Angie Low February 2014 Nanyang Technological University Nanyang Business School Division of Banking and Finance S3-B1A-30, Nanyang Avenue Singapore 639798 Office: (+65) 6790-6117 Fax : (+65) 6791-3697 Email: aaclow@ntu.edu.sg Website: www3.ntu.edu.sg/home/aaclow EDUCATION Ph.D. in Finance (July 2007) Fisher College of Business, Ohio State University, Columbus, OH Committee: Anil Makhija (Chair), Henrik Cronqvist, David Hirshleifer, Rüdiger Fahlenbrach Title: Two Essays in Corporate Finance Bachelor of Business Administration (Finance) with First Class Honors (2001) Nanyang Business School, Nanyang Technological University, Singapore PUBLICATIONS Chang, Xin, Kangkang Fu, Angie Low, and Wenrui Zhang, Non-executive employee stock options and corporate innovation, Journal of Financial Economics, forthcoming. Winner of the Chinese Finance Association (TCFA) 2013 Best Paper Award. Hirshleifer, David, Angie Low, and Siew Hong Teoh, 2012, Are overconfident CEOs better innovators? Journal of Finance 67, 1457-1498. Fahlenbrach, Rüdiger, Angie Low, and René M. Stulz, 2009, Why do firms appoint CEOs as outside directors?, Journal of Financial Economics 97, 12-32. Low, Angie, 2009, Managerial risk-taking behavior and equity-based compensation, Journal of Financial Economics 92, 470-490. Ding, David K., and Angie Low, 2004, The designation and removal of trustee stock status: Wealth effects, Journal of Business Finance and Accounting 31, 505-537. WORKING PAPERS The dark side of outside directors: Do they quit ahead of trouble? (with Rüdiger Fahlenbrach and René M. Stulz)
Friendly boards and innovation (with Jun-koo Kang, Wei-Lin Liu, and Le Zhang) Career concerns and the busy life of the young CEO (with Anil Makhija and Xiaoyang Li) Persistence in firm policies, firm origin, and corporate culture: Evidence from corporate spin-offs (with Henrik Cronqvist and Mattias Nilsson) The impact of governance reform on board functioning and firm value: Evidence from the Post- SOX directorial labor market (with Jun-Koo Kang and Jungmin Kim) Woori Investments & Securities Co., Ltd. Outstanding Paper Award at 8 th International Conference on Asia-Pacific Financial Markets, 2013 RESEARCH INTERESTS Corporate Governance, Managerial Compensation, Corporate Culture, Capital Structure GRANTS, AWARDS, HONORS, AND SCHOLARSHIPS Winner of the Chinese Finance Association (TCFA) 2013 Best Paper Award Woori Investments & Securities Co., Ltd. Outstanding Paper Award at 8 th International Conference on Asia-Pacific Financial Markets, 2013 Researcher of the Year, Division of Banking and Finance, NTU, 2010 Nanyang Technological University RCC Grants, 2006, 2007, 2010 René M. Stulz Scholar Development Award, Ohio State University, April 2007 Lee Kuan Yew Gold Medal, NTU, 2001 Singapore Investment Banking Association Gold Medal, NTU, 2001 Singapore Society of Financial Analysts Gold Medal, NTU, 2001 NTU-Sumitomo Bank Scholarship, NTU, 1999-2000 PROFESSIONAL EXPERIENCE Assistant Professor : Nanyang Business School, Nanyang Technological University, 2007 - Present Research Assistant Senior Tutor : Ohio State University Henrik Cronqvist, Winter 2006-Spring 2007 Anthony Sanders, Winter 2004 Fall 2005 Anil Makhija, Spring 2003-Fall 2004 Andrew Karolyi, Fall 2002-Winter 2003 : Nanyang Business School, Nanyang Technological University, 2001-2007 TEACHING
Financial Management (coordinator, undergraduate course), 2009 - Present Financial Management (instructor, undergraduate course), 2008 Advanced Corporate Finance (co-coordinator, undergraduate course), 2008 Seminar in Corporate Finance (coordinator, Ph.D. course), 2008 Financial Management (Tutor, undergraduate course), 2002 PH.D. DISSERTATION COMMITTEES As supervisor: Krissakul Apiwattanaporn, current student As committee member: Le Zhang, 2011, University of New South Wales, Australia Wenrui Zhang, 2012, Xiamen University, China Zhenbin Liu, 2012 Zhongda He, 2012, Central University of Finance and Economics Jungmin Kim, current student CONFERENCES AND SEMINARS *denotes presentation by co-author Discussant, Centre for Governance, Institutions & Organisations Academic Conference, National University of Singapore, 2012 Discussant, National University of Singapore Corporate Governance Workshop, 2009 Discussant, Financial Management Association Conference in Chicago, 2005 The impact of governance reform on board functioning and firm value: Evidence from the Post- SOX directorial labor market Nanyang Technological University Brown Bag Seminar, 2013 International Conference on Asia-Pacific Financial Markets (CAFM), 2013* Friendly boards and innovation Australasian Finance & Banking Conference, 2012* Nanyang Technological University Brown Bag Seminar, 2012 Employee stock options and corporate innovation Midwest Finance Association Annual Meeting, 2013* Asian Bureau of Financial and Economics Research Inaugural Conference, 2013 China International Conference in Finance, 2012* The dark side of outside directors: Do they quit ahead of trouble? paper presented under original title The dark side of outside directors: Do they quit when they are most needed? University of New South Wales, Seminar, 2013 University of Sydney, Seminar, 2013
American Finance Association Annual Conference, 2011 National University of Singapore Brown Bag Seminar, 2011 INSEAD, Asia, Seminar, 2010 Nanyang Technological University Brown Bag Seminar, 2010 Singapore Management University Brown Bag Seminar, 2010 Career Concerns and the Busy Life of the Young CEO European Finance Association Conference, 2011* Are overconfident CEOs better innovators? The Intersection of Economics and Psychology in Accounting Research Conference at University of Texas at Austin, 2010* Nanyang Technological University Brown Bag Seminar, 2010 Why do firms appoint CEOs as outside directors? UNC-Duke Corporate Finance Conference, 2008* Persistence in firm policies, firm origin, and corporate culture: Evidence from corporate spinoffs NBER Behavioral Economics Work Group, 2007, presented under paper title Does corporate culture matter for firm policies? * European Finance Association Conference, 2007, presented under paper title Does corporate culture matter for firm policies? * Singapore International Conference on Finance, 2008, presented under paper title Does corporate culture matter for investment and financial policies? Asian FA-NFA International Conference, 2008, presented under paper title Does corporate culture matter for investment and financial policies? Managerial risk-taking behavior and equity-based compensation Ohio State University Brown Bag Seminar, 2005 PROFESSIONAL SERVICES Ad hoc referee for Journal of Finance Review of Financial Studies Journal of Financial Economics Journal of Empirical Finance Pacific-Basin Finance Journal Asia-Pacific Journal of Financial Studies Journal of Banking and Finance Journal of Accounting and Public Policy European Financial Management The Research Grants Council (RGC) of Hong Kong
Program Committee for Financial Management Association Conference 2011 Session Chair for Singapore International Conference on Finance 2011 Reviewer for Singapore International Conference on Finance, 2009, 2011; AsianFA Annual Meeting 2011, 2013 SELECT CITATIONS IN MEDIA Are Overconfident CEOs Better Innovators? Are Overconfident CEOs Better Innovators? Posted by R. Christopher Small, Coeditor, Harvard Law School Forum on Corporate Governance and Financial Regulation, 6 April 2012, http://blogs.law.harvard.edu/corpgov/2012/04/06/are-overconfident-ceosbetterinnovators/ Overconfident CEOs Are Better Innovators, Susan Adams, Forbes, 10 April 2012 Why Overconfident CEOs are Good for Business, Business News Daily, 6 September 6 2012 Overconfident Innovators: Handle with Care, Financial Times Blog, 5 March 2012 Business Times Nanyang Business School Roundtable Series Surviving the crisis from M&A 24 June 2009 Is curbing executive pay desirable? 25 November 2009 CSR promotes sustainable development 3 June 2010 The dark side of outside directors: Do they quit ahead of trouble? Outside directors and children first: Do outside directors leave just as companies need them most? The Economist online, 4 May 2010, Persistence in firm policies, firm origin, and corporate culture: Evidence from corporate spinoffs Corporate Culture in the Numbers, Sloan Management Review, Spring 2007 SCHOOL SERVICES Banking and Finance Undergraduate Curriculum Review Committee, 2012-2013 Banking and Finance Division Seminar Coordinator, 2010-2011 Divisional Research Excellence Award Committee, 2011 Faculty Recruitment Committee, 2011, 2008 Nanyang/ College Scholarship Interview Panel Member, 2010 Divisional Teaching Excellence Award Committee (Chairman), 2010 Banking and Finance Division Brown Bag Seminar Coordinator, 2009