Current Working Papers

Discretionary NAVs (working paper with Scott Cederburg)

Competitive Corporate Social Responsibility (working paper with Kit Pong Wong and Jason Yi)

An Integrated Model of University Endowments (working paper with Georg Cejnek and Richard Franz)

Strategic Mutual Fund Tournaments (working paper with Joseph Chen and Eric Hughson)

Market Implied Costs of Bankruptcy (working paper with Johann Reindl and Josef Zechner)

Recent Publications

Lessons Learned from Student Managed Portfolios (forthcoming in the JOIM with Stephan Kranner and Josef Zechner)

Investment Efficiency and Product Market Competition (published in the JFQA with Kit Pong Wong and Jason Yi)

A Survey of University Endowment Management Research (published in the JOIM with Georg Cejnek, Richard Franz and Otto Randl)

Intermediated Investment Management (published in the Journal of Finance with Youchang Wu and Josef Zechner)

Option Compensation and Industry Competition (published in the Review of Finance with Kit Pong Wong)

Optimal Capital Allocation Using RAROC and EVA (published in the Journal of Financial Intermediation with Josef Zechner)

Vintage Working Papers

A New Method for Portfolio Performance Measurement (with Robert Heinkel)

The Dynamics of Capital Allocation (with Josef Zechner)

Enron Corporation and Using EVA to Consolidate Special Purpose Entities