Australian School of Business > Schools

Ronald Masulis

Ronald Masulis 
PhD, University of Chicago
MBA, University of Chicago
BA (High Hons), Northeastern University

Scientia Professor of Finance
Macquarie Group Chair of Financial Services

Phone:

+61 2 9385 5860 

Fax:

+61 2 9385 6347 

Room:

354 

Address:

Australian School of Business Building

Publications

2014

  • Masulis, R. and S. Reza, 2014, Agency Problems of Corporate Philanthropy, forthcoming, Review of Financial Studies
  • Kwan, A., R. Masulis and T. McInish, 2014, Trading Rules, Competition for Order Flow and Market Fragmentation, forthcoming, Journal of Financial Economics
  • Masulis, R. and S. Mobbs, 2014, Independent Director Incentives: Where Do Talented Directors Spend their Limited Time and Energy?, Journal of Financial Economics 111, 406-429
  • Krishnan, CNV, R. Masulis, R. Thomas and R. Thompson, 2014, M&A Litigation and Jurisdictional Effects, Journal of Empirical Legal Studies 11:1 132-158
  • Masulis, R., P. Pham, and J. Zein, 2014, The Structure of Family Business Groups around the World, forthcoming in Research Handbook on Shareholder Power, editors, Jennifer Hill and Randall Thomas, Edward Elgar Publishing

 

2013

  • Karpoff, J., G. Lee and R. Masulis, 2013, Contracting under Asymmetric Information: Lockup Agreements in Seasoned Equity Offerings, Journal of Financial Economics 110:3, 607-626
  • Knyazeva, A., D. Knyazeva and R. Masulis, 2013, The Supply of Corporate Directors and Board Independence, Review of Financial Studies 26:6, 1561-1605
  • Krishnan, CVN, and R. Masulis, 2013, Law Firm Expertise and Mergers and Acquisitions, Journal of Law and Economics 56:1, 189-226

 

2012

  • Masulis, R., C. Wang and F. Xie, 2012, Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance, Journal of Accounting and Economics 53:3, 527-554
  • Krishnan, CVN, R. Masulis, R. Thomas, and R. Thompson, 2012, Litigation in Mergers and Acquisitions, Journal of Corporate Finance 18, 1248-1268
  • Krishnan, CVN, and R. Masulis, 2012, Venture Capital Reputation: A Survey in Handbook of Entrepreneurial Finance, Venture Capital and Private Equity, D. Cummings, Editor, Oxford University Press

 

2011

  • Masulis, R., P. Pham and J. Zein, 2011, Family Business Groups around the World: Costs and Benefits of Pyramids, Review of Financial Studies 24:11, 3556-3600
  • Masulis, R. and S. Mobbs, 2011, Are All Inside Directors the Same? Evidence from the External Directorship Market, Journal of Finance 66:3, 823-872
  • Krishnan, CNV, V. Ivanov, R. Masulis and A. Singh, 2011, Venture Capital Reputation, Post-IPO Performance and Corporate Governance, Journal of Financial and Quantitative Analysis 46:5, 1295-1333
  • Masulis, R. and R. Nahata, 2011, Venture Capital Conflicts of Interest: Evidence from Acquisitions of Venture Backed Firms, Journal of Financial and Quantitative Analysis 46:2, 395-430
  • Lee, G. and R. Masulis, 2011, Do More Reputable Financial Institutions Reduce Earnings Management by IPO Issuers?, Journal of Corporate Finance 17:4, 982–1000
  • Hill, J., R. Masulis and R. Thomas, 2011, Comparing CEO Employment Contract Provisions: Differences between Australia and the U.S., Vanderbilt Law Review 64:2, 557-608

 

2009

  • Masulis, R. and G. Lee, 2009, Seasoned Equity Offerings: Quality of Accounting Information and Expected Flotation Costs, Journal of Financial Economics 92:3, 443-469
  • Masulis, R., C. Wang and F. Xie, 2009, Agency Costs at Dual-Class Companies, Journal of Finance 64:4, 1697-1727
  • Masulis, R. and R. Nahata, 2009, Strategic Investing: Evidence from Corporate Venture Capital, Journal of Financial Intermediation 18:4, 599-631
  • Masulis, R and R. Thomas, 2009, Does Private Equity Create Wealth? The Effects of Private Equity and Derivatives on Corporate Governance, University of Chicago Law Review 76, 219-260

 

2007

  • Masulis, R., C. Wang and F. Xie, 2007, Corporate Governance and Acquirer Returns, Journal of Finance 62:4, 1851-1889
  • Eckbo, E., R. Masulis, and O. Norli, 2007, Security Offerings, Handbook of Corporate Finance: Empirical Corporate Finance, E. Eckbo, editor, North-Holland /Elsevier, Chapter 13

 

2006

  • Faccio, M., R. Masulis and J. McConnell, 2006, Political Connections and Government Bailouts, Journal of Finance 61:6, 2597-2635

 

2005

  • Faccio, M., R. Masulis, 2005, The Choice of Financing Methods in European Mergers & Acquisitions, Journal of Finance 60:3, 1345-1388

 

2003

  • Huang, R., R. Masulis, 2003, Trading Activity and Stock Price Volatility: Evidence from the London Stock Exchange, Journal of Empirical Finance 10:3, 249-269, (lead article)

 

2002

  • Masulis, R. and L. Shivakumar, 2002, Does Market Structure Affect the Immediacy of Stock Price Responses to News?, Journal of Financial and Quantitative Analysis 37:4, 617-648

 

2000

  • Eckbo, E., R. Masulis and O. Norli, 2000, Seasoned Public Offerings: Resolution of the ‘New Issues Puzzle’, Journal of Financial Economics 56:2, 251-291. Journal of Financial Economics All Star Award

 

1999

  • Masulis, R. and R. Huang, 1999, FX Spreads and Dealer Competition Across the 24 Hour Day, Review of Financial Studies 12:1, 61-93

 

1996

  • Masulis, R., R. Huang and H. Stoll, 1996, Energy Shocks and Financial Markets. Journal of Futures Markets 16:1, 1-27, (lead article)

 

1995

  • Masulis, R. and V. Ng, 1995, Overnight and Daytime Stock Return Dynamics on the London Stock Exchange:  The Impacts of 'Big Bang' and the 1987 Stock Market Crash, Journal of Business and Economic Statistics 13:4, 365-378, (lead article)
  • Masulis, R. and Eckbo, E., 1995, Seasoned Equity Offerings: A Survey, Handbook in Finance, R. Jarrow, V. Maksimovic and B. Ziemba (eds.) North Holland

 

1993

  • Masulis, R., H. Choe and V. Nanda, 1993, Common Stock Offerings across the Business Cycle: Theory and Evidence, Journal of Empirical Finance 1:1, 3-31 (lead article, inaugural issue)

 

1992

  • Masulis, R. and E. Eckbo, 1992, Adverse Selection and the Rights Offer Paradox, Journal of Financial Economics 32:3, 293-332

 

1991

  • Masulis, R., R. Lease and J. Page, 1991, An Investigation of Market Microstructure Impacts on Event Study Returns, Journal of Finance 46:4, 1523-1536
  • Masulis, R., L. Dann and D. Mayers, 1991, An Investigation of the Earnings Information Content in Issuer Tender Offers, Journal of Accounting and Economics 14:3, 217-251, (lead article)
  • Masulis, R., Hamao, Y. and Ng, V., 1991, The Effect of the 1987 Stock Crash on International Financial Integration, Japanese Financial Market Research, W. Bailey, Y. Hamao and W. Ziemba, editors, Amsterdam: North Holland

 

1990

  • Masulis, R., Y. Hamao and V. Ng, 1990, Correlations in Price Changes and Volatility across International Stock Markets, Review of Financial Studies 3:2, 281-308 

1988

 

  • Masulis, R. and B. Trueman, 1988, Corporate Investment and Dividend Decisions under Differential Personal Taxation, Journal of Financial and Quantitative Analysis 23:4, 369-386
  • Masulis, R., 1988, The Debt Equity Choice, Institutional Investor Series in Finance, Ballinger Press
  • Masulis, R., 1988, State Preference Theory, Chapter 5 of Financial Theory and Corporate Policy, by Copeland, T. and Weston, J.F., 3rd edition, Addison Wesley

 

1987

  • Masulis, R., 1987, Changes in Ownership Structure: Conversions of Mutual Savings and Loans to Stock Charter, Journal of Financial Economics 18:1, 29-60

 

1986

  • Masulis, R. and A. Korwar, 1986, Seasoned Equity Offerings: An Empirical Investigation, Journal of Financial Economics 15:1/2, 91-118, Journal of Financial Economics All Star Award

 

1984

  • Masulis, R., M. Grinblatt and S. Titman, 1984, The Valuation Effects of Stock Splits and Stock Dividends, Journal of Financial Economics 13:4, 461-490, (lead article)

 

1983

  • Masulis, R., 1983, The Impact of Capital Structure Change on Firm Value, Some Estimates, Journal of Finance 38:1, 107-126

 

1982

  • Masulis, R., September 1982, Government Intervention in the Mortgage Market, A Study of Anti Redlining Regulations, Journal of Monetary Economics 10, 191-213

 

1980

  • Masulis, R. and H. DeAngelo, 1980, Optimal Capital Structure under Corporate and Personal Taxation, Journal of Financial Economics 8:1, 3-27, (lead article), Journal of Financial Economics All Star Award
  • Masulis, R., 1980, The Effects of Capital Structure Change on Security Prices: A Study of Exchange Offers, Journal of Financial Economics 8:2, 139-178, Journal of Financial Economics All Star Award
  • Masulis, R., 1980, Stock Repurchase by Tender Offer, An Analysis of the Causes of Common Stock Price Changes, Journal of Finance 35:2, 305-319
  • Masulis, R. and H. DeAngelo, 1980, Leverage and Dividend Irrelevance under Corporate and Personal Taxation, Journal of Finance 35:2, 453-464

 

1976

  • Masulis, R. and D. Galai, 1976, The Option Pricing Model and the Risk Factor of Stock, Journal of Financial Economics 3:1/2, 53-81, Journal of Financial Economics All Star Award

 

Other publications

 

  • Venture Capital Reputation: A Survey, forthcoming in the Handbook of Entrepreneurial Finance, Venture Capital and Private Equity, with CVN Krishnan, D. Cummings, Editor, Oxford University Press, 2012
  • Security Offerings with Espen Eckbo and Oyvind Norli, in B. E. Eckbo, Handbook of Corporate Finance: Empirical Corporate Finance 2007, (North-Holland/Elsevier), Chapter 13
  • Seasoned Equity Offerings: A Survey with B. Espen Eckbo Handbook in Finance, R. Jarrow, V. Maksimovic and B. Ziemba (eds.) 1995, North Holland
  • Dividend Capture with Jonathan Karpoff New Palgrave Dictionary of Money and Finance, 1992, MacMillan
  • The Effect of the 1987 Stock Crash on International Financial Integration with Yasushi Hamao and Victor Ng, 1991, Japanese Financial Market Research, W. Bailey, Y. Hamao and W. Ziemba (eds.), North Holland

 

Working papers

 

  • Board Structure and Monitoring: New Evidence from CEO Turnover, with L. Guo, March 2013 (Presented at the 2012 China International Conference in Finance, the 2012 ISB Summer Research Conference and the 2012 Conference on Empirical Legal Studies and accepted for presentation at the 2013 FIRS Conference in Dubrovnik)
  • Compensation Gaps among Top Executives: Evidence of Tournament Incentives or Productivity Differentials? with S. Zhang, February 2013 (Presented at the 2012 Northern Finance Association Meetings and the 2013 American Finance Association Meetings)
  • Information Quality and CEO Turnover, with L.Guo, February 2013 (Accepted for presentation at the 2013 Conference on Empirical Legal Studies)
  • Equity Ownership in IPO Issuers by Brokerage Firms and Analyst Research Coverage, with X. Li, March 2013 (Presented at the 2012 CAPANA Research Conference in Xian China and accepted for presentation at the 2013 European Skiance Meeting and the 2013 FIRS Conference in Dubrovnik)
  • Reputation Incentives of Independent Directors: Impacts on Board Monitoring and Adverse Firm Actions, with S. Mobbs, March 2013 (Accepted for presentation at the 5th Annual FSU SunTrust Conference 2013 and the 2013 American Law and Economics Association Annual Meeting)
  • Agency Problems of Corporate Philanthropy, with S. Reza, March 2013 (Accepted for presentation at the 2013 FIRS Conference in Dubrovnik)
  • Does Group Affiliation Facilitate Access to External Financing? Evidence from IPOs by Family Business Groups, with P. Pham, J. Zein and S. Dash, May 2013 (Presented at the 2011 Frontiers in Finance Conference, Banff, the 2012 Asian Financial Management Association Meetings and the 2013 Asian Bureau of Finance and Economic Research Conference)
  • Trading Rules, Competition for Order Flow and Market Fragmentation, with A. Kwan, and T. McInish, August 2013 (Presented at the 2013 Symposium on Financial Econometrics and Market Microstructure in Melbourne)
  • Supply Chain Spillover Effects and the Interdependence of Firm Financing Decisions, with William Johnson, Jun-koo Kang and Sangyo Yi, April 2012 (Presented at the 2010 Conference on Empirical Legal Studies (CELS), 2012 UBC Winter Conference and the 2012 FIRS Conference)
  • Do Independent Expert Directors Matter? With C. Ruzzier, S. Xiao and S. Zhao, June 2012 (Presented at the 2012 Delaware Corporate Governance Symposium)
  • Do Wealth Creating Mergers Really Hurt Acquirer Shareholders?, with Peter Swan and Brett Tobiansky (Presented at the 2011 FIRS Conference and the 2012 American Finance Association Meetings)
  • Order Imbalance Around Seasoned Equity Offers, with S. Kim (presented at the Melbourne Finance Downunder Conference 2011 and the 2011 FIRS Conference)

Research interests

  • Empirical corporate finance
  • Corporate governance
  • Mergers and acquisitions
  • International finance and law

Research grants

  • Commencing 2012: Australian Research Council (ARC) Discovery Grant, $100,000, Ownership Linkages and the Functioning of Inter-firm Capital Markets during the Global Financial Crisis (with Peter Pham and Jason Zein)
  • Commencing 2012: Australian Research Council (ARC) Discovery Grant, $230,000, Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders? (with Peter Swan)

 Courses taught

  • FINS5538 Takeovers, Restructuring and Corporate Governance
  • FINS5577 Advanced Topics in Corporate Finance
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