Ronald Masulis

Scientia Professor of Finance
Professor

Research Interests:

  • Corporate governance
  • Empirical corporate finance
  • Boards of directors
  • Shareholder power
  • CEO employment contracts 
  • Mergers and acquisitions
  • International finance and law
  • Venture capital
  • Investment banking

    Ron Masulis is the Scientia Professor of Finance at the UNSW Business School, University of New South Wales. Ron received his MBA and PhD from the University of Chicago. He is a recognised authority in the areas of empirical corporate finance and corporate governance, and a Senior Academic Fellow at the Asian Bureau of Financial and Economic Research (ABFER).  His published research spans investment banking, financial institutions, market microstructure, international finance, private equity, law and economics and corporate governance topics such as mergers and acquisitions, boards of directors, executive compensation, ownership structure and business groups.


    Among financial economists worldwide, he has one of the highest sustained rates of top tier publications and frequency of citations across a range of top journals including the Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Journal of Accounting and Economics and Journal of Law and Economics.


    Ron has won a number of top research awards, including five Journal of Financial Economics All Star Paper Awards. He is the President-Elect of the Financial Management Association. He has served on the Board of Directors/Executive Committee of the American Finance Association, the Western Finance Association and the Financial Management Association (FMA).  He has served as the FMA’s Vice President of Global Services and FMA's Vice President of the 2018 Program.  Ron also recently served on the board of directors of the Financial Intermediation Research Society (FIRS), was an advisory editor of Financial Management and is currently an advisory editor of the Journal of Multinational Financial Management, an associate editor of the Journal of Financial and Quantitative Analysis, the Pacific-Basin Finance Journal, the Journal of Financial Stability and is a past associate editor of the Journal of Financial Economics, Journal of Finance and Review of Financial Studies

     

    Ron is a research associate at the European Corporate Governance Institute (ECGI) and senior academic fellow at the Asia Bureau of Finance and Economic Research and a fellow of the Academy of the Social Sciences in Australia. In February 2015, he was the Monetary Authority of Singapore (MAS) Term Professor of Economics and Finance at NUS and from September -December 2015. He was a Distinguished Visiting Research Professor at NYU’s Stern School of Business and in the 2 half of 2018 he was the Pembroke visiting Professor of International Finance at the University of Cambridge.

     

    Personal website

    Journal articles
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    Masulis RW, 2020, 'A Survey of Recent Evidence on Boards of Directors and CEO Incentives', Asia-Pacific Journal of Financial Studies, vol. 49, pp. 7 - 35, http://dx.doi.org/10.1111/ajfs.12287
    2020
    Liu C; Low A; Masulis RW; Zhang L, 2020, 'Monitoring the monitor: Distracted institutional investors and board governance', Review of Financial Studies, vol. 33, pp. 4489 - 4531, http://dx.doi.org/10.1093/rfs/hhaa014
    2020
    Zein J; Masulis R; Pham P, 2020, 'Family Business Group Expansion through IPOs: The Role of Internal Capital Markets in Financing Growth while Preserving Control', Management Science, vol. 66, pp. 5191 - 5215, http://dx.doi.org/10.1287/mnsc.2019.3418
    2020
    Masulis RW; Wang C; Xie F, 2019, 'Employee-Manager Alliances and Shareholder Returns from Acquisitions', Journal of Financial and Quantitative Analysis, http://dx.doi.org/10.1017/S0022109019000036
    2019
    Masulis R, 2019, 'How valuable are independent directors? Evidence from external distractions', Journal of Financial Economics, pp. 1 - 31, http://dx.doi.org/10.1016/j.jfineco.2018.02.014
    2019
    Johnson WC; Kang JK; Masulis RW; Yi S, 2018, 'Seasoned equity offerings and customer–supplier relationships', Journal of Financial Intermediation, vol. 33, pp. 98 - 114, http://dx.doi.org/10.1016/j.jfi.2017.09.003
    2018
    Dou Y; Masulis R; Zein J, 2018, 'Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans', Review of Financial Studies, vol. 32, pp. 4810 - 4854, http://dx.doi.org/10.1093/rfs/hhz034
    2018
    Masulis RW; Simsir SA, 2018, 'Deal Initiation in Mergers and Acquisitions', Journal of Financial and Quantitative Analysis, vol. 53, pp. 2389 - 2430, http://dx.doi.org/10.1017/S0022109018000509
    2018
    Kwan A; Masulis R; McInish TH, 2015, 'Trading rules, competition for order flow and market fragmentation', JOURNAL OF FINANCIAL ECONOMICS, vol. 115, pp. 330 - 348, http://dx.doi.org/10.1016/j.jfineco.2014.09.010
    2015
    Masulis RW; Guo L, 2015, 'Board Structure and Monitoring: New Evidence from CEO Turnovers', The Review of Financial Studies, vol. 28, pp. 2770 - 2811, http://dx.doi.org/10.1093/rfs/hhv038
    2015
    Masulis RW; Reza SW, 2015, 'Agency problems of corporate philanthropy', Review of Financial Studies, vol. 28, pp. 592 - 636, http://dx.doi.org/10.1093/rfs/hhu082
    2015
    Masulis RW; Kwan A; McInish T, 2015, 'Trading rules, competition for order flow and market fragmentation', Journal of Financial Economics, vol. 115, pp. 330 - 348, http://dx.doi.org/10.1016/j.jfineco.2014.09.010
    2015
    Masulis RW; Mobbs S, 2014, 'Independent director incentives: Where do talented directors spend their limited time and energy?', Journal of Financial Economics, vol. 111, pp. 406 - 429, http://dx.doi.org/10.1016/j.jfineco.2013.10.011
    2014
    Krishnan CNV; Masulis RW; Thomas RS; Thompson RB, 2014, 'Jurisdictional effects in M&A litigation', Journal of Empirical Legal Studies, vol. 11, pp. 132 - 158, http://dx.doi.org/10.1111/jels.12037
    2014
    Karpoff JM; Lee G; Masulis RW, 2013, 'Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings', Journal of Financial Economics, vol. 110, pp. 607 - 626, http://dx.doi.org/10.1016/j.jfineco.2013.08.015
    2013
    Masulis R; Krishnan CVN, 2013, 'Law Firm expertise and Mergers and Acquisitions', Journal of Law and Economics, vol. 56, pp. 189 - 226, http://dx.doi.org/10.1086/667361
    2013
    Masulis R; Wang C; Xie F, 2012, 'Globalizing the boardroom-The effects of foreign directors on corporate governance and firm performance', Journal of Accounting and Economics, vol. 53, pp. 527 - 554, http://dx.doi.org/10.1016/j.jacceco.2011.12.003
    2012
    Masulis R; Krishnan C, 2012, 'Venture Capital Reputation', My Research Gateway 20130329 Test Case 2, pp. Chapter 4 - Chapter 4, http://dx.doi.org/10.1093/oxfordhb/9780195391596.001.0001
    2012
    Krishnan CNV; Ivanov V; Masulis R; Singh AK, 2011, 'Venture capital reputation, post-IPO performance, and corporate governance', Journal of Financial and Quantitative Analysis, vol. 46, pp. 1295 - 1333, http://dx.doi.org/10.1017/S0022109011000251
    2011
    Masulis R; Nahata R, 2011, 'Venture capital conflicts of interest: Evidence from acquisitions of venture-backed firms', Journal of Financial and Quantitative Analysis, vol. 46, pp. 395 - 430, http://dx.doi.org/10.1017/S0022109010000827
    2011
    Hill JG; Masulis RW; Thomas RS, 2011, 'Comparing CEO employment contract provisions: Differences between Australia and the United States', Vanderbilt Law Review, vol. 64, pp. 559 - 608, http://go.galegroup.com/ps/retrieve.do?tabID=T002&resultListType=RESULT_LIST&searchResultsType=SingleTab&searchType=AdvancedSearchForm&currentPosition=6&docId=GALE%7CA255242883&docType=Article&sort=RE
    2011
    Masulis R; Mobbs S, 2011, 'Are All Inside Directors the Same? Evidence from the External Directorship Market', Journal of Finance, vol. 66, pp. 823 - 872, http://dx.doi.org/10.1111/j.1540-6261.2011.01653.x
    2011
    Masulis RW; Wang C; Xie F, 2009, 'Agency problems at dual-class companies', Journal of Finance, vol. 64, pp. 1697 - 1727, http://dx.doi.org/10.1111/j.1540-6261.2009.01477.x
    2009
    Masulis RW; Nahata R, 2009, 'Financial contracting with strategic investors: Evidence from corporate venture capital backed IPOs', Journal of Financial Intermediation, vol. 18, pp. 599 - 631, http://dx.doi.org/10.1016/j.jfi.2009.06.001
    2009
    Faccio M; Masulis RW; Mcconnell JJ, 2006, 'Political connections and corporate bailouts', Journal of Finance, vol. 61, pp. 2597 - 2635, http://dx.doi.org/10.1111/j.1540-6261.2006.01000.x
    2006
    Huang RD; Masulis RW, 2003, 'Trading activity and stock price volatility: Evidence from the London Stock Exchange', Journal of Empirical Finance, vol. 10, pp. 249 - 269, http://dx.doi.org/10.1016/S0927-5398(02)00048-8
    2003
    Phelps BD, 2003, 'Does Market Structure Affect the Immediacy of Stock Price Responses to News?', CFA Digest, vol. 33, pp. 40 - 41, http://dx.doi.org/10.2469/dig.v33.n2.1268
    2003
    Masulis RW; Shivakumar L, 2002, 'Does market structure affect the immediacy of stock price responses to news?', Journal of Financial and Quantitative Analysis, vol. 37, pp. 617 - 648, http://dx.doi.org/10.2307/3595014
    2002
    Maris BA, 2001, 'Seasoned Public Offerings: Resolution of the “New Issues Puzzle”', CFA Digest, vol. 31, pp. 24 - 25, http://dx.doi.org/10.2469/dig.v31.n1.810
    2001
    Eckbo BE; Masulis RW; Norli Ø, 2000, 'Seasoned public offerings: Resolution of the `new issues puzzle'', Journal of Financial Economics, vol. 56, pp. 251 - 291, http://dx.doi.org/10.1016/S0304-405X(00)00041-6
    2000
    Huang RD; Masulis RW, 1999, 'FX spreads and dealer competition across the 24-hour trading day', Review of Financial Studies, vol. 12, pp. 61 - 93, http://dx.doi.org/10.1093/rfs/12.1.61
    1999
    Huang RD; Masulis RW; Stoll HR, 1996, 'Energy shocks and financial markets', Journal of Futures Markets, vol. 16, pp. 1 - 27, http://dx.doi.org/10.1002/(SICI)1096-9934(199602)16:1<1::AID-FUT1>3.0.CO;2-Q
    1996
    MASULIS RW; NG VK, 1995, 'OVERNIGHT AND DAYTIME STOCK-RETURN DYNAMICS ON THE LONDON STOCK-EXCHANGE - THE IMPACTS OF BIG-BANG AND THE 1987 STOCK-MARKET CRASH', JOURNAL OF BUSINESS & ECONOMIC STATISTICS, vol. 13, pp. 365 - 378, http://dx.doi.org/10.2307/1392383
    1995
    Masulis RW; Ng VK, 1995, 'Overnight and Daytime Stock-Return Dynamites on the London Stock Exchange: The Impacts of “Big Bang” and the 1987 Stock-Market Crash', Journal of Business & Economic Statistics, vol. 13, pp. 365 - 378, http://dx.doi.org/10.1080/07350015.1995.10524612
    1995
    Eckbo BE; Masulis RW, 1995, 'Chapter 31 Seasoned equity offerings: A survey', Handbooks in Operations Research and Management Science, vol. 9, pp. 1017 - 1072, http://dx.doi.org/10.1016/S0927-0507(05)80075-1
    1995
    Choe H; Masulis RW; Nanda V, 1993, 'Common stock offerings across the business cycle. Theory and evidence', Journal of Empirical Finance, vol. 1, pp. 3 - 31, http://dx.doi.org/10.1016/0927-5398(93)90003-A
    1993
    Eckbo BE; Masulis RW, 1992, 'Adverse selection and the rights offer paradox', Journal of Financial Economics, vol. 32, pp. 293 - 332, http://dx.doi.org/10.1016/0304-405X(92)90030-2
    1992
    LEASE RC; MASULIS RW; PAGE JR, 1991, 'An Investigation of Market Microstructure Impacts on Event Study Returns', The Journal of Finance, vol. 46, pp. 1523 - 1536, http://dx.doi.org/10.1111/j.1540-6261.1991.tb04629.x
    1991
    Dann LY; Masulis RW; Mayers D, 1991, 'Repurchase tender offers and earnings information', Journal of Accounting and Economics, vol. 14, pp. 217 - 251, http://dx.doi.org/10.1016/0165-4101(91)90013-E
    1991
    HAMAO Y; MASULIS RW; NG V, 1990, 'CORRELATIONS IN PRICE CHANGES AND VOLATILITY ACROSS INTERNATIONAL STOCK MARKETS', REVIEW OF FINANCIAL STUDIES, vol. 3, pp. 281 - 307, http://dx.doi.org/10.1093/rfs/3.2.281
    1990
    Masulis RW; Trueman B, 1988, 'Corporate Investment and Dividend Decisions under Differential Personal Taxation', Journal of Financial and Quantitative Analysis, vol. 23, pp. 369 - 385, http://dx.doi.org/10.2307/2331077
    1988
    Masulis RW, 1987, 'Changes in ownership structure. Conversions of mutual savings and loans to stock charter', Journal of Financial Economics, vol. 18, pp. 29 - 59, http://dx.doi.org/10.1016/0304-405X(87)90060-2
    1987
    Masulis RW; Korwar AN, 1986, 'Seasoned equity offerings. An empirical investigation', Journal of Financial Economics, vol. 15, pp. 91 - 118, http://dx.doi.org/10.1016/0304-405X(86)90051-6
    1986
    MASULIS RW, 1984, 'HOW BIG IS THE TAX-ADVANTAGE TO DEBT - DISCUSSION', JOURNAL OF FINANCE, vol. 39, pp. 853 - 855, http://dx.doi.org/10.1111/j.1540-6261.1984.tb03679.x
    1984
    Grinblatt MS; Masulis RW; Titman S, 1984, 'The valuation effects of stock splits and stock dividends', Journal of Financial Economics, vol. 13, pp. 461 - 490, http://dx.doi.org/10.1016/0304-405X(84)90011-4
    1984
    MASULIS RW, 1983, 'The Impact of Capital Structure Change on Firm Value: Some Estimates', The Journal of Finance, vol. 38, pp. 107 - 126, http://dx.doi.org/10.1111/j.1540-6261.1983.tb03629.x
    1983
    Masulis RW, 1982, 'Government intervention in the mortgage market. A study of anti-redlining regulations', Journal of Monetary Economics, vol. 10, pp. 191 - 213, http://dx.doi.org/10.1016/0304-3932(82)90014-9
    1982
    DEANGELO H; MASULIS RW, 1980, 'LEVERAGE AND DIVIDEND IRRELEVANCY UNDER CORPORATE AND PERSONAL TAXATION', JOURNAL OF FINANCE, vol. 35, pp. 453 - 464, http://dx.doi.org/10.2307/2327405
    1980
    MASULIS RW, 1980, 'STOCK REPURCHASE BY TENDER OFFER - AN ANALYSIS OF THE CAUSES OF COMMON STOCK-PRICE CHANGES', JOURNAL OF FINANCE, vol. 35, pp. 305 - 319, http://dx.doi.org/10.2307/2327388
    1980
    DeAngelo H; Masulis RW, 1980, 'Optimal capital structure under corporate and personal taxation', Journal of Financial Economics, vol. 8, pp. 3 - 29, http://dx.doi.org/10.1016/0304-405X(80)90019-7
    1980
    Masulis RW, 1980, 'The effects of capital structure change on security prices. A study of exchange offers', Journal of Financial Economics, vol. 8, pp. 139 - 178, http://dx.doi.org/10.1016/0304-405X(80)90015-X
    1980
    Galai D; Masulis RW, 1976, 'The option pricing model and the risk factor of stock', Journal of Financial Economics, vol. 3, pp. 53 - 81, http://dx.doi.org/10.1016/0304-405X(76)90020-9
    1976
    Conference Papers
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    Ellul A; Goldstein I; Holden C; Masulis R; Pontiff J; Schoar A, 2020, 'Annual Report of the Society for Financial Studies for 2018-2019', in Review of Corporate Finance Studies, pp. 207 - 226, http://dx.doi.org/10.1093/rcfs/cfz009
    2020
    Pham PK; masulis R; Zein J, 2016, 'Why Do Family Business Groups Expand by Creating New Public Firms', in Why Do Family Business Groups Expand by Creating New Public Firms, European Finance Association, Oslo, Norway, presented at European Finance Association, Oslo, Norway, 17 August 2016 - 19 August 2016, http://dx.doi.org/10.2139/ssrn.2515164
    2016
    Pham PK; Zein J; Masulis R, 2015, 'Internal Capital Markets in Family Business Groups during the Global Financial Crisis', in Internal Capital Markets in Family Business Groups during the Global Financial Crisis, Northern Finance Association, Lake Louise, Canada, presented at Northern Finance Association, Lake Louise, Canada, 18 September 2015 - 20 September 2015
    2015
    2012, 'Shareholder Litigation in mergers and Acquisitions', in Journal of Finance, http://www.afajof.org/details/landingpage/2866101/About-the-AFA.html, Chicago USA, pp. 1248 - 1268, presented at 6th Annual Conference on Empirical Legal Studies, Chicago USA, 06 January 2012 - 08 January 2012, http://dx.doi.org/10.1016/j.jcorpfin.2012.08.004
    2012
    Working Papers
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    Masulis R; Zein J; Ang A; Pham P, 2019, Internal Capital Markets in Family Business Groups during the Global Financial Crisis, http://dx.doi.org
    2019
    Ivanov VI; Masulis RW, 2008, Corporate venture capital, strategic alliances, and the governance of newly public firms, 2008-15, http://dx.doi.org, https://ideas.repec.org/p/hit/hitcei/2008-15.html
    2008
    Masulis RW, 1982, The Impact on Firm Value of Capital Structure Change, Some Estimates, Finance, http://dx.doi.org
    1982
    Book Chapters
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    Masulis RW; Pham PK; Zein J, 2015, 'Chapter 7: Ownership and control in family business groups around the world', in Research Handbook on Shareholder Power, pp. 131 - 167, http://dx.doi.org/10.4337/9781782546856.00018
    2015
    Pham PK; Zein J; Masulis R, 2015, 'Ownership and Control in Family Business Groups around the World', in Research Handbook on Shareholder Power, Edward Elgar Publishing, pp. 131 - 167, http://dx.doi.org/10.4337/9781782546856.00018
    2015
    Eckbo BE; Masulis RW; Norli Ø, 2007, 'Chapter 6 Security Offerings**We thank Robert S. Hansen, Jay Ritter and Xueping Wu for suggestions.', in Handbook of Empirical Corporate Finance, pp. 233 - 373, http://dx.doi.org/10.1016/b978-0-444-53265-7.50020-2
    2007
    Conference Abstracts
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    MASULIS RW; NG V, 1993, 'OVERNIGHT AND DAYTIME STOCK RETURN DYNAMICS ON THE LONDON-STOCK-EXCHANGE', in JOURNAL OF FINANCE, AMER FINANCE ASSN, Vol. 48, pp. 1110 - 1110, http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:A1993LV00500081&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=891bb5ab6ba270e68a29b250adbe88d1
    1993
    • 2015 Emerald Citation of Excellence Award for "Globalizing the boardroom - The effects of foreign directors on corporate governance and firm performance”, Journal of Accounting and Economics

    Research Grants:

    • Commencing 2016: Australian Research Council (ARC) Linkage Grant, $169,000, Governance and the Investment Performance of Not-for-Profit Endowments, in collaboration with Credit Suisse AG and the University of Mannheim with Professor Jerry Parwada and Associate Professor Kingsley Fong, Mr. Nigel Renton and Professor Ernst Maug.
    • Commencing 2012: Australian Research Council (ARC) Discovery Grant, $10,000, Ownership Linkages and the Functioning of Inter-firm Capital Markets during the Global Financial Crisis (with Peter Pham and Jason Zein)
    • Commencing 2012: Australian Research Council (ARC) Discovery Grant, $230,000, Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders? (with Peter Swan)
    • Commencing 2005: Australian Research Council (ARC) Discovery Grant, $210,000, The Subversion of Contemporary Performance-Based Pay: A Comparative Australian-US Study (with Professors Jennifer Hill and Randall Thomas) 
    • FINS5577 Empirical Corporate Finance
    • FINS5590 Finance Research in Practice
    • FINS5538 Takeovers, Restructuring and Corporate Governance