Ralph A. Walkling

Ralph A. Walkling

Academic Affiliate

Email: Contact Marc Vellrath

Phone: (925) 258-9600 VCard View CV

 

Dr. Ralph A. Walkling is the Stratakis Chair in Corporate Governance and Founder and Executive Director, Center for Corporate Governance, Drexel University.  He also is the Professor Emeritus at Ohio State University.  Dr. Walkling is internationally known for his research involving corporate governance and corporate acquisitions and for his ability to communicate financial concepts with clarity and in an exciting, effective fashion. He is a regular consultant to industry and a leading contributor to the top refereed journals in his field including The Journal of Financial Economics, The Journal of Finance, The Journal of Financial and Quantitative Analysis and The Rand Journal of Economics.

Dr. Walkling has been listed in the top 1% of more than twelve thousand finance authors in terms of academic citations to their work. He has received numerous awards for best papers in corporate finance and excellence in graduate teaching. In 2008 the Eastern Finance Association awarded him their scholar of the year award.

Dr. Walkling currently serves as associate editor of The Journal of Financial and Quantitative Analysis, The Journal of Applied Finance, and The Journal of Corporate Finance. He is a past associate editor of Financial Management. He is a member of the Board of Trustees and Past President of the Financial Management Association, an international organization of over 7,000 academics and practitioners. Prior to joining Drexel, Dr. Walkling was Dean’s Research Professor of Finance in the Fisher College of Business at Ohio State University. He received his B.S. from Towson State University and his MBA and Doctorate from the University of Maryland.

As the founder and Executive Director of the Center for Corporate Governance at Drexel University, Dr. Walkling directs the Center’s advisory board comprised of leading area CEOs and executives. He has organized and moderated numerous conferences covering diverse issues such as rules of engagement for CEO and boards in the Sarbanes-Oxley era and corporate governance failures contributing to the subprime meltdown and subsequent lending crisis.

Education

Ph.D., Finance, University of Maryland, 1980
MBA, College of Business and Management, University of Maryland, 1976
B.S., Business Administration and Music Theory, Towson State University, 1975

Areas of expertise

Recent news, presentations, and publications

“Industry Shocks and Merger Activity: An Analysis of U.S. Public Utilities” with David A. Becher and Harold Mulherin, Journal of Financial and Quantitative Analysis. (Forthcoming).

“Anticipation, Acquisitions and Bidder Returns: Industry shocks and the transfer of information across rivals” with Jie Cai and Moon Song. Review of Financial Studies Vol 24 No 7. (July 2011).

“Shareholders Say on Pay: Does it Create Value?” with Jie Cai, (April 2011), The Journal of Financial and Quantitative Analysis.

“Electing Directors” with Jacqueline Garner and Jie Cai, (October 2009), The Journal of Finance.

“Share Repurchase, Executive Options and Wealth Changes to Stockholders and Bondholders” with Sang-gyung Jun & Mookwon Jung, Forthcoming, The Journal of Corporate Finance.

“The History and Performance of Concept Stocks” with Jim Hsieh, The Journal of Banking and Finance 9 (September 2006) 2433-2469.

“Determinants and Implications of Arbitrage Holdings in Acquisitions” with Jim Hseih.  Winner of the Best Paper Award at the 2003 Financial Management Association Meetings, The Journal of Financial Economics 77 (2005) 605-648.

“Speculation Spreads, Arbitrage Profits and Market Pricing of Proposed Acquisitions,” with Jan Jindra Journal of Corporate Finance 10 (2004) 495-526.

“Divestitures and the Liquidity of the Market for Corporate Assets” with Frederik P. Schlingemann and Rene Stulz, The Journal of Financial Economics Vol 64, (April 2002) No. 2: 117-144.

“Abnormal Returns to Rivals of Acquisition Targets: A Test of the ‘Acquisition Probability Hypothesis'” with Moon H. Song, The Journal of Financial Economics Vol 55, (February 2000) No. 2: 143-171.

“Corporate Governance and Shareholder Initiatives: Empirical Evidence, with Jon Karpoff and Paul Malatesta,” The Journal of Financial Economics: (November 1996), 365-395.

“The Impact of Industry Classifications on Financial Research,” with Kathleen M. Kahle, Journal of Financial and Quantitative Analysis (September 1996), 309-335.

“Executive Careers and Compensation Surrounding Takeover bids” with Anup Agrawal, Journal of Finance (July 1994), Vol. 49, #3 985-1014.

“The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth,” with Moon H. Song, The Journal of Financial and Quantitative Analysis, 28, #2 (December 1993), 439-457.

“A Test of The Free Cash Flow Hypothesis: The Case of Bidder Returns” with Rene Stulz and Larry Lang, The Journal of Financial Economics (October 1991) #39, 315-335.

“Dividend Capture in NASDAQ Stocks” with Jonathan Karpoff, The Journal of Financial Economics (November/December 1990),9-65.

“The Distribution of Target Ownership and the Division of Gains in Successful Takeovers” with Rene Stulz and Moon H. Song, The Journal of Finance, Vol. 45, No. 3 (July 1990), 817-833.

“Managerial Performance, Tobin’s Q and the Gains from Successful Tender Offers” with Rene Stulz and Larry Lang, The Journal of Financial Economics (September 1989), #24, 137-154.

“Short Term Trading Around Ex-Dividend Days: Additional Evidence” with Jonathan Karpoff, The Journal of Financial Economics, Vol. 21, No. 2 (September 1988), 291-198.

“Poison Pill Securities: Stockholder Wealth, Profitability, and Ownership Structure” with Paul H. Malatesta, The Journal of Financial Economics, Vol. 20, No. 1/2 (Jan/Mar 1988), 347-376.

“Target Abnormal Returns Associate with Acquisition Announcements: Payment, Acquisition Form, and Managerial Resistance” with Yen-Sheng Huang, The Journal of Financial Economics, Vol. 19, No. 2 (December 1987), 329-349.

“Dispersion of Expectations and Trading Volume” with Eugene E. Comiskey and Michael Weeks, Journal of Business Finance and Accounting, Vol. 14, No. 2 (Summer 1987), 229-239.

“An Application of Arbitrage Pricing Theory to Futures Markets” with James V. Jordan and Michael C. Ehrhardt, The Journal of Futures Markets, Vol. 7, No. 1 (1987), 21-34.

“Determinants of Tender Offer Premiums” with Robert O. Edmister, Financial Analysts Journal (January-February 1985), 27-37.

“Predicting Tender Offer Success: A Logistic Analysis,” The Journal of Financial and Quantitative Analysis, Vol. 20, No. 4 (December 1985), 461-478.

“Trends in Institutional Commission Costs Following Deregulation: Evidence from the USA” with Robert O. Edmister, The Journal of Business Finance and Accounting (Winter 1985), 553-559.

See CV for more publications…