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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    • Tel: 314-935-6392
    • Fax: 314-935-6359
SCHOLARLY PAPERS

35

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328

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403

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 5,211 (1,690)
Citation 8

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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 2,209 (7,356)
Citation 37

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

3.

How Did Increased Competition Affect Credit Ratings?

Downloads 1,433 ( 14,799)
Citation 87

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 1,330 (16,297)
Citation 90

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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 103 (298,073)

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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 1,256 (18,124)
Citation 5

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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 1,035 (24,198)
Citation 16

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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 911 (29,091)
Citation 2

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7.

Credit Ratings as Coordination Mechanisms

Downloads 848 ( 32,178)
Citation 130

Credit Ratings as Coordination Mechanisms

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 823 (33,018)
Citation 18

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Credit Ratings as Coordination Mechanisms

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 (576,137)
Citation 13
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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 794 (35,181)
Citation 9

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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 779 (36,118)
Citation 20

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10.

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

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 711 (40,910)
Citation 29

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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, Board of Governors of the Federal Reserve System and Washington University in Saint Louis - Olin Business School
Downloads 628 (48,292)
Citation 29

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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 614 (49,732)
Citation 6

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

13.

Product Market Peers and Relative Performance Evaluation

The Accounting Review, forthcoming
Number of pages: 57 Posted: 19 Jul 2015 Last Revised: 21 Sep 2020
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 Purdue University
Downloads 572 (54,441)
Citation 10

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Product market peers, relative performance evaluation, CEO compensation, and forced CEO turnover

14.

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 552 (56,945)
Citation 18

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

15.

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 414 (81,044)
Citation 4

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Executive compensation, auditor expertise, earnings management, accounting fraud

16.

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 407 (82,670)

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17.

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 399 (84,578)
Citation 6

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

18.

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 382 (88,935)
Citation 2

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Executive Compensation, Risk, Relative Performance Evaluation

19.

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 331 (104,758)
Citation 1

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Executive compensation, Equity-based pay, Stock price informativeness

20.

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 323 (107,576)
Citation 2

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Capital budgeting

21.

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 314 (110,927)
Citation 3

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

22.

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 301 (116,124)
Citation 3

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23.

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 300 (116,561)
Citation 4

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CEO Compensation, Strategy, Pay for Luck, Corporate Governance

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 212 (164,865)

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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 184 (187,907)
Citation 3

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26.

Do Informative Stock Prices Simplify Executive Compensation?

Fisher College of Business Working Paper No. 2019-03-007, Charles A. Dice Center Working Paper No.2019-07
Number of pages: 50 Posted: 15 Mar 2019 Last Revised: 03 Dec 2020
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 178 (193,487)

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

27.

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 169 (202,254)
Citation 2

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28.

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 139 (237,782)
Citation 2

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Legal risk, Investment, SEC 10-K filing

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 103
Citation 7

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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 85 (334,870)
Citation 5

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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 59 (408,635)
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 (735,687)
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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

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

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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