Todd T Milbourn
Hubert C. and Dorothy R. Moog Professor of Finance
Senior Associate Dean
of Faculty & Research
Video from Pearson Project
CV: Todd Milbourn’s CV
December 1995, Indiana University at Bloomington,
School of Business
College, Rock Island, Illinois
C. and Dorothy R. Moog Professor of Finance, Washington University in St. Louis,
of Finance, Washington University in St.
Professor of Finance (with tenure), Washington
University in St. Louis, 2003-2007
Associate Professor of Finance, University
of Chicago, Spring Quarter 2005
Professor of Finance, Washington
University in St. Louis, 2000-2003
Assistant Professor of Finance, University
of Chicago, 1999-2000
Professor of Finance, London Business School,
Associate Dean of Faculty & Research, Washington
University in St. Louis, 2013-present
Director, The Chartist Fund, Oppenheimer Asset
of the Audit Committee
Area Coordinator, Washington University in
St. Louis, 2005-2013
Director, MS in
Finance Program Corporate Finance
& Investments Track, Washington
University in St. Louis, 2011-present
Director, Corporate Finance &
Investments MBA Platform, Washington
University in St. Louis, 2010-present
Director, MS in
Finance Program, Washington University
in St. Louis, 2005-2008
Had responsibility for the design,
development, and implementation of this new full-time MS in Finance Program.
Research and Honorary
Standard & Poor’s Academic Council, 2004-present
Center for Financial
Research, FDIC, 2004-2005
Marcile and James Reid Teaching Chair, Washington University in St. Louis,
Louis Military Officer Support Foundation, 2008-present
The Saint Louis Military Officer Support Foundation was incorporated on
December 29, 2008, as a
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.
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.
Corporate finance, executive compensation, credit
ratings, and managerial career concerns
of Including Accounting Performance Goals in Executive Compensation”, (joint
with Benjamin Bennett, J. Carr Bettis , and
Radhakrishnan Gopalan), May 2014.
Will It Do For My EPS? A Straightforward
But Powerful Motive for Mergers”, (joint with Gerald T. Garvey and Kangzhen
Xie), December 21, 2013 (under second
round review at the Journal of Financial
- “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.
Optimal and Actual Use of Economic Value Added in Incentive Compensation”,
(joint with Gerald Garvey), 2005 (permanent working paper)
Skills Matter in the Market for CEOs? Evidence from Pay for CEO
Credentials”, (joint with Antonio Falato and Dan Li), working paper,
May 2014 (forthcoming at Management Science).
Equity Incentives and Accounting Manipulation: The Role of Auditor Expertise”, (joint with Sudarshan Jayaraman),
April 2014 (conditionally accepted at The Accounting Review).
- “CEO Compensation and Corporate
Risk: Evidence from a Natural Experiment”, (joint with Todd A. Gormely and David A. Matsa),
December 2013, Journal of Accounting and Economics 56, 79-101.
Summary from Knowledge@Wharton: “The Making of a Daredevil CEO: Why
Stock Options Lead to More Risk Taking”
of Executive Compensation”,
(joint with Radhakrishnan Gopalan, Fenghua Song, and Anjan V. Thakor), August 2012 (forthcoming at the Journal of Finance).
of the 2011 "Olin Award: Recognizing Research that Transforms
Business" – video summary
St. Louis Business Journal article in
regards to the award
St. Louis Post-Dispatch article
related to our work
Role of Stock Liquidity in Executive Compensation”, (joint with Sudarshan
Jayaraman), The Accounting Review
87-2, March 2012, 537-564.
- “How did increased competition
affect credit ratings?”,
(joint with Bo Becker), Journal of Financial Economics (lead
article) 101-3, September
NBER Working Paper No. w16404
FT Link and discussion: http://ftalphaville.ft.com/blog/2010/10/06/361846/rating-agency-multiplicity/
Presented at the 2010 NBER
Workshop on Credit Rating Agencies
My coauthor, Bo Becker,
gave an interesting interview about this paper here.
…researchers find evidence that
competition leads to more issuer-friendly and less informative ratings
and Risk Incentives in Banking and Finance”, (joint with Jian Cai and
Kent Cherny), in Economic Commentary,
Federal Reserve Bank of Cleveland, September 14, 2010.
Executive Pay”, (joint with Jian Cai) In Economic Trends at
the Federal Reserve Bank of Cleveland, July 30, 2010.
Flexibility and the Optimality of Pay for Sector Performance”, (joint
with Radhakrishnan Gopalan and Fenghua Song), Review
of Financial Studies 23-5, 2060-2098, 2010.
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
- “Asymmetric Benchmarking in
Compensation: Executives are Rewarded for Good Luck But Not Penalized for
(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
Management and Capital Budgeting", (joint with Arnoud Boot and Anjan Thakor) Journal
of Business 78-2,
501-527, (March) 2005.
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.
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 Anjan Thakor), Rand
Journal of Economics 32-2, 334-351, 2001.
versus Earnings: Does it Matter
Which is More Highly Correlated with Stock Returns”, (joint with
Gerald Garvey), Journal of Accounting Research 38, 209-245,
- “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
and Expanded Scope: Theories of
Bank Size and Activity Diversity”, (joint with Arnoud Boot and Anjan Thakor), Journal
of Banking and Finance 23 (lead
article), 195-214, 1999.
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.
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,
- “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.
Do You Win the Capital Allocation Game?”, (joint with John Boquist and Anjan Thakor), Sloan Management Review 39-2,
- “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
- “EVA and Total Quality
Management”, (joint with Jeff Bacidore, John Boquist,
and Anjan Thakor), Journal
of Applied Corporate Finance, Summer
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
Management and Goal Alignment” for Bunge Limited
Financial Customer Integration Program” for Nestlé Purina Pet Care
and Strategy in the Quest for the Summit” for Centene Corporation
Projects in Practice – Growing in a Value-Creating Manner” for Metal Service
Center Institute (MSCI)
Allocation and Shareholder Value” for MSCI
Evaluation of Strategies and Decisions” for MSCI
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)
Allocation in Practice” (delivered in open-enrolment programs, along with
customized versions for Sara Lee, Bunge Ltd, Black & Veatch, Whirlpool
Corporation, and MSCI)
Numerical Reasoning To Solve Problems” (delivered to Tyson Foods)
ten-week “Financial Core” class to the writers of the Lex Group and Senior
Editors of the Financial Times
as an expert witness work for cases related to investment programs, fair rates
of return, financial damages, and employee stock option valuations (clients
served include several non-financial companies and the US Department of
on performance measurement and incentive pay for law firms
the redesign of corporate resource allocation practices and policies within
on issues related to valuation and capital structure policies for both
investment banks and non-financial firms
on an academic advisory board to a major credit rating agency
Teaching at Olin
find evidence that competition leads to more issuer-friendly and less
October 1, 2006: My interview with Bob
Brinker on his show, Money Talk, discussing the backdating of employee stock