Jayant R. Kale (July 2002)
Department of Finance 2621 Cosmos Drive NE
J.
(404) 651 - 2798
(404) 651-2630 (fax)
jkale@gsu.edu (e-mail)
Areas of Interest : Corporate Finance, Institutional Investment, Insurance
(Theoretical and empirical)
Citizenship :
Education
University of
Indian Institute of Management -
Birla Institute of Technology and Science, Bachelor of
Science (Honors), July 1975. Major
Fields: Physics, Chemistry, and Mathematics.
Work Experience
Teaching
Professor of Finance, Fall 1996 - to date.
Associate Professor of Finance, Fall 1991 - to date.
Assistant Professor of Finance, Fall 1986 - 1991.
Courses taught at GSU:
(i) MBA core and elective courses in Corporate Finance
(ii) Executive MBA second Finance course
(iii) Global E-Commerce Masters Program Finance course
(iv) Doctoral Seminars in Corporate Finance
(v) Doctoral Seminar in Valuation
(vi) Doctoral Seminar in Corporate Control
(vii) Undergraduate core and elective courses in Corporate
Finance
(viii) Undergraduate and MBA elective course in
International Finance.
Nanyang
Technological University (
Visiting Professor of Finance, July 1998 - August 1999.
Taught an
MBA course in Corporate Finance and an Undergraduate tutorial. Also gave a five-lecture
seminar in corporate finance to research students and faculty.
Assistant Instructor in Finance, Fall 1984 - 1986.
Taught the Undergraduate capstone seminar in Corporate Finance.
Visiting Scholar, October 1997
Visiting Scholar, October 1994
Center for Risk Management and Insurance Research (RMI Department, GSU)
Senior Research Associate, Fall 1992 to date
Non-academic
Executive, Commercial Division, Ballarpur Industries
Limited,
Research Awards
Faculty Recognition
Award for Research, 1994,
Eastern Finance Association 1992 Award for Outstanding Paper in Corporate Finance.
Eastern Finance Association 1991 Award for Outstanding Paper in Options and Futures on Options.
Faculty Recognition
Award for Research, 1990,
Southern Finance Association 1989 Award for Best Paper in Corporate Finance (Sponsored by Dryden
Press).
Financial Management Association 1989 Award for Best Paper in Corporate Finance (Sponsored by Irwin).
Financial Management Association 1988 Award for Best Paper in Investments (Sponsored by AAII).
Eastern Finance Association 1988 Award for Best Paper in Corporate Finance (Sponsored by Irwin).
Eastern Finance Association 1988 Award for Best Paper in Investments (Sponsored by AAII).
Professional
Development Award,
Research Grants
Summer research grant
from the Center for Study in Regulated Industry,
Summer research grant
from the Center for Study in Regulated Industry,
Summer research grant
from the Center for Study in Regulated Industry,
Research Grants
from the College of Business Research Council, Georgia State University in
Summer 1987, Fall 87, Summer 1988, Fall 1988, Winter 1988, Summer 1989, and
Fall 1989, Spring 1990, Summer 1990, Summer 1991, Summer 1992, Fall 1992,
Spring 1993, Summer 1993, Spring 1994, Summer 1994, Summer 1995, Summer 1996,
Summer 1997, Summer 1998, Summer 1999, Summer 2000, Summer 2001.
Research grant
from the Center for Study in Regulated Industry,
Publications: Refereed Scholarly
"Financial Advisors and Shareholder Wealth Gains in
Corporate Takeovers," (with O. Kini and H. Ryan), forthcoming in Journal
of Financial and Quantitative Analysis.
“A Corporate Finance
Perspective on Share Repurchases,”
"Unconditional and Conditional Takeover Offers:
Experimental Evidence," (with T. Noe), Review of Financial Studies,
Volume 10, No.3, 1997, 735-766.
"Characteristics of Common Stock Holdings of Insurance
Companies," (with
"Dutch Auction Share Repurchases," (with G. Gay
and T. Noe), Economica, Volume 63, 1996, 57-80.
"Share Repurchase Announcement Returns under
Shareholder Heterogeneity," (with G. Gay and T. Noe), in Advances in
Quantitative Analysis of Finance and Accounting, Editor: C. F. Lee, Jai
Press Inc.,
"Of Shepherds, Sheep, and the Cross-autocorrelations
in Equity Returns," (with
"Dilution Costs and Utility Regulation under
Asymmetric Information," (with T. Noe), Journal of Regulatory Economics,
Volume 7, 1995, 177-197.
"(Micro) Fads in Asset Prices: Evidence from the
Futures Market," (with G. Gay, R. Kolb, and T. Noe), The Journal of
Futures Markets, Volume 14, No. 6, 1994, 637-659, (Lead article in the issue) .
"Contingent Payments and Debt Contracts," (with
S. De), Financial Management. 22, No. 2, Summer 1993, pp. 106-122. (Security
Design Special Issue)
"Segmented Markets, Differential Information, and
Asset Return Dynamics," (with
"Predictability and the Price Effects of Security
Issues: Some Empirical Evidence,"
(with T. Noe, J. Payne, and Y. Shin), Business Science: Theory and Practice,
Ed. S. G. Amin, Academy of Business Administration, 1993, pp. 491-498.
"Taxes, Financial Distress, and Corporate Capital
Structure," (with T. Noe), Quarterly Review of Economics and Finance, Vol. 32, 1992, 71-83.
"The Effect of Business Risk on Corporate Capital
Structure: Theory and Evidence,"
(with T. Noe and G. Ramirez), The Journal of Finance, Volume 46,
No. 5, December 1991.
"Share Repurchase Mechanisms: A Comparative Analysis of Efficacy,
Shareholder Wealth, and Corporate Control Effects," (with G. Gay and T.
Noe), Financial Management, Volume 20, No. 1, Spring 1991, 44-59.
"Debt Equity Choice under Asymmetric Information and
Taxes," (with T. Noe), Economics Letters, Volume 35, 1991, 215-219.
"Optimality of Coupon-Bearing Debt under Asymmetric
Information," (with S. De), Economics Letters, Volume 34, 1990,
369-373.
"Dividends, Uncertainty, and Underwriting Costs under
Asymmetric Information," (with T. Noe), The Journal of Financial
Research, Volume 13, Number 4, Winter 1990, 265-277, (Lead article in the issue) .
_______. Abstracted
in "Cash Flow Uncertainty: A Case for Dividend Signalling," The
Financial Review, Proceedings of the Twenty-third Annual Meeting, Volume
22, Number 3, 1987.
"Risky Debt Maturity Choice in a Sequential Game
Equilibrium," (with T. Noe), Journal of Financial Research, Volume
13, Number 2, Summer 1990, 155-165.
"Corporate Hedging under Personal and Corporate
Taxation," (with T. Noe), Managerial and Decision Economics, Volume
11, 1990, 199-205.
"Share Repurchase through Transferable Put
Rights: Theory and Case Study,"
(with T. Noe and G. Gay), Journal of Financial Economics, Volume 25,
Number 1, November 1989, 141-160.
"Patterns of Institutional Investment, Prudence, and
the Managerial 'Safety-Net' Hypothesis," (with S.G. Badrinath and G. Gay),
The Journal of Risk and Insurance, Volume 56, Number 4, December 1989,
605-629, (Lead article in the issue).
_______. Abstracted in Financial Management
Collection, Volume 4, Number 1, Winter/Spring 1989.
"Noisy Juries and the Choice of Trial Mode in a
Sequential Signalling Game: Theory and
Evidence," (with G. Gay, M. Grace, and T. Noe), The RAND Journal of
Economics, Volume 20, Number 2, Summer 1989, 196-213.
"Rankings for Stocks: Do They Make a
Difference?," (with
Publications: Books
and Monographs, Non-refereed and Other
“Lectures in Corporate Finance,” (with R. Fendler), 1998,
Simon &Schuster Custom Publishing,
"Repurchases Show Undervalued Stock," (with K.
Ho), The Straits Times,
Research in Progress
"Dynamic Risk Shifting by Fund Managers In a Tournament
Model: Theory and Evidence," (with
P. Hu and A. Subramanian)
"Information in Bond Ratings and the Demand for Rating Services," (with S. De and H. Shahrur).
"The Evolution of Optimal Corporate Decision-making
Architectures: Experimental Evidence," (with
"Ownership Structure and Managerial Asset
Selection: The Case of Mutual vs. Stock
Insurance Company Portfolio Investment Choices," (with T. Noe and C. Ryan)
"To pay or not to pay dividends: Dividend initiation
decisions of IPO firms," (with O. Kini and J. Payne)
"Stability of IPO syndicates and IPO mispricing,"
(with J. Garner)
"Timing of seasoned equity Issues and financing
choices after the IPO," (with J. Payne)
Papers Presented at
Professional Meetings
Southwestern Finance Association 1986,
Southern Finance Association, 1986,
Eastern Finance Association, 1987,
Western Financial Association, 1987,
Financial Management Association, 1987,
Southern Finance Association, 1987,
Eastern Finance Association, 1988,
Western Finance Association, 1988,
Financial Management Association, 1988,
Econometric Society, 1988,
American Finance Association, 1988,
Eastern Finance Association, 1989,
American Risk and Insurance Association, 1989,
Financial Management Association,
Southern Finance Association, 1989,
Eastern Finance Association, 1990,
ORSA/TIMS, 1990,
Western Finance Association, 1990,
American Risk and Insurance Association, 1990,
European Finance Association, 1990,
Financial Management Association, 1990,
Eastern Finance Association, 1991,
Western Finance Association, 1991,
Financial Management Association, 1991,
Econometric Society, 1992,
Eastern Finance Association,
Western Finance Association, 1992,
Financial Management Association, 1992,
Southern Finance Association, 1992,
Financial Management Association, 1993,
Southern Finance Association, 1993,
Financial Management Association,
Eastern Finance Association, 1995, Hilton Head, SC (two
papers)
Financial Management Association, 1995,
Southern Finance Association, 1995,
Eastern Finance Association, 1996,
Southern Finance Association, 1996,
Financial Management Association, 1997,
Southern Finance Association, 1997,
Eastern Finance Association, 1998,
Western Finance Association, 1998,
Eastern Finance Association, 1999,
Financial Management Association, 1999,
Southern Finance Association, 1999,
Financial Management Association, 2000,
Eastern Finance Association, 2001,
Twelfth Conference on Financial Economics and Accounting,
2001,
Research Paper Presentations Other than at Professional Meetings
Invited speaker on "New Financial Securities" at
the seminar sponsored jointly by USAID and Federation of Indian
Chambers of Commerce and Industry (FICCI) at
The
The Federal Reserve
Bank of
Georgia Institute of
Technology
Southern
UTI
USAID-FICCI
Conference on Capital Markets,
Nanyang Technological
National
Northeastern
University
Participation (other than presentation) at Professional Meetings
Executive Committee member, Conference on Financial Economics and Accounting, 2001 to date.
Program Committee member, Financial Management Association Meetings,
Discussant, Eastern
Finance Association Meetings,
Program Committee member, Eastern Finance Association Meetings, Charlotte, April 1996
Program Committee member, Southern Finance Association Meetings,
Reviewer for the Best Paper in Corporate Finance Award,
Southern Finance Association Meetings,
Program Committee Member, Financial Management Association Meetings,
Program Committee Member, Eastern Finance Association Meetings,
Session Chairman, Eastern Finance Association Meetings,
Discussant, Financial
Management Association Meetings,
Other Professional
Activities
Ad-hoc reviewer for
Journal of Finance
Journal of Financial and
Quantitative Analysis
Journal of Economics, Management and
Strategy
Journal of Financial Research
Financial Management
Financial Review
Journal of Risk and Insurance
Review of Financial Studies
Southern Economic Journal
Supervision of
Doctoral Dissertations
As Chairperson:
Yong-Kil Shin, "Essays on Anticipated versus
Unanticipated Security Issues: Evidence on Optimal Capital Structure and
Signalling Hypotheses." Graduated
in 1990
Janet D. Payne, "The Information Content of
Repeated Equity Offerings." Graduated in 1992
Arthur J. Young, "Institutional Investors,
Monitoring, and Firm Performance."
Graduated in 1994
Harley E. Ryan, Jr., "Resolution Preference,
Managerial Myopia and Market Valuation: An Empirical Test." Graduated in 1994
Roy A. Wiggins, III, "Firm Performance and the Structure of Executive Compensation Schemes: An Empirical Analysis." Graduated in 1995
Jacqueline G. Faught, "An Empirical Analysis of IPO Syndicates." Graduated in 1998
Ping Hu, "Two Essays on Mutual Fund Risk-Taking and Flow-Performance Relationship" Graduated in 2001
Husayn Shahrur, "On the Wealth Effects of Horizontal Mergers: Evidence from Input Output Markets," Proposal successfully defended February 2002
Ekaterina Emm, "Corporate Efficiency and Corporate
Diversification," Will defend proposal in 2002
As Committee
Member:
Samanta B. Thapa, "Theoretical and Empirical
Analysis of the Behavior of International Banks in Extending Credit to Less
Developed Countries (LDCS)" Graduated
in 1988
Gabriel Ramirez, "The Effects of Capital
Recovery Policies on the Valuation of Regulated Utilities." Graduated in 1989
Kasim Lekan Alli, "Restricted Securities: An
Empirical Analysis of Pricing and Impact on Shareholder Wealth." Graduated in 1989
Kenneth Kwok-Hung Yung, "Essays on Information
Effects in Capital Markets."
Graduated in 1989
Jinho Jeong, "Dividend Smoothing: An
Investigation of the Firm's Payout Policy." Graduated in 1991
Gautam Goswami,
"Debt Maturity Choice under Asymmetric Information: Theory and
Evidence." Graduated in 1992
Hang Zhang, "Bid Premium and Bidder Returns in
Corporate Takeovers." Graduated in
1992
Ronald Best, "Some Empirical Implications of
Risk Neutrality for the Time Variation in Security Returns." Graduated in 1992
Seksak Jumreornvong, "The Effect of Management Turnover on Compensation, Performance, and leverage policy: An Empirical Analysis. Graduated in 1992
Chenyang Feng, "Essays on Stock Market Efficiency," Graduated in 1997
Beverly Marshall, "Unit IPOs," Graduated in 1998
Peter Dadalt, "Wealth Cffects of Corporate
Divestiture," Graduated in 1998
David Rakowski, "Essays on Fund Flow
Volatility," Proposal successfully defended in 2002
Served on numerous
dissertation committees in the Department of Risk Management and Insurance as
well as an external examiner for a dissertation at the Indian Institute of
Science,
College Committee Assignments
Member, Research Program Committee 1987 to date.
Member, College E-Commerce Steering Committee, 2000
Member, the College E-Commerce Committee, 2000, 2000
to date
University Committee
Assignments
Member, University Senate, 1995 - 1998 Member of Senate sub-committees for (i)
Research and (ii) Athletics.
Faculty Advisor, "Student's International
Meditation Society (Transcendental)," GSU.
Faculty Advisor, "GSU Indian Students
Association," GSU.
Service Activities
within the Academic Unit
Member, Steering Committee for the Department's Academic Program Review, Ongoing
Chair, Faculty Recruitment Committee, 2000-2001
Coordinator, Ph.D. Program in Finance at GSU, 1997 to date
Course Coordinator, MBA course BA 862, 1988 - 1991.
Chair, Committee to develop a departmental strategic plan, March 1992
Alternate Chair, Faculty Recruitment Committee, 1992-1993
Member, Faculty Recruitment Committees in 1989, 1990, 1991, 1992
Member, Committee to Recruit for the Dobbs Chair in Finance, 1991
Member, Committee to develop the new MBA course
"Core Concepts in Finance," 1990-1991