Todd T. Milbourn

Washington University in Saint Louis - Olin Business School

Hubert C. and Dorothy R. Moog Professor of Finance and Senior Associate Dean of Faculty & Research

1 Brookings Drive

Campus Box 1133

St. Louis, MO 63130-4899

United States

http://www.olin.wustl.edu/faculty/milbourn/

  • Washington University in Saint Louis - Olin Business School

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SCHOLARLY PAPERS

35

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498

Scholarly Papers (35)

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1.

Does Corporate Performance Determine Capital Structure and Dividend Policy?

Number of pages: 53 Posted: 22 Mar 2005
Michael W. Faulkender, Anjan V. Thakor and Todd T. Milbourn
University of Maryland - Robert H. Smith School of Business, Washington University, Saint Louis - John M. Olin School of Business and Washington University in Saint Louis - Olin Business School
Downloads 5,084 (1,435)
Citation 6

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Capital Structure, Dividend Policy, Disagreement

2.

CEO Compensation and Corporate Risk: Evidence from a Natural Experiment

Journal of Accounting & Economics (JAE), 2013, 56(2-3), pp. 79-101., AFA 2012 Chicago Meetings Paper
Number of pages: 57 Posted: 02 Dec 2010 Last Revised: 17 Jun 2014
Todd A. Gormley, David A. Matsa and Todd T. Milbourn
Washington University in St. Louis, Northwestern University - Kellogg School of Management and Washington University in Saint Louis - Olin Business School
Downloads 2,109 (6,514)
Citation 14

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legal liability, regulatory risk, tail risk, stock options, compensation, managerial incentives

3.

How Did Increased Competition Affect Credit Ratings?

Downloads 1,368 ( 13,331)
Citation 64

How Did Increased Competition Affect Credit Ratings?

Harvard Business School Finance Working Paper No. 09-051
Number of pages: 49 Posted: 06 Oct 2008 Last Revised: 25 Sep 2010
Bo Becker and Todd T. Milbourn
Stockholm School of Economics and Washington University in Saint Louis - Olin Business School
Downloads 1,291 (14,272)
Citation 8

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Credit ratings, competition and reputation, information quality

How Did Increased Competition Affect Credit Ratings?

NBER Working Paper No. w16404
Number of pages: 49 Posted: 04 Oct 2010
Bo Becker and Todd T. Milbourn
Stockholm School of Economics and Washington University in Saint Louis - Olin Business School
Downloads 77 (313,374)

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4.

Expansion of Banking Scale and Scope: Don't Banks Know the Value of Focus?

London Business School WP No. LBS-IFA 275-1998
Number of pages: 29 Posted: 13 Aug 1998
Arnoud W. A. Boot, Anjan V. Thakor and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School, Washington University, Saint Louis - John M. Olin School of Business and Washington University in Saint Louis - Olin Business School
Downloads 1,252 (15,303)
Citation 4

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5.

Do Stock Prices Incorporate the Potential Dilution of Employee Stock Options?

Number of pages: 37 Posted: 17 Apr 2001
Gerald T. Garvey and Todd T. Milbourn
Blackrock and Washington University in Saint Louis - Olin Business School
Downloads 1,028 (20,565)
Citation 13

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Employee stock options, dilution, market efficiency

6.

The Executive Compensation Puzzle: Theory and Evidence

Number of pages: 43 Posted: 20 Jun 1998
Todd T. Milbourn
Washington University in Saint Louis - Olin Business School
Downloads 893 (25,348)
Citation 1

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7.

Credit Ratings as Coordination Mechanisms

Downloads 836 ( 27,808)
Citation 121

Credit Ratings as Coordination Mechanisms

EFA 2004 Maastricht Meetings Paper No. 2979
Number of pages: 43 Posted: 03 Aug 2004
Arnoud W. A. Boot, Todd T. Milbourn and Anjolein Schmeits
University of Amsterdam - Amsterdam Business School, Washington University in Saint Louis - Olin Business School and New York University (NYU) - Leonard N. Stern School of Business
Downloads 811 (28,500)
Citation 6

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Credit Ratings as Coordination Mechanisms

CEPR Discussion Paper No. 3331
Number of pages: 33 Posted: 23 May 2002
Arnoud W. A. Boot and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School and Washington University in Saint Louis - Olin Business School
Downloads 25 (505,211)
Citation 6
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Credit ratings, multiple equilibria, coordination

8.

The Optimal Duration of Executive Compensation: Theory and Evidence

AFA 2012 Chicago Meetings Paper
Number of pages: 43 Posted: 10 Aug 2010 Last Revised: 09 Jan 2013
Radhakrishnan Gopalan, Todd T. Milbourn, Fenghua Song and Anjan V. Thakor
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School, Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 760 (31,721)
Citation 7

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Executive Compensation, Vesting, Duration, Managerial Myopia, Corporate Governance

9.

Compensation Goals and Firm Performance

Number of pages: 61 Posted: 09 May 2014 Last Revised: 16 Jul 2015
Benjamin Bennett, J. Carr Bettis, Radhakrishnan Gopalan and Todd T. Milbourn
Tulane University - A.B. Freeman School of Business, Arizona State University (ASU) - Finance Department, Washington University in St. Louis - John M. Olin Business School and Washington University in Saint Louis - Olin Business School
Downloads 711 (34,694)
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10.

Asymmetric Benchmarking in Compensation: Executives are Paid for (Good) Luck But Not Punished for Bad

AFA 2004 San Diego Meetings
Number of pages: 39 Posted: 12 May 2003
Gerald T. Garvey and Todd T. Milbourn
Blackrock and Washington University in Saint Louis - Olin Business School
Downloads 690 (36,178)
Citation 5

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Compensation, Benchmarking

11.

Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials

Number of pages: 63 Posted: 30 Oct 2010 Last Revised: 02 Apr 2015
Antonio Falato, Dan Li and Todd T. Milbourn
Board of Governors of the Federal Reserve System, Federal Reserve Board and Washington University in Saint Louis - Olin Business School
Downloads 604 (43,225)
Citation 13

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CEO pay, CEO labor market, CEO turnover

12.

The Role of Stock Liquidity in Executive Compensation

The Accounting Review, Forthcoming
Number of pages: 42 Posted: 25 Sep 2009 Last Revised: 24 Jul 2011
Sudarshan Jayaraman and Todd T. Milbourn
University of Rochester - Simon Business School and Washington University in Saint Louis - Olin Business School
Downloads 583 (45,280)
Citation 1

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Compensation, stock liquidity, stock price informativeness, optimal contracting, pay for performance

13.

Duration of Executive Compensation

Journal of Finance, Forthcoming
Number of pages: 50 Posted: 09 Jan 2013
Radhakrishnan Gopalan, Todd T. Milbourn, Fenghua Song and Anjan V. Thakor
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School, Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 513 (53,258)
Citation 1

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executive compensation, vesting, duration, managerial myopia, corporate governance

14.

Product Market Peers and Relative Performance Evaluation

Simon Business School Working Paper No. FR 15-25
Number of pages: 62 Posted: 19 Jul 2015 Last Revised: 17 May 2018
Sudarshan Jayaraman, Todd T. Milbourn, Florian S. Peters and Hojun Seo
University of Rochester - Simon Business School, Washington University in Saint Louis - Olin Business School, University of Amsterdam and National University of Singapore
Downloads 421 (67,957)
Citation 7

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Product market peers, Relative Performance Evaluation, CEO compensation, and Forced CEO Turnovers

15.

Managerial Career Concerns and Project Cycle Time in Capital Budgeting

Number of pages: 29 Posted: 26 Feb 1999
Todd T. Milbourn, Anjan V. Thakor and Richard L. Shockley
Washington University in Saint Louis - Olin Business School, Washington University, Saint Louis - John M. Olin School of Business and Indiana University - Kelley School of Business - Department of Finance
Downloads 405 (71,301)

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16.

The Effect of Auditor Expertise on Executive Compensation

Number of pages: 53 Posted: 07 Nov 2011 Last Revised: 11 Jan 2012
Sudarshan Jayaraman and Todd T. Milbourn
University of Rochester - Simon Business School and Washington University in Saint Louis - Olin Business School
Downloads 404 (71,481)
Citation 2

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Executive compensation, auditor expertise, earnings management, accounting fraud

17.

Market-Indexed Executive Compensation: Strictly for the Young

Number of pages: 28 Posted: 06 Jun 2001
Gerald T. Garvey and Todd T. Milbourn
Blackrock and Washington University in Saint Louis - Olin Business School
Downloads 380 (76,696)
Citation 1

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Executive Compensation, Risk, Relative Performance Evaluation

18.

CEO Equity Incentives and Financial Misreporting: The Role of Auditor Expertise

Accounting Review, Forthcoming
Number of pages: 51 Posted: 06 Jun 2014
Sudarshan Jayaraman and Todd T. Milbourn
University of Rochester - Simon Business School and Washington University in Saint Louis - Olin Business School
Downloads 375 (77,875)
Citation 1

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CEO compensation, financial misreporting, accounting fraud, auditor expertise, auditing

19.

Sunflower Management and Capital Budgeting

Tinbergen Institute Working Paper No. 2002-059/2
Number of pages: 39 Posted: 12 Nov 2002
Arnoud W. A. Boot, Anjan V. Thakor and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School, Washington University, Saint Louis - John M. Olin School of Business and Washington University in Saint Louis - Olin Business School
Downloads 322 (92,702)
Citation 2

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Capital budgeting

20.

Financial Misreporting and Executive Compensation: The Qui Tam Statute

Number of pages: 53 Posted: 10 Feb 2010 Last Revised: 26 Jul 2010
Sudarshan Jayaraman and Todd T. Milbourn
University of Rochester - Simon Business School and Washington University in Saint Louis - Olin Business School
Downloads 307 (97,669)
Citation 1

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CEO compensation, CFO compensation, accounting fraud, SOX, earnings management, financial reporting, equity incentives

21.

Killing the Bearer of Ill Tidings: A Theory of Consensus-Provision Moral Hazard

IFA Working Paper 274-1998
Number of pages: 42 Posted: 26 Feb 1999
Arnoud W. A. Boot, Anjan V. Thakor and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School, Washington University, Saint Louis - John M. Olin School of Business and Washington University in Saint Louis - Olin Business School
Downloads 300 (100,093)
Citation 2

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22.

Strategic Flexibility and the Optimality of Pay for Luck

Number of pages: 45 Posted: 08 Sep 2007 Last Revised: 17 Sep 2009
Radhakrishnan Gopalan, Todd T. Milbourn and Fenghua Song
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School and Pennsylvania State University - Smeal College of Business
Downloads 297 (101,245)
Citation 4

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CEO Compensation, Strategy, Pay for Luck, Corporate Governance

23.

Why Do Firms Use Equity-based Pay? Managerial Compensation and Stock Price Informativeness

Fisher College of Business Working Paper No. 2019-03-012, Charles A. Dice Center Working Paper No. 2019-12
Number of pages: 52 Posted: 28 Feb 2018 Last Revised: 03 May 2019
Benjamin Bennett, Gerald T. Garvey, Todd T. Milbourn and Zexi Wang
Tulane University - A.B. Freeman School of Business, Blackrock, Washington University in Saint Louis - Olin Business School and Lancaster University
Downloads 251 (120,932)
Citation 1

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Executive compensation, Equity-based pay, Stock price informativeness

24.

Evolution of Organizational Scale and Scope

Tinbergen Institute Working Paper No. 2002-060/2
Number of pages: 37 Posted: 11 Nov 2002
Arnoud W. A. Boot, Anjan V. Thakor and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School, Washington University, Saint Louis - John M. Olin School of Business and Washington University in Saint Louis - Olin Business School
Downloads 210 (144,100)

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Organizational scale and scope

25.

Strategic Flexibility and the Optimality of Pay for Sector Performance

Review of Financial Studies, Forthcoming
Number of pages: 47 Posted: 21 Sep 2009
Radhakrishnan Gopalan, Todd T. Milbourn and Fenghua Song
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School and Pennsylvania State University - Smeal College of Business
Downloads 182 (164,497)

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26.

Prestige, Intrafirm Tournaments and Failure Aversion in Corporate Decisions

Working Paper No. 99-003
Number of pages: 29 Posted: 20 Aug 1999
Todd T. Milbourn, Anjan V. Thakor and Richard L. Shockley
Washington University in Saint Louis - Olin Business School, Washington University, Saint Louis - John M. Olin School of Business and Indiana University - Kelley School of Business - Department of Finance
Downloads 165 (179,279)
Citation 2

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27.

Corporate Investment Under the Cloud of Litigation

Fisher College of Business Working Paper No. 2018-03-18, Charles A. Dice Center Working Paper No. 2018-18
Number of pages: 60 Posted: 11 Sep 2018
Benjamin Bennett, Todd T. Milbourn and Zexi Wang
Tulane University - A.B. Freeman School of Business, Washington University in Saint Louis - Olin Business School and Lancaster University
Downloads 100 (263,515)

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Legal risk, Investment, SEC 10-K filing

28.

Stock Price Informativeness and the Complexity of CEO Compensation

Fisher College of Business Working Paper No. 2019-03-007, Charles A. Dice Center Working Paper No.2019-07
Number of pages: 46 Posted: 15 Mar 2019 Last Revised: 16 Jul 2019
Benjamin Bennett, Gerald T. Garvey, Todd T. Milbourn and Zexi Wang
Tulane University - A.B. Freeman School of Business, Blackrock, Washington University in Saint Louis - Olin Business School and Lancaster University
Downloads 97 (268,816)

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Compensation complexity, Stock price informativeness, Market monitoring, Proxy statements, Textual analysis

29.

CEO Pay and the Market for CEOs

FEDS Working Paper No. 2012-39
Number of pages: 67 Posted: 18 Dec 2012
Antonio Falato, Todd T. Milbourn and Dan Li
Board of Governors of the Federal Reserve System, Washington University in Saint Louis - Olin Business School and Board of Governors of the Federal Reserve System
Downloads 95
Citation 5

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Determinants of CEO pay, CEO labor market

30.

What Will it Do for My EPS? An Unflattering But Powerful Motive for Mergers

Number of pages: 53 Posted: 06 Jun 2010 Last Revised: 06 Jan 2014
Gerald T. Garvey, Todd T. Milbourn and Kangzhen Xie
Blackrock, Washington University in Saint Louis - Olin Business School and Seton Hall University, Stillman School of Business
Downloads 70 (327,381)
Citation 4

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31.

How Well Do Investors Process (More Subtle) Information? The Case of Employee Stock Options

Number of pages: 38 Posted: 20 Mar 2007 Last Revised: 04 Dec 2008
Jian Cai, Gerald T. Garvey and Todd T. Milbourn
Washington University in St. Louis, Blackrock and Washington University in Saint Louis - Olin Business School
Downloads 58 (360,516)
Citation 1

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Stock options, dilution, limited attention, information disclosure

32.

Eva and Total Quality Management

Journal of Applied Corporate Finance, Vol. 10, Issue 2, pp. 81-89, 1997
Number of pages: 11 Posted: 08 Feb 2019
Jeffrey M. Bacidore, John Boquist, Todd T. Milbourn and Anjan V. Thakor
University of Michigan at Ann Arbor, Indiana University - Kelley School of Business - Department of Finance, Washington University in Saint Louis - Olin Business School and Washington University, Saint Louis - John M. Olin School of Business
Downloads 1 (648,295)
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33.

The Value Sphere: The Corporate Executives' Handbook for Creating and Retaining Shareholder Wealth (4th Edition)

J. Boquist, T. Milbourn, A. Thakor, THE VALUE SPHERE: THE CORPORATE EXECUTIVES' HANDBOOK FOR CREATING AND RETAINING SHAREHOLDER WEALTH, World Scientific, 2009
Posted: 08 Sep 2009 Last Revised: 11 May 2014
John Boquist, Todd T. Milbourn and Anjan V. Thakor
Indiana University - Kelley School of Business - Department of Finance, Washington University in Saint Louis - Olin Business School and Washington University, Saint Louis - John M. Olin School of Business

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Growth Strategy, Corporate Finance, Mergers and Acquisitions, Value Creation, Capital Budgeting

34.

Incentive Compensation When Executives Can Hedge the Market: Evidence of Relative Performance Evaluation in the Cross Section

Journal of Finance, Vol. 58, pp. 1557-1582, August 2003
Posted: 03 Jan 2004
Gerald T. Garvey and Todd T. Milbourn
Blackrock and Washington University in Saint Louis - Olin Business School

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35.

Managerial Career Concerns and Investments in Information

RAND Journal of Economics, Vol. 32, No. 2
Posted: 23 May 2001
Todd T. Milbourn, Anjan V. Thakor and Richard L. Shockley
Washington University in Saint Louis - Olin Business School, Washington University, Saint Louis - John M. Olin School of Business and Indiana University - Kelley School of Business - Department of Finance

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