Faculty Directory

B. Espen Eckbo

Tuck Centennial Professor of Finance; Founding Director, Lindenauer Center for Corporate Governance

E-Mailb.espen.eckbo@tuck.dartmouth.edu

Phone603-646-3953

DegreePhD, University of Rochester, 1981; MSc, University of Rochester, 1980; MSc, Norwegian School of Economics and Business Administration, 1977; BSc, Norwegian School of Economics and Business Administration, 1975

AREAS OF EXPERTISEFinance, economics, industrial organization, governance

Current Research Topics

  • Investment banking
  • Takeovers
  • Bankruptcy
  • Corporate governance
  • Liquidity risk

Selected Publications

  • With Betton, Sandra, Rex Thompson, and Karin S. Thorburn, “Merger Negotiations with Stock Market Feedback”, Journal of Finance, forthcoming
  • With S. Betton and K. Thorburn, "Merger Negotiations and the Toehold Puzzle," Journal of Financial Economics, 91(2), 2009
  • With K. Thorburn, "Automatic Bankruptcy Auctions and Fire-Sales," Journal of Financial Economics, 89(3), 2008
  • With Ø. Norli, "Liquidity Risk, Leverage, and Long-Run IPO Returns," Journal of Corporate Finance, 11(1-2), 2005
  • With K. Thorburn, "Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions," Journal of Financial Economics, 69(1), 2003
  • With S. Betton, "Toeholds, Bid-Jumps, and Expected Payoffs in Takeovers," Review of Financial Studies, 13(4), 2000
  • With R. Masulis and Ø. Norli, "Seasoned Security Offerings: Resolution of the ‘New Issues Puzzle’," Journal of Financial Economics, 56(2), 2000
  • With D. Smith, "The Conditional Performance of Insider Trades," Journal of Finance, 53(2), 1998
  • "Mergers and the Value of Antitrust Deterrence," Journal of Finance, 47(3), 1992
  • With R. Masulis, "Adverse Selection and the Rights Offer Paradox," Journal of Financial Economics, 32(3), 1992
  • With Ronald Giammarino, and Robert Heinkel, “Asymmetric Information and the Medium of Exchange in Takeovers: Theory and Tests”, Review of Financial Studies 3, 651-675, 1990.
  • With Vojislav Maksimovic, and Joseph Williams, “Consistent Estimation of Cross-Sectional Models in Event Studies”, Review of Financial Studies 3, 343-365, 1990.
  • “Valuation Effects of Corporate Debt Offerings,” Journal of Financial Economics 15, 119-151, 1986.
  • “Horizontal Mergers, Collusion and Stockholder Wealth”, Journal of Financial Economics 11, 241-273, 1983.

Working Papers

Awards

  • Honorary Doctoral Degree (Docteur Honoris Causa), Norwegian School of Economics, 2011
  • Best paper, Journal of Corporate Finance, 2009
  • Barclays Global Investors/Michael Brennan Prize for best paper, Review of Financial Studies, 2000
  • Nominee, Smith-Breeden Prize for best paper, Journal of Finance, 1998
  • Harry Johnson Prize for best paper, Canadian Journal of Economics, 1987
  • Batterymarch Fellowship, 1987

Professional Activities

Academic positions

  • Tuck School of Business, 1998–present
  • Visiting Professor, MIT, 2001
  • Gösta Olson Professor of Finance, Stockholm School of Economics, 1996–98
  • Finn Øyen Professor of Finance, Norwegian School of Management, 1993–94
  • Visiting Professor, University of California, Los Angeles, 1985–86
  • Professor of Finance, University of British Columbia, 1981–96

Board memberships

  • Academic Director, Financial Management Association, 2007–present
  • IndexSpar, 2000–05; Center for Leadership in Government, America’s Health Insurance Plans, 2006–present
  • Investment Committee, UNIFOR, 1997–98
  • Norwegian National Research Council, 1996–2001

Editorial positions

  • Advisory Editor, Handbooks in Finance, 2007–present
  • Associate Editor, Finance Research Letters, Journal of Corporate Finance, Journal of Empirical Finance, Review of Finance, Review of Financial Studies, 1998–2002
  • Guest Co-Editor, Journal of Financial Economics, 69(1)
  • Founding Co-Editor, European Finance Review, 1997–2003

Research & Teaching Summary

Professor Eckbo is a leading thinker and contributor to the academic field of corporate finance, investment banking and corporate governance. He has received an honorary doctoral degree from the Norwegian School of Economics, the prestigious Batterymarch fellowship, and several best paper awards. He is a Research Associate of the European Corporate Governance Institute (ECGI) and a frequent keynote and invited seminar speaker. At Tuck, his signature courses are Advanced Corporate Finance and the research-to-practice course Corporate Takeovers.