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Erik Lie

Erik Lie
Associate Professor & Henry B. Tippie Research Fellow Tippie College of Business
University of Iowa
Iowa City, Iowa

Education

1996 Ph.D. in Finance, Purdue University.
1991 MBA, University of Oregon.
1990 B.S., Summa Cum Laude, University of Oregon.

Academic Honors


Recipient of the 2002 Alumni Fellowship Award for Excellence in Teaching, College of William & Mary.

Refereed Journal Publications

  • “A survey of evidence on domestic and international stock exchange listings with implications for markets and managers,” with John J. McConnell, Heidi J. Dybevik and G.
  • David Haushalter, Pacific-Basin Finance Journal 4, December 1996, pp. 347-376.
  • “Earnings signals in fixed price and Dutch auction self-tender offers,” with John J. McConnell, Journal of Financial Economics 49, August 1998, pp. 161-186.
  • “The role of personal taxes in corporate decisions: An empirical analysis of share repurchases and dividends,” with Heidi J. Lie, Journal of Financial and Quantitative
  • Analysis 34, December 1999, pp. 533-552. (Summarized in CFA Digest 30, Summer 2000, pp. 90-92.)
  • “Excess funds and agency problems: An empirical study of incremental cash disbursements,” Review of Financial Studies 13, Spring 2000, pp. 219-248.
  • “Debt-reducing exchange offers,” with Heidi J. Lie and John J. McConnell, Journal of
  • Corporate Finance 7, June 2001, pp. 179-207. (Summarized in CFA Digest 32, February 2002, pp. 16-17.)
  • “Detecting abnormal operating performance: Revisited,” Financial Management 30, June
  • 2001, pp. 77-91.
  • “Operating performance and the method of payment in takeovers,” with Randall A. Heron,
  • Journal of Financial and Quantitative Analysis 37, March 2002, pp. 137-155.
  • “Multiples used to estimate corporate value,” with Heidi J. Lie, Financial Analysts
  • Journal 58, March/April 2002, pp. 44-54.
  • “Price uncertainty and corporate value,” with Randall A. Heron and G. David Haushalter,
  • Journal of Corporate Finance 8, July 2002, pp. 271-286.
  • “Do firms undertake self-tender offers to optimize capital structure?” Journal of Business
  • 75, October 2002, pp. 609-639.
  • “A comparison of the motivations for and the information content of different types of
  • equity offerings,” with Randall A. Heron, Journal of Business 77, July 2004, pp. 605-632.
  • “On the timing of CEO stock option awards,” Management Science 51, May 2005, pp. 802-812.
  • “Operating performance following open market share repurchase announcements,”
  • Journal of Accounting and Economics 39, September 2005, pp. 411-436.
  • “Financial flexibility, performance, and the corporate payout choice,” Journal of Business
  • 78, November 2005, pp. 2179-2201.
  • “Operating performance following dividend decreases and omissions,” Journal of
  • Corporate Finance12, December 2005, pp. 27-53.
  • “Dividend changes and catering incentives,” with Wei Li, Journal of Financial Economics
  • 80, May 2006, pp. 293-308.
  • “On the use of poison pills and defensive payouts by takeover targets,” with Randall A.
  • Heron, Journal of Business 79, July 2006, pp. 1783-1807.
  • “Does backdating explain the stock price pattern around executive stock option grants?” with Randall A. Heron, Journal of Financial Economics 83, February 2007, pp. 271-295.
  • “On the use (and abuse) of stock option grants,” with Randall A. Heron and Tod Perry, forthcoming, Financial Analysts Journal.
  • Notable Media Citations and Appearances
  • Listed among the “Power 30” (the 30 most influential people on Wall Street) in the November 2006 issue of SmartMoney Magazine.
  • Listed among the “Top 10 Disrupters of 2006” in Forbes Magazine.
  • Listed as one of “Top 5 Newsmakers of 2006” in Workforce Management.
  • Pictured on the cover of the January 2007 issue of Business Finance Magazine as one of the “Influencers 2007.”
  • “Authorities Probe Improper Backdating of Options --- Practice Allows Executives To
  • Bolster Their Stock Gains; A Highly Beneficial Pattern.” By Mark Maremont; 1643 words; The Wall Street Journal; Cover page; November 11, 2005.
  • “The Perfect Payday --- Some CEOs reap millions by landing stock options when they are most valuable; Luck -- or something else.” By Charles Forelle and James Bandler; 4442 words; The Wall Street Journal; Cover Page; March 18, 2006.
  • “Matter of Timing: Five More Companies Show Questionable Options Pattern --- Chip
  • Industry's KLA-Tencor Among Firms With Grants Before Stock-Price Jumps --- A 20
  • Million-to-One Shot.” By Charles Forelle and James Bandler; 3089 words; The Wall Street
  • Journal; Cover Page; May 22, 2006.
  • “Options Study Becomes Required Reading.” By Steve Stecklow; 1305 words; The Wall
  • Street Journal; Page B1; May 30, 2006.
  • “Educator’s Work Exposes Business Scandal.” By Todd Dvorak; The Associated Press;
  • September 20, 2006.
  • “Arrow from the Heartland Wounds Corporate America.” By James P. Miller; Chicago
  • Tribune; December 3, 2006.
  • “He’s Making Hay as CEOs Squirm.” By Peter Burrows; Business Week, January 15, 2007.

Consulting

  • Retained as an expert witness in hostile takeover cases and cases involving stock option grants.
  • Consulted in various matters regarding executive stock option grants.
  • Testified in the U.S. Senate on manipulation of stock option grant dates.