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Gershon N. Mandelker

Katz Alumni Chair Professor Emeritus of Finance and Business Administration



  • PhD, University of Chicago
  • MBA, University of Chicago
  • BA, The Hebrew University of Jerusalem (Majors: Economics and Statistics)

My research goal is to advance and test theories which explain economic behavior of individuals, firms, and capital markets. This includes issues in corporate financial policy; corporate governance; mergers and acquisitions; management compensation; market microstructure; the behavior of stock prices and bond prices in an efficient market; the relation between accounting measures of income and risk and their financial measures; and the impact of inflation on rates of return of financial assets.

  • Corporate Finance
  • Creating Value Through Restructuring
  • The Efficiency of Capital Markets
  • Research Methodology in Finance
  • "Investment Banking: An Economic Analysis of optimal Underwriting Contracts,"(with A. Raviv ), The Journal of Finance, XXXI.
    • Reprinted in: Financial Intermediaries, Mervin K. Lewis, Critical Writings in Economics, vol. 43. Aldershot, U.K.: Elgar, 1995.
  • "Risk and Return: The Case of Merging Firms," Journal of Financial Economics, December, 1974.
    • Reprinted in: Modern Developments in Corporate Finance: A Book of Readings, edited by S. C. Myers, (The Dryden Press; Holt, Rinehart and Winston; Hinsdale, Illinois, 1977);
    • Reprinted in Capital Market Equilibrium Efficiency: Implications for Accounting, Financial and Portfolio Decision-Making, edited by J. L. Bicksler, (Lexington Books, D.C. Heath and Company, 1977);
    • Reprinted in Economics of Corporation Law and Securities Regulation, R.A. Posner and K.E. Scott, Eds. (Little, Brown and Company, 1980), pp. 197-205;
    • and in Fiduciary Problems in Acquisitions and Takeovers, L. Herzel and D. E. Colling, Eds. (Practicing Law Institute, NY, 1981), pp. 67-74.
  • "The Impact of Financial and Operating Leverages on the Systematic Risk of Common Stocks," (with S.G. Rhee), Journal of Financial and Quantitative Analysis, XIX, March 1984, 45-57.
  • "Managerial Incentives and Corporate Investment and Financing Decisions" (with A. Agrawal) The Journal of Finance, XLII, September 1987, 823-838
  • "Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments," (with A. Agrawal) Journal of Financial and Quantitative Analysis, XXV, June 1990, 143-162.
  • "Executive Compensation and Corporate Performance in Electric and Gas Utilities," (with A. Agrawal and A. Makhija), Financial Management, XXI, Winter 1991, 113-124.
  • "The Post Acquisition Performance of Acquiring Firms in Mergers: A Re-examination of an Anomaly," (with A. Agrawal and J. Jaffe), The Journal of Finance, XLVII, September 1992, 1605-1622.
    • Reprinted in: Takeovers: a Book of Readings, Volume II, edited by, A. Cosh and A. Hughes, (The International Library of Management; Dartmouth Publishing Company Limited, Ashgate Publishing Limited, 1998)
  • "The Efficient Markets Hypothesis - An Overview," (with J. Clarke and T. Jandik), in Leading Financial Experts: Investment Strategies from Industry Leaders, R. C. Arrfa, ed. ( John Wiley & Sons, Inc. New York, 2001)
  • "Bank Monitoring, Firm Performance, and Top Management Turnover in Japan," (C. Anderson, W. Campbell, and J. Narayanan) Advances in Financial Economics, 2003.

  Reading, Hiking, Chess.