PEKKA T. HIETALA. Contact

Transcription

1 PEKKA T. HIETALA Contact Business address: INSEAD Boulevard de Constance F Fontainebleau Cedex FRANCE Telephone: Education Stanford University, Ph.D. in Finance, December 1986, Graduate School of Business. Concentration in both theoretical and empirical research: Capital asset pricing theories; Option pricing theory and its applications; Capital market efficiency tests, including equity, option and bond markets; International Finance, including financing and investing in international markets; Corporate Finance. Stanford University, M.A. in Economics, August 1985, Department of Economics. Helsinki School of Economics and Business Administration, M.B.A December Concentration in Finance and Accounting. Thesis on Options and Convertible Securities. Helsinki University of Technology, M.Sc. in Industrial Engineering, September Concentration in Applied Mathematics. 1

2 Professional activities Finance Area Chairman, INSEAD Professor of Finance, INSEAD Dean of the MBA Programme, INSEAD Visiting Associate Professor, Graduate School of Business, The University of Chicago Visiting Scholar, Graduate School of Business, Stanford University (January-February) Associate Professor of Finance, INSEAD Assistant Professor of Finance, INSEAD. Other Activities Board Member of Scandinavian Financial Research Ltd. The company carries out banking research in Scandinavian countries. My contribution has been to provide theoretical help in test designs as well as to provide my overall understanding about Scandinavian banking Consultant to several organizations, companies and banks, including McKinsey & Co., Roland Berger & Partners, and The Dow Chemical Company Directed several Executive Programs in Europe, Asia, and the U.S. on various topics in Finance Board Member of Evli Bank. Evli Bank is a leading Finnish investment bank Board Member of Evli-Optiot Oyj. The company was the leading Brokerage House in the Finnish Options and Futures Markets. 2

3 Articles in Refereed Journals Super Premiums in the Finnish Stock Market: Evidence on International Asset Pricing, Finnish Economic Papers, Volume 1, Number 2 (Autumn 1988), pp Asset Pricing in Partially Segmented Markets: Evidence from the Finnish Market, Journal of Finance, Volume 44, Number 3 (July 1989), pp This article won the Greenwich Capital Markets Prize for the best paper in the area of Investments at the 1988 Annual Meeting of the AFA. Equity Markets and Personal Taxation: The Ex-Dividend Day Behavior of Finnish Stock Prices, Journal of Banking and Finance, Volume 14, Number 2/3 (August 1990), pp The Efficiency of the Finnish Market for Rights Issues, Journal of Banking and Finance, Volume 18, Number 5 (October 1994), pp Rights Issues for Companies with Dual-Class Shares (with Timo Löyttyniemi), Journal of Multinational Financial Management, Volume 3, Number 3/4 (1993), pp Reprinted in European Equity Markets and Corporate Financial Decisions, ed. John Doukas and Ike Mathur. The Ex-Dividend Day Behaviour of Finnish Restricted and Unrestricted shares (with Matti Keloharju), Applied Economics Letters, Volume 2 (1995), pp What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies? (with Stephen Kaplan and David Robinson), Financial Management, Volume 32, Issue 3 (Autumn 2003), pp Published Books Essays on Financial Economics, Acta Academiae Oeconomicae Helsingiensis, Helsinki International Ownership of Finnish Companies and its Implications to their Cost of Capital, Helsinki University of Technology, Institute of Industrial Management, Espoo Conference Proceedings Insider Trading, Short Sales Constraints, and Futures Pricing, in Proceedings of the Eight Annual European Futures Research Symposium in Barcelona, Spain, September 1995, Chicago 1996 (joint with Esa Jokivuolle and Yrjö Koskinen). Comments Commentary on B-T. Ramb: The General Problems of Reforms in Socialist Countries, Review of Futures Markets, Volume 9, Number 3 (April 1992), pp

4 Other Publications Optiolaina varastaa osakkailta, Talouselämä, 29/1987. A professional article explaining the pricing of debt issues with warrants attached to them, with special emphasis on underpricing these issues. Tampella vesittää optio-oikeutta, Talouselämä, 35/1987. A professional article explaining how the conditions of a warrant should be changed if a company has a rights issue. Pysyykö verottaja mukana optiorallissa?, Talouselämä, 39/1987. A professional article explaining the fair tax treatment of executive stock options. Working Papers An Implicit Dividend Increase in Right Issues: Theory and Evidence (with Timo Löyttyniemi), working paper, January Informed Trading, Short Sales Constraints and Futures Pricing (with Esa Jukivuolle and Yrjö Koskinen), working paper, October Conference Contributions and External Seminars since 1990 Raising Equity Using Rights Issues: Evidence on Signalling, European Finance Association's XVII Annual Meeting, Athens, August Comments on F.Jamshidian An Analysis of American Options, European Finance Association's XVII Annual Meeting, Athens, August Comments on B-T.Ramb The General Problems of Reforms in Socialist Countries, Third Annual European Futures Research Symposium, The Hague, October Comments on I.Cooper and A.Mello Futures/Cash Arbitrage with Early Unwinding Opportunities and Inelastic Liquidity Demand, CEPR-ESF Network on Options and Futures Workshop, Madrid, October Comments on P.Brous and O.Kini The Valuation Effects of Equity Issues and the Structure of Corporate Ownership, European Finance Association's XVIII Annual Meeting, Rotterdam, August Comments on T.Nijman, F.Palm, and C.Wo1ff Premia in Forward Foreign Exchange as Unobserved Component, CEPR-ESF Workshop on International Finance, Madrid, October An Implicit Dividend Increase in Rights Issues: Theory and Evidence, HEC Lausanne, June An Implicit Dividend Increase in Rights Issues: Theory and Evidence, Banco de Portugal, June An Implicit Dividend Increase in Right Issues : Theory and Evidence, Western Finance Association Annual Meeting, San Francisco, June

5 Rights Issues for Companies with Dual-Class Shares, European Finance Association's XIX Annual Meeting, Lisbon, August Comments on P.Halbherr Regulation, Agency Costs and International Differences in Financial Structure, European Finance Association's XIX Annual Meeting, Lisbon, August An Implicit Dividend Increase in Rights Issues: Theory and Evidence, Fifth Annual Australasian Finance and Banking Conference, Sydney, December Comments on P.Dolan and G.Twite The Value Attached to Voting Rights: Evidence from Takeover Bids and Option Prices, Fifth Annual Australasian Finance and Banking Conference, Sydney, December An Implicit Dividend Increase in Rights Issues: Theory and Evidence, Stanford University, January An Implicit Dividend Increase in Rights Issues: Theory and Evidence, University of California at Irvine, February Rights Issues for Companies with Dual-Class Shares, Second Annual Conference on European Financial Management, Virginia Beach, May Comments on C.Bergstrom, P.Hogfeldt, and J.Molin The Mandatory Bid Principle: An Analysis of British Self-Regulation and a Recent EC Proposal, Second Annual Conference on European Financial Management, Virginia Beach, May Rights Issues for Companies with Dual Class Shares, CEPR/ESF Network in Financial Markets - Corporate Finance Workshop, Sesimbra, Portugal, October Comments on P.Hordahl Time-Varying Risk Premia in the Swedish TBills, NDPE Workshop, Siuntio, Finland, November Comments on A.Perold and E.Sirri The Cost of International Equity Trading, 4th Annual Winter Finance Conference, Utah, February An Implicit Dividend Increase in Rights Issues: Theory and Evidence, Tilburg University, March Short-Selling Restrictions, Strategic Stock Holdings and Index Futures Market in Finland, Eighth Annual European Futures Research Symposium, Barcelona, Spain, September Insider Trading, Short Sales Constraints and Futures Pricing, EFMA/FMA European Conference, Lisbon, Portugal, June What is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies, American Finance Association Annual Conference, New Orleans, January Comments on U. Malmendier and G. Tate, Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction, American Finance Association Annual Conference, San Diego, January

6 Case Development Nielsen Electronics, 1993, an update of an old case used in the Finance department. Highland Ltd, 2002, The Valuation and Finance of an MBO. Highland Ltd, 2002, Teaching Note. Nera Asa, 2002, Issuing Seasoned Equity. Nera Asa, 2002, Teaching Note. The Union Bank of Norway, 2002, Addendum to Nera Asa case study. The Buyout of Harman International, 2011, Private Equity Finance (with Lily Fang) Academic Awards and Honours Greenwich Capital Markets Prize for the best paper in the area of Investments at the 1988 Annual Meeting of the American Finance Association. Nominations for the Award for the Outstanding Teaching in the Elective Courses in the MBA promotions of 1988, 1989, 1990, 1991, 1992, 1993, 1994, 1996, 1997, 1998, 2013 and Nomination for the Award for the Outstanding Teaching in the Core Courses in the MBA promotion of Awards for the Outstanding Teaching in Elective Courses in the MBA promotions of 1989, 1991, 1996 and Award for Programme Direction Excellence in Executive Education 2013/2014. Award for Teaching Excellence in Executive Education 2013/2014. The Outstanding Young Person of the World Award (in the category of Academic Leadership and Accomplishment) in 1991 by the Junior Chamber International. 6

7 INSEAD Institutional Doctoral Programme Task Force Dean Search Committee Executive Education Committee Coordinator of the Business Economics Seminar Research Committee MBA-committee Executive Education Committee Research Committee MBA Committee MBA Diploma Committee MBA Committee EMBA Task Force Professional Services Editor for Journal of European Financial Management, Referee for Journal of Finance, Journal of Banking and Finance, Financial Management, International Review of Economics and Finance, European Economic Review, Journal of Empirical Finance, Journal of International Finance, Scandinavian Journal of Economics, Journal of International Financial Markets, Institutions and Money, Finnish Economics Papers. 7