Overview

  • Dr. John A. Doukas, earned his Ph.D in Financial Economics at Stern School of Business, New York University. He is Professor of Finance, William B. Spong, Jr., Chair of Finance and Eminent Scholar at Old Dominion University, Virginia, USA. He is Finance Research Associate (Honorary) at the Cambridge Judge Business School, University of Cambridge, UK. Dr. Doukas was visiting Professor of Finance at Stern School of Business, New York University 2001-2003. He has taught and given seminars at the MBA and Ph.D level in several North American and European Business Schools. He is the recipient of the Graham & Dodd Award 2004 for his article “Divergent Opinions and the Performance of Value Stocks” co-authored with C. Kim and C. Pantzalis.
  • Selected Publications

    Articles In Academic Journals

    Year Title
    2017 CEO Overconfidence and the Valuation Effects of Corporate Diversification & Refocusing Decisions
    2017 CEO Personal Investment Decisions and Firm RiskEuropean Financial Management. 920-950.
    2016 CEO overconfidence and corporate diversification value
    2016 Envy-Motivated Merger WavesEuropean Financial Management. 56.
    2016 Investor Sentiment, Beta, and the Cost of Equity CapitalManagement Science. 347-367.
    2016 Why firms favour the AIM when they can list on main market?Journal of International Money and Finance. 378-404.
    2015 CEO risk preferences and dividend policy decisionsJournal of Corporate Finance. 18-42.
    2015 Do equity mispricing and management compensation incentives drive bank mergers?Review of Behavioral Finance. 2-41.
    2015 Do individual currency traders make money?Journal of International Money and Finance. 158-177.
    2015 European Financial Management Association (EFMA) Annual Meetings: a Retrospective EvaluationEuropean Financial Management. 790-810.
    2014 Do Currency Individual Traders Make Money?Journal of International Money and Finance.
    2014 Does CEO Turnover Improve Investment Performance?
    2014 Does the Bonding Effect Matter in a More Integrated Capital Market World?Journal of International Money and Finance. 162-184.
    2014 Investor Sentiment, Beta, and the Cost of Equity CapitalManagement Science.
    2013 Cognitive Dissonance, Sentiment, and MomentumJournal of Financial and Quantitative Analysis. 245-275.
    2013 Information asymmetry, price discovery, and the Chinese B-share discount puzzlePacific-Basin Finance Journal. 1116-1135.
    2013 Managerial gambling attitudes: evidence from bank acquisitionsReview of Behavioral Finance. 4-34.
    2013 Private Acquisition Gains: A Contingent Claims ExplanationEUROPEAN JOURNAL OF FINANCE.
    2013 The Performance of NDF Carry TradesJournal of International Money and Finance. 172-190.
    2012 CEO Risk Aversion, Firm Risk and Performance: Evidence from Deferred Compensation Returns around the 2008 Financial Crisis
    2012 Is Technical Analysis Profitable for Individual Currency Traders?JOURNAL OF PORTFOLIO MANAGEMENT. 142-150.
    2011 "Hot" Debt Markets and Capital StructureEuropean Financial Management. 46-99.
    2011 Family Firms and Financing DecisionsEuropean Financial Management. 17.
    2011 Family control and financing decisionsEuropean Financial Management. 860-897.
    2010 Arbitrage risk and stock mispricingJournal of Financial and Quantitative Analysis. 907-934.
    2010 Share Repurchases as a Manipulation Tool: Evidence from Insider TradingCiteseer.
    2009 Asset Mispricing as a Function of Arbitrage RiskThe Citibank Academic Research Digest.
    2009 Asymmetic Asset Price Reaction to News and Arbitrage RiskReview of Behavioral Finance. 23-43.
    2009 Daily short interest, idiosyncratic risk, and stock returnsJournal of Financial Markets. 290-316.
    2008 Corporate Diversification: The Impact of Foreign Competition, Industry Globalization and Product DiversificationStrategic Management Journal.
    2008 Do Analysts Influence Corporate Financing and Investment?Financial Management. 303-339.
    2008 Investment decisions and internal capital markets: Evidence from acquisitionsJournal of Banking & Finance. 1484-1498.
    2007 Acquisitions, Overconfident Managers and Self-attribution BiasEuropean Financial Management. 531-577.
    2006 Can we learn from China?European Financial Management. 301-302.
    2006 Divergence of Opinion and Equity ReturnsJournal of Financial and Quantitative Analysis. 573-606.
    2006 Divergence of Opinion and Equity Returns under Different States of Earnings ExpectationsJOURNAL OF FINANCIAL MARKETS. 310-331.
    2006 Does global diversification destroy firm value?Journal of International Business Studies. 352-371.
    2005 European momentum strategies, information diffusion, and investor conservatismEuropean Financial Management. 313-338.
    2005 Long-term performance of new equity issuers, venture capital and reputation of investment bankersEconomic Notes. 1-34.
    2005 Security analysis, agency costs, and UK firm characteristicsInternational Review of Financial Analysis. 493-507.
    2005 The two faces of analyst coverageFinancial Management. 99-125.
    2004 Divergent Opinions and the Performance of Value StocksFinancial Analysts Journal. 55-64.
    2004 Excess Cash Flows and Diversification DiscountFinancial Management. 71-88.
    2004 Investor Sentiment and the Closed-end Fund Puzzle: Out-of-sample EvidenceEuropean Financial Management. 235-266.
    2003 Exchange Rate Exposure at the Firm and Industry LevelFinancial Markets, Institutions & Instruments. 291-346.
    2003 Foreign Direct Investment, Diversification and Firm PerformanceINTERNATIONAL BUSINESS STUDIES.
    2003 Geographic diversification and agency costs of debt of multinational firmsJournal of Corporate Finance. 59-92.
    2002 A Test of the Errors-in-Expectations Explanation of the Value/Glamour Stock Returns Performance: Evidence from Analysts’ ForecastsThe Journal of Finance. 2143-2165.
    2002 Diversification, ownership and control of Swedish corporationsEuropean Financial Management. 281-314.
    2002 Rationality of capital marketsEuropean Financial Management. 229-247.
    2002 The Operational Hedging Properties of Intangible Assets: the Case of Non–voluntary Foreign Asset SelloffsJournal of International Financial Management & Accounting. 183-213.
    2001 Corporate Diversification and Performance: Evidence from Swedish Conglomerate and Non-Conglomerate AcquisitionsDepartment of Finance, Stern School of Business, New York University.
    2001 Corporate diversification and firm performance: Evidence from Swedish acquisitions
    2001 European Financial Management Association: Round Table Discussion–Rationality of Capital MarketsEuropean Financial Management. 229-247.
    2001 The Value/Glamour Anomaly: Evidence from Analysts’ Forecasts
    2000 Long-Term Performance of Initial Public Offerings: Venture Capitalists and Reputation of Investment Bankers
    2000 Security Analysis, Agency Costs, and Company Characteristics, 56 FinFinancial Analysts Journal. 61.
    1999 Intangible Assets and the Network Structure of MNCsJournal of International Financial Management & Accounting. 1-23.
    1999 The Pricing of Currency Risk in JapanJOURNAL OF BANKING AND FINANCE.
    1998 Financial and Investment issues in Emerging marketsGreenwood Publishing Group, Inc.
    1998 Multifactor Asset Pricing Analysis of International Value Investment StrategiesJOURNAL OF PORTFOLIO MANAGEMENT.
    1998 The Dimensions of International Equity StyleJOURNAL OF INVESTING. 15-30.
    1997 Common Volatility in the Industrial Structure of Global Capital MarketsJournal of International Money and Finance. 189-209.
    1997 Main Issues in Financial Sector Reform amd Privatization in Transition EconomiesElsevier Science B.V.Publishers.
    1997 The Linkages of S&P Stock Index and S&P 500 Stock Index Futures Prices During October 1987JOURNAL OF ECONOMICS AND BUSINESS. 253-266.
    1996 Exchange-Rate Exposure, Stock Returns and the Pricing of Currency Risk in Japan
    1996 Explaining Premiums and Discounts on Closed-End Equity Country FundsJOURNAL OF APPLIED CORPORATE FINANCE.
    1995 Overinvestment, Torbins Q and Gains from Foreign AcquisitionsJournal of Banking & Finance. 1285-1303.
    1995 Pre and Post-October 1987 Stock Market Linkages Between U.S. and Asian MarketsPacific-Basin Finance Journal. 57-73.
    1995 The Intertemporal Volatility Structure of Euro CD RatesEuropean Financial Management. 317-329.
    1994 Common Stochastic Trends in a System of Eurocurrency RatesJournal of Banking & Finance. 1047-1061.
    1994 Common Volatility in S&P 500 Stock Index and S&P 500 Index Futures Prices During October 1987JOURNAL OF FUTURES MARKETS. 915-925.
    1994 European Foreign Exchange Movements and Financial InstitutionsThe Haworth Press Inc.
    1994 Exchange Rates and the Role of the Trade Balance AccountMANAGERIAL FINANCE. 66-78.
    1993 Asian Equity Markets and the Role of JapanJOURNAL OF INTERNATIONAL SECURITIES MARKETS. 165-172.
    1993 Benefits of International Diversification: The Case of ADRsInternational Review of Economics and Business. 865-880.
    1993 European Equity Markets and Corporate Financial DecisionsThe Haworth Press Inc.
    1993 Integration of Euro-Money MarketsJOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT. 107-126.
    1993 International Stock Market Linkages: Evidence from the Pre and Post-October 1987 PeriodJournal of Banking & Finance. 193-208.
    1993 Investor's Information and IPO Underpricing: The Case of ADRsJournal of International Securities. 341-348.
    1992 ADRs, Investors' Information and Initial Public Equity Offerings (IPO) UnderpricingJOURNAL OF INTERNATIONAL SECURITIES MARKETS. 341-348.
    1992 Interest Rate Risk Management With Futures for Financial IntermediariesAPPLIED FINANCIAL ECONOMICS. 179-185.
    1992 Investor's Information and IPO Underpricing: The Case of ADRsJournal of International Securities. 341-348.
    1992 The stock market’s valuation of R&D spending and market concentrationJOURNAL OF ECONOMICS AND BUSINESS. 95-114.
    1991 Decision Rules for Corporate Management of Foreign Exchange RiskJOURNAL OF MULTINATIONAL FINANCIAL MANAGEMENT. 39-48.
    1991 Economies of Scale and Scope in Canadian Branch BankingJOURNAL OF INTERNATIONAL FINANCIAL MARKETS, INSTITUTIONS AND MONEY. 61-84.
    1991 R&D Announcements and the Market Value of the FirmFinancial Management.
    1990 On Unit Roots, and the Persistent Dependence of Futures PricesJai Press Inc..
    1989 Syndicated Euro-Credit Sovereign Risk Assessments, Market Efficiency and Contagion EffectsJournal of International Business Studies. 225-267.
    1988 Contagion Effect on Sovereign Interest Rate SpreadsECONOMICS LETTERS. 237-241.
    1988 The Effect of Corporate Multinationalism on Shareholders' Wealth: Evidence from International AcquisitionsJournal of Finance. 1161-1175.
    1987 Canadian Banks: Risk Reduction by International DiversificationAPPLIED ECONOMICS. 1561-1569.
    1987 Currency Substitution Under Different Exchange Rate SystemsAmerican Economics and Finance Association.
    1987 LDC Stabilization Policies, Price and Output Adjustment: Theory and Evidence, 1974-1983APPLIED ECONOMICS. 447-458.
    1987 Perceived Risk of Default and Banks' International Lending DecisionsJOURNAL OF ECONOMICS AND INTERNATIONAL RELATIONS. 323-333.
    1987 The Performance of Eurocurrency Report Hedging RecommendationsAPPLIED ECONOMICS. 845-852.
    1987 Unit Root Tests: Evidence from the Foreign Exchange Futures MarketsJournal of Financial and Quantitative Analysis. 101-108.
    1986 Bankers Versus Bankruptcy Prediction Models: An Empirical InvestigationAPPLIED ECONOMICS. 479-493.
    1986 Foreign Currency Futures and Monetary Policy Announcements: An Intervention AnalysisJOURNAL OF FUTURES MARKETS. 343-373.
    1986 Sovereign Risk and International Lending: Theoretical and Empirical AnalysisJOURNAL OF BANKING AND FINANCE SPECIAL STUDIES ON THE INTERNATIONAL DEBT PROBLEM. 131-145.
    1986 Stable Distributions, Futures Prices, and the Measurement of Trading Performance: A CommentJOURNAL OF FUTURES MARKETS. 505-506.
    1986 The Reaction of Spot and Forward Rates to New InformationEUROPEAN ECONOMIC REVIEW. 305-324.
    1985 Determinants of Foreign Portfolio Investment: Another ApproachCANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES. 264-277.
    1985 Overshooting in the Foreign Exchange Market: Evidence from the 1970sECONOMICS LETTERS. 267-270.
    1985 The Rationality of Money Supply Expectations and Canadian-U.S. Exchange Rate Response to Money Supply AnnouncementsTHE FINANCIAL REVIEW. 180-194.

    Books

    Year Title
    1998 Emerging Capital Markets: Financial and Investment Issues
    1998 Financial Sector Reform and Privatization in Transition Economies
    1996 Research in International Business and Finance:International Stock Market Interactions and Financial Issues in Emerging Markets.  Ed. 13. 
    1995 Research in International Business and Finance.  Ed. 12. 
    1993 Financial Management in Post-1992 Europe

    Conference Papers

    Year Title
    2005 Two Faces of Security Analysts
    1993 Asian Equity Markets and the Role of Japan: A Study of Regional Capital Market Integration
    1992 International Stock Market Linkages: Evidence from the Pre and Post-October 1987 Period
    1987 Syndicated Euro-Credit Sovereign Risk Assessments, Market Efficiency and Contagion Effects
    1985 A Model for Banks' International Lending Decisions: Some Empirical Evidence on the U.S. and the Japanese Banking Systems.  52-63.
    1984 The Information Content of Weekly Money Supply Announcements and the Term Structure of Exchange Rates
    1984 The Rationality of Money Supply Expectations and the Can. $/U.S. $ Exchange Rate Response to Money Supply Announcements.  124-137.
    1983 Currency Substitution Under Difference Exchange Rate Systems

    Research Overview

  • My research interests include corporate finance, asset pricing, the role of information in capital markets, international financial management, foreign investments, and foreign exchange markets. Dr. Doukas has published over ninety scientific academic articles on a wide range of finance and business-related issues in many academic journals including the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, Journal of Portfolio Management, Financial Analysts Journal, Journal of Banking and Finance, Journal of International Money and Finance, Journal of International Business Studies, Journal of Investing, Journal of Futures Markets, Journal of Applied Corporate Finance, European Financial Management, Financial Management, and Financial Review.
  • Keywords

  • Economics : Corporate Finance, Asset Pricing, the Role of Information in Capital Markets, International Financial Management, Foreign Investments, and Foreign Exchange Markets
  • Finance : Corporate Finance, Asset Pricing, the Role of Information in Capital Markets, International Financial Management, Foreign Investments, and Foreign Exchange Markets
  • International Business : Corporate Finance, Asset Pricing, the Role of Information in Capital Markets, International Financial Management, Foreign Investments, and Foreign Exchange Markets
  • Education And Training

  • Ph.D. in Finance, New York University 1982
  • M.Phil. in Financial Economics/International Finance, New York University 1981
  • M.Sc. in Finance, University of Stirling 1977
  • B.A. in Econometrics, National University of Athens 1975
  • Full Name

  • John Doukas