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David Offenberg, Ph.D. - Loyola Marymount University. Los Angeles, CA, US

David Offenberg, Ph.D. David Offenberg, Ph.D.

Associate Professor of Finance, College of Business Administration | Loyola Marymount University

Los Angeles, CA, UNITED STATES

(310) 338-2903 | doffenberg@lmu.edu

Biography

You can contact David Offenberg at David.Offenberg@lmu.edu.

David Offenberg is an associate professor of finance at Loyola Marymount University, and is amongst the world’s leading academic experts in entertainment finance. His alumni work across the entertainment industry, at the major studios, independent studios, talent agencies, and financial firms. Dr. Offenberg won the nation’s most prestigious teaching award for finance professors in 2018, the Financial Management Association’s Innovation in Teaching Award. He is frequently quoted in the press, with recent mentions on CNBC, Entertainment Weekly, NPR, Observer, Vanity Fair, and The Wrap. He also provides financial and analytical consulting services to independent filmmakers and studios, and often delivers keynote addresses to entertainment industry professionals. His research has appeared in the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Corporate Finance, and Financial Management. Prior to joining the faculty, Dr. Offenberg was a 401(k) research analyst for Watson Wyatt and Co. He received a Ph.D. in finance and a B.S. in industrial management from Purdue University.

Education (2)

Purdue University: Ph.D., Finance 2005

Purdue University: B.S., Industrial Management 1996

Social

Areas of Expertise (5)

Corporate Finance

Mergers and Acquisitions

Pensions

Entertainment Finance

Executive Compensation

Media Appearances (4)

"Why No One Has Jumped at Buying ‘Bite-Sized’ Netflix Right Now"

TheWrap  online

2022-06-08

David Offenberg is quoted in an article titled "Why No One Has Jumped at Buying ‘Bite-Sized’ Netflix Right Now."

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"Netflix to test crackdown on freeloading viewers"

Marketplace  online

2022-03-17

David Offenberg was quoted in an article titled "Netflix to test crackdown on freeloading viewers."

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"What the Amazon-MGM deal means for the streaming business"

NPR  online

2022-03-17

David Offenberg was quoted in an article titled "What the Amazon-MGM deal means for the streaming business."

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"Inside UTA’s $230-Million Gaming SPAC: Is Hollywood Seeing a Future Beyond Movies and TV?"

TheWrap  online

2021-12-10

David Offenberg was quoted in an article titled "Inside UTA’s $230-Million Gaming SPAC: Is Hollywood Seeing a Future Beyond Movies and TV?"

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Articles (2)

How do acquirers choose between mergers and tender offers?

Journal of Financial Economics

2015-05-01

Tender offers provide the advantage of substantially faster completion times than mergers. However, a tender offer signals to the target higher demand for its shares and raises its reservation price. In equilibrium, bidders tradeoff speed and cost. Consistent with this theory, we show that deals in more competitive environments and deals with fewer external impediments on execution are more likely to be structured as tender offers. Tender offers also require higher premiums than mergers. Finally, the rivals of the bidding firm realize significantly lower announcement returns and subsequent operating performance in tender offers than in mergers.

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The totality of change-in-control payments

Journal of Corporate Finance

2014-12-01

Most extant studies consider golden parachutes as the totality of change-in-control payments. However, for the median CEO of firms listed in the S&P SmallCap 600 index in 2009, golden parachute payments are only 46% of total change-in-control compensation. We measure total change-in-control payments using newly available data for this sample. Our results show that the total payments to the departing CEO are estimated at 1.1% of market value (on average). We also show that newly earned compensation (as opposed to accelerated vesting of lagged incentive pay) makes up approximately half of total change-in-control payments for the median CEO, and these two components of severance pay are positively correlated (contrary to existing theory). Furthermore, change-in-control payments do not appear to impede takeover offers or affect takeover premiums. Total change-in-control payments are small on average, and boards seem to take care in negotiating these terms with incumbent CEOs so that change-in-control payments do not adversely affect the firm's prospects in the takeover market.

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