Shehzad L. Mian

Associate Professor of Finance | Emory University, Goizueta Business School

Atlanta, GA, UNITED STATES

Biography

Prior to joining Emory in September 1989, Professor Mian taught at Krannert Graduate School of Management at Purdue University, from 1985 to 1988, and was an adjunct lecturer at the University of Rochester during the 1984-85 academic year. His current research focuses on choice of financial reporting methods, examination of corporate trade credit policy, market for corporate control, and corporate use of derivatives. His work has been published in Financial Management, Journal of Accounting and Economics, Journal of Financial Engineering, Journal of Financial and Quantitative Analysis, Journal of Financial Research, Journal of Corporate Finance, Journal of Applied Corporate Finance, and Journal of Finance.

Education (3)

University of Rochester: PhD, Corporate Finance

University of Rochester: Master's, Corporate Finance

London School of Economics: Bachelor's Science, Mathematical Economics, Econometrics

Areas of Expertise (4)

Corporate Finance

Investments and International Finance

Corporate Control

Risk Management

Publications (3)

On the structure of analyst research portfolios and forecast accuracy

Journal of Accounting Research

2009-04-09

This study provides insights into the forces and constraints that shape analyst research coverage along country and sector dimensions and the impact of the structure of an analyst's portfolio on forecast accuracy. We find that analyst specialization by country and sector is sensitive to the extent to which firms within a country or sector and firms across country-sectors are exposed to common economic forces, the potential for revenue generation, and broker culture. Our tests indicate that existing research on the relation between analyst portfolio structure and forecast accuracy may suffer from an endogeneity bias. We use our analysis of analyst specialization to develop controls for this bias. Once we employ these controls, we find that country diversification is associated with superior forecast accuracy. However, the relation between sector diversification and forecast accuracy is context-specific. Specifically, sector diversification enhances forecast accuracy in an international context, while it detracts from forecast accuracy in a domestic U.S. context.

Evidence on Corporate Hedging Policy

Cambridge University Press

1996-09-01

This paper provides empirical evidence on the determinants of corporate hedging decisions. The paper examines the evidence in light of currently mandated financial reporting requirements and, in particular, the constraints placed on anticipatory hedging. Data on hedging are obtained from 1992 annual reports for a sample of 3,022 firms. Out of the 771 firms classified as hedgers, 543 firms disclose information in their annual reports on their hedging activities; the remaining 228 firms report use of derivatives but no information on hedging activities. Based on the evidence, I draw the following conclusions with respect to the models of hedging: evidence is inconsistent with financial distress cost models; evidence is mixed with respect to contracting cost, capital market imperfections, and tax-based models; and evidence uniformly supports the hypothesis that hedging activities exhibit economies of scale.

Accounts Receivable Management Policy: Theory and Evidence

American Finance Association

1992-03-01

This paper develops and tests hypotheses that explain the choice of accounts receivable management policies. The tests focus on both cross-sectional explanations of policy-choice determinants, as well as incentives to establish captives. We find size, concentration, and credit standing of the firm's traded debt and commercial paper are each important in explaining the use of factoring, accounts receivable secured debt, captive finance subsidiaries, and general corporate credit. We also offer evidence that captive formation allows more flexible financial contracting. However, we find no evidence that captive formation expropriates bondholder wealth.

In the News (1)

Faculty, staff honored with awards for 2015-16 academic year

emorybusiness.com online

2016-05-17

Each year numerous awards are bestowed on faculty members at Goizueta Business School with emphasis on their roles in the classroom. For the 2015-16 academic year, professors from multiple academic areas and programs were honored. Wes Longhofer, Assistant Professor of Organization and Management, received The Marc F. Adler Prize for Excellence in Teaching. This award honors outstanding teaching quality, course innovation and relevance to real-world problem solving in all Goizueta Business School programs. This spring, Emily Bianchi, Assistant Professor of Organization and Management, received the Emory Williams Teaching Award. This is the oldest teaching award at the university. Nominations are made by a committee, reviewed by the Dean’s Office and submitted to the Provost for approval.