David J. Denis
Professor of Business Administration and Roger S. Ahlbrandt, Sr. Chair in Finance


324 Mervis Hall


Professor Denis joined the Katz faculty in 2011 after previously serving on the faculty at Virginia Polytechnic Institute and State University (1989-1995) and Purdue University’s Krannert School of Management (1995-2011). His primary teaching and research interests are in the area of corporate finance. He is the author of over 50 published articles in leading peer-reviewed journals on topics related to corporate governance, corporate financial policies, corporate organizational structure, corporate valuation, and entrepreneurial finance.

Courses Recently Taught

  • BFIN 2036 Corporate Finance
  • BFIN 3012 PhD Seminar in Corporate Finance

Awards and Honors

  • Keynote Speaker and Distinguished Scholar, Eastern Finance Association Annual Meeting, April, 2012.
  • Excellence in Teaching Award, Executive MBA Program, 2010.
  • Fellow, Center for Corporate Governance, Drexel University.
  • Co-Chair, Financial Management Association European Meeting, Hamburg, Germany, June 2010.
  • Keynote Speaker and Distinguished Scholar, Southern Finance Association Annual Meeting, November, 2008.
  • Keynote Speaker, MidEast Research Conference in Finance, 2006.
  • Best Paper Award, Financial Management, Financial Management Association Annual Meetings, San Francisco, 1992.
  • Best Paper Award, Financial Management, Financial Management Association Annual Meetings, Orlando, Florida, 1990.

Professional Service and Activities

  • President of Financial Management Association, 2015-16.
  • Editor, Review of Financial Studies, 2013-present.
  • Co-Editor, Journal of Corporate Finance, 2001-2011.
  • Editor, Journal of Corporate Finance, special issue on Venture Capital and Entrepreneurial Finance, 2002.
  • Editor, Journal of Corporate Finance, special issue on Financial Flexibility and Corporate Liquidity, 2011.
  • Associate Editor, Journal of Finance, 2000-2003.
  • Associate Editor, Review of Financial Studies, 2010-present.
  • Associate Editor, Journal of Financial Research, 1996-present.
  • Associate Editor, Financial Review, 1998-present.
  • Associate Editor, Journal of Applied Finance, 2002-2006.
  • Associate Editor, Annals of Finance, 2004-present.
  • Academic Director, Financial Management Association, 2006-2008.
  • Fellow, Center for Corporate Governance, Drexel University, 2010-.
  • Nominating Committee, American Finance Association, 2003.
  • Nominating Committee, Financial Management Association, 2007-08.
  • Fellows Committee, Financial Management Association, 2007-08. Chair in 2008.
  • Faculty Participant, FMA Doctoral Consortium, 2000, 2003.
  • Program Committee, Yale Conference on Entrepreneurship, Venture Capital, and Initial Public Offerings, 2002.
  • Program Committee, American Finance Association Annual Meeting, 1999.
  • Program Committee, Western Finance Association Annual Meeting, 1998-2011.
  • Program Committee, Financial Management Association Annual Meeting, 1992, 1993, 1995, 1996, 1998, 1999, 2000, 2009, 2010.


  • PhD, University of Michigan
  • MBA, University of Michigan
  • BS, Syracuse University

Recent Publications

“CEO Assessment and the Structure of Newly Formed Boards,” Review of Financial Studies 28 (2015), 3338-3366, with Diane Denis and Mark Walker.

“Corporate Payout, Cash Retention, and The Supply of Credit: Evidence from the 2008-09 Credit Crisis,” Journal of Financial Economics 115 (2015), 521-540, with Barbara Bliss and Yingmei Cheng.

“Debt Covenant Renegotiations and Creditor Control Rights,” Journal of Financial Economics 113 (2014), 348-367, with Jing Wang.

“Insider Trading Restrictions and Top Executive Compensation,” Journal of Accounting and Economics (forthcoming), with Jin Xu.

“The Persistent Puzzle of Corporate Capital Structure: Current Challenges and New Directions,” Financial Review (forthcoming), Keynote Speech from Eastern Finance Association Annual Meeting, Boston, MA.

“Information Production by Investment Banks: Evidence from Fairness Opinions,” Journal of Law and Economics (forthcoming), with Matt Cain.

“Material Adverse Change Clauses and Acquisition Dynamics,” Journal of Financial and Quantitative Analysis (forthcoming), with Antonio Macias.

“Debt Financing and Financial Flexibility: Evidence from Pro-Active Leverage Increases,” Review of Financial Studies 26 (June, 2012), 1897-1929, with Stephen McKeon.

“Financial Flexibility and Corporate Liquidity,” Journal of Corporate Finance 17:3 (2011), 667-684.

“Earnouts: A Study of Financial Contracting in Acquisition Agreements,” Journal of Accounting and Economics 51 (2011), 151-170, with Matt Cain and Diane Denis.

“Financial Constraints, Investment, and the Value of Cash Holdings” Review of Financial Studies 23 (January, 2010), 247-269, with Valeriy Sibilkov.

“Factors Influencing Dividends,” chapter in Blackwell Companion on Dividends and Dividend Policy, H. Kent Baker, ed. (May, 2009), John Wiley and Sons, with Gohar Stepanyan.

“Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy,” Journal of Financial Economics 89 (July, 2008), 62-82, with Igor Osobov.

“Do Firms Manage Earnings to Meet Dividend Thresholds?” Journal of Accounting and Economics 45 (March, 2008), 2-26, with Naveen Daniel and Lalitha Naveen.

“Dividend Policy,” in The New Palgrave Dictionary of Economics, 2nd Edition, (2008) Steven Durlauf and Lawrence Blume, eds., Palgrave Macmillan Ltd., with John McConnell.

Recent Working Papers

“Financing Investment Spikes in the Years Surrounding World War I” with Leonce Bargeron and Kenneth Lehn.  

“Persistent Operating Losses and Corporate Financial Policies,” with Stephen McKeon.  

“Why are Individual Directors Selected for Corporate Boards? With Diane Denis and Mark Walker.

Academic Area


Personal Interests

In his spare time, David enjoys playing golf, bicycling, and watching movies.