Education Qualifications

PhD, Graduate School of Business, University of Chicago, 1984 MBA, Graduate School of Business, University of Chicago, 1981 BA, Economics and Mathematics, University of Western Ontario, London, 1979

Academic and Professional Experience

Dean, and Stephen Riady Distinguished Professor, National University of Singapore, NUS Business School, June 2008 - Present Director, NYU China - China House, 2006 - 2008 Abraham Krasnoff Professor in Global Business, New York University, Stern School of Business, since 1999 Professor of Economics, and Professor of Strategy, New York University, Stern School of Business, since 1999 Honorary Co-Chair, Strategy Department, Peking University, Guanghua School of Management, since 2004 Advisory University Professor, East China Normal University, since 2006 Professor in International Business, University of Michigan Business School, 1988 - 1999 Associate Professor, University of Alberta, 1983 - 1988

Selected Publications

Journal Articles

Institutions and Foreign Direct Investment: China versus the World, with Joseph Fan, Randall Morck and Colin Xu, World Development, “Special Issue on Law, Finance and Economic Growth in China,” Vol. 37 (4), 852–865, 2009 Does ‘Good Government’ Draw Foreign Capital? Explaining China’s Exceptional FDI Inflow, with Joseph Fan, Randall Morck and Lixin Colin Xu, World Development, forthcoming, 2008 Big Business Stability and Economic Growth: Is What’s Good for General Motors Good for America?, with Kathy Fogel and Randall Morck, Journal of Financial Economics, forthcoming Corporate Governance and Managerial Risk Taking: Theory and Evidence, with Kose John and Lubomir Litov, Journal of Finance, forthcoming Creative Destruction and Firm-Specific Performance Heterogeneity, with Hyunbae Chun, Jung-Wook Kim and Randall Morck, Journal of Financial Economics, forthcoming Perspectives on China's Outward Foreign Direct Investment, with Randall Morck and Minyuan Zhao, Journal of International Business Studies, Vol. 39 (3), 337-350, 2008 History in Perspective: comment on Jones and Khanna ‘Bringing history (back) into international business', with Randall Morck, Journal of International Business Studies, Vol. 38, 357-360, 2007 Purifying Japan’s Banks: Issues and Implications, with Randall Morck, Asian Economic Papers, Vol. 5, 1-32, 2006 Using Capital Markets as Market Intelligence: Evidence from the Pharmaceutical Industry, with Dmitri G. Markovitch and Joel H. Steckel, Management Science, Vol. 41 (10), 1467-1480, 2005 Corporate Governance, Economic Entrenchment and Growth, with Randall Morck and Daniel Wolfenzon, Journal of Economics Literature, Vol. 43, 657-722, 2005 Dividend Taxation and Corporate Governance, with Randall Morck, Journal of Economic Perspectives, Vol. 19 (3), 163-180, 2005 Capital Markets and Capital Allocation: Implications for Economies in Transition, with Artyom Durnev, Kan Li and Randall Morck, Economics of Transition, Vol. 12 (4), 593–634, 2004 Firm-Specific Variation and Openness in Emerging Markets, with Kan Li, Randall Morck and Fan Yang, Review of Economics and Statistics, Vol. 86 (3), 658-669, 2004 ASEAN countries, external threat, FTAA, and internal institutional weaknesses, with Yasheng Huang and Randall Morck, Business and Politics, Vol. 6, 2004 Value Enhancing Capital Budgeting and Firm-Specific Stock Returns Variation, with Artyom Durnev and Randall Morck, Journal of Finance, Vol. 59 (1), 65–105, 2004 Family Control and the Rent-Seeking Society, with Randall Morck, Entrepreneurship: Theory and Practice, Vol. 28, 391-409, 2004 Law, Share Price Accuracy and Economic Performance: The New Evidence, with Artyom Durnev, Merritt Fox and Randall Morck, Michigan Law Review, Vol. 102 (3), 331-386, 2003 Does Greater Firm-specific Return Variation Mean More or Less Informed Stock Pricing?, with Artyom Durnev, Randall Morck and Paul Zarowin, Journal of Accounting Research, Vol. 41 (5), 797, 2003 Foreign Direct Investment and Host Industry Productivity: The Case of the American Automotive Parts Industry, with Wilbur Chung and Will Mitchell, Journal of International Business Studies, Vol. 34 (2), 199-218, 2003 Agency Problems in Large Family Business Groups, with Randall Morck, Entrepreneurship: Theory and Practice, Vol. 27, 367 – 382, 2003 Habitual and Non-Habitual Lobbyists in the US Steel Industry: An EM Algorithm Approach, with Randall Morck and Jungsywan Sepanski, Economic Inquiry, Vol. 39 (3), 365-378, 2001 E-commerce Readiness: Institutional Environment and International Competitiveness, with Joanne Oxley, Journal of International Business Studies, Vol. 32 (4), 2001 The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements?, with Randall Morck and Wayne Yu, Journal of Financial Economics, Vol. 59, 215-260, 2000 Do Corporate Global Environmental Standards Create or Destroy Market Value, with Glen Dowell and Stuart Hart, Management Science, Vol. 46 (8), 1059-1074, 2000 Inherited Wealth, Corporate Control, and Economic Growth, with Randall Morck and David Stangeland, Concentrated Corporate Ownership, 2000 The Effect of Own-Firm and Other Firms Experience on Foreign Direct Investment Survival in the U.S., 1987-1992, with Myles Shaver and Will Mitchell, Strategic Management Journal, Vol. 18 (10), 811-824, 1997 Rent Seeking, Protectionism and Innovation in the American Steel Industry, with Stefanie Lenway and Randall Morck, Economic Journal, 1996 An Empirical Investigation of Joint Venture Dynamics: Evidence from U.S. - Japan Ventures, with Masao Nakamura and Myles Shaver, International Journal of Industrial Organization, Vol. 14, 521-541, 1996 Foreign Entry Survival and Foreign Market Share: Canadian Companies’ Experience in the U.S. Medical Sector, 1968-1991, with Will Mitchell and Myles Shaver, Strategic Management Journal, Vol. 12, 555-567, 1994 Internalization: An Event Study Test, with Randall Morck, Journal of International Economics, Vol. 33, 41-56, 1992 Getting There in a Global Industry: Effects on Performance of Changing International Presence, with Will Mitchell and Myles Shaver, Strategic Management Journal, Vol. 13, 419-432, 1992 Why Investors Value Multinationality?, with Randall Morck, Journal of Business, Vol. 64 (2), 165-187, 1991 Economic Incentives for Countertrade, with Rolf Mirus, Journal of International Business Studies, 1986

Editorial Work On Books

The Economics of Barter and Countertrade, with Rolf Mirus, Edward Elgar, 2001

Chapters In Books

Big Business Stability and Social Welfare, with Kathy Fogel and Randall Morck, Financial Sector Development in the Pacific Rim, NBER East Asian Seminar on Economics Volume 18, University of Chicago Press, forthcoming Institutional obstacles to entrepreneurship, with Kathy Fogel, Ashton Hawk and Randall Morck, Oxford Handbook of Entrepreneurship, Oxford University Press, Ch. 20, 540-579, 2006 Why Firms Diversify: Internalization vs. Agency Behavior, with Randall Morck, Intangible Assets, Oxford University Press, 269 – 302, 2003 Japanese Economic Success and the Curious Characteristics of Japanese Stock Prices, with Randall Morck, IMF publication “Designing Financial Systems in East Asia and Japan”, 2003 The Economic Determinants of Innovation, with Randall Morck, Productivity in Canada, published by Industry Canada, University of Calgary Press, 2002 The Economic Underpinnings of a Knowledge-Based Economy, with Randall Morck, Doing Business in the Knowledge-Based Economy, Kluwer Academic Publishers, 2001 Financial Regulation in the Global Economy as Property Rights, with Randall Morck, Reforming the Canadian Financial Sector: Canada in Global Perspective, 1997 Corporate Response, with Randall Morck, Industry Canada Policy Discussion Paper, 1996

Working Papers

Institutional Determinants of Vertical Integration: Evidence from China, with Joseph Fan, Jun Huang and Randall Morck Did Industrialization Promote Children’s Health and Education? Evidence from China, with David I. Levine, Wei Jun Jean Yeung, and Yaohui Zhao, First draft: January 2007, revised Mar 2009 Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance, with Randall Morck, First draft Aug 2008, latest May 2009 Bank Control, Capital Allocation, and Economic Performance, with Randall Morck and Deniz Yavuz, First draft, Sept 2008, presented at the AFA Firm Heterogeneity in Speed Capabilities and Entry into the Emerging sub-field of Atlantic Basin LNG, with Ashton Hawk and Gancalo Pacheco-De-Almeida, Best Paper Proceedings, Academy of Management BP division, 2009 Speed and Tobin’s q, with Goncalo Pacheco-de-Almeida and Ashton Hawk, First draft Nov 2007, Latest Mar 2009

Others

China’s Lucky Corporate Governance, with Randall Morck and Minyuan Zhao, Peking University Business Forum, 2005

Research Interests

Institutions, Firm Behavior and Economics Performance International studies of capital market functionality Foreign direct investment and multinational firm enterprises

Scholarly Honors and Awards

Best Paper Award, 2007 China International Conference in Finance, July 9-12, 2007, Chengdu, China (Paper: “Institutional Determinants of Vertical Integration: Evidence from China,” with Joseph Fan, Jun Huang, and Randall Morck) Elected Fellow, Academy of International Business, 2005- Excellence in Teaching Award – executive education programs, Stern, NYU, 2002 Moskowitz Prize for outstanding research in socially responsible investing (Social Investment Forum), 2001 Teacher Excellence Award (doctoral programs), University of Michigan Business School, 1997 Eugene Power Award for Career Achievement, University of Michigan, 1993