Peter Iliev Assistant Professor of Finance
E-mail: pgi1@psu.edu
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Publications
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"The Effect of SOX Section 404: Costs, Earnings Quality and Stock Prices." Journal of Finance, 2010, 65 (3), 1163-1196.
Exploits a natural quasi-experiment to isolate the effects that were uniquely due to the Sarbanes-Oxley Act. Section 404 led to conservative reported earnings, but also imposed real costs reducing the market value of small firms. -
"A Model of Operational Slack: The Short-Run, Medium-Run, and Long-Run Consequences of Limited Attention." (with Ivo Welch), forthcoming, Journal of Law, Economics, and Organization.
Studies institutions, such as firms, in which multiple projects can require attention at unpredictable times. The model can explain overinvestment and the diversification discount even when managers are not agency-conflicted.
Working Papers
"Shareholder Voting and Corporate Governance Around the World ." (with Karl Lins, Darius Miller and Lukas Roth) .
Systematic study of shareholder voting across countries. Investors exercise greater corporate governance when they fear expropriation the most: poor country-level institutions and controlling shareholders. Voting against management is linked with a greater number of directors that exit the board.– American Finance Association Meeting 2012
– European Finance Association Meeting 2011
– 10th Annual Darden International Finance Conference 2011
– UNC Global Issues in Accounting Conference 2011
– Fifth McGill Conference on Global Asset Management 2011
– Northern Finance Association Meeting 2011"Uninvited U.S. Investors? Economic Consequences of Involuntary Cross-listings." (with Darius Miller and Lukas Roth) .
An SEC deregulation intended to increase the competitiveness of U.S. capital markets lead to a significant destruction of foreign firm value.– European Finance Association Meeting 2010
– Best Paper Award, IIROC-DeGroote Conference on Market Structure and Market Integrity 2010
– American Law & Economics Association Meeting 2010
– Financial Management Association Meeting 2010
– Northern Finance Association 2010"Reconciling Estimates of the Speed of Adjustment of Leverage Ratios."(with Ivo Welch).
Proposes a non-parametric way to model leverage ratios under the null hypothesis of random corporate behavior - a placebo process - and embeds it with the common alternative of reverting to a target. The empirical estimates previously documented are consistent with very slow speed of readjustment.– Western Finance Association Meeting 2011
– NBER 2009
Teaching
Instructor at Penn State (Smeal):
- Financial Management of the Business Enterprise, Fall 2012, Fall 2011, Spring 2011, Fall 2009
- Financial Markets and Institutions, Fall 2008
Teaching Assistant at Brown:
- Financial Institutions, Spring 2007, Spring 2006
- Corporate Finance, Fall 2006, Spring 2005, Fall 2005
- Investments, Fall 2004
Current class schedules: University Registrar webpage, teaching materials: ANGEL (password protected), and final grades: eLion.
Links
Current and past Smeal Finance Department Seminars are available here.
When starting to work with Stata, it is useful to work through an introduction like this one and that one.
Great literature review tool: Start at the Library databases list → Web of Science → Search for an article that starts a literature & trace all published research that cites it.
Free software I like: Dropbox (file sharing), 7-zip (archives), Thunderbird with Lightning (e-mail and calendar), R (graphs), Komodo (perl editor), WinSCP (SFTP).
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