Directory

Raj Varma

Professor

Department: Finance
Campus Address: 308 Purnell Hall
Newark, DE 19716
Phone: 302-831-1786
Email: varmar@lerner.udel.edu

Biography

Dr. Raj Varma is Professor of Finance at the University of Delaware.  Dr. Varma received his Ph.D. from the Pennsylvania State University.  He has also served as a Visiting Associate Professor at the Wharton School of the University of Pennsylvania.

Professor Varma has taught corporate finance at various levels in the undergraduate, graduate and executive education programs at the University of Delaware.  Dr. Varma has been the recipient of excellence-in-teaching awards and honors over ten times at the University of Delaware and has also been recognized for exemplary performance as a professor at the University of Delaware.

Professor Varma’s research interests include raising capital, financial institutions, and corporate governance & control.  Dr. Varma has published numerous articles in several leading finance journals including three the Journal of Financial Economics.  Professor Varma has been ranked in the Top 2.3% of the 17,601 authors who have published in 26 core finance journals from 1959 to 2008, a five-decade period which substantially encompasses the maturation period of the finance discipline.  He is also the lead contributor for the University of Delaware’s rank among all institutes worldwide with regard to the weighted number of pages published by an institute’s faculty in the ‘Top 3’ journals in finance during the period 1990 to 2001.

Professor Varma has assisted with expert opinion testimony on a number of occasions for lawsuits in the areas of corporate governance and control and his articles in these and other areas have been cited frequently in various academic and popular publications.  Dr. Varma’s research findings have been covered by a variety of media, including in the print media, the Wall Street Journal, Business Week, Forbes, Christian Science Monitor, Accounting Today, CFA Digest, and CFO, the Magazine for Senior Financial Executives; and in the electronic media Reuters, Business Wire, CFO.com, Dow Jones Newswires and Associated Press Online.

WEBSITE:  http://www.udel.edu/Finance/varma/

Publications

Journal Articles

“Ex-Post Returns, Project Choice, and the Movie Industry,” (with Wayne McMullen), Journal of Accounting, Finance and Economics, Volume 2, 2012, 18-30.

“Do Large Projects Affect Agency Conflicts? Evidence from the Movie Industry,” (with Wayne McMullen), Journal of American Academy of Business, Volume 18, 2012, 55-61.

“Accounting Returns, Investment Decisions, and the Movie Industry,” (with Wayne McMullen), Global Review of Accounting and Finance, Volume 2, 2011, 27-38.

"Motives and Consequences of Investment Decisions: Evidence from Factual Movie Projects," (with Wayne McMullen), Business Review, Volume 17, 2011, 8-13.

"Does Incorporating in Delaware Enhance Firm Value: Evidence from Poison Pills,” (with Terry Campbell),  Corporate Board: Role, Duties and Composition, Volume 6, 2010, 53-69.

“Project Returns from Investment Decisions: Evidence from Biopics,” (with Wayne McMullen), International Review of Business Research Papers, Volume 6, 2010, 408-418.

“Voluntary versus Forced Financial Restatements: The Role of Board Independence,” (with Dalia Marciukaityte and Samuel Szewczyk), Financial Analysts Journal, Volume 65, 2009, 51-65.

“Consequences of Overvalued Equity: Evidence from Earnings Manipulation,” (with Dalia Marciukaityte),  Journal of Corporate Finance, Volume 14, 2008, 418-430.

"Institutional Investors As Suppliers of Equity-Linked Capital:  Evidence From Privately Placed Convertible Debt," (with Dalia Marciukaityte), Journal of Business Research, Volume 60, 2007, pp. 357-364.

"Governance and Performance Changes following Accusations of Corporate Fraud," (with Dalia Marciukaityte, Samuel Szewczyk and Hatice Uzun), Financial Analysts Journal, Volume 62, 2006, pp. 32-43.

"Investor Overoptimism and Private Equity Placements," (with Dalia Marciukaityte and Samuel Szewczyk), Journal of Financial Research, Volume 28, 2005, pp. 591-608.

"Board Composition and Corporate Fraud," (with Samuel Szewczyk and Hatice Uzun), Financial Analysts Journal, Volume 60, 2004, pp. 33-43.

"An Empirical Investigation of Sponsor Influence over the Board of Directors," Financial Review, Volume 38, 2003, pp. 55-76.

"Contracting in the Investment Management Industry: Evidence from Mutual Funds," (with Daniel N. Deli), Journal of Financial Economics, Volume 63, 2002, pp. 79-98.

"Closed-End versus Open-end: The Choice of Organizational Form," (with Daniel N. Deli), Journal of Corporate Finance, Volume 8, 2002, pp.1-27 (lead article).

"The Effect of Bank Debt Downgrades on Stock Prices of Other Banks," (with Robert Schweitzer and Samuel Szewczyk), Financial Review, Volume 36, 2001, pp.139-156.

"The Role of Institutional Investors in Equity Financing and Corporate Monitoring," Journal of Business and Economic Studies, Volume7, 2001, pp. 39-53.

"Too Big to Downgrade: The Response of Financial Analysts to Bond Downgrades of Money Center Banks," (with Robert Schweitzer and Samuel Szewczyk), Managerial Finance, Volume 26, 2000 pp. 31-41.

"Exchangeable Debt Calls and Security Returns," (with Chinmoy Ghosh and J. Randall Woolridge), Journal of Business Finance and Accounting, Volume 23, 1996, pp. 107-114.

"The Private Placement of Bank Equity," (with Samuel Szewczyk), Journal of Banking and Finance, Volume 17, 1993, pp. 1111-1131.

"Bond Rating Agencies and their Role in Bank Market Discipline," (with Robert Schweitzer and Samuel Szewczyk), Journal of Financial Services Research, Volume 6, 1992, pp. 249-263.

"Innovation in Global Financing: The Case of Euroequity Offerings," (with Wayne Marr and John Trimble), Journal of Applied Corporate Finance, Volume 5, 1992, pp. 50-54.

"Institutional Ownership and the Liquidity of Common Stock Offerings,"  (with Samuel Szewczyk and George Tsetsekos), Financial Review, Volume 27, 1992, pp. 211-225.

"On the Integration of International Capital Markets: Evidence from Euroequity Offerings," (with Wayne Marr and John Trimble), Financial Management, Volume 20, 1991, pp. 11-21 (lead article).

"Raising Capital with Private Placements of Debt," (with Samuel Szewczyk), Journal of Financial Research, Volume 14, 1991, pp.1-13 (lead article).

"An Analysis of Exchangeable Debt Offers," (with Chinmoy Ghosh and J. Randall Woolridge), Journal of Financial Economics, Volume 28, 1990, pp. 251-263.

"The Effect of Proposition 103 on Insurers: Evidence from the Capital Market," (with Samuel Szewczyk), Journal of Risk and Insurance, Volume 57, 1990, pp. 671-681.

"The Role of Financial Innovation in Raising Capital: Evidence from Deep Discount Debt Offers," (with Donald Chambers), Journal of Financial Economics, Volume 26, 1990, pp. 289-298.

"Pollution Control Revenue Bond Sales and Public Utility Share Prices," (with Samuel Szewczyk), Journal of Business Research, Volume 21, 1990, pp. 109-117.

"Using Financial Market Data to Make Trade Credit Decisions," (with James A. Miles), Journal of Business Finance and Accounting, Volume 13, 1986, pp. 505-517.

Awards & Honors

  • Best Presenter Award for being a Distinguished Speaker at the Global Business, Economics and Finance Research Conference, 2012.
  • Best Presenter Award for being a Distinguished Speaker at the Global Business, Economics and Finance Research Conference, 2011.
  • Outstanding Scholar Award for Sustained Record of Exceptional Scholarship in Finance and Corporate Governance, University of Delaware, 2010.
  • Executive MBA Teaching Excellence Award in Appreciation of Outstanding Contributions to Learning, University of Delaware, 2009.
  • Ranked 414 (or in the Top 2.3%) of the 17,601 authors that have published in 26 core finance journals from 1959 to 2008, a five-decade period which substantially encompasses the maturation period of the finance discipline, based on research released to the Social Sciences Research Network, 2009.
  • Lead Contributor, University of Delaware’s rank among all institutes worldwide with regard to the weighted number of pages published by an institute’s faculty in the ‘Top 3’ journals in finance during the period 1990 to 2001, based on research published in Financial Management, 2002.
  • Ranked in the list of ‘Top 1000’ faculty worldwide with regard to the weighted number of pages published by  faculty in 16 core finance journals in finance during the period 1990 to 2001, based on research published in Financial Management, 2002.
  • Outstanding Paper in Financial Institutions Award, Eastern Finance Association Meeting, 1997.
  • Lead Contributor, University of Delaware’s rank among all institutes in the US with regard to the total impact of articles published by an institute’s faculty in the 16 leading journals in finance during the period 1989 to 1993, based on research published in the Journal of Finance, 1995.

The Lerner College is home to a state-of-the-art financial trading facility, the $1.5 million student-led Blue Hen Investment Club, a student-managed restaurant and hotel, a high-technology development center of a global bank and a start-up experience for students with new business ideas.

Undergraduate scholarships, made possible through the generosity of alumni and friends, enable us to support promising scholars. Here, Delaware Gov. Jack Markell and his mother, Leni Markell, join recipients of the William Markell Scholarship (center), which benefits students in Accounting and MIS.

The Institute for Financial Services Analytics is a collaboration between the Lerner College, UD's College of Engineering and JPMorgan Chase, and hosts events for academics and the business community designed to address consumer analytics and industry applications.

All Lerner College departments offer discovery learning experiences and emphasize data-based analytics to enrich the student experience. Here, students at Vita Nova, our award-winning restaurant run through HRIM, joined professional chefs and winemakers in hosting a 2014 Mid-Atlantic Wine and Food Festival event.

Lerner College faculty - like Meryl Gardner, whose research on foods and moods was recently published in the Journal of Consumer Psychology - are thought leaders who command attention from influential business audiences, economists and policy makers.

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