Peter Iliev

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

Office Phone: 814-863-5456
Mail: 348 Business Building, University Park, PA 16802

Peter Iliev

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Working Papers

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

    Characterizes 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.
  • "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 and with a lower probability of completing mergers.
  • "The Effect of Say-on-Pay in the U.S." (with Svetla Vitanova).

    Uses 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 decrease CEO pay,  but led to increase in the general support for directors.
  • "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.


  • Instructor at Penn State (Smeal)

    –  Financial Management of the Business Enterprise: Fall 2013, 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.