Lubomir P. Litov
Assistant Professor of Finance
Assistant Professor of Law (by courtesy)
Wharton Financial Institutions Center
The Wharton School
University of Pennsylvania
- Ph.D. Economics, Stern School of Business, New York University, May 2005
- FIN 412, Corporate Financial Problems, Spring
- FIN 601, Financial Decision Making (Theory of Corporate Finance), Spring
- Corporate Finance
- Corporate Governance
- International Corporate Finance
- Behavioral Corporate Finance
Publications and Working Papers
"Corporate Governance and Managerial Risk Taking," with Kose John and Bernard Yeung, Journal of Finance, 2008, Vol. 63, 1679-1728.
- "Creditor Rights and Corporate Risk-Taking," with Viral Acharya and Yakov Amihud, Journal of Financial Economics, 2011 , Vol. 102, 150-166.
- "Earnings Persistence," with Richard Frankel, Journal of Accounting and Economics,
2009, Vol.47, 182-190.
- "Can Mutual Fund Managers Pick Stocks? Evidence from Their Trades Prior to Earnings Announcements," with Malcolm Baker, Jessica Wachter and Jeffrey Wurgler, Journal of Financial and Quantitative Analysis,
2010, Vol. 45,
[Lead Article – August Issue]
[Winner of the William Sharpe Award for the best paper published in 2010 in the Journal of Financial and Quantitative Analysis.]
- "Large Investors, Price Manipulation, and Market Breakdown: An Anatomy of Market Corners," with Franklin Allen and J.P. Mei, Review of Finance, 2006, Vol. 63, 645-693.
- "Corporate Strategy, Analyst Coverage, and the Uniqueness Paradox," with Todd Zenger and Patrick Moreton, Management Science, 2012, Vol. 58, No. 6, 1-19.
[Lead Article – June Issue]
- "Managerial Entrenchment and Capital Structure: New Evidence," with Kose John, Journal of Empirical Legal Studies, 2010, Vol. 7, 693-742.
- "Lawyers and Fools: Lawyer-Directors in Public Corporations,” with Simone Sepe and Charles Whitehead, Georgetown Law Journal, Vol. 102, forthcoming.
- "Corporate Governance and Financing Policy: New Evidence," with Kose John, working paper, revision requested at the Journal of Financial Intermediation.
- Shared Auditors in Mergers and Acquisitions,” with Dan Dhaliwal, Phillip Lamoreaux and Jordan Neyland, working paper, revision requested at Journal of Accounting and Economics.
- "Seeking Alpha, Taking Risk: Evidence from Non-Executive Pay in U.S. Bank Holding Companies," with Viral Acharya and Simone Sepe.
- "Financial Account Characteristics and Debt Covenants," with Richard Frankel, permanent working paper.
- "Do Firm Boundaries Affect Financing Policy? Evidence from Non-Financial Conglomerates with Financial Subsidiaries," working paper.
- "Do Investors Value Uniqueness in Corporate Strategy? Evidence from Mergers and Acquisitions," with Todd Zenger, working paper.
- “The Use of Escrow Contracts in Acquisition Agreements,” with Sandy Klasa and Sanjai Bhagat, working paper.
- "Staggered Boards and Firm Value, Revisited," with K.J. Martijn Cremers and Simone Sepe.
- "Lead Independent Directors: Good Governance or Window Dressing?” with
Phillip Lamoreux and Landon Mauler.