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Faculty


John McConnell

John McConnell

Burton D. Morgan Distinguished Chair of Private Enterprise (Finance)

Education

Ph.D., Management, Purdue University, 1974
M.B.A., Finance, University of Pittsburgh, 1969
B.A., Economics, Denison University, 1968

CV

Professor McConnell's primary teaching interests are financial markets, corporate finance, and banking. His current research interests are in the areas of corporate finance, corporate governance, securities markets, and financial derivatives.

He has published more than 100 articles in leading peer-reviewed finance, economics and management journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Finance and others.  His recent publications include: "Prior Client Performance and the Choice of Investment Bank Advisors in Corporate Acquisitions," Review of Financial Studies, 2014, Vol. 27, No. 8, pp. 2474-2503 (with V. Sibilkov); "The Power of the Pen Reconsidered:  The Media, CEO Human Capital, and Corporate Governance," Journal of Banking and Finance, March 2017, Vol. 76, pp. 175-188 (with B. Liu and W. Xu); "When Is Good News Bad and Vice Versa:  The Fortune Rankings of America's Most Admired Companies," Journal of Corporate Finance, April 2017, Vol. 43, pp. 378-396 (with Y. Cheng, B. Liu and A. Rosenblum).

He has been recognized for his scholarly contributions as the Distinguished Scholar of the Eastern Finance Association (2002) and as a Fellow of FMA (2007). He has won several teaching awards, including the Salgo-Noren Outstanding Teaching Award (1993, 1995, 2011 and 2012) and the Most Effective MSM Teacher Award (1992). He has received research support from the National Science Foundation, the Department of Housing and Urban Development, the Small Business Administration, the Center for the Study of Futures Markets, and the Catalyst Institute.

Professor McConnell has served on the board of directors of the Federal Home Loan Bank of Indianapolis (1983-86), Harrington Financial Group, Inc. (1993-2000), and Harrington West Financial Group, Inc. (1999-2009).  He has been a consultant to Goldman, Sachs & Co., Merrill Lynch Capital Markets, Inc., the Federal Home Loan Bank System, the Federal Home Loan Mortgage Corp., and numerous law firms, corporations, and government agencies. He is an associate editor of the Journal of Financial and Quantitative Analysis; the Journal of Corporate Finance; the Journal of Fixed Income; and the Real Estate Review.

Journal Articles

  • McConnell, J., & Buser, S. (2011). The Origins and Evolution of the Market for Mortgage Backed Securities. Annual Review of Financial Economics, vol. 3 173-192. | Download |
  • Liu, B., McConnell, J., & Saretto, A. (2010). Why Did Auction Rate Bond Auctions Fail During 2007-2008?. Journal of Fixed Income, vol. 20 (2), 5-18. | Related Website | Download |
  • McConnell, J., Cooper, M., & Ovtchinnikov, A. (2010). What's the Best Way to Trade Using the January Barometer?. Journal of Investment Management, vol. 8 (4), 1-15. | Download |
  • McConnell, J., & Saretto, A. (2010). Auction Failures and the Market for Auction Rate Securities. Journal of Financial Economics, vol. 97 (3), 451-469. | Download |
  • Dahya, J., Dimitrov, O., & McConnell, J. (2009). Does Board Independence Matter in Companies with a Controlling Shareholder?. Journal of Applied Corporate Finance, vol. 21 (1), 67-78. | Download |
  • Ovtchinnikov, A., & McConnell, J. (2009). Capital Market Imperfections and the Sensitivity of Investment to Stock Prices. Journal of Financial and Quantitative Analysis, vol. 44 (3), 551-578. | Related Website | Download |
  • Dahya, J., Dimitrov, O., & McConnell, J. (2008). Dominant Shareholders, Corporate Boards and Corporate Value: A Cross-Country Analysis. Journal of Financial Economics, vol. 87 (1), 73-100. | Download |
  • McConnell, J., Servaes, H., & Lins, K. (2008). Changes in Insider Ownership and Changes in the Market Value of the Firm. Journal of Corporate Finance, vol. 14 (2), 92-106. | Download |
  • McConnell, J., & Xu, W. (2008). Equity Returns at the Turn-of-the-Month. Financial Analysts Journal, vol. 64 (2), 49-64. | Download |
  • Dahya, J., & McConnell, J. (2007). Board Composition, Corporate Performance, and The Cadbury Committee. Journal of Financial and Quantitative Analysis, vol. 42 (3), 535-564. | Related Website | Download |
  • Faccio, M., Masulis, R., & McConnell, J. (2006). Political Connections and Corporate Bailouts. Journal of Finance, vol. 61 (6), 2597-2635. | Download |
  • Cooper, M., McConnell, J., & Ovtchinnikov, A. (2006). The Other January Effect. Journal of Financial Economics, vol. 82 (2), 315-342. | Download |
  • Faccio, M., McConnell, J., & Stolin, D. (2006). Returns to Acquirers of Listed and Unlisted Targets. Journal of Financial and Quantitative Analysis, vol. 41 (1), 197-220. | Related Website | Download |
  • Dahya, J., & McConnell, J. (2005). Outside Directors and Corporate Board Decisions. Journal of Corporate Finance, vol. 11 37-60. | Download |
  • McConnell, J., & Ovtchinnikov, A. (2004). Predictability of Long-Term Spinoff Returns. Journal of Investment Management, vol. 2 (3), 35-44. | Download |
  • Denis, D. K., McConnell, J., Ovtchinnikov, A., & Yu, Y. (2003). S&P 500 Index Additions and Earnings Expectations. Journal of Finance, vol. 58 (5), 1821-1840. | Download |
  • Denis, D. K., & McConnell, J. (2003). International Corporate Governance. Journal of Financial and Quantitative Analysis, vol. 38 (1), 1-36. | Related Website | Download |
  • McConnell, J. (2002). Learning from a Keynote Speaker: Lessons from Merton Miller's PACAP Addresses. Pacific-Basin Finance Journal, vol. 10 (4), 359-369. | Download |
  • Dahya, J., McConnell, J., & Travlos, N. (2002). The Cadbury Committee, Corporate Performance, and Top Management Turnover. Journal of Finance, vol. 57 (1), 461-483. | Download |
  • McConnell, J., Ozbilgin, M., & Wahal, S. (2001). Spin-offs, Ex Ante. Journal of Business, vol. 74 (2), 245-280. | Download |
  • Lie, E., Lie, H., & McConnell, J. (2001). Debt-Reducing Exchange Offers. Journal of Corporate Finance, vol. 7 (2), 179-207. | Download |
  • Wahal, S., & McConnell, J. (2000). Do Institutional Investors Exacerbate Managerial Myopia?. Journal of Corporate Finance, vol. 6 (3), 307-329. | Download |
  • Carow, K., Erwin, G., & McConnell, J. (1999). A Survey of U.S. Corporate Financing Innovations: 1970-1997. Journal of Applied Corporate Finance, vol. 12 (1), 55-69. | Download |
  • Chakravarty, S., & McConnell, J. (1999). Does Insider Trading Really Move Stock Prices?. Journal of Financial and Quantitative Analysis, vol. 34 (2), 191-209. | Related Website | Download |
  • Angbazo, L., McConnell, J., Megbolugbe, I., & Yang, T. (1998). Mortgage Prepayment Float: Pricing and Risk Analysis. Journal of Fixed Income, vol. 7 (4), 83-93. | Download |
  • Khanna, A., & McConnell, J. (1998). MIPS, QUIPS and TOPrS: Old Wine in New Bottles. Journal of Applied Corporate Finance, vol. 11 (1), 39-44. | Download |
  • Lie, E., & McConnell, J. (1998). Earnings Signals in Fixed-Price and Dutch Auction Self-Tender Offers. Journal of Financial Economics, vol. 49 (2), 161-186. | Download |
  • Allen, J., & McConnell, J. (1998). Equity Carve-outs and Managerial Discretion. Journal of Finance, vol. 53 (1), 163-186. | Download |
  • Erwin, G., & McConnell, J. (1997). To Live or Let Die? An Empirical Analysis of Piecemeal Voluntary Corporate Liquidations. Journal of Corporate Finance, vol. 3 (4), 325-354. | Download |
  • McConnell, J., & Allen, J. (1997). The Management Buyout of White Hen Pantry. Journal of Financial Education, vol. 23 113-119.
  • Chakravarty, S., & McConnell, J. (1997). An Analysis of Prices, Bid/Ask Spreads and Bid and Ask Depths Surrounding Ivan Boesky's Illegal Insider Trading in Carnation's Stock. Financial Management, vol. 26 (2), 18-34. | Download |
  • McConnell, J., Tashjian, E., & Lease, R. (1996). Prepacks: An Empirical Analysis of Prepackaged Bankruptcies. Journal of Financial Economics, vol. 40 (1), 135-162. | Download |
  • McConnell, J., & Singh, M. (1996). Implementing an Option-Theoretic CMO Valuation Model with Recent Prepayment Data. Journal of Fixed Income, vol. 5 (4), 45-55. | Download |
  • McConnell, J., Dybevik, H., Haushalter, D., & Lie, E. (1996). A Survey of Evidence on Domestic and International Stock Exchange Listings with Implications for Markets and Managers. Pacific-Basin Finance Journal, vol. 4 347-376. | Download |
  • McConnell, J., Lease, R., & Tashjian, E. (1996). Prepacks as a Mechanism for Resolving Financial Distress: The Evidence. Journal of Applied Corporate Finance, vol. 8 (4), 99-106. | Download |
  • McConnell, J., & Kadlec, G. (1995). Investor Base, Cost of Capital and New Listings on the NYSE. Journal of Applied Corporate Finance, vol. 8 (1), 59-63. | Download |
  • Allen, J., Lummer, S., McConnell, J., & Reed, D. (1995). Can Takeover Losses Explain Spin-off Gains?. Journal of Financial and Quantitative Analysis, vol. 30 (4), 465-485. | Related Website | Download |
  • Servaes, H., & McConnell, J. (1995). Equity Ownership and the Two Faces of Debt. Journal of Financial Economics, vol. 39 (1), 131-157. | Download |
  • Miller, J., & McConnell, J. (1995). Open-Market Share Repurchase Programs and Bid-Ask Spreads on the NYSE: Implications for Corporate Payout Policy. Journal of Financial and Quantitative Analysis, vol. 30 (3), 365-382. | Related Website | Download |
  • McConnell, J., & Singh, M. (1994). Rational Prepayments and the Valuation of Collateralized Mortgage Obligations. Journal of Finance, vol. 49 (3), 891-921. | Download |
  • Kadlec, G., & McConnell, J. (1994). The Effect of Market Segmentation and Illiquidity on Asset Prices: Evidence from Exchange Listings. Journal of Finance, vol. 49 (2), 611-636. | Download |
  • McConnell, J., & Singh, M. (1993). Valuation and Analysis of Collateralized Mortgage Obligations. Management Science, vol. 39 (6), 692-709. | Download |
  • Clark, R., McConnell, J., & Singh, M. (1992). Seasonalities in NYSE Bid-Ask Spreads and Stock Returns in January. Journal of Finance, vol. 47 (5), 1999-2014. | Download |
  • McConnell, J., & Schwartz, E. (1992). The Origin of LYONs: A Case Study in Financial Innovation. Journal of Applied Corporate Finance, vol. 4 (4), 82-89. | Download |
  • McConnell, J., & Singh, M. (1991). Prepayments and the Valuation of Adjustable Rate Mortgage-Backed Securities. Journal of Fixed Income, vol. 1 (1), 21-35. | Download |
  • Kini, O., Kracaw, W., & McConnell, J. (1991). Corporate Takeovers and Interest Rates. Journal of Applied Business Research, vol. 7 (3), 62-77.
  • McConnell, J., & Servaes, H. (1991). The Economics of Pre-packaged Bankruptcy. Journal of Applied Corporate Finance, vol. 4 (2), 93-97. | Download |
  • Martin, K., & McConnell, J. (1991). Corporate Performance, Corporate Takeovers and Management Turnover. Journal of Finance, vol. 46 (2), 671-687. | Download |
  • Johnston, E., Kracaw, W., & McConnell, J. (1991). Day-of-The-Week Effects in Financial Futures: An Analysis of GNMA, T-Bond, T-Note and T-Bill Contracts. Journal of Financial and Quantitative Analysis, vol. 26 (1), 23-44. | Related Website | Download Download |
  • McConnell, J., & Servaes, H. (1990). Additional Evidence on Equity Ownership and Corporate Value. Journal of Financial Economics, vol. 27 (1), 595-612. | Download |
  • McConnell, J., Lease, R., & Schallheim, J. (1990). Realized Returns and the Default and Prepayment Experience of Financial Leasing Contracts. Financial Management, vol. 19 (2), 11-20. | Download |
  • Lummer, S., & McConnell, J. (1989). Further Evidence on the Bank Lending Process and the Capital-Market Response to Bank Loan Agreements. Journal of Financial Economics, vol. 25 (1), 99-122. | Download |
  • McConnell, J., & Johnston, E. (1989). Requiem for a Market: An Analysis of the Rise and Fall of a Financial Futures Contract. Review of Financial Studies, vol. 2 (1), 1-23.

Books

  • McConnell, J., & Denis, D. J. (2005). Corporate Restructuring. Edward Elgar Publishing,
  • McConnell, J., & Denis, D. K. (2005). Governance: An International Perspective. Edward Elgar Publishing,

Book Chapters

  • McConnell, J., McKeon, S., & Xu, W. (2010). Corporate Governance and Ownership Structure. John Wiley & Sons, Inc,
  • McConnell, J., & Denis, D. J. (2008). Dividend Policy. Palgrave Macmillan Ltd,
  • McConnell, J., & Denis, D. K. (2005). Introduction. Edward Elgar Publishing,
  • McConnell, J., & Denis, D. J. (2005). Introduction to Corporate Restructuring. Edward Elgar Publishing,
  • McConnell, J. (1995). Securities Transaction Taxes: What Would Be Their Effects on Investors and Portfolios. Irwin Books,
  • McConnell, J., & Lummer, S. (1992). Bank Credit and Information in Capital Markets. Macmillan Press, Ltd,
  • McConnell, J., & Servaes, H. (1990). What Do We Know About Corporate Performance and Ownership Structure?. Elsevier Science Publishers, vol. II
  • McConnell, J., & Brickley, J. (1990). Dividend Policy. Macmillan Press, Ltd,
  • Lummer, S., & McConnell, J. (1989). Common Stock Valuation Effects of International Joint Ventures. Elsevier Science Publishers,

Working Papers

  • Cheng, Yingmei and Liu, Baixiao and McConnell, John J. and Rosenblum, Aaron When Is Good News Bad and Vice Versa? The Fortune Rankings of America's Most Admired Companies. | Related Website | Download Download |

Contact

mcconnj@purdue.edu
Phone: (765) 49-45910
Office: KRAN 475

Quick links

Personal website
Google Scholar Page

Area(s) of Expertise

Financial markets, Corporate finance, Commercial banking, Derivative securities, Mortgage valuation