15 Dividend-Friendly ProfessorsBy Daniela Pylypczak | Published April 15th, 2013
Dividends have been a common feature of equity investing for over a century, and the legendary gurus who embrace this strategy have always held the spotlight. And while these individuals helped shape and develop the market we know today, there is one group of individuals that is often overlooked, though they have continually played a major role in the world of income investing: professors.
These professors have not only helped our understanding of the role of dividends, they have also been pioneers in the field, allowing investors of all walks to look at the space from a different perspective. For those wondering who exactly is behind the dividend-focused academia scene, we highlight several accomplished dividend-friendly professors (in no particular order):
[If you're a dividend-friendly professor, drop us a line and let us know a bit about your work; we'd be happy to add you to the list.]
1. Xuan Tian
Xuan Tian is an assistant professor of Finance at the University of Indiana, Bloomington. He is an award winning researcher whose works have been presented at several academic conferences such as the National Bureau of Economic Research (NBER) meetings.
- University: University of Indiana, Bloomington
- Specialties: Corporate Finance, Venture Capital, Innovation
- Academic Work: Preparing” the Equity Market for Adverse Corporate Events: A Theoretical Analysis of Firms Cutting Dividends
2. Thomas J. Chemmanur
Thomas J. Chemmanur is a professor of finance at the Carroll School of Management at Boston College. In addition to his own research publications, Professor Chemmanur has also worked with Xuan Tian on several dividend-focused pieces.
- University: Boston College
- Specialties: Theoretical and Empirical Corporate Finance, Applied Game Theory, Contract Theory, Industrial Organization
- Academic Work: Communicating Private Information to the Equity Market before a Dividend Cut: An Empirical Analysis
3. Jesus M. Salas
Jesus M. Salas is an assistant professor of finance at Lehigh University. He has done extensive work on corporate dividend policy and has published in the Journal of Banking and Finance and the Journal of Economics and Finance.
- University: Lehigh University
- Specialties: Investments, Corporate Finance, Corporate Governance, Corporate Risk Management, Dividend Policy
- Academic Work: Is there a Lower Propensity to Pay Dividends? A Decomposition of Dividend Payers
4. Jennifer Koski
A former financial analyst at Goldman Sachs, Jenifer Koski is an associate professor of finance at the University of Washington. Her current research topics include stock splits, dividend policy, market microstructure, stock market volatility, information processing in securities markets, equity offerings and short selling.
- University: University of Washington
- Specialties: Market Microstructure, Corporate Finance
- Academic Work: Information Flow and Liquidity around Anticipated and Unanticipated Dividend Announcements
5. Roni Michaely
Roni Michaely is a professor of finance at Samuel Curtis Johnson Graduate School of Management at Cornell Univeristy. Currently, Professor Michaely’s research focuses on conflict of interest in the capital markets, corporation payout policy, and the pricing and optimal trading mechanisms of IPOs.
- University: Cornell University
- Specialties: Corporate Finance, Capital Markets, Valuation
- Academic Work: Dividend Changes Do Not Signal Changes in Future Profitability
6. Harry DeAngelo
Harry DeAngelo is a professor of finance and business economics at the Marshal School of Business at the University of Southern California. Professor DeAngelo has done extensive work on dividend policy, including dividend policy and financial distress, and the effect of taxes on capital structure and dividend policy.
- University: University of Southern California
- Specialties: Corporate Finance, Corporate Governance
- Academic Work: Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Lifecycle Theory
7. Paul Asquith
Paul Asquith is a professor of finance at the MIT Sloan School of Management. Asquith is known for his expertise in corporate finance and is a media source for the field of corporate finance and control.
- University: Massachusetts Institute of Technology
- Specialties: Analysts’ Forecasts, Bankruptcy, Capital Budgeting, Corporate Finance, Dividend policy, Valuation
- Academic Work: The Impact of Initiating Dividend Payments on Shareholders’ Wealth
8. Kenneth M. Eades
Kenneth M. Eades is a professor of business administration at University of Virginia’s Darden School of Business. In addition to having a research focus on corporate finance issues, such as dividend policy, he is the author of more than 50 Darden cases and three textbooks, and has received both research and teaching awards.
- University: University of Virginia
- Specialties: Capital Markets, Capital Structure Management, Corporate Finance, Dividend Policy, Defined Benefit Pensions, Investment Banking, Mergers and Acquisitions
- Academic Work: The Dividend Discount Model
9. Eugene F. Fama
In addition to being a distinguished service professor of finance at the University of Chicago Booth School of Business, Eugene F. Fama is widely recognized as the “father of modern finance,” specifically of efficient market hypothesis. Professor Fama is best known for his ground-breaking article “Efficient Capital Markets: A Review of Theory and Empirical Work“.
- University: University of Chicago
- Specialties: Efficient Market Hypothesis, Risk and Return, Portfolio Management
- Academic Work: Disappearing Dividends: Changing Firm Characteristics Or Lower Propensity To Pay?
10. Omesh Kini
Omesh Kini is a professor of finance and global financial markets at the J. Mack Robinson College of Business at Georgia State University. In addition to dividend policy, Professor Kini’s research interests include equity issuances, mergers and acquisitions, product recalls and market efficiency.
- University: Georgia State University
- Specialties: Corporate Governance, Corporate Restructuring Activities, Equity Issuances, Dividend Policy, Sell-side Analyst Research
- Academic Work: The Dividend Initiation Decision of Newly Public Firms: Some Evidence on Signaling with Dividends
11. William N. Goetzmann
William N. Goetzmann is a professor of finance and management studies at Yale University, as well as the director of the International Center of Finance. He is well known for expertise on a diverse range of investments including stocks, mutual funds, real estate and paintings.
- University: Yale University
- Specialties: Forecasting Stock Markets, Housing, Selecting Mutual Fund Managers, Housing as Investment, Risk and Return of Art
- Academic Work: A Longer Look at Dividend Yields
12. Rafael La Porta
Rafael La Porta is a professor of finance at the Tuck School of Business at Dartmouth College. Professor La Porta’s research focuses on issues of investor protection and corporate governance across the world, an area known as “law and finance.”
- University: Dartmouth College
- Specialties: Investor Protection, Law and Finance, Corporate Governance
- Academic Work: Agency Problems and Dividend Policies Around the World
13. Myron S. Scholes
Myron S. Scholes is a professor of finance at Stanford University and is currently the Chairman of the Board of Economic Advisers of Stamos Partners. His research focuses on understanding uncertainty and its effect on asset prices, as well as the effects of taxation on dividends. He is best known as one of the authors of the Black-Scholes equation.
- University: Standford University
- Specialties: Asset Pricing, Taxation, Black-Scholes Options Pricing Model
- Academic Work: Decentralized Investment Banking: the Case of Discount Dividend-Reinve Stment and Stock-Purchase Plans
14. Uri Loewenstein
In addition to being a professor of finance, Uri Loewenstein is the Departmental Chair for the Department of Finance at the David Eccles School of Business at the University of Utah. He is a co-author of the book “Dividend Policy: Its Impact on Firm Value.”
- University: University of Utah
- Specialties: Dividend Policy, Corporate Finance
- Academic Work: The Ex-Dividend-Day Behavior of Stock Prices: The Case of Japan
15. David J. Denis
David J. Denis is professor of business administration and fiance at the Joseph M. Katz Graduate School of Business at the University of Pittsburgh. Professor Denis is the author of over 40 published articles and he also co-edited a book on corporate restructuring.
- University: University of Pittsburgh
- Specialties: Corporate Finance, Corporate Governance, Corporate Organizational Structure, Corporate Valueation, Entrepreneurial Finance
- Academic Work: Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy