Hernan Ortiz-Molina
		Assistant Professor of Finance
		Office: Henry Angus 862
		Phone: (604) 822-6095
		Fax: (604) 822-4695
		Email: hernan.ortiz-molina“@”sauder.ubc.ca
		Address: 2053 Main Mall, Vancouver, B.C. V6T 1Z2 Canada

 

 

Research Interests: Corporate finance and governance, executive compensation, industrial organization, interaction between real and financial decisions, economics of information, cross-sectional determinants of stock returns.

 

Vita [PDF]

 

Courses

·        BAFI 500 – Corporate Finance

·        COMM 371 – Theory of Finance

·        COMM 397 – Business Finance

·        COMM 471 – Financial Management

 

Publications

 

·        “Labor Unions, Operating Flexibility, and the Cost of Equity”, with Jason Chen and Marcin Kacperczyk, Journal of Financial and Quantitative Analysis, Forthcoming. (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. (pdf) – Winner of the Best Paper Award in Valuation at the 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. (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 Debt 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 VOL. 41, vol. 2, June 2006, 317-340. (pdf) – Winner of the William F. Sharpe Award for the best paper published in the JFQA during the year 2006.

 

Working Papers

 

·        “Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence From Unionized Workers”, with Jason Chen and Marcin Kacperczyk. (pdf)

 

·        “Asset Liquidity and the Cost of Capital”, with Gordon Phillips. (pdf)

 

·        “Average Stock Variance and Market Returns: Evidence of Time-Varying Predictability at the Daily Frequency”, with Jason Chen and Stacey Zhang. (pdf)

 

·        “A New Robust Instrumental Variables Estimator”, with Gabriela V. Cohen Freue and Ruben H. Zamar. (pdf)

 

 

Useful links

• UBC Finance Division’s Website
• The corporate library (corporate governance site)
• Journal of Finance
• Journal of Financial Economics
• Review of Financial Studies
• Journal of Financial and Quantitative Analysis
• Journal of Accounting and Economics

 

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