Praveen Kumar

Interim Dean

Cullen Distinguished University Chair

Professor of Finance

Contact Information:

Office of the Dean, C. T. Bauer College of Business, 334 Melcher Hall
4750 Martin Luther King Blvd. University Of Houston, Houston, TX-77204-6021
Phone : (713) 743-4600
e-mail : pkumar@uh.edu

Curriculum Vitae (PDF)

Education

Ph.D. Stanford University, 1985
M.P.A. Princeton University, 1981
A.B. Princeton University, 1979

Honors and Awards (Selected)

University of Houston Excellence in Research and Scholarship Award (Campus-wide award)
University of Houston Teaching Excellence Award for Individual Teaching (Campus-wide award)
University of Houston Teaching Excellence Award for Group Teaching (Campus-wide award)
Award for the Best Paper on Options and Futures, Western Finance Association
Award for the Best Corporate Finance Paper, Financial Management Association
McGraw-Hill Distinguished Paper in Finance, Academy of Business Disciplines
Runners-up for the Merton Miller Award for the Best Paper in the Journal of Business
Nominee for the Smith-Kline Award for the Best Paper in the Journal of Finance
Track Chair, Annual Meetings of the Financial Management Association
Chapa-O’Quinn Lectures on Corporate Governance, Monterrey Institute of Technology (ITESM) and University of Houston Law Center
Dewitt Scholarship Prize, Princeton University

Published and Forthcoming Papers

“Capital Investment, Equity Returns and Aggregate Dynamics in Oligopolistic Production Economies,” (with H. Doshi), Review of Financial Studies, Forthcoming.

“Firm Size, Capital Investment and Debt Financing over Industry Business Cycles,” (with V. Yerramilli), Journal of Financial and Quantitative Analysis, Forthcoming.

“Product Market Competition, Mergers and Acquisitions, and Covenant Redesign,” (with H. Asian, M. Kalimipalli, and B. Venugopal), Review of Corporate Finance Studies, Forthcoming.

“Globalization and Entrepreneurial Entry and Exit: Evidence from U.S. Households,” (with H. Aslan), Journal of Monetary Economics, 120, 83-100, 2021.

“Crowdfunding, Financing Constraints and Real Effects,” (with N. Langberg and D. Zvilichovsky), Management Science, 66, 3561-3580, 2020.

“Leverage and the Cross-Section of Equity Returns,” (with H. Doshi, K. Jacobs, and R. Rabinovitch), Journal of Finance, 74, 1431-1471, 2019.

“Debt Covenants and Corporate Governance,” (with S. Chava, S. Fang, and S. Prabhat), Annual Review of Financial Economics, 11, 197-219, 2019.

“Optimal Capital Structure and Investment with Real Options and Endogenous Debt Costs,” (with V. Yerramilli), Review of Financial Studies, 9, 3452-3491, 2018.

“Uncertainty, Capital Investment, and Risk Management,” (with H. Doshi and V. Yerramilli), Management Science, 54, 5769-5786, 2018.

“The Real Effects of Forced Sales of Corporate Bonds,” (with H. Aslan), Journal of Monetary Economics, 95, 1-17, 2018 (Lead Article).

“Shareholder Bargaining Power, Debt Overhang, and Investment,” (with E. Alanis and S. Chava), Review of Corporate Finance Studies, 7, 276-318, 2018.

“Financial Flexibility and Opportunity Capture: Bridging the Gap Between Finance and Strategy,” (with S. Arbogast), Journal of Applied Corporate Finance, 30, 23-29, 2018.

“Voluntary Disclosure and Strategic Stock Repurchases,” (with N. Langberg, J. Oded, and K. Sivaramakrishnan), Journal of Accounting and Economics, 63, 207-230, 2017.

“Stapled Financing, Value Certification, and Lending Efficiency,” (with H. Aslan), Journal of Financial and Quantitative Analysis, 52, 677-704, 2017.

“Capital Investment, Innovative Capacity, and Stock Returns,” (with D. Li), Journal of Finance, 71, 2059-2094, 2016.

“The Product Market Effects of Hedge Fund Activism,” (with H. Aslan), Journal of Financial Economics, 119, 226-248, 2016.

“Boom and Gloom,” (with R. Kosova, P. Povel, and G. Sertsios), Journal of Finance, 71, 2287-2332, 2016.

“Voluntary Disclosure with Informed Trading in the IPO Market,” (with N. Langberg and K. Sivaramakrishnan), Journal of Accounting Research, 54, 1365-1394, 2016.

“Optimal Incentive Contracts and Information Cascades,” (with N. Langberg), Review of Corporate Finance Studies, 3, 123-161, 2014.

“National Governance Bundles and Corporate Agency Costs: A Cross-Country Analysis,” (with H. Aslan), Corporate Governance: An International Review, 22, 230-251, 2014.

“Information Manipulation and Rational Investment Booms and Busts,” (with N. Langberg), Journal of Monetary Economics, 60, 408-425, 2013.

“CEO Entrenchment and Corporate Hedging: Evidence from the Oil and Gas Industry,” (with R. Rabinovitch), Journal of Financial and Quantitative Analysis, 48, 887-917, 2013.

“Strategic Ownership Structure and the Cost of Debt,” (with H. Aslan), Review of Financial Studies, 25, 2257-2299, 2012.

“Voluntary Disclosures, Corporate Control, and Investment,” (with N. Langberg and K. Sivaramakrishnan), Journal of Accounting Research, 50, 1041-1076, 2012.

“Lemons or Cherries? Growth Opportunities and Market Temptations in Going Public and Private,” (with H. Aslan), Journal of Financial and Quantitative Analysis, 46, 489-526, 2011.

“Managerial Agency and Bond Covenants,” (with S. Chava and A. Warga), Review of Financial Studies, 23, 1120-1148, 2010. (Lead Article)

“Corporate Fraud and Investment Distortions in Efficient Capital Markets,” (with N. Langberg), Rand Journal of Economics, 40, 144-172, 2009.

“Idiosyncratic Risk and the Cross-Section of Stock Returns: Merton (1987) meets Miller (1977),” (with R. Boehme, B. Danielsen, and S. Sorescu), Journal of Financial Markets, 12, 438-468, 2009.

“Estimation Risk, Information, and the Conditional CAPM: Theory and Evidence,” (with S. Sorescu, R. D. Boehme, and B. Danielsen), Review of Financial Studies, 21, 1037-1085, 2008. (Lead Article)

“Takeovers, Market Monitoring, and International Corporate Governance,” (with L. Ramchand), Rand Journal of Economics, 39, 850-874, 2008.

“Optimal Patenting and Licensing of Financial Innovations,” (with S. Turnbull), Management Science, 54, 2012-2023, 2008.

“Who Monitors the Monitor? The Effect of Board Independence on Executive Compensation and Firm Value,” (with K. Sivaramakrishnan), Review of Financial Studies, 21, 1371-1401, 2008.

“Intertemporal Price-Quality Discrimination and the Coase Conjecture,” Journal of Mathematical Economics, 42, 896-940, 2006.

“Agency Costs and Corporate Investment: The Role of Executive Compensation and Corporate Governance,” (with S. Kang and H. Lee), Journal of Business, 79, 1127-1148, 2006.

“Learning About Investment Risk: The Effects of Structural Uncertainty on Dynamic Investment and Consumption,” Journal of Economic Behavior and Organization, 60, 205-229, 2006.

“Managerial Entrenchment and Payout Policy,” (with A. Hu), Journal of Financial and Quantitative Analysis, 39, 759-790, 2004.

“Corporate Governance, Takeovers, and Top-Management Compensation: Theory and Evidence,” (with R. Cyert and S. Kang), Management Science, 48, 453-469, 2002. (Lead Article)

“Price and Quality Discrimination in Durable Goods Monopoly with Resale Trading,” International Journal of Industrial Organization, 30, 1313-1339, 2002.

“Firm Performance, Control, and Executive Compensation,” (with S. Kang), in Mie Augier and James G. March (ed.), The Economics of Choice, Change, and Organizations, Edward Elgar Publishers: UK, 2001.

“Discrete Dividend Policy with Permanent Earnings,” (with B. S. Lee), Financial Management, 30, 55-76, 2001.

“Information, Organizational Structure, and Strategy,” in Mie Augier and James G. March (ed.), The Economics of Choice, Change, and Organizations, Edward Elgar Publishers: UK, 2001.

“On the Structure of the Generalized Principal-Agent problem: Decomposition and Existence Results,” (with P. Faynzilberg), Review of Economic Design, 5, 23-58, 2000.

“Empirical Dynamic Stochastic Models for Firm Dividends," (with E. Kao),Advances in Financial Planning and Forecasting, 9, 161-192, 2000.

"Optimal Contracting of Separable Production Technologies," (with P. Faynzilberg), Games and Economic Behavior, 21, 15-39, 1997. (Lead Article)

"Managerial Objectives and Firm Dividend Policy: A Behavioral Theory and Empirical Evidence," (with R. Cyert and S. Kang), Journal of Economic Behavior and Organization, 30, 8-36, 1996. (Lead Article)

“Strategies for Technological Innovation with Learning and Adaptation Costs," (with R. Cyert), Journal of Economics and Management Strategy,5, 25-67, 1996.

“Economizing by Firms through Learning and Adaptation,” (with R. Cyert), Journal of Economic Behavior and Organization, 29, 11-32, 1996.

"Organizational Strategy and Tacit Collusion in Oligopoly with Agency," (with R. Cyert), Computational and Mathematical Organizational Theory, 1, 9-36, 1995. (Lead Article)

"The Impact of Organizational Structure on Oligopolistic Pricing," (with R. Cyert and J. Williams), Journal of Economic Behavior and Organization, 95, 1-15, 1995. (Lead Article)

"Information and Index Arbitrage," (with D. Seppi), Journal of Business,67, 481-509, 1994. (Lead Article)

"Technology Forecasting and the Future," (with R. Cyert), IEEE Transactions in Engineering Management, 41, 33-34, 1994. (Lead Article)

"Product Market Innovations, Agency Costs and Capital Structure: Theory and Evidence," (with J. Jayaraman and A. Makhija), abstracted in the Proceedings of the 53rd Meetings of the American Finance Association, Journal of Finance, 49, 1075, 1994.

"Information, Market Imperfections, and Strategy," (with R. Cyert and J. Williams), Strategic Management Journal, 14, 47-58, 1993.

"Futures Manipulation with 'Cash Settlement'," (with D.Seppi), Journal of Finance, 47, 485-502, 1992.

"Shareholder-Manager Conflict and the Information Content of Dividends," Review of Financial Studies, 1, 111-126, 1988. (Lead Article)

"Part Dispatch in Multistage Card Lines," (with R. Akella and S. Rajagopal), Proceedings of the IEEE Conference on Robotics and Automation, 143-146, 1986.

"New Estimates of the Value of Federal Mineral Rights and Land," (with M. Boskin, et al.), American Economic Review,75, 923-936, 1985. (Lead Article)