KAREN HOPPER WRUCK PH.D.

Transcription

1 KAREN HOPPER WRUCK PH.D. CURRENT POSITION The Ohio State University, Max M. Fisher College of Business Professor of Finance, July 2004-Present Dean s Distinguished Professor, July 2003 Present Associate Dean of MBA Programs, May Present PAST POSITIONS The Ohio State University, Max M. Fisher College of Business Associate Professor of Finance, July 1999 June 2004 Harvard University, Graduate School of Business Administration Associate Professor, Organizations and Markets Unit, July 1992 June 1999 Associate of the Department of Psychology, July 1998 June 1999 Assistant Professor, Accounting and Control Unit, September 1987 June 1992 EDUCATION AND PROFESSIONAL CERTIFICATION Ph.D., Finance, Accounting, Economics, University of Rochester, Simon Graduate School of Business Administration, 1998 M.S., Applied Economics, University of Rochester, Simon Graduate School of Business Administration, 1985 AWARDS AND HONORS Pacesetter Service Award, Fisher College of Business, The Ohio State University, for exceptional service to the College, awarded April 2006 Outstanding Core Faculty Award, full time MBA program, Fisher College of Business, The Ohio State University, awarded by MBA class of 2005 Outstanding Core Faculty Award, full time MBA program, Fisher College of Business, The Ohio State University, awarded by MBA class of 2004 Academic Director, Member of Nominating Committee, Financial Management Association, Elected April 2003

2 Two publications (Warner, Watts and Wruck (1988) and Wruck (1989)) recognized as Journal of Financial Economics All-Star papers based on top two papers per volume in terms of citations for papers published between 1974 and 1995, December 2002 Outstanding Core Faculty Award, full time MBA program, Fisher College of Business, The Ohio State University, awarded by MBA class of 2002 Outstanding Faculty Award, Executive MBA program, Fisher College of Business, The Ohio State University, awarded by MBA class of 2002 Westerbeck Graduate Teaching Award, Fisher College of Business, The Ohio State University, for exceptional contribution toward graduate student intellectual and cultural growth, awarded April 2002 Turnaround Management Association, Academic Director, 2001-present Outstanding Core Faculty Award, full time MBA program, Fisher College of Business, The Ohio State University, awarded by MBA class of 2001 Beta Gamma Sigma (Business Honor Society), 1988 State Farm Companies Foundation Fellowship for Doctoral Dissertation in Business, Earhart Foundation Fellowship for Doctoral Dissertation in Business, American Accounting Association Doctoral Consortium Fellow, 1984 University of Rochester fellowship and full tuition waiver, Phi Beta Kappa (Undergraduate Honor Society), 1982 Omicron Delta Epsilon (Economics Honor Society), 1981 Lunsford Richardson Honors Scholarship, Davidson College, PUBLICATIONS Wruck, Karen H. and Yilin Wu, 2008, Relationships, Corporate Governance, and Performance: Evidence from Private Placements of Common Stock, forthcoming Journal of Corporate Finance. Available at SSRN: Wruck, Karen H., 2008, Private Equity, Corporate Governance and the Reinvention of the Market for Corporate Control, Journal of Applied Corporate Finance, Vol. 20, No. 33, pp. 8-21, based on an original presentation, given at the American Enterprise Institute, Conference on The History, Impact and Future of Private Equity: Ownership, Governance and Firm Performance, November 27, 2007, Washington D.C. Resume of Karen Hooper Wruck, Ph.D. Page 2 of 13

3 Wruck, Eric G. and Karen H. Wruck, 2002, Restructuring Top Management: Evidence from Corporate Spinoffs, Journal of Labor Economics 20, S176-S218. DeAngelo, Harry, Linda DeAngelo and Karen H. Wruck, 2002, Asset Liquidity, Debt Covenants and Managerial Discretion in Financial Distress: The Collapse of L.A. Gear, Journal of Financial Economics 64, Wruck, Karen Hopper, 2000, Compensation, Incentives and Organizational Change: Ideas and Evidence from Theory and Practice, Breaking the Code of Change, Michael Beer and Nitin Nohria, eds., Harvard Business School Press, Boston. Kaplan, Steven N., Mark L. Mitchell, and Karen H. Wruck, 2000, A Clinical Exploration of Value Creation and Destruction in Acquisitions: Organization Design, Incentives and Internal Capital Markets, Productivity of Mergers and Acquisitions, Steven Kaplan, ed., National Bureau of Economic Research, Conference Volume. (Downloadable at Dyck, I.J. Alexander and Karen H. Wruck, 1998, The Government as Venture Capitalist, Organizational Structure and Contract Design in Germany s Privatization Process, European Financial Management. Wruck, Karen Hopper and Michael C. Jensen, 1998, The Two Key Principles Behind Effective TQM Programs, European Financial Management, volume 4, Dyck, I.J. Alexander and Karen H. Wruck, 1998, Organization Structure, Contract Design and Government Ownership: A Clinical Analysis of German Privatization, Journal of Corporate Finance: Contracting, Governance and Organization, volume 4, pp Weiss, Lawrence A. and Karen H. Wruck, 1998, Information Problems, Conflicts of Interest, and Asset Stripping: Chapter 11 s Failure in the Case of Eastern Airlines, Journal of Financial Economics, volume 48, pp Wruck, Karen Hopper and Michael C. Jensen, 1997, Science, Specific Knowledge and Total Quality Management, Journal of Applied Corporate Finance, Summer, volume 10. (Downloadable at Wruck, Karen Hopper, 1995, Financial Policy as a Catalyst for Organizational Change: Sealed Air Corporation s Leveraged Special Dividend, Journal of Applied Corporate Finance, volume 7, pp Wruck, Karen Hopper and Michael C. Jensen, 1994, Science, Specific Knowledge and Total Quality Management, Journal of Accounting and Economics, volume 18, pp Reprinted in The Practice of Quality Management, 1996, edited by Uday Karmarkar and Phillip Lederer, (Kluwer Academic Publishers). Resume of Karen Hooper Wruck, Ph.D. Page 3 of 13

4 Wruck, Karen Hopper, 1994, Financial Policy, Internal Control, and Performance: Sealed Air Corporation s Leveraged Special Dividend, Journal of Financial Economics, volume 36, pp Wruck, Karen Hopper, 1991, What Really Went Wrong at Revco?, Journal of Applied Corporate Finance, Summer 1991, pp Reprinted in The New Corporate Finance: Where Theory Meets Practice, 1993, edited by Donald Chew (McGraw Hill). Baker, George P., and Karen H. Wruck, 1991, Lessons from a Middle Market LBO: The Case of O.M. Scott, Journal of Applied Corporate Finance, Spring 1991, pp Reprinted in The New Corporate Finance: Where Theory Meets Practice, 1993, edited by Donald Chew (McGraw Hill). Wruck, Karen Hopper, 1990, Financial Distress, Reorganization, and Organizational Efficiency, Journal of Financial Economics, volume 27, pp Reprinted in Bankruptcy and Distressed Restructurings: Analytical Issues and Investment Opportunities, 1992, edited by Edward I. Altman (Business One Irwin Publishers). Baker, George P., and Karen H. Wruck, 1989, Organizational Changes and Value Creation in Leveraged Buyouts: The Case of O.M. Scott & Sons Company, Journal of Financial Economics, volume 25, pp Reprinted in The Challenge of Organizational Change, 1992, edited by Rosabeth Moss Kanter, Barry A. Stein and Todd D. Jick, (Free Press, New York), pp , Performance Measurement, Evaluation, and Incentives, 1992, edited by William J. Bruns (Harvard Business School Press, Boston), and Management Buyouts, 1994, edited by Mike Wright (Dartmouth Publishing Company Limited, Hampshire, England). Wruck, Karen Hopper, 1989, Equity Ownership Concentration and Firm Value: Evidence From Private Equity Financings, Journal of Financial Economics, volume 23, pp (Journal of Financial Economics All-Star paper based on top two papers per volume in terms of citations for papers published between 1974 and 1995). Warner, Jerold B., Ross L. Watts, and Karen H. Wruck, 1988, Stock Prices and Top Management Changes, Journal of Financial Economics, volume 20, pp (Journal of Financial Economics All-Star paper based on top two papers per volume in terms of citations for papers published between 1974 and 1995). PUBLISHED COMMENTS AND BOOK REVIEWS Wruck, Karen H., 1997, Review of Corporate Bankruptcy: Economic and Legal Perspectives, edited by Jagdeep S. Bhandari and Lawrence A. Weiss, Cambridge University Press, Journal of Finance, volume 52, pp Resume of Karen Hooper Wruck, Ph.D. Page 4 of 13

5 Wruck, Karen H., 1993, Stock-Based Incentive Compensation, Asymmetric Information and Investment Behavior: A Comment, Journal of Accounting and Economics, volume 16, pp WORK IN PROGRESS AND MANUSCRIPTS Wruck, Karen H. and Yilin Wu, 2005, Large Shareholders and Firm Value: Evidence from Private Placements of Equity by U.S. Public Firms, Unpublished manuscript, Max M. Fisher College of Business, The Ohio State University and Hong Kong University of Science and Technology. Wruck, Karen H. and Michael C. Jensen, 2005, Management Revolution: The Legacy of the Market for Corporate Control, volume 2, Book Manuscript under contract with Harvard University Press. Minton, Bernadette A. and Karen H. Wruck, 2005, Leverage, Asset Liquidity and Management Credibility: New Evidence on the Determinants of Corporate Borrowing, Unpublished Manuscript, Max M. Fisher College of Business, The Ohio State University. Minton, Bernadette A. and Karen H. Wruck, 2002, Is Low Leverage Good for Shareholders? Stock Price Performance and the Determinants of Capital Structure, Dice Center Working Paper, Max M. Fisher College of Business, The Ohio State University. Palepu, Krishna G. and Karen H. Wruck, 1992, Consequences of Leveraged Shareholder Payouts: Defensive versus Voluntary Recapitalizations, Harvard Business School Working Paper. EDITORIAL ACTIVITIES Associate Editor: Advisory Editor: Ad Hoc Referee: Journal of Corporate Finance Journal of Financial Economics Journal of Financial Research European Financial Management Formerly two terms for Journal of Accounting and Economics Social Sciences Electronic Publishing ( FEN-Educator Electronic Journal Organizations and Markets Electronic Journal Financial Management, Journal of Accounting and Economics, Journal of Business, Journal of Corporate Finance, Journal of Economics and Management Strategy, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Industrial Organization Journal of Industrial Economics, Journal of Law, Economics and Organizations, Journal of Management Studies, Managerial and Decision Economics, Rand Journal, Review of Financial Studies Resume of Karen Hooper Wruck, Ph.D. Page 5 of 13

6 SELECTED ADMINISTRATIVE RESPONSIBILITIES AND SERVICE ATTITUDE Fisher College of Business, The Ohio State University Interim Administrative Appointment, July 2007-present. Assumed responsibilities associated with senior associate dean's position during interim period in which search for a new dean is underway. Associate Dean of MBA Programs and Chair of MBA Program Committee, May 2003-present. Highlights of recent MBA program initiatives are: The creation of an outside-the-classroom curriculum for leadership and professional development that provides students with an opportunity to assess and further develop their leadership capabilities, gaining high-quality leadership and networking experience and advancing their skills in ways that support their personal and professional goals. The curriculum includes a program of individual assessments and leadership and team skills developmental workshops, a faculty mentoring program for students, an ethics in business workshop, a student-led community service program, speaker series and executive luncheons, technical skills development workshops and a program to support student self-assessment, career planning and development. A restructuring of core curriculum to strengthen the core experience and provide earlier access to elective curriculum. A restructuring of the elective curriculum to increase opportunities for students to customize and individualize their course of study by utilizing an option to create their track or major, and by taking courses in other parts of the University. The creation of new curriculum in international business, sustainability, and risk management. Establishment of a career-coaching program for students passionate about careers in investment banking and consulting, in partnership with Career Services. Working with students and faculty on the development and implementation of an honor statement for the full and part time MBA programs. The creation of a student-led consulting organization within the Fisher MBA program, Fisher Professional Services, hired director from consulting industry. The revision of academic standards and adoption of new, more consistent grading policies for Fisher's full and part time MBA programs. The establishment of a "Career Connections Fund" to subsidize student-organized recruiting and informational trips The development and implementation of new strategies for recruiting top MBA students in the full time and part time programs, and continued efforts in this area Resume of Karen Hooper Wruck, Ph.D. Page 6 of 13

7 The development of a web-based information portal for admitted students The design and launch of specialized career development "boot camp" programs for MBA students in various areas of interest including finance, real estate, marketing and operations, logistics and supply chain management involving faculty, staff and top practitioners Support of the creation and success of student-led flagship events involving top practitioners and serving the community such as the Fisher CFO Summit and the Fisher Investment Banking Seminar (MBA finance association), the Fisher Workshop on Salary Negotiations (Fisher Graduate Women in Business), the Fisher Forum for Women in Leadership (Fisher Graduate Women in Business) the Fisher 5K Run for the Children's Hunger Alliance (Fisher Serves), Fisher Black History Month Events (Black MBA Student Association), Fisher Chinese New Year Event (Chinese Business Professionals Association) and the Indian Subcontinent Cultural Celebrations (International Business Association jointly with other students, clubs and organizations) Member, College Executive Committee, May 2003-present Member, College Rankings Committee, May 2003-present Member, Executive MBA Committee, July 1999-present Member, Executive MBA Curriculum Assessment Committee, January 2004-present Member, Peer Review and Teaching Assessment Committee, September 2003-present Primary faculty lead and organizer for Annual Fisher First Year MBA Case Competition, Annual Big 10 Case Competition and primary faculty advisor to most MBA student case competition teams (roughly 6 or more per year) Faculty advisor to the following student clubs and organizations: MBA Student Council, MBA Finance Association, MBA Strategy and Consulting Club, Fisher Graduate Women in Business Member, The Ohio State University NCAA Recertification, Fiscal Responsibility Committee, March 2002-March 2003 Member, MBA Program Committee, 1999-May 2003 (became committee chair at that time) TEACHING, COURSES AND CLASSROOM MATERIALS Teaching and Course Development Advanced Corporate Finance, elective course in MBA curriculum, Max M. Fisher College of Business, The Ohio State University, 2006-present Resume of Karen Hooper Wruck, Ph.D. Page 7 of 13

8 Managerial Economics: Organizations, Markets and Management, required MBA course in full time MBA program and executive MBA program, Max M. Fisher College of Business, The Ohio State University, 1999-present Microeconomics Review, non-credit short course for full time MBA students and executive MBA students taken prior to their enrollment in the full time program, The Ohio State University, present Coordination, Control and the Management of Organizations, course head for elective course covering topics in corporate control, restructuring and organization design with total enrollment of approximately 550 students. The course emphasizes the development and application of a theory of organizations with foundations in applied microeconomics, financial economics and psychology. For second year MBA students, Organizations and Markets Unit, Harvard Business School, Elective mini-courses and sessions in executive education programs, Harvard Business School, First Year Control, required course for first year MBA students Harvard Business School, Theory of Finance and Corporate Financial Policy, elective course for MBA students, Simon School of Business, University of Rochester, 1987 Cases in Finance, elective course for second year MBA students, Simon School of Business, University of Rochester, Financial Accounting, elective course for undergraduate students, Simon School of Business, University of Rochester Publically Available Course Materials Jensen, Michael C. and Karen H. Wruck, Coordination, Control, and the Management of Organizations: Complete Package of Course-Related Materials (in Four Documents), April 20, (See Jensen, Michael C., George P. Baker, Carliss Y. Baldwin, and Karen H. Wruck Organizations and Markets: History and Development of the Course and the Field, by, Dec. 10, 1997 (forthcoming in "The Intellectual Venture Capitalist: John H. McArthur and the Work of the Harvard Business School," , Thomas K. McCraw and Jeffrey L. Cruickshank, eds, (Harvard Business School Press, 1998)). (Downloadable at Resume of Karen Hooper Wruck, Ph.D. Page 8 of 13

9 Jensen, Michael C. and William H. Meckling, with contributions from George P. Baker and Karen H. Wruck, Coordination, Control, and the Management of Organizations: Course Notes, by April 20, 1998, Harvard Business School Working Paper. (Downloadable at Jensen, Michael and Karen H. Wruck, Coordination, Control, and the Management of Organizations: Course Content and Materials, April 20, 1998, unpublished manuscript, Harvard Business School. (Downloadable at Jensen, Michael C., William H. Meckling, George P. Baker, and Karen H. Wruck, with contributions from Carliss Y. Baldwin, and Malcolm S. Salter, Coordination, Control, and the Management of Organizations: Practice Questions, April 20, 1998, unpublished manuscript, Harvard Business School. (Downloadable at Wruck, Karen H., Ownership, Governance and Control of Organizations: Course Module Overview Note, Unpublished Manuscript, Harvard Business School, April (Downloadable at Classroom Materials Paine, Lynn S. and Karen H. Wruck, Sealed Air Corporation: Globalization and Corporate Culture Case Series. Sealed Air Corporation: Globalization and Corporate Culture (A), Harvard Business School Case N Sealed Air Corporation: Globalization and Corporate Culture (B), Harvard Business School Case N Wruck, Karen H. and Sherry P. Roper, American Cyanamid Case Series. American Cyanamid (A): Board Response to a Hostile Takeover Offer, Harvard Business School Case (Rev. 12/3/97). American Cyanamid (B): Management s Response to the (A) Case, Harvard Business School Case (Rev. 12/3/97). American Cyanamid (C): Epilogue, Harvard Business School Case (Rev. 12/3/97). Teaching Note, American Cyanamid (A, B & C), Harvard Business School Case American Cyanamid (A & B) Combined, Harvard Business School Case (12/3/97). Wruck, Karen H. and Sherry P. Roper, Cytec Industries Spin-Off Case Series. Resume of Karen Hooper Wruck, Ph.D. Page 9 of 13

10 Cytec Industries Spin-Off (A): Sink or Swim?, Harvard Business School Case (12/8/97). Cytec Industries Spin-Off (B): Managing the Challenges of Success, Harvard Business School Case (2/12/98). Teaching Note, Cytec Industries Spin-Off (A & B), Harvard Business School Case Dyck, I. J. Alexander and Karen H. Wruck, Germany s Evolving Privatization Policies: The Plaschna Management KG, Harvard Business School Case (3/15/95). Teaching Note, Germany s Evolving Privatization Policies: The Plaschna Management KG, Harvard Business School Case Baker, George P., Perry Fagan, Michael C. Jensen and Karen H. Wruck, Value Creation, Harvard Business School Case Baldwin, Carliss Y., Michael C. Jensen and Karen H. Wruck, The Case of the Colored Post-It Notes, Harvard Business School Case (12/6/96). Wruck, Karen H. and A. Scott Keating, Sterling Chemicals Inc. Quality and Process Improvement, Harvard Business School Case (Rev. 12/1/97). Teaching Note, Sterling Chemicals Inc. Quality and Process Improvement, Harvard Business School Case (Rev. 12/1/97). Wruck, Karen H. and Steve-Anna Stephens, Safeway, Inc. s Leveraged Buyout Inc. Case Series. Safeway, Inc. s Leveraged Buyout (A), Harvard Business School Case (Rev. 12/1/97). Safeway, Inc. s Leveraged Buyout (B), Harvard Business School Case (Rev. 12/1/97). Safeway, Inc. s Leverage Buyout (C): Media Response, Harvard Business School Case (Rev. 12/1/97). Teaching Note, Safeway, Inc. s Leverage Buyout (A), (B) and (C), Harvard Business School Case (Rev. 12/1/97). Wruck, Karen H., Revco D.S. Inc Case Series. Revco D.S., Inc. (A), Harvard Business School Case (Rev. 12/5/97). Teaching Note, Revco D.S., Inc. (A), Harvard Business School Case (Rev. 12/5/97). Revco D.S., Inc. (B) and Zell/Chilmark Partners, with Perry Fagan, Harvard Business School Case (Rev. 12/5/97). Resume of Karen Hooper Wruck, Ph.D. Page 10 of 13

11 Teaching Note, Revco D.S., Inc. (B) and Zell/Chilmark Partners, Harvard Business School Case (rev. 12/5/97). Wruck, Karen H., Sealed Air Corporation Case Series. Sealed Air Corporation s Leveraged Recapitalization (A), Harvard Business School Case (Rev. 12/5/97). Sealed Air Corporation s Leveraged Recapitalization (B), Harvard Business School Case (Rev. 12/5/97). Teaching Note, Sealed Air Corporation s Leveraged Recapitalization (A) & (B), Harvard Business School Case (Rev. 12/5/97). Baker, George P. and Karen H. Wruck, The O.M. Scott & Sons Company, Harvard Business School Case (Rev. 9/28/90). Teaching Note, The O.M. Scott & Sons Company, Harvard Business School Case Jensen, Michael C. and Karen H. Wruck, Fighton Inc. Case Series. Fighton, Inc., (A), Harvard Business School Case (Rev. 10/1/92). Fighton, Inc., (B), Harvard Business School Case Teaching Note, Fighton Inc., (A) & (B), Harvard Business School Case Wruck, Karen H., Siemens Electric Motor Works Case Series. Siemens Electric Motor Works (A): Process Oriented Costing, with Robin Cooper, Harvard Business School Case (Rev. 6/28/93). Teaching Note, Siemens Electric Motor Works (A): Process Oriented Costing, with Robin Cooper, Harvard Business School Case (Rev. 1/7/93). Siemens Electric Motors (B): Pricing Interdivisional Sales, Harvard Business School Case (Rev. 12/27/89). Teaching Note, Siemens Electric Motor Works (B): Pricing Interdivisional Sales, Harvard Business School Case (Rev. 3/1/89). Siemens Electric Motor Works (A) and (B) Combined, Harvard Business School Case Resume of Karen Hooper Wruck, Ph.D. Page 11 of 13

12 SEMINARS, PRESENTATIONS AND PROFESSIONAL SERVICE SEMINARS AND SYMPOSIA (IN ALPHABETICAL ORDER): American Enterprise Institute Arizona State University, W.P. Carey School of Business Atlanta Finance Forum (Atlanta Fed, Emory, Georgia State, Georgia Tech) Boston College, Wallace E. Carroll Graduate School of Management Columbia University, Columbia Business School Dartmouth College, Amos Tuck Graduate School of Business Davidson College, Seminar series for senior economics majors Drexel University, LeBow College of Business, Conference on Corporate Governance Emory University, Goizueta School of Business Financial Economics and Accounting (FEA) Conference Harvard University, Graduate School of Business Indiana University, Kelley School of Business National Bureau of Economic Research, Corporate Finance Meetings(seminar presentation, discussant at various conferences) Northwestern University, J. L. Kellogg Graduate School of Management Rutgers University, Conference on Capital Structure Southern Methodist University, Edwin L. Cox School of Business The Ohio State University, Max M. Fisher College of Business Turnaround Management Association, New York, New York University of Cincinnati, College of Business University of Georgia, Terry College of Business, Journal of Corporate Finance Conference on Corporate Control University of Maryland, Smith College of Business, Symposium on Compensation and Incentives Resume of Karen Hooper Wruck, Ph.D. Page 12 of 13

13 University of North Carolina, Chapel Hill, Kenan-Flagler Business School University of Oklahoma, College of Business Administration University of Pittsburgh, Katz Graduate School of Business University of Rochester, Simon Graduate School of Business Administration (seminars, Symposium on Total Quality Management, Symposium on Managerial Incentives and Corporate Performance) University of Southern California, Marshall School of Business Administration University of Virginia, Darden Graduate School of Business Administration Virginia Polytechnic Institute, Pamplin College of Business PROFESSIONAL SERVICE (LEADERSHIP POSITIONS, CONFERENCES) Financial Management Association, elected Academic Director, 2003 Financial Management Association, Program Chair for Corporate Finance Track, 2003 Annual Meetings. Responsible for selecting program committee, overseeing paper review process, revising assessment of papers by outside reviewers and organizing accepted papers into over 50 sessions. Turnaround Management Association, Academic Director, 2001-present. American Economics Association(paper presentations, discussant at various conferences). American Finance Association (paper presentations, discussant at various conferences). Western Finance Association(session organizer, paper presentation, discussant at various conferences). CONTACT INFORMATION Karen Hopper Wruck Ohio State University Fisher Hall Neil Avenue Columbus, OH Phone: Fax: September 2013 Resume of Karen Hooper Wruck, Ph.D. Page 13 of 13

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