University of Pittsburgh

Faculty

Gershon N. Mandelker

Katz Alumni Chair Professor of Finance and Business Administration

Office: Katz Graduate School of Business, University of Pittsburgh, PA 15260
Phone: 412-648-1713
E-mail: mandelke@katz.pitt.edu

Degrees

PhD, University of Chicago, 1973
MBA, University of Chicago, 1971
BA, The Hebrew University of Jerusalem (Majors: Economics and Statistics), 1965

MBA Courses Taught

Creating Value Through Restructuring
The Efficiency of Capital Markets
Research Methodology in Finance I and II

Interest Group

Finance

Profile

Mandelker's research goal is to advance and test theories that explain economic behavior of individuals, firms, and capital markets. This includes issues in corporate financial policy; corporate governance; mergers and acquisitions; management compensation; market microstructure; the behavior of stock prices and bond prices in an efficient market; the relation between accounting measures of income and risk and their financial measures; and the impact of inflation on rates of return of financial assets.

Academic Experience

Summer 1977–present: Professor, Joseph M. Katz Graduate School of Business, University of Pittsburgh. Courses taught: The Efficiency of Financial Markets; Introduction to Finance; Corporate Finance; Investment Management; Seminar in Investment Management and Portfolio Analysis; PhD Students—Independent Study in Finance; PhD Seminar—The Theory of Finance I and II and Empirical Research in Finance.

Fall 1973–Spring 1977: Assistant Professor, Graduate School of Industrial Administration, Carnegie Mellon University. Courses taught: Corporate Finance; Finance I; Finance II; Capital Markets; Investments Management; Contemporary Topics in Accounting and Finance; Business Enterprise (Price Theory); Capital Markets II; Evaluation of Financial Information; PhD Students—Independent Study in Finance; PhD Seminar in Finance I and II.

Publications

'Investment Banking: An Economic Analysis of Optimal Underwriting Contracts" (with A. Raviv), The Journal of Finance, XXXI. Reprinted in Financial Intermediaries, K. Lewis, ed. International Library of Critical Writings in Economics, vol. 43. Aldershot, U.K.: Elgar, 1995.

"The Impact of Financial and Operating Leverages on the Systematic Risk of Common Stocks" (with S.G. Rhee), Journal of Financial and Quantitative Analysis, XIX, March 1984, 45–57.

"Managerial Incentives and Corporate Investment and Financing Decisions" (with A. Agrawal), The Journal of Finance, XLII, September 1987, 823–838.

"Large Shareholders and the Monitoring of Managers: The Case of Antitakeover Charter Amendments" (with A. Agrawal), Journal of Financial and Quantitative Analysis, XXV, June 1990, 143–162.

"Executive Compensation and Corporate Performance in Electric and Gas Utilities" (with A. Agrawal and A. Makhija), Financial Management, XXI, Winter 1991, 113–124.

"The Post Acquisition Performance of Acquiring Firms in Mergers: A Re-examination of an Anomaly" (with A. Agrawal and J. Jaffe), The Journal of Finance, XLVII, September 1992, 1605–1622. Reprinted in Takeovers: A Book of Readings, Volume II, edited by A. Cosh and A. Hughes (The International Library of Management; Dartmouth Publishing Company Limited, Ashgate Publishing Limited, 1998).

"The Efficient Markets Hypothesis—An Overview" (with J. Clarke and T. Jandik), in Leading Financial Experts: Investment Strategies from Industry Leaders, ed. by R.C. Arffa (John Wiley & Sons Inc., New York, 2001).

"Bank Monitoring, Firm Performance, and Top Management Turnover in Japan" (C. Anderson, W. Campbell, and J. Narayanan), Advances in Financial Economics, 2003.

Number of citations: Mandelker's papers have ben cited in scholarly journal more than 650 times.

Awards and Honors

"All Star Paper," in the Journal of Financial Economics, 2002

External Service and Assignments

Served as:

  • Associate editor of The Journal of Corporate Finance, Financial Management, The Journal of Financial Research, Financial Review, The International Review of Financial Analysis, and The Journal of Small Business Finance
  • Editorial board member of Finance India
  • Nominating Committee of the American Finance Association
  • Editor of a special issue on corporate control in Financial Management
  • Member, Board of Directors of the Pittsburgh Psychoanalytical Foundation
  • Member, Board of Advisors of the Allegheny Institute for Public Policy

Personal Interests

Reading, hiking, chess playing.