Paul Povel
Professor of Finance
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Education
- Ph.D., London School of Economics, Sep. 1998 (within the European Doctoral Program in Quantitative Economics (EDP)); postgraduate studies at the Department of Economics, London School of Economics, and the Economics Departments at the Universities of Bonn, Brussels and Mannheim.
- Undergraduate degree: lic. rer. pol., Department of Economics, University of Basel, Switzerland, Dec. 1991.
Employment
- 2008- : Professor, Dept. of Finance, C.T. Bauer College of Business, University of Houston
- 2006- : Associate Professor (with tenure), Dept. of Finance, Carlson School of Management, University of Minnesota (on leave 2008/09)
- 1999-2006: Assistant Professor, Dept. of Finance, Carlson School of Management, University of Minnesota
Research Interests
Contract Theory, Mechanism Design, Corporate Finance, Law and Economics, Insolvency Law, Industrial Organization
Publications (Click here for list of citations [PDF file])
- Stapled Finance (joint with Raj Singh), Journal of Finance, forthcoming
- Sale-Backs in Bankruptcy (joint with Raj Singh), Journal of Law, Economics, and Organization, Volume 23, Issue 3: October 2007, pp. 710-730.
- Booms, Busts, and Fraud (joint with Raj Singh and Andrew Winton), Review of Financial Studies, Volume 20, Issue 4: July 2007, pp. 1219-1254.
- The U-Shaped Investment Curve: Theory and Evidence (joint with Sean Cleary and Michael Raith), Journal of Financial and Quantitative Analysis, Volume 42, Issue 1: March 2007, pp. 1-39 (lead article).
- Takeover Contests With Asymmetric Bidders (joint with Raj Singh), Review of Financial Studies, Volume 19, Issue 4: Winter 2006, pp. 1399-1431.
- Liquidity Constraints and Product Market Competition: Ex-ante vs. Ex-post Incentives (joint with Michael Raith), International Journal of Industrial Organization, Volume 22, Issue 7: September 2004, pp. 917-949.
- Optimal Debt With Unobservable Investments (joint with Michael Raith), Rand Journal of Economics, Volume 35, Issue 3: Autumn 2004, pp. 599-616.
- Using Bidder Asymmetry to Increase Seller Revenue (joint with Raj Singh), Economics Letters, Volume 84, Issue 1: July 2004, pp. 17-20.
- Multiple Banking as a Commitment Not to Rescue, Research in Finance, Volume 21: 2004, pp. 175-199.
- Optimal `Soft' or `Tough' Bankruptcy Procedures, Journal of Law, Economics, and Organization, Volume 15, Issue 3: October 1999, pp. 659-684.
Working Papers
- The Information Content of Put Warrant Issues (joint with Scott Gibson and Raj Singh)
Older Papers
- Optimal Investment Under Financial Constraints: the Roles of Internal Funds and Asymmetric Information (joint with Michael Raith)
- Core Allocations For a Salary-Adjustment Process With Worker Offers
Work in Progress
- Corporate Governance and Succession (joint with Yihui Pan)
- Bankruptcy Protection From Competition
- Optimal IPO Auctions (joint with Raj Singh)
Teaching Experience
- 2009: FINA7330, Advanced Corporate Finance (MBA), Bauer College of Business, University of Houston
- 2009: FINA4330, Corporate Finance (undergraduate), Bauer College of Business, University of Houston
- 2002–2008: FINA6241, Corporate Finance Analysis and Decisions (MBA), Carlson School of Management, University of Minnesota
- 2000–2001: FINA4241, Corporate Financing Decisions (undergraduate), Carlson School of Management, University of Minnesota
Other Academic Activities
Ad Hoc Refereeing
- American Economic Review
- Berkeley Electronic Journals in Theoretical Economics
- Berkeley Electronic Journals in Economic Analysis & Policy
- Canadian Journal of Economics
- Economica
- European Economic Review
- Finance Research Letters
- Financial Review
- German Economic Review
- International Economic Review
- International Journal of Industrial Organization
- International Review of Law and Economics
- Journal of Business
- Journal of Corporate Finance
- Journal of the European Economic Association
- Journal of Finance
- Journal of Financial Economics
- Journal of Financial Intermediation
- Journal of Financial and Quantitative Analysis
- Journal of Law, Economics, and Organization
- Management Science
- RAND Journal of Economics
- Review of Economic Studies
- Review of Finance
- Review of Financial Studies
- Review of Law & Economics
- Southern Economic Journal
- Zeitschrift für Wirtschafts- und Sozialwissenschaften
Papers Presented at Conferences
- American Finance Association, annual meeting in San Francisco (2009)
- China International Conference in Finance, Dalian, PR China (2008)
- National University of Singapore International Conference in Finance, Singapore (2008)
- 4th Annual Conference on Corporate Finance, Washington U. St. Louis (2007)
- Review of Financial Studies/Indiana University conference “The Causes and Consequences of Recent Financial Market Bubbles”, Indiana University (2005)
- Conference on "People and Money: The Human Factor in Financial Decision-Making", DePaul University (2005)
- Eastern Finance Association, annual meeting in Norfolk (2005)
- American Finance Association, annual meeting in Philadelphia (2005) (two papers)
- 15th Annual Conference on Financial Economics and Accounting, USC (2004)
- Journal of Financial Intermediation conference “Corporate Governance: Present and Future”, Washington U. St. Louis (2004)
- CEPR-SITE Conference on “Understanding Financial Architecture: On the Economics and Politics of Corporate Governance”, Stockholm (2004)
- Financial Management Association, annual meeting in New Orleans (2004)
- Northern Finance Association, annual meeting in St. John's, Canada (2004) ("Best Paper in Managerial Finance" award)
- European Finance Association, annual meeting in Maastricht, Netherlands (2004)
- Western Finance Association, annual meeting in Vancouver (2004)
- Econometric Society, North American Winter Meeting in San Diego (2004)
- American Finance Association, annual meeting in Atlanta (2002)
- CEPR European Summer Symposium in Financial Markets in Gerzensee, Switzerland (1998)
- Western Finance Association, annual meeting in Monterey (1998)
- CEPR European Summer Symposium in Financial Markets in Gerzensee, Switzerland (1997)
- Verein für Socialpolitik, annual meeting in Kassel, Germany (1996)
- Econometric Society, European meeting in Istanbul, Turkey (1996)
- Econometric Society, 7th World Congress in Tokyo (1995)
- Royal Economic Society, annual meeting in Canterbury, England (1995)
Invited Presentations
- University of Iowa (2009, scheduled)
- Wharton, Finance (2007)
- University of Houston, Finance (2007)
- University of Southern Switzerland (Lugano), Finance (2006)
- University of Houston, Finance (2005)
- University of Wisconsin at Madison, Finance (2002)
- Carleton University, Economics (2001)
- Duke, Finance (1999)
- University of Minnesota, Finance (1999)
- Washington University, Finance (1999)
- Trinity College (Dublin), Economics (1999)
- Saïd Business School (Oxford), Finance (1999)
- Michigan, Economics (1999)
- Wharton, Finance (1999)
- UC-Irvine, Finance (1999)
Discussant
- American Economic Association, annual meeting in New Orleans (2008)
- Financial Management Association, annual meeting in Orlando (2007)
- European Finance Association, annual meeting in Ljubljana, Slovenia (2007)
- 3rd Annual Conference on Corporate Finance, Washington U. St. Louis (2006)
- Western Finance Association, annual meeting in Keystone (2006)
- Minnesota-Wisconsin Corporate Finance Conference (2006)
- Western Finance Association, annual meeting in Portland (2005)
- Conference on "Financial Distress, Bankruptcy and Corporate Restructuring", Wharton (2005)
- European Finance Association, annual meeting in Maastricht, Netherlands (2004) (two papers)
- CEPR European Summer Symposium in Financial Markets in Gerzensee, Switzerland (2004)
- Econometric Society, North American Winter Meeting in San Diego (2004)
- Western Finance Association, annual meeting in Tucson (2002)
Conference Program Committees
- 6th Annual Conference on Corporate Finance, Washington U. St. Louis (2009)
- Financial Management Association, annual meeting in Dallas, TX (2008)
- Financial Management Association, annual meeting in Prague, Czech Republic (2008)
- 5th Annual Conference on Corporate Finance, Washington U. St. Louis (2008)
- European Finance Association, annual meeting in Athens, Greece (2008)
- 4th Annual Conference on Corporate Finance, Washington U. St. Louis (2007)
- European Finance Association, annual meeting in Ljubljana, Slovenia (2007)
- Financial Management Association, annual meeting in Orlando, FL (2007)
- Financial Management Association, annual meeting in Salt Lake City (2006)
- Financial Management Association, annual meeting in Chicago (2005)
- Eastern Finance Association, annual meeting in Norfolk (2005)
Other
- Reviewer, National Science Foundation (2005, 2007)
- Nominating Committee, "The Deutsche Bank Prize in Financial Economics" (2005, 2007)
Awards and Scholarships
- 2008- Bauer Fellow, Bauer College of Business, University of Houston
- 2007 Research grant (guaranteed summer support), Carlson School of Management
- 2006 Research grant, McKnight Foundation ($28,846.00) for research on corporate governance
- 2005 Research grant, McKnight Foundation ($14,118.53) for research on auctions in bankruptcy
- 2004 "Best Paper in Managerial Finance" award, Northern Finance Association, annual meeting in St. John's, Canada
- 2003-2004 Research grant (summer support), Finance Department, Carlson School of Management
- 2000-2002 Research grant (guaranteed summer support), Carlson School of Management
- 1996 Grant from the Abteilung Stipendien, Erziehungs- und Kulturdirektion, Kanton Basel-Landschaft, (Switzerland)
- 1995 Individual Fellowship from the European Union, Human Capital and Mobility Program
- 1994 Grants from Stiftung der Basler Kantonalbank, Freiwillige Akademische Gesellschaft Basel (both Switzerland), and the European Doctoral Program in Quantitative Economics (EDP)
- 1993 Grants from the Swiss National Science Foundation, from Abteilung Stipendien, Erziehungs- und Kulturdirektion, Kanton Basel-Landschaft, and from Stiftung zur Förderung der jungen WissenschaftlerInnen an der Universität Basel (Switzerland)
- 1992 Grant from the Abteilung Stipendien, Erziehungs- und Kulturdirektion, Kanton Basel-Landschaft, (Switzerland)
- 1991 Grant from the Jubiläumsstiftung der Basellandschaftlichen Kantonalbank (Switzerland)