Hernan  Ortiz-Molina



Hernan Ortiz-Molina


Associate Professor of Finance


Office: Henry Angus 873


Phone: (604) 822-6095


Fax: (604) 822-4695


Email: ortizmolina“@”sauder.ubc.ca


Address: University of British Columbia, Sauder School of Business

                 2053 Main Mall, Vancouver, B.C. V6T 1Z2 Canada 



Research Interests

·        Corporate finance and governance

·        Executive compensation

·        Interaction between real and financial decisions

·        Cross-sectional determinants of stock returns.



Vita [PDF]



·        “Real Asset Illiquidity and the Cost of Capital”, with Gordon M. Phillips, Journal of Financial and Quantitative Analysis, In Press. [PDF]

·        “A Natural Robustification of the Ordinary Instrumental Variables Estimator”, with Gabriela V. Cohen Freue and Ruben H. Zamar, Biometrics 69 (3), 641-650. [PDF]

·        “Pyramidal Ownership and the Creation of New Firms”, with Jan Bena, Journal of Financial Economics 108, 2013, 798-821. [PDF]

·        “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 Spaengler IQAM Prize for the best paper published in the Review of Finance in 2012. [PDF]

·        “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. [PDF]

·        “Labor Unions, Operating Flexibility, and the Cost of Equity”, with Jason Chen and Marcin Kacperczyk, Journal of Financial and Quantitative Analysis Vol. 46, Vol. 1, Feb. 2011, 25-58. [PDF]

·        “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. [PDF]

·        “Voting With Their Feet: Institutional Investors Shy Away From Dual-Class Firms”, with Kai Li and Xinlei Zhao, 2009, Canadian Investment Review 22, 6-13. [PDF]

·        “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 at the Northern Finance Association Meetings 2007. [PDF]

·        “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. [PDF]

·        “Lending to Small Businesses: The Role of Loan Maturity in Addressing Information Problems”, with Maria F. Penas, Small Business Economics 30, Vol. 4, 2008, 361-383. [PDF]

·        “Executive Compensation and Capital Structure: The Effects of Convertible and Straight Debt”, Journal of Accounting and Economics 43, Vol. 1, 2007, 69-93. [PDF]

·        “Top-Management Incentives and the Pricing of Corporate Public Debt”, Journal of Financial and Quantitative Analysis 41, Vol. 2. June 2006, 317-340. Winner of the William F. Sharpe Award for the best paper published in the Journal of Financial and Quantitative Analysis in 2006. [PDF]



Working Papers

·        Protection of Trade Secrets and Capital Structure Decisions”, with Sandy Klasa, Matthew A. Serfling, and Shweta Srinivasan. [PDF]