Peter Iliev

Assistant Professor of Finance
Smeal College of Business
The Pennsylvania State University

E-mail: pgi1@psu.edu
Office Phone: 814-863-5456
Mail: 348 Business Building, University Park, PA 16802

Peter Iliev

Vita    Research    SSRN page    Teaching    Links    Pictures

Publications

Working Papers

  • "The Effect of Say-on-Pay in the U.S." (with Svetla Vitanova).

    We use that U.S. firms with a public float under $75 million did not have to hold a Say-on-Pay vote to quantify the effects of the new rule. We find a positive market reaction to compliance with the Say-on-Pay rule. As implemented, the regulation did not affect the level or composition of CEO pay, but led to increase in the general support for directors.

  • "Are Mutual Funds Active Voters?" (with Michelle Lowry).

    We characterize funds' vote decisions as stemming from the direction and precision of their signal relative to that of proxy advisors. Funds with lower costs of collecting information and higher benefits from voting are three to seven times less likely to follow ISS's recommendation.

  • "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.
    –  Best Paper Award, IIROC-DeGroote Conference on Market Structure and Market Integrity 2010
    –  Presented at the European Finance Association Meeting 2010
    –  American Law & Economics Association Meeting 2010
    –  Financial Management Association Meeting 2010
    –  Northern Finance Association 2010.

  • "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: in cases of 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.

  • "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.
    –  Presented at the Western Finance Association Meeting 2011
    –  NBER Summer Institute 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.