Michelle B. Lowry

Smeal College of Business

Penn State University

University Park, PA 16802

(814) 863-6372

mlowry@psu.edu

                                                                                                                                                           


 

 

Education

Ph.D., Business Administration, University of Rochester, 2000.

        Major concentration in finance;  minor concentration in accounting.

M.S., Applied Economics, University of Rochester, 1998.

B.A., Economics and Public Policy, Duke University, 1992.

 

Academic Positions Held

Visiting Scholar, Insead, 2008 – 2009.

Associate Professor, Smeal College of Business, Penn State University, 2007 – Present.

Assistant Professor, Smeal College of Business, Penn State University, 2000 – 2007.

Visiting Lecturer, Marshall School of Business, University of Southern California, 1999 – 2000.

 

Published Papers

“When do banks listen to their analysts?  Evidence from mergers and acquisitions” (with David Haushalter).  Review of Financial Studies, forthcoming.

“The Variability of IPO Initial Returns” (with Micah Officer and G. William Schwert).  Journal of Finance 65, 425-465.

            Presented at the Duke – UNC Corporate Finance Conference, 2006

“Discussion of 'Shareholder Litigation and Changes in Disclosure Behavior'”, 2009.  Journal of Accounting and Economics 47, 157-159.

 

"Institutional Versus Individual Investment in IPOs:  The Importance of Firm Fundamentals" (with Laura Field), 2009.  Journal of Financial and Quantitative Analysis 44, 489-516. (Lead Article)

            Presented at the 2006 AFA meetings

 

"Executive Stock Options and IPO Underpricing" (with Kevin J. Murphy), 2007.  Journal of Financial Economics 85, 39-65.

 

"Does Disclosure Deter or Trigger Litigation?" (with Laura Field and Susan Shu), 2005, Journal of Accounting and Economics 39, 487-507.

 

 

 “Is the IPO Pricing Process Efficient?: (with G. William Schwert), 2004, Journal of Financial Economics 71, 3-26. (Lead Article)

 

·         Second place winner of Jensen Prize for Best Paper published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations.

 

·         Abstracted in Bowne Review for CFOs and Investment Bankers, February 2003.

 

 

"Why Does IPO Volume Fluctuate So Much?", 2003, Journal of Financial Economics 67, 3-40. (Lead Article)

 

"Litigation Risk and IPO Underpricing" (with Susan Shu), 2002, Journal of Financial Economics 65, 309-336. (Lead Article)

 

·         Abstracted in the Bowne Review for CFOs and Investment Bankers, February 2003.

 

“IPO Market Cycles:  Bubbles or sequential learning?” (with G. William Schwert), 2002, Journal of Finance 57, 1171-1200.

 

Working Papers

 Venture Capitalist Directors in IPOs:  Busy or Connected? (with Laura Field and Anahit Mkrtchyan).

 

Work in Progress

Firm Disclosure Following the IPO (with Michela Verardo)

Corporate Governance Influences of Banks versus Venture Capitalists in Pre-IPO Firms (with Christa Bouwman)

 

Teaching Experience

Advanced Corporate Finance, Penn State University: 2001 – present.

Ph.D. Seminar in Corporate Finance, Penn State University: 2003 – present.

Corporate Finance, University of Southern California: Spring 2000.

Capital Budgeting and Corporate Objectives, University of Rochester: Summer 1999.

 

Invited Presentations

2009    University of Dauphine, HEC, HKUST, National University of Singapore, Singapore Management University, University of Lausanne, INSEAD

2008    Case Western University, University of Colorado at Boulder

2007    Indiana University, University of Arizona, Boston College

2006    University of Toronto, University of Western Ontario

2005    Arizona State University, University of Notre Dame, University of Virginia, Vanderbilt University

2004    University of Minnesota, University of North Carolina at Chapel Hill

2003    Ohio State University, Purdue University, University of Michigan, University of Southern California

2000    Dartmouth College, Emory University, Harvard University, Penn State University, University of California at Los Angeles, University of Notre Dame, University of Pittsburgh, University of Southern California, University of Texas at Austin, Vanderbilt University

 

Presentations at Professional Meetings

2006    AFA Annual Meetings: “Institutional Investment in Newly Public Firms”, with Laura Field

            Duke – UNC Corporate Finance Conference: “The Variability of IPO Initial Returns”, with Micah Officer and G. William Schwert

2005    FMA Annual Meetings:  “Institutional Investment in Newly Public Firms”, with Laura Field

2002    Conference on Entrepreneurship, Venture Capital, and IPOs:  “Is the IPO Pricing Process Efficient?”, with G. William Schwert

1999    10th Annual Conference on Financial Economics and Accounting:  “What Causes IPO Volume to Fluctuate Over Time?”

 

Professional Activities and Honors

Associate editor, Journal of Financial Economics

Associate editor, Journal of Empirical Finance

Jensen Prize for the Best Paper Published in the Journal of Financial Economics in the areas of corporate finance and organizations, 2004, second place winner

Nominating Committee, American Financial Association, 2005

Program Committee, American Financial Association Annual Conference, 2005, 2009

Program Committee, Western Finance Association, 2007

Program Committee, Financial Management Association Annual Conference, 2004, 2005, 2006

Referee: Journal of Financial Economics, Journal of Finance, Review of Financial Studies, American Economic Review, Journal of Accounting and Economics, Journal of Corporate Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Intermediation.

Superior Teaching Award, University of Rochester, 1999.

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Professional Experience

Junior Economist, Glassman-Oliver Economic Consultants, Washington, D.C., 1992 – 1995.