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JEFFREY.COLES@asu.edu

Professor
WPC Finance
Faculty
Mail Code: 3906

BAC 593 (Map)
(480)965-4475

Bio


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Biography 

Education
Ph.D., Stanford University, 1984; B.A., Pomona College, 1979

Research Areas
Corporate governance and control, asset pricing, organizational economics, boards, compensation, mutual funds, insider trading, earnings management, law and economics

Recent Consulting
Institute for Mathematical Studies in the Social Sciences, Stanford University. National Bureau of Economic Research. Utah Power and Light Co. Arizona Public Service. Pinnacle West Capital Corp. Western Area Power Administration (US Department of Energy). PricewaterhouseCoopers. Honeywell. Allied Signal. Motorola. Phoenix Newspapers, Inc. Stinson Morrison Hecker, LLP. Werner & Ayers, LLP. Gibbs & Bruns, LLP. The Directors’ Council. E&I Cooperative. Incentive Lab. Verus Research. Gradient Analytics

Current Projects
“Performance-Vesting Provisions in Executive Compensation,” with Carr Bettis, John Bizjak, and Swaminathan Kalpathy.

“Explicit Evidence of Relative Performance Evaluation Contracts for Executives,” with Carr Bettis, John Bizjak, and Brian Young.

“Board Group Think,” with Naveen Daniel and Lalitha Naveen.

“Clawback Provisions,” with Ilona Babenko, Benjamin Bennett, and John Bizjak.

“Industry Tournament Incentives,’ with Zhichuan (Frank) Li and Yan (Albert) Wang.

“Board Advising,” with Naveen Daniel and Lalitha Naveen.

“An Empirical Assessment of Empirical Corporate Finance,” with Zhichuan Li.

“Managerial Attributes, Incentives, and Performance,” with Zhichuan (Frank) Li.

“Co-opted Boards: Costs, Benefits, Causes and Consequences,” with Naveen Daniel and Lalitha Naveen, 3rd revision request from Review of Financial Studies.

“The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance,” with Mike Lemmon and Yan (Albert) Wang.

“Compensation Consultants,” with Carr Bettis, John Bizjak, and Swaminathan Kalpathy.

“The Factual Basis for Executive Compensation” with Carr Bettis, John Bizjak, and Swaminathan Kalpathy.

“The Structure and Implications of Hedge Fund Manager Compensation,” with George Aragon and Zhen Shi.

“Stock Option Expense Reporting and the Impact on Earnings,” with Carr Bettis, John Bizjak, and Brian Young.

“The Value of Sell-side Analysts' Innate Ability,” with Zhichuan Li and Simona Mola.

Academic Positions
Arizona State University: 1994-present. Previous Appointments: University of Utah, University of Rochester

Career and Professional Awards; Teaching Awards
Best Paper Award, Corporate Governance and Fraud Prevention, George Mason University, 2008; BSI Gamma Foundation Research Award, 2004

Professional Leadership and Service
Supervising Editor, Financial Management, 2005-present; Associate Editor, Journal of Financial and Quantitative Analysis, 2001-present; Co-Editor, Journal of Economics and Management Strategy, 2004-present; Referee: Academy of Management Review, Accounting Review, American Economic Review; The Henry J. Newell Honors Fellowship, Stanford University, 1979-1983.

Corporate and Public Sector Leadership
Board of Directors of Western Finance Association, 2007-current; Board of Directors of Financial Management Association, 2006-2008; Steering Committee, National Association of Corporate Directors (Arizona), 2005-current; Financial Executives Institute, CFO of the Year Award Committee.

Representative Publications
“Structural Models and Endogeneity in Corporate Finance,” with Mike Lemmon and Felix Meschke, Journal of Financial Economics 103 (2012), 149-168.

“Stock and Option Grants with Performance-Based Vesting Provisions,” with Carr Bettis, John Bizjak, and Swaminathan Kalpathy, Review of Financial Studies 23 (2010), 3849-3888.

“Boards: Does One Size Fit All?” with Naveen Daniel and Lalitha Naveen, Journal of Financial Economics 87 (2008), 329-356.

“Earnings Management around Employee Stock Option Reissues,” with Michael Hertzel and Swaminathan Kalpathy, Journal of Accounting and Economics 41 (2006), 173-200.

“Executive Compensation and Managerial Risk-Taking,” with Naveen Daniel and Lalitha Naveen, Journal of Financial Economics 79 (2006), 431-468.

“New Evidence on the Market for Directors: Board Membership and Pennsylvania Senate Bill1310,” with Stan Hoi, Journal of Finance 58 (2003), 197-230.

“Corporate Policies Restricting Trading by Insiders,” with J. Carr Bettis and Michael Lemmon, Journal of Financial Economics 57 (2000), 191-220.

“Fund Advisor Compensation in Closed-End Funds,” with Jose Suay and Denise Woodbury, Journal of Finance 55 (2000), 1385-1414.

“Leadership Structure: Separating the CEO and Chairman of the Board,” with Jim Brickley and Gregg Jarrell, Journal of Corporate Finance 3 (1997), 189-220. Reprinted in Governance: An International Perspective, John J. McConnell and Diane K. Denis (Edwin Elgar Publishing, 2004). Reprinted in Corporate Governance Matters, David Larcker and Brian Tayan, Pearson, 2011.

“On Equilibrium Pricing Under Parameter Uncertainty,” with Uri Loewenstein and Jose Suay, Journal of Financial and Quantitative Analysis 30 (1995), 347-364.

“The Board of Directors and the Adoption of Poison Pills,” with Jim Brickley and Rory Terry, Journal of Financial Economics 35 (1994), 371-390.

“The Effect of Private Antitrust Litigation on the Stock-Market Value of the Firm,” with John Bizjak, American Economic Review 85 (1995), 436-461.

“Stock-Based Incentive Compensation, Asymmetric Information and Investment Behavior,” with John Bizjak and Jim Brickley, Journal of Accounting and Economics 16 (1993), 349-372.

Courses

Spring 2014

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 590 Reading and Conference
FIN 786 Corporate Finance

Fall 2013

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 594 Conference and Workshop

Spring 2013

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 590 Reading and Conference
FIN 791 Seminar

Fall 2012

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 594 Conference and Workshop

Spring 2012

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 791 Seminar

Fall 2011

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 594 Conference and Workshop

Fall 2010

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 499 Individualized Instruction
FIN 594 Conference and Workshop
FIN 790 Reading and Conference
FIN 792 Research
FIN 799 Dissertation

Summer 2010

Courses Taught This Semester
Course Number Course Title
FIN 499 Individualized Instruction

Spring 2010

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 499 Individualized Instruction
FIN 599 Thesis
FIN 790 Reading and Conference
FIN 792 Research
FIN 795 Continuing Registration

Fall 2009

Courses Taught This Semester
Course Number Course Title
FIN 494 Special Topics
FIN 499 Individualized Instruction
FIN 590 Reading and Conference
FIN 592 Research
FIN 599 Thesis
FIN 700 Research Methods
FIN 790 Reading and Conference
FIN 792 Research
FIN 795 Continuing Registration

Summer 2009

Courses Taught This Semester
Course Number Course Title
FIN 594 Conference and Workshop

Publications and Other Intellectual ContributionsGoogle Scholar

  1. Jeffrey Coles, Michael Hertzel, Swaminathan Kalpathy. Earnings Management Around Employee Stock Option Reissues. Journal of Accounting and Economics (2006).

  2. Review of: Finance Theory and Asset Pricing. Journal of Finance (1996).

  3. Review of: Price Level Measurement. Journal of Economic Literature (1992).

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Presentations

  1. Coles, Jeffrey, Bettis, Carr, Lemmon, Mike Corporate Policies Restricting Trading by Insiders.
  2. Coles, Jeffrey, Brickley, James, Linck, James Does the Decision to Retain Retiring Executives on the Board of DIrectors Help to Control Agency Problems in American and Japanese Firms?.
  3. Coles, Jeffrey, Brickley, James, Linck, James What Happens to CEOs After They Retire? Evidence on Career Concerns and CEO Incentives.
  4. Coles, Jeffrey, Hoi, Stan New Evidence on the Managerial Labor Market: Outside Directorships and Pennsylvania Senate Bill 1310.
  5. Coles, Jeffrey, Daniel, Naveen, Naveen, Lalitha A Comparison of Profitability and CEO Turnover Sensitivity in Large Private and Public Firms.
  6. Coles, Jeffrey Option Repricing and Incentive Realignment.
  7. Coles, Jeffrey, Daniel, Naveen, Naveen, Lalitha A Comparison of Profitability and CEO Turnover Sensitivity in Large Private and Public Firms. Conference on Corporate Governance, Center fro Reserch in Economics and Strategy (CRES).
  8. Coles, Jeffrey, Daniel, Naveen, Naveen, Lalitha Boards: Does One Size Fit All?.
  9. Coles, Jeffrey, Daniel, Naveen, Naveen, Lalitha Boards: Does One Size Fit All?. Corporate Governance.
  10. Coles, Jeffrey, Daniel, Naveen, Naveen, Lalitha Managerial Incentives and Risk-Taking.
  11. Coles, Jeffrey, Daniel, Naveen, Naveen, Lalitha Managerial Incentives and Risk-Taking. Journal of Financial Services Research: Risk Transfer and Governance in the Financial System.
  12. Coles, Jeffrey, Brickley, James, Terry, Rory The Board of Directors and the Enactment of Poison Pills.
  13. Coles, Jeffrey, Brickley, James, Jarrell, Gregg Leadership Structure: On the Separation of the Positions of CEO and Chairman of the Board.
  14. Coles, Jeffrey, Bettis, Carr New Evidence on Insider Trading Around Merger Announcements.
  15. Coles, Jeffrey, Bhagat, Sanjai, Bizjak, John The Shareholder Wealth Implications of Corporate Lawsuits.
  16. Coles, Jeffrey, Suay, Jose, Woodbury, Denise Fund Advisor Compensation and the Discount on Closed-End Mutual Funds.
  17. Coles, Jeffrey Earnings Management Around Employee Stock Option Reissues.
  18. Coles, Jeffrey, Hertzel, Michael, Kalpathy, Swaminathan Earnings Management Around Employee Stock Option Reissues.
  19. Coles, Jeffrey, Hertzel, Mike, Santhanakrishnan, Mukunthan The Influence of Complementarity on the Performance of Corporate Venture Investments.
  20. Coles, Jeffrey, Daniel, Naveen, Naveen, Lalitha Managerial Incentives and Risk-Taking.
  21. Coles, Jeffrey, Hertzel, Michael, Kalpathy, Swaminathan Earnings Management Around Employee Stock Option Reissues.
  22. Coles, Jeffrey, Hertzel, Mike, Santhanakrishnan, Mukunthan The Influence of Complementarity on the Performance of Corporate Venture Investments.
  23. Coles, Jeffrey, Lemmon, Mike, Meschke, Felix Structural Models and Endogeneity in Corporate Finance.
  24. Coles, Jeffrey, Hartzel, Michael, Kalpathy, Swaminathan Earnings Management Around Employee Stock Option Reissues.
  25. Coles, Jeffrey, Hertzel, Michael, Kalpathy, Swaminathan Earnings Management Around Employee Stock Option Reissues.
  26. Coles, Jeffrey, Juergens, Jennifer, Martin, J. Analysts Opinion and the Flow of Smart Money: Evidence from Individual Insider Trades.
  27. Coles, Jeffrey, Bizjak, John The Effect of Private Antitrust Litigation on the Stock-Market Value of the Firm.
  28. Coles, Jeffrey, Bizjak, John, Brickley, James Stock-Based Incentive Compensation, Asymmetric Information and Investment Behavior.
  29. Coles, Jeffrey, Loewenstein, Uri, Suay, Jose On Equilibrium Pricing Under Parameter Uncertainty.
  30. Coles, Jeffrey, Chen, Paul Real Wage Measures of Welfare in Presence of Unemployment.
  31. Coles, Jeffrey Equilibrium Turnpike Theory with Time-Separable Utility.
  32. Coles, Jeffrey Walrasian Equilibrium Without Survival: Existence, Efficiency, and Remedial Policy.
  33. Coles, Jeffrey, Bhagat, Sanjai, Brickley, James Managerial Indemnification and Liability Insurance: The Effect on Shareholder Wealth.
  34. Coles, Jeffrey, Brickley, James The Dividend Policy of Paying Regular Cash Dividends Supplemented by Period Extras: An Empirical Analysis.
  35. Coles, Jeffrey, Loewenstein, Uri Pricing and Portfolio Composition in the Presence of Uncertain Parameters and Estimation Risk.
  36. Coles, Jeffrey, Jefferis, Richard An Empirical Analysis of the Mortgage Prepayment Decision.
  37. Coles, Jeffrey, Loewenstein, Uri Pricing and Portfolio Composition in the Presence of Uncertain Parameters and Estimation Risk.
  38. Coles, Jeffrey, Bhagat, Sanjai, Brickley, James The Wealth Effects of Interfirm Lawsuits: Evidence on the Costs of Legal Disputes and Financial Distress.
  39. Coles, Jeffrey, Brickley, James Investment Opportunities, the Reluctance to Cut Dividends, and Corporate Payout Policy: The Case of Annual Extra Dividends.
  40. Coles, Jeffrey, Loewenstein, Uri, Suay, Jose On Equilibrium Pricing Under Parameter Uncertainty.

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Curriculum Vitae / Resume

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