Todd T Milbourn
Hubert C. and Dorothy R. Moog Professor of Finance
Finance Area Coordinator
CV: Todd Milbourn’s CV
E-Mail: milbourn@wustl.edu
Phone:
314-935-6392
Fax: 314-935-6359
Ph.D.
December 1995, Indiana University at Bloomington,
School of Business
B.A.
1991, Augustana College,
Academic Experience:
Hubert
C. and Dorothy R. Moog Professor of Finance, Washington University in St. Louis,
2010-present
Professor
of Finance, Washington University in St.
Louis, 2007-present
Associate
Professor of Finance (with tenure), Washington
University in St. Louis, 2003-2007
Visiting
Associate Professor of Finance, University
of Chicago, Spring Quarter 2005
Assistant
Professor of Finance, Washington
University in St. Louis, 2000-2003
Visiting
Assistant Professor of Finance, University
of Chicago, 1999-2000
Assistant
Professor of Finance, London Business School,
1996-1999
Administrative Experience:
Finance
Area Coordinator, Washington University in
St. Louis, 2005-present
Academic
Director, MS in
Finance Program, Washington University
in St. Louis, 2005-2008
Had
responsibility for the design, development, and implementation of this new
one-year, full-time MS in Finance Program.
Research and Honorary Appointments:
Member,
Standard & Poor’s Academic Council, 2004-present
Fellow,
Center for Financial
Research, FDIC, 2004-2005
Marcile
and James Reid Teaching Chair, Washington
University in St. Louis, 2002-2003
Other Appointments:
Board
Member, St.
Louis Military Officer Support Foundation, 2008-present
The Saint Louis Military Officer Support Foundation was incorporated on
December 29, 2008,
as a Missouri not-for-profit
corporation. As described in its
Articles of Incorporation, the
Organization is organized
exclusively for charitable, scientific, literary and educational purposes
within the meaning of section
501(c)(3) of the Internal Revenue Code.
Foundation’s Mission: Our goal is to provide basic to advanced fitness and
weapons training for men
and women from the Greater Saint Louis
area that have been accepted to, attend or serve as an active
duty graduate from a United States
military academy (USMA, USNA, USAFA or USCGA), R.O.T.C. or
Officer Candidate School. Ultimately, we seek to help increase the
likelihood that our men and women of uniform
return safely and successfully from
their deployments.
Research Interests:
Corporate finance, executive compensation, credit ratings, and managerial career concerns
Working Papers and Work in Progress:
1. “Whistle
Blowing and CEO Compensation: The Qui Tam Statute”, (joint with Sudarshan Jayaraman),
February 9, 2010 (under review).
- “How
did increased competition affect credit ratings?”, (joint with Bo Becker), December 18, 2009 (under review).
My
coauthor, Bo Becker, gave an interesting interview about this paper here.
- “The
Role of Stock Liquidity in Executive Compensation”, (joint with
Sudarshan Jayaraman), working paper September 23, 2009 (revising to resubmit to The Accounting Review).
- “The
Role of CEO Talent on Pay, Firm Performance and Turnover”,
(joint with Antonio Falato and Dan Li), working paper, November 18, 2009
- “How Well Do Investors Process
(More Subtle) Information? The Case of Employee Stock Options”,
(joint with Jian Cai and Gerald Garvey), working paper, November 14, 2008.
- “The
Optimal and Actual Use of Economic Value Added in Incentive
Compensation”, (joint with Gerald Garvey), 2005 (permanent
working paper)
Publications:
- “Strategic
Flexibility and the Optimality of Pay for Sector Performance”,
(joint with Radhakrishnan Gopalan and Fenghua Song), forthcoming at
the Review of Financial Studies,
September 16, 2009.
Winner of
Citigroup Award for the best paper at the 2009 Summer Research Conference
hosted by The Centre for Analytical Finance (CAF) at the Indian School of
Business (ISB)
- “Asymmetric Benchmarking in Compensation: Executives are Rewarded for Good Luck But Not Penalized for Bad”, (joint with Gerald Garvey), Journal of Financial Economics 82-1, October 2006, 197-226.
- “Credit
Ratings as Coordination Mechanisms”, (joint with Arnoud Boot and
Anjolein Schmeits), Review of Financial Studies
19-1, 81-118, Spring 2006.
- "Sunflower
Management and Capital Budgeting", (joint with Arnoud Boot and
- “Incentive
Compensation When Executives Can Hedge the Market: Evidence of Relative Performance
Evaluation in the Cross-Section”, (joint with Gerald Garvey), Journal
of Finance 58-4, 1557-1582, August 2003.
- "CEO
Reputation and Stock-Based Compensation", Journal of
Financial Economics 68-2, 233-262, 2003.
- "Managerial Career Concerns and
Investments in Information", (joint with Richard Shockley and
- “EVA
versus Earnings: Does it
Matter Which is More Highly Correlated with Stock Returns”,
(joint with Gerald Garvey), Journal of Accounting Research 38,
209-245, 2000.
- “Regulation and the
Evolution of the Financial Services Industry”, (joint with Arnoud
Boot and Silva Dezelan), in Topics in Corporate Finance: Perspectives on the Regulation of
the Financial Services Industry, ed. by Arnoud Boot and Jeroen
Ligterink, Amsterdam Center for Corporate Finance Number 2, 25-41, 2000.
- “The Theory of Security
Design”, (joint with Arnoud W.A. Boot and Anjan V. Thakor), in The
Handbook of Equity Derivatives, Second Edition, ed. by Jack
Francis, William Toy and J. Gregg Whittaker, Irwin Professional
Publishers, 2000, 665-687 (appeared in First Edition as well).
- “Megamergers
and Expanded Scope: Theories
of Bank Size and Activity Diversity”, (joint with Arnoud Boot
and
- “Regulatory
Distortions in a Competitive Financial Services Industry”,
(joint with Arnoud Boot and Silva Dezelan), Journal of Financial
Services Research 16-2/3, 249-259, 1999.
- “The
Search for the Best Financial Performance Measure: Yes, Basics are Better – If
You Understand Them”, (joint with Jeff Bacidore, John Boquist,
and Anjan V. Thakor), Financial Analysts Journal, 1999.
- “The Winner-Takes-All: An Alternative View of CEO Incentives”
(comment on three papers), in Executive Compensation and Shareholder
Value: Theory and Evidence,
ed. by Jennifer Carpenter and David Yermack, Kluwer Academic Publishers,
47-52, 1999.
- “How
Do You Win the Capital Allocation Game?”, (joint with John
Boquist and
- “Comment on Colin
Mayer’s ‘Financial Systems and Corporate Governance’
”, Journal of Institutional and Theoretical Economics
154-1, pp. 170-176, 1998.
- “EVA’s Charm as a
Performance Measure”, in Mastering Finance, ed. by
George Bickerstaffe, FT Pitman Publishing, 133-138, 1998.
- “The
Search for the Best Financial Performance Measure”, (joint with Jeff
Bacidore, John Boquist, and Anjan V. Thakor), Financial Analysts
Journal (lead article),
May-June 1997, 11-20.
- “EVA and Total Quality
Management”, (joint with Jeff Bacidore, John Boquist, and
Books:
·
The Value
Sphere: The Corporate
Executive’s Handbook for Creating & Retaining Shareholder Wealth,
4th edition, (written jointly with John A. Boquist and Anjan V.
Thakor), World Scientific Publishing,
2009
Selected Executive Education Experience:
·
“Strategic
Financial Customer Integration Program” for Nestlé Purina Pet Care
·
“Finance
and Strategy in the Quest for the Summit” for Centene Corporation
·
“Evaluating
Projects in Practice – Growing in a Value-Creating Manner” for
Metal Service Center Institute (MSCI)
·
“Resource
Allocation and Shareholder Value” for MSCI
·
“Financial
Evaluation of Strategies and Decisions” for MSCI
·
“Finance
for the Non-Financial Manager” (delivered in open-enrolment programs,
along with various customized versions for MSCI, Bunge Ltd, Black & Veatch,
Sara Lee, TALX, Bell-Bowe-Howell, and Essex Industries)
·
“Resource
Allocation in Practice” (delivered in open-enrolment programs, along with
customized versions for Sara Lee, Bunge Ltd, Black & Veatch, Whirlpool
Corporation, and MSCI)
·
“Using
Numerical Reasoning To Solve Problems” (delivered to Tyson Foods)
·
Delivered
ten-week “Financial Core” class to the writers of the Lex Group and
Senior Editors of the Financial Times
Selected Consulting Experience:
·
Advising
on performance measurement and incentive pay for law firms
·
Expert
witness work for employee compensation issues
·
Advising
on issues related to valuation and capital structure policies for both
investment banks and non-financial firms
·
Facilitating
the redesign of corporate resource allocation practices and policies within
non-financial firms
·
Serving
in an academic advisory capacity to a credit rating agency in regards to rating
issues and policies
Miscellaneous Items
2010
Priory Freshman Wresting Tournament Champion (4 – 0)
Final Round to Seal Championship
October 1, 2006: My interview with Bob Brinker on his show, Money Talk, discussing the backdating of employee stock options: click here