KARIN S. THORBURN Curriculum Vitae Born 1964 in Sweden. US and Swedish citizen. Two sons born in 1991 and 1992. Tuck School of Business, Dartmouth College, Hanover, NH 03755, USA phone: +1 (603) 646-2061, email: karin.s.thorburn@dartmouth.edu home page: www.tuck.dartmouth.edu/thorburn. EDUCATION Ph.D in Financial Economics, Stockholm School of Economics, Sweden, 1998. B.Ec. Stockholm School of Economics, Sweden, 1987. ACADEMIC POSITIONS Associate Professor of Business Administration, Tuck School of Business at Dartmouth, 2002-present. Assistant Professor of Business Administration, Tuck School of Business at Dartmouth, 1998-2002. ACADEMIC AFFILIATIONS Associate Director of the Center for Corporate Governance, Tuck School of Business at Dartmouth, 2001-present. Research Affiliate in the Financial Economics Programme of the Centre for Economic Policy Research (CEPR), 2002-present. Research Associate of the European Corporate Governance Institute (ECGI), 2004-present. Member of the Academic Advisory Council to the Turnaround Management Association (TMA), 2003-present. MAJOR RESEARCH PAPERS Published and forthcoming Betton, Sandra, B. Espen Eckbo and Karin S. Thorburn, 2008, Merger Negotiations and the Toehold Puzzle, Journal of Financial Economics, forthcoming. Eckbo, B. Espen, and Karin S. Thorburn, 2007, Creditor Financing and Overbidding in Bankruptcy Auctions, Journal of Corporate Finance, conditionally accepted for publication. Eckbo, B. Espen, and Karin S. Thorburn, 2007, Automatic Bankruptcy Auctions and Fire- Sales, Journal of Financial Economics, forthcoming. Eckbo, B. Espen, and Karin S. Thorburn, 2003, Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions, Journal of Financial Economics 69 (1), 227-258. Thorburn, Karin S., 2003, Corporate Governance Practices in Europe: Enron Antidote? Vermont Law Review 27(4), 887-907. 1 (7) 2/2/2008
Thorburn, Karin S., 2000, Bankruptcy Auctions: Costs, Debt Recovery, and Firm Survival, Journal of Financial Economics 58(3), 337-368, lead article. Reprinted in John J. McConnell and David J. Denis (eds.), 2005, Corporate Restructuring, The International Library of Critical Writings in Financial Economics, Edward Elgar Publishing, UK, 555-586. Eckbo, B. Espen, and Karin S. Thorburn, 2000, Gains to Bidder Firms Revisited: Domestic and Foreign Acquisitions in Canada, Journal of Financial and Quantitative Analysis 35 (1), 1-25, lead article. Thorburn, Karin S., 1997, Comment on Top Management Compensation and the Structure of the Board of Directors in Commercial Banks, European Finance Review 1 (2), 261-264. Under review for publication Fisher-Vanden, Karen, and Karin S. Thorburn, 2008, Voluntary Corporate Environmental Initiatives and Shareholder Wealth, in 1 st round at the Journal of Finance. To be featured in a special section of the New York Times entitled The business of green in March, 2008. Betton, Sandra, B. Espen Eckbo and Karin S. Thorburn, 2008, Markup Pricing and Shortterm Toeholds in Takeovers in 1 st round at the Journal of Financial Economics. Working papers Eckbo, B. Espen, and Karin S. Thorburn, 2008, Creditor Pre-filing Actions, Asset Dispositions and CEO Wealth Effects of Bankruptcy. OTHER PUBLICATIONS Book chapters Hotchkiss, Edith S., Kose John, Robert M. Mooradian and Karin S. Thorburn, 2008, Bankruptcy and the Resolution of Financial Distress, in B. Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Vol. 2, Elsevier/North-Holland, Ch. 14, forthcoming. Betton, Sandra, B. Espen Eckbo, and Karin S. Thorburn, 2008, Corporate Takeovers, in progress, final version to appear in Handbook of Corporate Finance: Empirical Corporate Finance, Vol. 2, Elsevier/North-Holland, Ch. 15, forthcoming. Eckbo, B. Espen, and Karin S. Thorburn, 2008, Corporate Restructurings, in progress, final version to appear in Handbook of Corporate Finance: Empirical Corporate Finance, Vol. 2, Elsevier/North-Holland, Ch. 16, forthcoming. Thorburn, Karin S., 2006, Transparency in Bankruptcy Law: A Perspective on Bankruptcy Costs across Europe, in Lars Oxelheim (ed.), Corporate and Institutional Transparency for Economic growth in Europe, International Business and Management Series, Vol. 19, Elsevier, 155-172. 2 (7) 2/2/2008
Thorburn, Karin S., 2004, Corporate Governance and Financial Distress, in Leif Appelgren, Hans Sjögren, and Göran Skogh (eds.), New Perspectives on Economic Crime, Edward Elgar Publishing, 76-94. Eckbo, B. Espen, and Thorburn, Karin S., 2000, Are Mandatory Bankruptcy Auctions More Efficient? in Bo Green (ed.), Risk Behaviour and Risk Management in Business Life, Kluwer Academic Publishers, 288-295. Thorburn, Karin S., 2000, Cash Auction Bankruptcy: Summary of the Swedish Evidence, in Bo Green (ed.), Risk Behaviour and Risk Management in Business Life, Kluwer Academic Publishers, 276-279. Thorburn, Karin S., 1999, En empirisk analys av utdelning i svenska konkurser, in Nya förmånsrättsregler SOU 1999:1, white paper published by the Swedish Ministry of Justice, Elanders Gotab, Stockholm, Bilaga 5, 1-60. Thorburn, Karin S., 1997, Företag i finansiell kris och konkurs, in Från optionsprissättning till konkurslagstiftning, EFI s Annual, Stockholm School of Economics, Stockholm, 15-30, lead article. Miscellaneous publications Thorburn, Karin S., Eva Redhe and Lena Torlegård, 2002, Folkligt ägande har minskat inflytandet, Axess 1 (8), 18-21 Reprinted in Axess 2002: Från stoicism till konsumkapitalism, Axel och Margaret Ax:son Johnsons stiftelse för allmännyttiga ändamål, 309-322. Thorburn, Karin S., 2002, När grå ekonomi blev svart, Axess 1 (6), 34-35. Thorburn, Karin S., 1999, Konkurs med auktion: Kostnader, utdelning och VD:s incitament, Beta 13 (2), 1-16, lead article. Reprinted in Karl Gratzer and Hans Sjögren (red), 1999, Konkursinstitutets betydelse i svensk ekonomi, Gidlunds Förlag, 100-121. Thorburn, Karin S., 1999, Kommentar till "Konkurser och företagsrekonstruktioner ur ett rättsekonomiskt perspektiv en litteraturöversikt", in Karl Gratzer and Hans Sjögren (red), Konkursinstitutets betydelse i svensk ekonomi, Gidlunds Förlag, 75-77. WORK IN PROGRESS Eckbo, B. Espen, and Karin S. Thorburn, Chapter 11 targets. Betton, Sandra, B. Espen Eckbo, Karin S. Thorburn and Melissa Toffanin, Bidder Returns and the Source of Cash-Financing in Takeovers. Betton, Sandra, B. Espen Eckbo, and Karin S. Thorburn, Effects of Industry Competition on Deal Structure, Offer Premiums, and Bidder Gains in Takeovers. Eckbo, B. Espen, Oyvind Norli and Karin S. Thorburn, Initiating takeovers. Eckbo, B. Espen, Darius Palia and Karin S. Thorburn, CEO Compensation, Pay- Performance Sensitivity, and Total Executive Wealth. 3 (7) 2/2/2008
RESEARCH GRANTS AND AWARDS Runner up for Barclays Global Investors Prize for the Best Paper presented at the 2006 meeting of the European Finance Association: Merger Negotiations and the Toehold Puzzle. Recipient of the 2002-2003 Harvey H. Bundy III T 68 Fellowship for outstanding scholarly achievements of non-tenured faculty. Research grant awarded by the Norwegian Research Council, program on economic crime, 1998-2002. Research grant awarded by the Swedish National Council for Crime Prevention, program on economic crime, 2001-2004. Research grant awarded by the Rockefeller Center at Dartmouth College, 2007-2008. PROFESSIONAL ACTIVITIES Editorial board memberships Associate Editor, Journal of Corporate Finance, 2001 present. Associate Editor, International Journal of Corporate Governance, 2007 present. Program committee member American Finance Association (AFA) annual meeting, 2007, 2009 Financial Management Association (FMA) annual meeting, 2002-2007 Financial Management Association (FMA) International annual meeting, 2000-2007 Tuck and Journal of Financial Economics Conference on Contemporary Corporate Governance Issues, 2000 Utah Winter Finance Conference, 2003-2008 Western Finance Association (WFA) annual meeting, 2003-2008 Ad hoc referee and reviewer European Finance Review Financial Management Journal of Corporate Finance Journal of Finance Journal of Financial Economics Journal of Financial and Quantitative Analysis Journal of Financial Intermediation Managerial Decision Economics Review of Financial Studies Reviewer of research grant proposal for the National Science Foundation. CONFERENCE PARTICIPATIONS AND WORKSHOPS Annual academic association meetings Paper Presentations American Finance Association (AFA), 2002 4 (7) 2/2/2008
American Law and Economics Association (ALEA), 1999; 2000; 2003 Association for Financial Economists, 2001 European Finance Association (EFA), 1997; 1998; 1999; 2001; 2006 European Financial Management Association (EFMA), 1999 Financial Management Association (FMA), 2002 Financial Management Association (FMA) International, 2000; 2001; 2006 Northern Finance Association (NFA), 1998 Western Finance Association (WFA), 1998; 2003; 2006 Discussant European Finance Association (EFA), 1996, 1997; 1998; 1999; 2001; 2006 European Financial Management Association (EFMA), 1999 Financial Management Association (FMA) International, 2000; 2006 Financial Management Association (FMA), 2002 Northern Finance Association (NFA), 1998 Western Finance Association (WFA) 2003, 2004; 2005 Chair American Finance Association (AFA) 2007 European Finance Association (EFA) 2006 Western Finance Association (WFA) 2005 Invited academic conferences Paper Presentations Asian Corporate Governance Conference, Seoul, 2001 CEPR Corporate Finance and Risk Management Conference, Bergen, 2007 CEPR European Summer Symposium in Financial Markets, Gerzensee, 2000 Linköping International Conference on Economic Crime, 2002 NBER Corporate Finance Program, 2002 New Hampshire Spring Finance Conference, 1999 Norwegian Research Council s Seminar on Economic Crime, 1997 Riksbankens Jubileumsfond Seminar on Bankruptcy, Stockholm, 1998 SNEE annual conference on European Integration, Mölle, 2003, 2007 SNEE seminar on Transparency and Growth, Stockholm, 2006 Stockholm International Seminar on Risk Behaviour and Risk Management, 1997 Texas Finance Festival, 1999 Tuck and JFE Conference on Contemporary Corporate Governance Issues, 2000 UBC Summer Finance Conference 2003 UCLA Michael Brennan Retirement Conference, Sienna, 2003 Wharton Conference on Financial Distress, Bankruptcy and Corporate Restructuring, Philadelphia, 2005 Workshop on Corporate and Institutional Transparency for Economic Growth in Europe, Trolleholm, 2005 Utah Winter Finance Conference, 1998; 1999; 2001 Discussant Financial Economics and Accounting Conference, University of Michigan, 2000 Linköping International Conference on Economic Crime, 2002 NBER Entrepreneurship Program, March 2006 5 (7) 2/2/2008
New Hampshire Spring Finance Conference, 1999 Riksbankens Jubileumsfond Seminar on Bankruptcy, Stockholm, 1998 SNEE annual conference on European Integration, Mölle, 2003, 2007 Tuck and JFQA Corporate Governance Conference, Hanover, 2002 Tuck Conference on Contemporary Corporate Finance Issues III, Hanover, 2004 Utah Winter Finance Conference, 2002; 2004 Vanderbilt University Law School Conference on Empirical Research in Corporate, Securities and Bankruptcy Law, 2001 Workshop on Corporate and Institutional Transparency for Economic Growth in Europe, Trolleholm, 2005 General participant Financial Decisions and Control Workshop, Harvard Business School, 2001 NBER Corporate Finance Program, April 2001; August 2001; November 2001; November 2002; April 2003; May 2005; August 2005 NBER Corporate Governance Program, May 2005 Utah Winter Finance Conference, 2003; 2006 Winter Finance Workshop, Revelstoke, 2004 Paper presentations at finance workshops Boston College, 1999 Binghamton University, 2003 Duke University, 1998 Georgetown University, 1999 Gothenburg University, 1998 Harvard Business School, 1998 Norwegian School of Economics and Business Administration, 1996; 1998 Norwegian School of Management, 1997, 2007 Pennsylvania State University, 1998 Rutgers University, 2004 Stockholm School of Economics, 1997 Swedish School of Economics, Helsinki, 2003 Tuck School at Dartmouth, 1998, 2002 University of Illinois at Urbana-Champaign, 1998 University of Massachusetts, 2003 University of Toronto, 1998 University of Vienna, 1996 Vanderbilt University, 2001 TEACHING At Tuck Corporate Restructuring, MBA elective course, 1998-present Structuring Mergers & Acquisitions, MBA elective course, 2004-present Corporate Finance, MBA core course, 1998-2003 Accounting and Finance, International Executive Development Program, 2003 6 (7) 2/2/2008
Other teaching Corporate Finance, Restructuring and Governance, Executive MBA course, Norway, 2004-2007 Amsterdam Institute of Finance, Corporate Restructuring, executive education, 2000 MISCELLANEOUS INDUSTRY ACTIVITIES Practitioner-oriented conferences Speaker JP Bank s International Money Market Conference, Stockholm, 1998 Turnaround Management Association s Advanced Education Workshop, Toronto, 2004 Panel participant and moderator Tuck School Centennial Celebration Symposium, Tokyo, 2000 Tuck School Second-Century Seminars, Mexico, Sao Paolo and Buenos Aires, 2002 Tuck s World Business Forum, Tokyo, 2001 Tuck s World Business Forum, Breton Woods, 2000 Tuck-UBS seminar Boardrooms Empowered or in Crisis, London, October 2003 Vermont Law School Seminar on Corporate Social Responsibility/Accountability, 2002 Directorships Trustee and Treasurer of the Upper Valley Present, 2005-present A non-profit promoting the arts in the Upper Valley Director of the Board, Uppsala Bostadsrättsföreningars Centralförening, 1991-1997 Company with 35 employees and a turnover of $2 million. Business experience Mercurius Financial Communications, Sweden, 1994-1997. Consultant on investor relations issues and initial public offerings. ABB Aros Stockbroker AB, Sweden, 1993-1994. Advisor in corporate restructuring transactions, including spinoffs and initial public offerings. ABB Financial Services AB, Sweden, 1989-1991. Business development and special projects at the ABB Financial Services Group. ABB Treasury Center (Sweden) AB, Sweden, 1987-1989. Consultant and, from March 1989, Senior Consultant at ABB Treasury Consulting. SHB Kapitalplacering AB, Sweden, 1987. Fixed income analyst at Handelsbanken s mutual fund management company. 7 (7) 2/2/2008