect of Positive Performance on Behavior: Overconfidence versus Loss Aversion,” (with Elena Asparouhova and Michael Lemmon.)
“Staging in Public Equity Markets,” (with Mark Huson and Robert Parrino.)
COURSES TAUGHT
Managerial Finance (FIN 361), Honors Seminar in Finance (FIN 481), Managerial Finance (FIN 501, 502), Applied Corporate Finance (FIN 581), Theory of Finance (FIN 781), Doctoral Seminar in Corporate Finance (FIN 791)
OTHER TEACHING ACTIVITIES
Doctoral Dissertation Committees
Completed: Joo-Hyun Kim, Stan Eakins, Tim Lin, Jay Cougenhour, Bruce Behn (Accounting), Vaughn Armstrong, Patrick Traichal, Dan Deli, Stan Hoi, Tom Lopez (Accounting), Jim Linck, Paul Lowengrub (Economics), Lalitha Daniel, Sal Lucia, Greg Durham (Chair), Mukunthan Santhanakrishnan (Co-chair), Susan Ji, Swami Kalpathy, Ana Balcarcel (Chair)
Undergraduate Honors Thesis Committees
Completed: Bruce Fredette-Roman, Tiffany Duepner, Aaron Zeper (Director), Chris Schembri, Carl Crawford, Peter Smith (Director), Ben Jones (Director), Jenifer Gardner (Director), Bob Auer (Director), Phil Hawkins (Director), Chris Backemeyer (Director), Brent Richter (Director), Andy Free (Director), Nathan Udall (Director), Pamela Zanzuchi (Director), Jennifer Frost, Jacob Moore, Steve Lyons, Eric Gitelman, Josh Meeks, Elisa Scinto
Director of Intel Collaborative Thesis Projects (4): Ana Ramos, Zach Shannon, Charletta Cochrane; Matthew Braselton, Chris Ko, Danielle Hanson, Elif Affon, Jeffrey Berkel, Jon Land, Josh Meyer, Irena Milanovic, Stephanie Shafer, Lindsey Silverblatt, Denise Stephens, Laura Gray
INSTITUTIONAL SERVICE
Finance Department Committees
Personnel Advisory Committee, 1995-96, 1999-2003, 2004-06 (Chair 2000-01, 2004-06)
Recruiting Committee, 1987-90, 1992-2003, 2004-2005 (Chair 1996-2003)
Doctoral Program Committee, 1988-2003, 2004-2006
Seminar Series (Coordinator), 1988-90, 1992-96
Honors and Awards Committee, 1995-2003 (Chair 1996-2002), 2004-2006
Ad Hoc Committee on Post-tenure Review, 1997-98
Undergraduate Program Committee, 1992-2003
Search Committee for Furst Professorship, (Chair 1998-2002)
Committee on Private Equity Research and Curriculum Development, (Chair 1998-2001)
Research Committee, 1992-2003, (Chair 1992-97, 99-2000)
Department Chair Evaluation Committee, 1998, 2001 (Chair 2001)
Strategic Planning Committee, 2001-03
College of Business Committees
Undergraduate Programs Committee, 2002-2003
Search Committee for Labriola Chair, (Chair 1998-2000)
Personnel Committee, 1996-99
Honors and Awards Committee, 1992-94, 1995-98, (Chair 1995-98)
Outstanding Teaching Award Committee, 1992-93, 1995-97
Finance Department Chair Search Committee, 1991
Real Estate Transition Committee, 2002-2003
Real Estate Finance Committee, 2002-2003
Honors Advisory Council, 2005-2006
University Committees
Regents Professor Nominating Committee 2004-2006
Other
Finance Department Advisory Board: Scholarship, Development and Curriculum subcommittees, 2003-2004
Advisor and Finance Dept. Coordinator, Undergraduate Honors Program, 1992-2006
College of Business Mentor Program, 1997-2000
Finance Department Liaison to Math Department for Curriculum Development, 1996-99
Participant in Student Empowerment Project, 1993
PROFESSIONAL SERVICE
Referee Services
European Economic Review, Financial Management, Financial Review, Journal of Accounting and Economics, Journal of Business, Journal of Corporate Finance, Journal of Economics and Management Strategy, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Journal of Financial Research, Journal of International Money and Finance, Quarterly Journal of Business and Economics, Review of Finance, Review of Financial Studies
Other
Program Committee, Financial Management Association Annual Meetings, 1995, 1996, 2001, 2002, 2003, 2005
Selection Committee, AAII/FMA Outstanding Dissertation Proposal, (Chair) 1996-97
Financial Management Association Nominating Committee, 2005-