Publications
Fich, E.M., Cai, J. and Tran, A.L. (2011). Stock option grants to target CEOs during private merger negotiations. Journal of Financial Economics, 101(2), pp. 413–430. doi:10.1016/j.jfineco.2011.03.010.
Fich, E.M., Tran, A.L. and Walkling, R.A. (2013). On the importance of golden parachutes. Journal of Financial and Quantitative Analysis, 48(6), pp. 1717–1753. doi:10.1017/S002210901300063X.
Fich, E.M., Harford, J. and Tran, A.L. (2015). Motivated monitors: The importance of institutional investors׳ portfolio weights. Journal of Financial Economics, 118(1), pp. 21–48. doi:10.1016/j.jfineco.2015.06.014.
Fich, E.M., Rice, E.M. and Tran, A.L. (2016). Contractual revisions in compensation: Evidence from merger bonuses to target CEOs. Journal of Accounting and Economics, 61(2-3), pp. 338–368. doi:10.1016/j.jacceco.2015.12.002.
Keswani, A., Stolin, D. and Tran, A.L. (2017). Frenemies: How do financial firms vote on their own kind? Management Science, 63(3), pp. 631–654. doi:10.1287/mnsc.2015.2314.
Blouin, J.L., Fich, E.M., Rice, E.M. and Tran, A.L. (2021). Corporate tax cuts, merger activity, and shareholder wealth. Journal of Accounting and Economics, 71(1), pp. 101315–101315. doi:10.1016/j.jacceco.2020.101315.
Keswani, A., Tran, A. and Volpin, P. (2021). Institutional Debtholder Governance. Journal of Financial and Quantitative Analysis, 56(6), pp. 2103–2135. doi:10.1017/s0022109020000630.
Fich, E.M., Harford, J. and Tran, A.L. (2023). Disloyal managers and shareholders’ wealth. Review of Financial Studies, 36(5), pp. 1837–1888. doi:10.1093/rfs/hhac070.
Fich, E., Parrino, R. and Tran, A.L. (2023). When and How Are Rule 10b5-1 Plans Used for Insider Stock Sales? Journal of Financial Economics, 149 (1), pp. 1–26. doi: 10.1016/j.jfineco.2023.04.009. (Lead article)
Fich, E., Starks, L. and Tran, A. (2024). Target Firm Advertising and Firm Value. Management Science, forthcoming. doi:10.1287/mnsc.2022.01534.
Journal ranking information for colleagues not in accounting/economics/finance/management research:
- Journal of Financial Economics: Top 3 finance journal, ABS4*, ABDC A*, FT50
- Review of Financial Studies: Top 3 finance journal, ABS4*, ABDC A*, FT50
- Journal of Accounting and Economics: Top 3 accounting journal, ABS4*, ABDC A*, FT50
- Management Science: Top interdisciplinary journal, ABS4*, ABDC A*, FT50
- Journal of Financial and Quantitative Analysis: Top 4 finance journal, ABS4, ABDC A*, FT50
ABS: UK Chartered Association of Business Schools
ABDC: Australian Business Deans Council
FT50: Financial Times top 50 journals used for business school ranking
Bayes Business School ranks 5th in the UK in the 2021 UK Research Excellence Framework in business and management research.
Press citations
1. CNBC, “Should CEOs’ buyout options be a securities violation?” (24 Sep 2009)
2. Wall Street Journal, “Option grants draw scrutiny” (Front page headline, 12 Oct 2009)
3. CNBC, “Do unscheduled options to CEOs during merger talks create perverse incentives?” (12 Oct 2009)
4. San Francisco Chronicle “Mr. President, could I ask you something?” (15 Oct 2009)
5. New York Times, “Take my company, please…” (13 Jan 2011)
6. Bloomberg, “U.S. chiefs set for big payoffs sell more cheaply, study says” (13 Jan 2011)
7. Times, “Golden parachutes cost investors dear” (14 Jan 2011)
8. Mergers & Acquisitions, “Study: Golden parachutes cheat shareholders” (14 Jan 2011)
9. News Banques, “Parachute doré et acquisition” (3 Mar 2011)
10. Actusite, “Les parachutes dorés pèsent sur la performance des patrons” (3 Mar 2011)
11. Agence Option Finance, “+10% pour un dirigeant sur le départ égale -5% pour la société” (3 Mar 2011)
12. Le Monde, “Salariés, actionnaires: même combat?” (6 Mar 2011)
13. Les Echos, “Les parachutes dorés peuvent nuire aux actionnaires” (7 Mar 2011)
14. Financial Times, “Bereichern sich CEOs auf kosten der aktionäre?” (13 Apr 2011)
15. Economist, “Rip-cord economics: Pay-offs for the boss need to be better designed” (14 Jan 2012)
16. Chronicle Herald, “Golden parachutes seem to be rusting” (15 Jan 2012)
17. US News, “Can huge CEO golden parachutes hurt you” (14 Nov 2012)
18. Newswise, “CEOs get merger bonus when selling firms cheaply” (5 Feb 2013)
19. Financial News, “Do CEO merger bonuses reduce takeover premiums?” (7 Feb 2013)
20. Fox Business, “The value in merger bonuses” (15 Feb 2013)
21. Private Equity Findings, “SPACs: Treasure troves or time bombs” (11 Feb 2014)
22. Le Monde, “Vous reprendrez bien un peu de bonus, mon cher…” (25 Feb 2015)
23. Valuewalk, “Timing stock trades for personal gain by CEOs” (30 Sep 2015)
24. Financial Times, “Fund houses favour rivals at annual general meetings” (24 Apr 2016)
25. Fund Strategy, “Hermes criticises Schroders’ corporate governance breach” (26 Apr 2016)
26. Financial Times, “Asset manager bonuses are not the real problem” (28 Aug 2016)
27. Economia, “Conflicts of interest undermine shareholder voting” (8 Sep 2016)
28. IgnitesEurope, “Does asset management have a corporate culture problem” (4 Oct 2016)
29. Pacific Standard, “Will golden parachutes ever pop?” (27 Feb 2014)
30. AmericanProspect, “Merge, bail, and make out like a bandit” (26 Apr 2017)
31. DrexelNow, “Bonuses important to protecting shareholder wealth of acquired companies” (24 May 2017)
32. Drexel News Blog, “Corporate tax cuts impact amount and quality of merger activity” (20 Jun 2017)
33. Reward Chronicle, “The cost to shareholders of paying CEO merger bonuses” (20 Jul 2019)
34. Financial Times, “AT&T executives were paid $9m for controversial Time Warner deal” (27 May 2021)
35. US Securities and Exchange Commission, “Proposed rule: Rule 10b5-1 and Insider Trading” (13 Jan 2022)
36. Phys.org Science X, “Corporate duty waivers limit organic company growth and innovation, with R&D investment falling by nearly one fifth” (16 Nov 2022)
37. Presse Agence, “Les effets de la réduction des responsabilités fiduciaires des dirigeants d’entreprise” (21 Nov 2022)
38. Finyear, “Renoncer aux obligations fiduciaires par les dirigeants limite la croissance et l’innovation internes des entreprises” (21 Nov 2022)
39. La Bulle des Entrepreneurs, “Les effets de la réduction des responsabilités fiduciaires des dirigeants d’entreprise” (21 Nov 2022)
40. US Securities and Exchange Commission, “Final rule: Rule 10b5-1 and Insider Trading” (14 Dec 2022)
41. Havard Law Forum, “Disloyal Managers and Shareholders’ Wealth” (30 May 2023)
42. Havard Law Forum, “How Effective Is SEC Rule 10b5-1 In Deterring Insider Trading?” (22 Jun 2023)
Professional activites
Associate editor: European Journal of Finance (2020 – present)
Editorial board member: Corporate Governance: An International Review (2019 – present)
Ad-hoc reviewer for the following journals: Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Journal of Corporate Finance, Journal of Banking and Finance, Journal of Empirical Finance, European Financial Management, European Journal of Finance, Financial Review, International Review of Financial Analysis, Journal of Accounting, Auditing and Finance, Managerial Finance, Emerging Market Finance and Trade
Co-chair of the Annual M&A Research Centre Conference (2015 – present)
Co-chair of the International Conference on Financial Technology and Business Analysis, Oxford, UK (2022)
Program co-chair of the Annual Vietnam International Conference in Finance (2018 – present)
Member of program committees for the following conferences:
- European Finance Association (2015 – present)
- Financial Management Association (2010, 2012, 2013, 2018)
- Financial Management Association Europe (2012, 2014, 2017, 2019, 2022)
- Financial Management Association Asia Pacific (2020)
- Eastern Finance Association (2010 – 2012)
- European Financial Management (2013 – 2022)
- Midwest Finance Association (2019)
- Drexel University Annual Academic Conference on Corporate Governance (2012 – present)
- Vietnam International Conference in Finance (2014 – present)
Professional membership:
- American Finance Association (member)
- European Finance Association (member)
- Financial Management Association (member)
- Higher Education Academy (fellow)
- Vietnamese Finance Association International (Vice President, Trustee, and founding member)
Research presentations
Keynote speech given at the following conferences:
“Firms’ decision to innovate organically versus through acquisition: Evidence from state R&D tax credit” at the 6th International Conference on Economic Management and Green Development, Stanford, USA
“Insider trading” at International Conference on Business and Policy Studies, Stanford, USA
Research invited for conference presentation at the following meetings:
American Finance Association: Denver (2011)*, Philadelphia (2014)*, Philadelphia (2018)*; Chicago (2021*);
EuropeanFinance Association: Bergen (2009), Lugano (2014);
Society for Financial Studies Cavalcade: Yale University (2018)*;
Financial Intermediation Research Society: Quebec (2014);
National Tax Association: Philadelphia (2017);
Financial Management Association: Dallas (2008), Prague (2008)*, Reno (2009), New York (2010), Luxembourg (2013), Chicago (2013), Tokyo (2014), Maastricht (2014)*, Lisbon (2017), Cyprus (2021);
European Financial Management: Rome (2014), Athens (2017), Strathclyde (2019)*, Leeds (2021);
Eastern Finance Association: Philadelphia (2006), St Petersburg (2008), Washington DC (2009), Miami (2010), Boston (2012), New Orleans (2015);
Eastern Economic Association: Philadelphia (2010)*;
Midwest Finance Association: Chicago (2013)*;
Annual Weinberg Center for Corporate Governance Conference, University of Delaware (2021) *;
Annual Conference on Empirical Legal Studies: USC Law School (2009), Washington University School of Law (2015)*;
Annual Finance Down Under Conference: Melbourne (2010)*;
AFFI/Eurofidai Paris Finance Annual Meetings (2008);
Annual IESE/AEFIN Finance: Madrid (2008*, 2009*);
SFA Finance Forum: Segovia (2013), Zaragoza (2014);
Paris Financial Management Meeting (2014);
Vietnam International Conference in Finance: Ho Chi Minh City (2015, 2016, 2018, 2019);
Asian Conference for Business and Economic : Ho Chi Minh City (2015, 2016, 2018, 2019);
Center for Corporate Governance Research Conference at the Norwegian School of Management BI (2008*, 2019*);
European Center for Corporate Control Studies (2014*);
Research Conference in recognition of Larry Y. Dann at the University of Oregon (2010)*;
Research Conference focused on Institutional Investors and the Asset Management Industry at the University of Oregon (2013)*;
Michigan State FCU Conference on Institutions and Investments (2013)*;
U.S. Department of Justice, Washington DC (2010)* (*: presentation by a co-author)
Research invited for seminar presentation at the following academic institutions:
University of Sussex (2023);
University of Bristol, University of Cambridge (2022);
Tsinghua University, Toulouse Business School, ESCP Europe, Colegio Universitario de Estudios Financieros Corporate Finance Webinar, University of Hawaii* (2021);
Drexel University, Tilburg University, University of Washington* (2020);
Cardiff University, Erasmus University*, Ivey Business School*, University of Liverpool, University of Strathclyde, University of Tonronto*, VU Amsterdam* (2019);
Hong Kong University of Science and Technology*, Indiana University*, University of Hong Kong* (2018)
Loughborough University, Open University, University of Exeter, University of New South Wales (2017);
Aalto University*, Baylor University*, Nova School of Business and Economics*, Open University, Otto Beisheim School of Management*, University of Connecticut*, University of Kansas*, University of Manchester*, University of New South Wales*, University of Surrey, Vienna University of Economics and Business (2016);
Ben Gurion University*, Mississippi State University*, University of Economics and Law, University of Kansas*,
University of Reading*, Villanova University* (2015);
Claremont McKenna College*, IE Business School, University of Alabama*, University of Texas Austin* (2014);
City University of Hong Kong*, IE Business School*, Texas Christian University*, Universidad Carlos III*, University of Bristol, University of Cambridge*, University of Exeter, University of Surrey*, University of Zurich* (2013);
SKEMA Business School, University of Manchester, University of Nottingham, University of Reading (2012);
Imperial College*, University of Brisbane*, University of New South Wales*, University of South Florida* (2011);
City University London, Erasmus University, ESCP Europe, Fordham University*, IESEG School of Management, Indiana University, Sacred Heart University, Syracuse University*, Vlerick Leuven Gent Management School (2010);
University of Miami* (2008) (*: presentation by a co-author)