Richard L. Smith Homepage

Curriculum Vitae


Books and Articles in Books


Entrepreneurial Finance, 2d ed. (2004), Wiley: New York, NY, with J. Kiholm Smith. 


"Misperceptions About Private Placement Discounts: Why Market Reaction to Rule 144A Has Been Lukewarm," in Modernizing US Securities Regulation: Economic and Legal Perspectives, K. Lehn and R. Kamphuis, eds., 1993, with V. Armstrong.


            "New Issue Underwriting," invited essay for The New Palgrave Dictionary of Money and Finance, P. Newman, M. Milgate and J. Eatwell, eds., London: MacMillan Press, 1992.


            "Product Quality, Nonsalvageable Capital Investment and the Cost of Financial Leverage," in Essays in Honor of J. F. Weston, T. E. Copeland, ed., 1986, with K. S. Chung.

Published Research Papers
“Why Are IPOs Underpriced? Evidence from Japan’s Hybrid Auction-Method Offerings,” Journal of Financial Economics Forthcoming with K. Kutsuna and F. Kerins.
“What’s in Your 403(b)? Academic Retirement Plans and the Costs of Underdiversification,” Financial Management Forthcoming with J. Angus, W. Brown, and J. Smith.
“Banking Relationships and Access to Equity Capital Markets: Evidence from Japan’s Main Bank System,” Journal of Banking and Finance Forthcoming with K. Kutsuna and J. Smith.
“Opportunity Cost of Capital for Venture Capital Investors and Entrepreneurs,” Journal of Financial and Quantitative Analysis 39,2004 with F. Kerins and J. Smith.
SEC’s ‘Fair Value’ Standard for Mutual Fund Investment in Restricted and Other Illiquid Securities,” Fordham Journal of Corporate and Financial Law 6, 2001 with J. Smith and K. Williams.
            "Strategic Restructuring: Evidence from the Telecommunications Industry," Industrial and Corporate Change, 2001, with M. Hertzel and J. Smith
            "Market Reactions to Failed Acquisition Attempts," International Journal of Finance,2000, with S. Chang and D. Suk.
            "The Choice of Payment Terms in Trade Credit Financing,"UT Journal of Finance 54 1999, with J. Smith and C. Ng.
                       Abstracted in CFO Europe, July 1999.
            "The Unwinding of Venture Capital Investments: Insider Selling During Equity IPOs," Journal of Corporate Finance, 1998, with T. Lin.
            "The Combined Effects of Free Cash Flow and Financial Slack on Bidder and Target Stock Returns," Journal of Business, April 1994, with J. Kim.
            "Wall Street Journal Reporting Decisions and the Use of Prediction Errors in Cross-sectional Analysis: Evidence on Seasoned Equity Announcements," Financial Review, Fall 1994, with F. Griggs and D. M. Kim.
            "Market Discounts and Shareholder Gains for Placing Equity Privately," Journal of Finance, Vol. 48, June 1993, pp. 459-485, with M. Hertzel.
            "Contract Law, Mutual Mistake, and the Incentives to Produce and Disclose Information," Journal of Legal Studies, June 1990, with J. K. Smith.
            "Licensing Requirements, Enforcement Effort and Complaints Against Real Estate Agents," Journal of Real Estate Research, Summer 1988, with K. L. Guntermann.
            "Examination of the Small Firm Effect on the Basis of Skewness Preference," Journal of Financial Research, Spring 1987, with J. R. Booth.
            "Efficiency of the Market for Residential Real Estate," Land Economics, February 1987, with K. L. Guntermann.
            "Derivation of Cost of Capital and Equity Rates from Market Data," AREUEA Journal, 1987, with K. L. Guntermann.
            "Announcement Effects of Withdrawn Security Offerings:  Evidence on the Wealth Redistribution Hypothesis," Journal of Financial Research, Fall 1986, with D. T. Officer.
            "Capital Raising, Underwriting and the Certification Hypothesis," Journal of Financial Economics, Spring 1986, with J. R. Booth.
            "The Certification Role of the Investment Banker in New Issue Pricing," Midland Corporate Finance Journal, Spring 1986, with J. R. Booth.
            "The Application of Errors‑In‑Variables Methodology to Capital Market Research:  Evidence on the Small Firm Effect," Journal of Financial and Quantitative Analysis, December 1985, with J. R. Booth.
            "The Risk Structure of Interest Rates and Interdependent Borrowing Costs:  Evidence of the New York Fiscal Crisis," Journal of Financial Research, Summer 1985, with J. R. Booth.
            "A Theory of Ex Post Versus Ex Ante Price Determination," Economic Inquiry, January 1985, with J. K. Smith.
            "Direct Equity Financing‑-Resolution of a Paradox: A Comment," Journal of Finance, December 1984, with M. Dhatt.
            "On Strategic Behavior as a Basis for Antitrust Action," The Antitrust Bulletin, Fall 1984.
            "The Impact of the Community Reinvestment Act on Branching Activity of Financial Institutions," Journal of Bank Research, 1984, with J. R. Booth.
            "State and Local Fiscal Policy:  Implications for Property Values and Economic Growth," Public Finance Quarterly, Spring 1984, with J. K. Smith.
            "Use of Interest Rate Futures by Financial Institutions," Journal of Bank Research, 1984, with J. R. Booth and R. W. Stolz.
            "Theory Z:  A Critical Analysis," Arizona Business, Summer 1983.
            "Franchise Regulation:  An Economic Analysis of State Restrictions on Automobile Distribution," Journal of Law and Economics, April 1982.
            "Efficiency Gains from Strategic Investment," Journal of Industrial Economics, P.W.S. Andrews Prize for 1980, September 1981.
            "The 1958 Automobile Information Disclosure Act:  A Study of the Impact of Regulation," Journal of Industrial Economics, June 1980.
            "The Appropriateness and Applicability of Image Research to Banking," Journal of Bank Research, Summer 1977, with S. W. Brown and G. J. Zurowski.
            "Surveying the Image Research Practices of Banks," Bank Marketing, January 1977, pp. 16‑19, with S. W. Brown and G. J. Zurowski.


Working Papers


“A Comprehensive Evaluation of the Comparative Cost of Negotiated and Competitive Methods of Municipal Bond Issuance,” with Randall Pozdena, Eric Fruits, and James Booth (under review).
“Public Information, IPO Price Formation, and Long-Run Returns: Japanese Evidence,” with K. Kutsuna, and J. Smith (under review).
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