Anil Shivdasani is the Wells Fargo Distinguished Professor, director of the Wells Fargo Center for Corporate Finance, and a Sarah Graham Kenan Distinguished Scholar.
He is an award-winning teacher of mergers and acquisitions and corporate financial strategy.
His areas of expertise include corporate valuation, capital structure, financing strategies, mergers and acquisitions, and corporate governance.
Dr. Shivdasani took academic leave to work as a managing director in the investment banking division at Citigroup Global Markets Inc. He has advised leading companies across the globe on strategic financial issues including valuation, capital structure, capital requirements, credit ratings, financial policy, M&A issues, liquidity management, acquisition financing, convertible instruments, pensions and corporate governance.
He has worked on numerous M&A and capital market financing assignments and his transactional experiences includes IBM’s acquisition of PwC Consulting, which received the Investment Dealer Digest Award for Best Technology Deal of the Year in 2002. He served as exclusive financial advisor to the U.S. Navy in its evaluation of Northrop Grumman’s spin-off of Huntington Ingalls Industries in 2011.
His background includes extensive experience with clients in the financial services, industrial, and technology sectors. He has written several widely circulated investment banking reports on current financial trends such as transformational M&A, pension plan underfunding, the credit crisis, banking sector turmoil, sovereign wealth funds, hedge fund activism, private equity, leveraged restructurings, mergers and acquisitions, initial public offerings, share buybacks, dividend policy and hybrid securities.
Dr. Shivdasani is the author of numerous corporate finance articles that have appeared in the leading academic journals in finance, including Harvard Business Review, the Journal of Finance, Review of Financial Studies and Journal of Financial Economics. His research has been discussed in The Wall Street Journal, The New York Times, Financial Times, Sloan Management Review, Businessweek, CFO, Treasury and Risk Management, Reuters Merger Week and Directorship.
Industry Expertise (3)
Areas of Expertise (15)
Bullard Impact Award (professional)
Awarded for the research impact of his research on business practices
Ohio State University: Ph.D., Finance
Delhi University: B.A., Economics
- Asian Institute for Corporate Governance : Research Fellow
- Center for Corporate Governance at Drexel University : Research Fellow
- Journal of Finance : Associate Editor
- Financial Management : Associate Editor
- Review of Financial Economics (Journal) : Associate Editor
- Corporate Governance and Control : Associate Editor
Media Appearances (5)
Hedge Funds And Activism Merger
Activist hedge funds play a critical role in the market for corporate control. Activists foster acquisition activity at targeted firms through the intensity of their engagement with management and their prior record in activism mergers. Activism targets experience a six-to-eight times higher likelihood of receiving a takeover bid relative to firms in which the same activist hedge funds have passive ownership stakes...
The Big Number
The Wall Street Journal online
Anil Shivdasani, a finance professor at the University of North Carolina’s Kenan-Flagler Business School, said Companies are finding it hard to raise prices, limiting their ability to turn business investments into more cash. In April, seasonally adjusted inflation in the U.S. was down 0.1% from a year earlier...
The investors behind the Kraft-Heinz merger
In this case, the details are about cutting costs, as Berkshire Hathaway and 3G have done at Heinz, which they purchased in 2013. In order to reach their declared cost reduction target for Kraft of $1.5 billion by 2017, Anil Shivdasani, professor of finance at the Kenan-Flagler Business School at UNC-Chapel Hill, says there's "no question" this will mean lay-offs...
Two Is Better Than One: Why Big Tech Companies Are Splitting Up
Data from a recent study done by Anil Shivdasani, a finance professor at the University of North Carolina’s Kenan-Flagler Business School, provides two simple answers: increased financial strength and shareholder value.
Shares of North American conglomerates were outperformed by their split-up rivals by an average of 11.4 percent from 2000 to 2010, Shivdasani found.
Not only that, but Shivdasani’s data also found that in the three months following an organization’s announcement of a split, their shares outperformed their rivals by 6 percent, a trend believed to be set to continue...
Hewlett-Packard Split Comes as More Investors Say Big Isn’t Better
The Wall Street Journal online
Trian’s argument has some support in the data. Shares of North American conglomerates underperformed their more focused rivals by 11.4% on average from 2000 to 2010, according to a study from Anil Shivdasani, a finance professor at the University of North Carolina Kenan-Flagler Business School. Shares of companies that announced a spinoff outperformed peers by 6% in the three months around the announcement. Professor Shivdasani said Monday the data remained similar through the end of last year...
The authors analyzed 215 larger mergers that took place across the globe from 2000-2010.
With $2 trillion at stake, the the time has come for honext debate among business leaders and financial advisers about how best to determine investment time horizons, cost of capital, and project risk adjustment. And it is past time for non-financial corporate directors to get up to speed on how the companies they oversee evaluate investments.
Using data on the backgrounds of board members of S&P companies, the authors show that venture capitalists (VCs) play an important role in mature public firms long after their initial public offering (IPO).
The authors study the government equity infusions and the incentives of banks to participate in the Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP).
ABSTRACT: Firms with busy boards, those in which a majority of outside directors hold three or more directorships, are associated with weak corporate governance. These firms exhibit lower market-to-book ratios, weaker profitability, and lower sensitivity of CEO turnover to ...