Paul Povel
Judge James A. Elkins Professor of Finance
Curriculum Vitae
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Education
- Ph.D., Economics, London School of Economics, Sep. 1998 (within the European Doctoral Program in Quantitative Economics); visiting researcher at University of Bonn (Germany), Université Libre de Bruxelles (Belgium) and University of Mannheim (Germany).
- Undergraduate degree (lic. rer. pol.), Economics and Business, University of Basel (Switzerland), Dec. 1991.
Employment
- 2008– : Professor, Dept. of Finance, Bauer College of Business, University of Houston
2018– : Judge James A. Elkins Professor of Finance, Bauer College of Business, University of Houston
2010–2018 : John H. and Jeaneane Duncan Professor of Finance, Bauer College of Business, University of Houston - 2006–2009: 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 - 1998–9: Post-Doc, Dept. of Economics, University of Mannheim (Germany)
Research Interests
Corporate Finance, Corporate Restructuring, Contract Theory, Mechanism Design, Law and Economics, Insolvency Law, Industrial Organization
Publications
- Lying to Speak the Truth: Selective Manipulation and Improved Information Transmission (joint with Günter Strobl), Journal of Finance, Volume 79, Issue 6: December 2024, pp. 4303-4352.
- Capital Structure Under Collusion (joint with Giorgo Sertsios, Daniel Ferrés, and Gaizka Ormazabal), Journal of Financial Intermediation, Volume 45: January 2021, 100854.
- Competition for Talent under Performance Manipulation (joint with Iván Marinovic),
, Volume 64, Issue 1: August 2017, pp. 1-14. - An Experimental Analysis of Risk Shifting Behavior (joint with Pablo Hernández-Lagos and Giorgo Sertsios), Review of Corporate Finance Studies, Volume 61, Issue 1: March 2017, pp. 68-101.
- Boom and Gloom (joint with Giorgo Sertsios, Renáta Kosová and Praveen Kumar), Journal of Finance, Volume 71, Issue 5: October 2016, pp. 2287-2332.
- Getting to Know Each Other: The Role of Toeholds in Acquisitions (joint with Giorgo Sertsios), Journal of Corporate Finance, Volume 26: June 2014, pp. 201-224.
- Stapled Finance (joint with Raj Singh), Journal of Finance, Volume 65, Issue 3: June 2010, pp. 927-953 (finalist for the 2010 Brattle Group Prize).
- 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.
Older Papers
- The Information Content of Put Warrant Issues (joint with Scott Gibson and Raj Singh)
- 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
Teaching Experience
- 2014– : FINA7A30, Advanced Corporate Finance (MBA, half-semester course), Bauer College of Business, University of Houston
- 2013– : FINA6A35, Managerial Finance (MBA core, half-semester course), Bauer College of Business, University of Houston
- 2013– : FINA7A10, Intermediate Corporate Finance: Valuation (MBA, half-semester course), Bauer College of Business, University of Houston
- 2019: FINA6335, Managerial Finance (EMBA), Bauer College of Business, University of Houston
- 2012–2013 : FINA6335, Managerial Finance (full-time MBA core), Bauer College of Business, University of Houston
- 2009–2013 : FINA7330, Advanced Corporate Finance (MBA), Bauer College of Business, University of Houston
- 2009–2011: 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
Editorial Appointments
-
Associate Editor,
Journal of Corporate Finance (2018-20)
Ad Hoc Refereeing
-
American Economic Journal: Economic Policy |
American Economic Review |
American Law and Economics Review |
Berkeley Electronic Journals in Theoretical Economics |
Berkeley Electronic Journals in Economic Analysis & Policy |
Canadian Journal of Economics |
Economic Journal |
Economic Theory |
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 Accounting and Public Policy |
Journal of Accounting Research |
Journal of Banking & Finance |
Journal of Business |
Journal of Comparative Economics |
Journal of Corporate Finance |
Journal of Economic Dynamics and Control |
Journal of Economics |
Journal of Economics & Management Strategy |
Journal of the European Economic Association |
Journal of Finance |
Journal of Financial Economics |
Journal of Financial and Quantitative Analysis |
Journal of Financial Intermediation |
Journal of Industrial Economics |
Journal of Law, Economics, and Organization |
Management Science |
RAND Journal of Economics |
Review of Corporate Finance Studies |
Review of Economic Studies |
Review of Finance |
Review of Financial Studies |
Review of Law & Economics |
Schmollers Jahrbuch
Southern Economic Journal |
Papers Presented at Conferences
- Erasmus Corporate Governance Conference (2023)
- SFS Cavalcade North America (2022)
- CFEA Conference on Financial Economics and Accounting (2021)
- Review of Corporate Finance Studies Winter Conference, annual meeting, online (2021)
- European Finance Association, annual meeting, online (2020)
- Midwest Finance Association, annual meeting, online (2020)
- American Finance Association, annual meeting in San Diego (2020)
- Midwest Finance Association, annual meeting in Chicago (2017)
- 2014 Symposium on Economic Experiments in Developing Countries (SEEDEC), Bergen, Norway (2014)
- Experimental Finance Conference, Zürich, Switzerland (2014)
- Western Finance Association, annual meeting in Monterey (2014)
- Summer Real Estate Symposium in Monterey (2014)
- Edinburgh Corporate Finance Conference 2014
- Adam Smith Workshops for Asset Pricing and Corporate Finance
- Finance Theory Group, meeting at Columbia University (2013)
- 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
- Australian National University (Canberra, Australia), Finance (2021)
- Frankfurt School of Finance & Management (Frankfurt, Germany), Finance (2017)
- Universidad de los Andes (Santiago, Chile), Finance (2014)
- Rice University, Finance (2012)
- University of Texas, Austin, Finance (2012)
- York University (Toronto), Finance (2012)
- University of Iowa, Finance (2009)
- 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 Real Estate and Urban Economics Association, ASSA Meetings, Boston, MA (2015)
- SFS Finance Cavalcade, annual meeting in Miami, FL (2013)
- Western Finance Association, annual meeting in Victoria, BC (2010) [2 papers]
- 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)
- Financial Distress, Bankruptcy and Corporate Restructuring conference, 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
- Western Finance Association (2024)
- American Finance Association (2015)
- Conference on Corporate Finance, Washington U. St. Louis (2006- )
- Financial Intermediation Research Society (2011- )
- European Finance Association (2007-8, 2010-12, 2015- )
- Midwest Finance Association (2018- )
- Northern Finance Association (2019- )
- Financial Management Association(2005-8, 2013, 2015- )
Other
- Reviewer, National Science Foundation
Awards and Scholarships
- 2021 Group Teaching Excellence Award (Cougar Investment Fund program),
- 2016 Teaching Excellence Award, University of Houston
- 2014 LeRoy and Lucille Melcher Faculty Excellence Award for Excellence in Teaching, Bauer College of Business, University of Houston
- 2010 Finalist for the Brattle Group Prize, “Stapled Finance” (Journal of Finance, joint with Raj Singh)
- 2008-2010 Bauer Fellow, Bauer College of Business, University of Houston
- 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, for “The U-Shaped Investment Curve: Theory and Evidence” (joint with joint with Sean Cleary and Michael Raith)
- 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)