Hernán Ortiz-Molina
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April 2020 Hernán Ortiz-Molina Contact Information Sauder School of Business https://sites.google.com/site/hortizmolinaubc/ University of British Columbia Office: (604) 822-6095 2053 Main Mall, Vancouver Fax: (604) 822-4695 B.C. V6T 1Z2 E-mail: [email protected] Citizenship: Argentina & Canada Education 2003 Ph.D. in Economics, University of Maryland 1996 M.A. in Economics, University of CEMA 1994 B.S. in Economics, University of Buenos Aires Ph.D. Dissertation Title: Essays in Empirical Corporate Finance Committee Co-Chairs: Roger Betancourt & Gordon Phillips Other Committee Members: Lawrence Ausubel, Ginger Jin, and Nagpurnanand Prahbala Academic Employment Record July 2011 – Present Associate Professor of Finance, University of British Columbia; Perigee Professorship in Finance (since July 2014) July 2003 – June 2011 Assistant Professor of Finance, University of British Columbia Research Interests Corporate Finance, Corporate Governance, Labor Economics, and Executive Compensation Interaction Between Real and Financial Decisions Non-Academic Employment Record 1997 – 1998 Junior Advisor, Ministry of Economy of Argentina, Cabinet of Economic Advisors 1996 – 1997 Junior Economist, Foundation for Latin American Economic Research, Argentina 1996 – 1998 Advisor to the Chairman, Industry Commission of the Argentine Senate Other Teaching Experience 1998 – 2003 Graduate Teaching Assistant and Graduate Lecturer, University of Maryland 2001 (July) Visiting Professor, University of CEMA 1996 – 1997 Lecturer, University of Entrepreneurial and Social Sciences 1993 – 1994 Teaching Assistant, University of Buenos Aires RESEARCH Publications “Protection of Trade Secrets and Capital Structure Decisions” (with Sandy Klasa, Matthew A. Serfling, and Shweta Srinivasan), Journal of Financial Economics 128, 2018, 266-286. “Real Asset Illiquidity and the Cost of Capital” (with Gordon Phillips), Journal of Financial and Quantitative Analysis 49(1), 2014, 1-32 (lead article). “A Natural Robustification of the Ordinary Instrumental Variables Estimator” (with Gabriela Cohen-Freue and Ruben Zamar), Biometrics 69 (3), 2013, 641-650. “Pyramidal Ownership and the Creation of New Firms” (with Jan Bena), Journal of Financial Economics 108, 2013, 798-821. “Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers” (with Jason Chen and Marcin Kacperczyk), Review of Finance 16 (2), 2012, 347-383. Runner up for the Spӓngler IQAM Prize for the best paper published by the Review of Finance in 2012. “Average Stock Variance and Market Returns: Evidence of Time-Varying Predictability at the Daily Frequency” (with Jason Chen and Stacey Zhang), Journal of Portfolio Management 37 (4), 2011, 86-95. “Labor Unions, Operating Flexibility, and the Cost of Equity” (with Jason Chen and Marcin Kacperczyk), Journal of Financial and Quantitative Analysis Vol. 46, No. 1, Feb. 2011, 25–58. “The Strategic Use of Corporate Cash Holdings in Collective Bargaining with Labor Unions” (with Sandy Klasa and William F. Maxwell), Journal of Financial Economics 92, 2009, 421-442. “Voting with Their Feet: Institutional Investors Shy Away from Dual-Class Firms” (with Kai Li and Xinlei Zhao), Canadian Investment Review 22, 2009, 6-13. “Do Voting Rights Affect Institutional Investment Decisions? Evidence from Dual-Class Firms” (with Kai Li and Xinlei Zhao), Financial Management, Winter 2008, 713-745. Winner of the Best Paper Award in Valuation sponsored by the Canadian Institute of Chartered Business Valuators, Northern Finance Association Meetings 2007. “Career Concerns of Top Executives, Managerial Ownership and CEO Succession” (with M. Martin Boyer), Corporate Governance: An International Review 16, vol. 3, 2008, 178-193. “Lending to Small Businesses: The Role of Loan Maturity in Addressing Information Problems” (with Maria F. Penas), Small Business Economics 30, 2008, 361-383. “Executive Compensation and Capital Structure: The Effects of Convertible Debt and Straight Debt”, Journal of Accounting and Economics 43, 2007, 69-93. 2 “Top-Management Incentives and the Pricing of Corporate Public Debt”, Journal of Financial and Quantitative Analysis Vol. 41, No. 2, June 2006, 317-340. Winner of the William F. Sharpe Award for the best paper published by the Journal of Financial and Quantitative Analysis in 2006. Academic Awards 2014 Perigee Professorship in Finance 2012 Spӓngler IQAM Best Paper Prize (Runner up) for the for the best paper published in the Review of Finance in 2012, for the paper “Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers” (with Jason Chen and Marcin Kacperczyk), Review of Finance 16 (2), 2012, 347-383. 2007 Best Paper Award in Valuation sponsored by the Canadian Institute of Chartered Business Valuators, Northern Finance Association Meetings 2007, for the paper “Do Voting Rights Affect Institutional Investment Decisions? Evidence from Dual-Class Firms” (later published in Financial Management, Winter 2008). 2006 William F. Sharpe Award for the best paper published in the Journal of Financial and Quantitative Analysis in 2006, for the paper “Top-Management Incentives and the Pricing of Corporate Public Debt”, Journal of Financial and Quantitative Analysis 41(2), June 2006, 317-340. 1998 – 2003 University of Maryland Graduate Assistantship 1998 – 2000 William Fulbright Grant 1994 Cum Laude Diploma to Academic Merit, University of Buenos Aires Competitive Research Grants 2020-2022 Social Sciences Human Research Council of Canada ($64,779). 2015-2019 Social Sciences Human Research Council of Canada ($72,963). 2013-2014 Sauder School of Business Internal Grant ($8,000). 2012-2013 Sauder School of Business Internal Grant ($7,730). 2010-2012 Social Sciences Human Research Council of Canada ($71,000). 2007-2009 Social Sciences Human Research Council of Canada ($90,000). 2003-2007 Social Sciences Human Research Council of Canada ($55,000). 2004-2005 UBC Research Grant, Small Grant Bridging Program ($1,294). 2003-2004 UBC Research Grant, Small Grant Bridging Program ($2,000). 3 Conference Presentations and Invited Seminars 2020 American Finance Association Meetings 2019 University of Arizona ; Midwest Finance Association Meetings; 16th Annual Corporate Finance Conference at Washington University Olin Business School 2018 7th HEC Paris Entrepreneurship Workshop; Finance, Organizations, and Markets Conference; Labor and Finance Conference 2017 Lund University (presented by co-author); University of Amsterdam (presented by co- author); Cheung Kong Graduate School of Business (presented by co-author); Tsinghua University (presented by co-author); Virginia Tech (presented by co-author). 2016 Laval University 2015 Western Finance Association Meetings; European Winter Finance Summit Conference (presented by co-author); European Finance Association Conference (presented by co- author); University of Sydney (presented by co-author); University of New South Wales (presented by co-author) 2014 Hong Kong University of Science and Technology; National Technological University; National University of Singapore; Northern Finance Association Meetings; Financial Intermediation Research Society (FIRS) (presented by co-author); Frontiers in Finance / University of Alberta (presented by co-author); Universidad Nacional de los Andes (presented by co-author). 2013 USC Marshall School, “Finance Organizations, and Markets Research Group Conference 2013”; University of Manchester One-Day Corporate Finance Conference (presented by co-author). 2012 Western Finance Association Meetings (presented by co-author); HEC Montréal 2011 Claremont McKenna College; York University; University of Alberta; Northern Finance Association Meetings. 2010 Wilfrid Laurier Finance Conference; Queen’s University; Northern Finance Association Meetings; Financial Management Association Meetings. 2009 American Finance Association Meetings; Western Finance Association Meetings; ECCE Conference on Socially Responsible Investment (presented by co-author); Pacific Northwest Finance Conference (presented by co-author); Georgetown University (presented by co-author). 2008 American Finance Association Meetings; University of Alberta; Pacific Northwest Finance Conference; French Finance Association Meetings (presented by co-author). 2007 University of British Columbia; University of Arizona; Northern Finance Association Meetings; UBC Summer Finance Conference. 2006 UBC Summer Finance Conference; Northern Finance Association Meetings; Pacific Northwest Finance Conference; Financial Management Association Meetings (presented by co-author). 2005 Northern Finance Association Meetings. 2004 University of British Columbia. 4 2003 HEC Montréal; Tilburg University; University of British Columbia; University of Maryland; University of Warwick; Norwegian School of Management; Stockholm School of Economics; Northern Finance Association Meetings; Pacific Northwest Finance Conference. 2002 Princeton University. SERVICE Refereeing for Professional Journals & Research Grant Evaluation Ad-Hoc Referee: Journal of Finance; Journal of Financial Economics; Review of Financial Studies; Journal of Financial and Quantitative Analysis; Review of Finance; Management Science; Review of Corporate Finance Studies; Journal of Corporate Finance; Journal of Financial Intermediation; Journal of Empirical Finance; Canadian Journal of Economics; Economic Journal; Journal of Financial Research; Journal of Economics and Management Strategy; Journal of Economic Behavior and Organization;