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Bill Lewellen

Bill Lewellen

Herman C. Krannert Distinguished Professor Emeritus of Management
Finance

Education

Ph.D., Management, Massachusetts Institute of Technology
M.S., Management, Massachusetts Institute of Technology
B.S., Aeronautical Engineering, Pennsylvania State University

Professor Lewellen joined the Krannert faculty in 1964. His areas of teaching and research are corporate and international finance. He was director of the School's Executive Education Programs from 1985 to 2006, and Herman C. Krannert Distinguished Professor of Management since 1988. He has held visiting appointments at the Harvard Business School, the Sloan School of Management at MIT, and at the Fuqua School of Business at Duke University.

His publication credits include Executive Compensation in Large Industrial Corporations, Columbia University Press, 1968; The Ownership Income of Management, Columbia University Press, 1971; The Cost of Capital, Kendall-Hunt, 1981; and Financial Management: An Introduction to Principles and Practice, South-Western College Publishing, 2000; plus more than 90 articles in professional journals.

He has had extensive consulting experience in the areas of business valuation, executive compensation, commercial banking, and public utility rate regulation with such firms and organizations as Bank of America, AT&T, General Electric, Ameritech Indiana, GTE, Sun Trust Banks, American Water Works Company, IPALCO Industries, the U.S. Treasury Department, Johnson & Johnson, Northern Indiana Public Service Company, and the Federal Reserve Board.

He has served or is serving on the editorial boards of Financial Management, Strategic Management Journal, Managerial and Decision Economics, National Tax Journal, Journal of Business Research, Journal of Financial Research, Review of Quantitative Finance and Accounting, Journal of Financial Research and the Journal of Economics and Finance. He has received the Salgo-Noren Award as the Outstanding Teacher in Graduate Professional Programs at the Krannert School on four different occasions. He is currently a member of the board of directors of Industrial Dielectrics, Inc., and he served on the Board of USF&G Corp. from 1992-98. Professor Lewellen was awarded an honorary Doctorate in Economics from the Budapest University of Economic Sciences in 1996.

Journal Articles

  • Lewellen, W., & Heron, R. (2000). An Empirical Analysis of the Reincorporation Decision. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., & Roden, D. (2000). After the Buyout: The Long View. Advances in Financial Economics,
  • Lewellen, W., & Long, M. (1999). Financing Strategies in Transitioning Economies. Multinational Business Review,
  • Lewellen, W., & Badrinath, S. (1997). On the Measurement of Tobin's q. Journal of Financial Economics, vol. 44 (1),
  • Lewellen, W. (1997). Efficiency and Effectiveness. Economic Review, vol. 44 (1), 3-12.
  • Lewellen, W., Ro, B., & Park, T. (1996). Self-Serving Behavior in Managers' Discretionary Information Disclosure Decisions. Journal of Accounting and Economics, vol. 21 (2), 227-251.
  • Lewellen, W., Ro, B., & Park, T. (1995). Executive Stock Option Compensation: The Corporate Reporting Decision. Managerial and Decision Economics, vol. 16 (6), 633-647.
  • Lewellen, W., & Roden, D. (1995). Corporate Capital Structure Decisions: Evidence from Leveraged Buyouts. Financial Management, vol. 24 (2), 76-87.
  • Lewellen, W., Kross, W., & Ro, B. (1994). Evidence on The Motivation for Management Forecasts of Corporate Earnings. Managerial and Decision Economics, vol. 15 (3), 187-200.
  • Lewellen, W., & Mauer, D. (1993). Public Utility Valuation and Risk Under Incentive Regulation. Journal of Regulatory Economics, vol. 5 (3), 263-287.
  • Lewellen, W., Loderer, C., & Martin, K. (1992). Executive Compensation and The Performance of The Firm. Managerial and Decision Economics, vol. 13 (1), 65-74.
  • Lewellen, W., Kracaw, K., & Woo, C. (1992). Corporate Growth, Corporate Strategy and the Choice of Capital Structure. Managerial and Decision Economics, vol. 13 (6), 515-526.
  • Lewellen, W., & Badrinath, S. (1991). Evidence on Tax-Motivated Securities Trading Behavior. Journal of Finance, vol. 46 (1), 369-382.
  • Lewellen, W., & Emery, D. (1990). Shareholder Gains from Callable-Bond Refundings. Managerial and Decision Economics, vol. 11 (1), 57-63.
  • Lewellen, W., & Mauer, D. (1990). Security Holder Taxes and Corporate Restructurings. Journal of Financial and Quantitative Analysis, vol. 25 (3), 341-360.
  • Lewellen, W., Loderer, C., & Rosenfeld, A. (1989). Mergers, Executive Risk Reduction and Stockholder Wealth. Journal of Financial and Quantitative Analysis, vol. 24 (4), 459-472.
  • Lewellen, W., & Mauer, D. (1988). Tax Options & Corporate Capital Structures. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., Emery, D., & Mauer, D. (1988). Tax Timing Options, Leverage, and The Choice of Corporate Form. Journal of Financial Research,
  • Lewellen, W., & Kracaw, W. (1987). Inflation, Corporate Growth and Corporate Leverage. Financial Management,
  • Lewellen, W., & Mauer, D. (1987). Debt Management Under Corporate and Personal Taxation. Journal of Finance,
  • Lewellen, W., Loderer, C., & Martin, K. (1987). Executive Compensation and Executive Inentive Problems: An Empirical Analysis. Journal of Accounting and Economics,
  • Lewellen, W., & Rosenfeld, A. (1987). Optimal Bond Refunding Strategies. Managerial and Decision Economics,
  • Lewellen, W., Sandberg, C., & Stanley, K. (1987). Financial Strategy: Planning and Managing The Corporate Leverage Postion. Strategic Management Journal,
  • Lewellen, W., & Emery, D. (1986). Corporate Debt Management and The Value of The Firm. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., Blum, G., & Kracaw, W. (1986). Determinants of The Execution Costs of Common Stock Trades by Individual Investors. Journal of Financial Research,
  • Lewellen, W., Loderer, C., & Rosenfeld, A. (1985). Merger Decisions and Executive Stock Ownership in Acquiring Firms. Journal of Accounting and Economics,
  • Lewellen, W., & Emery, D. (1985). Security Holder Cash Flows and The Valuation of Corporate Investment Projects. Managerial and Decision Economics,
  • Lewellen, W., & Chang, E. (1985). An Arbitrage Pricing Approach to Evaluating Mutual Fund Performance. Journal of Financial Research,
  • Lewellen, W., & Emery, D. (1984). Refunding Non-Callable Debt. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., & Chang, E. (1984). Market Timing and Mutual Fund Investment Performance. Journal of Business,
  • Lewellen, W., & Ang, J. (1984). Inflation, Currency Exchange Rates, and The International Securities Market. Journal of Business Research,
  • Lewellen, W., & Ferri, M. (1983). Strategies for The Merger Game: Management and The Market. Financial Management,
  • Lewellen, W., & Blum, G. (1983). Negotiated Brokerage Commissions and The Individual Investor. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., & Ang, J. (1982). Risk Adjustments in Capital Investment Project Evaluations. Financial Management,
  • Lewellen, W., & Ang, J. (1982). Inflation, Security Values, and Risk Premia. Journal of Financial Research,
  • Lewellen, W., & Lease, R. (1982). Market Efficiency Across Securities Exchanges. Journal of Economics and Business,
  • Lewellen, W. (1981). Inflation and Dividends. Financial Analysts Journal ,
  • Lewellen, W., Schlarbaum, G., & Stanley, K. (1981). Further Evidence on The Value of Professional Investment Research. Journal of Financial Research,
  • Lewellen, W., & Emery, D. (1981). On The Matter of Parity Among Financial Obligations. Journal of Finance,
  • Lewellen, W., Schlarbaum, G., & Lease, R. (1980). Portfolio Designs and Portfolio Performance: The Individual Investor. Journal of Economics and Business,
  • Lewellen, W., McConnell, J., & Scott, J. (1980). Capital Market Influences on Trade Credit Policies. Journal of Financial Research,
  • Lewellen, W., Schlarbaum, G., & Stanley, K. (1980). Investor Response to Investment Research. Journal of Portfolio Management,
  • Lewellen, W., & Schlarbaum, G. & Lease, R. (1979). The Personal Investments of Professional Managers. Financial Management,
  • Lewellen, W., & McConnell, J. (1979). Market-Based and Accounting Standards for Public Utility Rate Regulation. Financial Management,
  • Lewellen, W., McConnell, J., & Kim, H. (1979). Financial Leverage Clienteles: Theory and Evidence. Journal of Financial Economics,
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1979). Investment Performance and Investor Behavior. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1978). The Common-Stock-Portfolio Performance Record of Individual Investors. Journal of Finance,
  • Lewellen, W., Lease, R., Schlarbaum, G., & Stanley, K. (1978). Some Direct Evidence on The Dividend Clientele Phenomenon. Journal of Finance,
  • Lewellen, W., McConnell, J., & Kim, H. (1978). Sale and Leaseback Agreements and Enterprise Valuation. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1978). Realized Returns on Common Stock Investments: The Experience of Individual Investors. Journal of Business,
  • Lewellen, W., Lease, R., Schlarbaum, G., & Groth, J. (1978). Securities Analysts: Some are More Equal. Journal of Portfolio Management,
  • Lewellen, W., Long, M., & McConnell, J. (1977). Capital Cost and Adjusted Present Value: Reconciliation and Amplification. Journal of Business Research,
  • Lewellen, W., & McConnell, J. (1977). Tax Reform, Firm Valuation and Capital Costs. Financial Management,
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1977). Patterns of Investment Strategy and Behavior Among Individual Investors. Journal of Business,
  • Lewellen, W., Lease, R., Schlarbaum, G., & Ying, L. (1977). Some Evidence of The Patterns and Causes of Mutual Fund Ownership. Journal of Economics and Business,
  • Lewellen, W. (1977). Some Observations on Risk-Adjusted Discount Rates. Journal of Finance ,
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1977). Stock Exchange Listings and Securities Returns. Journal of Financial and Quantitative Analysis,
  • Lewellen, W. (1976). Executive Pay in the United States. Mercurio ,
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1976). Market Segmentation: Evidence on The Individual Investor. Financial Analysts Journal,
  • Lewellen, W., & Racette, G. (1976). Corporate Debt Coupon Rate Strategies. National Tax Journal,
  • Lewellen, W., Long, M., & McConnell, J. (1976). Asset Leasing in Competitive Capital Markets. Journal of Finance,
  • Lewellen, W. (1975). Recent Evidence on Senior Executive Pay. Executive Tax Journal ,
  • Lewellen, W., Cohn, R., Lease, R., & Schlarbaum, G. (1975). Individual Investor Risk Aversion and Investment Portfolio Composition. Journal of Finance,
  • Lewellen, W. (1975). Some Extensions of Capital Structure Theory. Journal of Business Research ,
  • Lewellen, W., Hettenhouse, G., Lanser, H., & James, H. (1975). Communicating The Compensation Package. Personnel,
  • Lewellen, W. (1974). A Conceptual Re-Appraisal of Cost of Capital. Financial Management ,
  • Lewellen, W., Lease, R., & Schlarbaum, G. (1974). The Individual Investor: Attributes and Attitudes. Journal of Finance,
  • Lewellen, W., Henderson, P., & Hettenhouse, H. (1974). A Scorecard for Executive Incentive and Stock Plans. Compensation Review,
  • Lewellen, W., & Hughes, J. (1974). Programming Solutions to Capital Rationing Problems. Journal of Business Finance and Accounting,
  • Lewellen, W., & Edmister, R. (1973). A General Model for Accounts Receivavble Analysis and Control. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., & Racette, G. (1973). Convertible Debt Financing. Journal of Financial and Quantitative Analysis,
  • Lewellen, W., Lanser, H., & McConnell, J. (1973). Payback Substitutes for Discounted Cash Flow. Financial Management,
  • Lewellen, W., & Lanser, H. (1972). Executive Pay Preferences. Harvard Business Review,
  • Lewellen, W., & Long, M. (1972). Simulation Versus Single-Value Estimates in Capital Expenditure Analysis. Decision Sciences,
  • Lewellen, W., & Johnson, R. (1972). Analysis of the Lease-or-Buy Decision. Journal of Finance,
  • Lewellen, W. (1972). Managerial Pay and the Tax Changes of the 1960's. National Tax Journal ,
  • Lewellen, W., & Johnson, R. (1972). Better Ways to Monitor Accounts Receivable. Harvard Business Review,
  • Lewellen, W. (1972). Financial Subsidiaries and Corporate Borrowing Capacity. Financial Management ,
  • Lewellen, W. (1971). A Pure Financial Rationale for Conglomerate Merger. Journal of Finance ,
  • Lewellen, W., & Hettenhouse, G. (1970). The Impact of Tax Reform on Executive Compensation Costs. Journal of Taxation,
  • Lewellen, W., & Huntsman, B. (1970). Managerial Pay and Corporate Performance. American Economic Review,
  • Lewellen, W. (1969). Tax Minimization and Executive Compensation Plans. Tax Impacts on Compensation ,
  • Lewellen, W., & Hettenhouse, G. (1969). Comparative Analysis of the After-Tax Cost of Executive Pay Alternatives. Journal of Taxation,
  • Lewellen, W., & Hettenhouse, G. (1969). The Taxation of Restricted Stock Compensation Plans. National Tax Journal,
  • Lewellen, W. (1969). Management & Ownership in the Large Firm. Journal of Finance ,
  • Lewellen, W. (1968). Executives Lose Out, Even with Options. Harvard Business Review,
  • Lewellen, W., & Holland, D. (1962). Probing The Record of Stock Options. Harvard Business Review,

Conference Proceedings

  • Lewellen, W. (1974). Investment Strategies of The Individual Investor. Proceedings of The Seminar on The Analysis of Security Prices,
  • Lewellen, W. (1974). Perception-Efficiency in Employee Compensation. American Compensation Association National Conference ,
  • Lewellen, W. (1974). Empirical Evidence on Individual Investor Portfolio Performance. Proceedings of The Seminar on The Analysis of Security Prices,
  • Lewellen, W. (1972). Tax Reform and Executive Compensation: Revenue Effects. Proceedings of The Annual Conference on Taxation,
  • Lewellen, W. (1970). An Inter-Sectoral Analysis of Senior Executive Rewards. Proceedings of the Annual Conference on Taxation,

Books

  • Lewellen, W., Halloran, J., & Lanser, H. (2000). Financial Management: An Introduction to Principles and Practice. South-Western College Publishing, Cincinnati, OH.
  • Lewellen. W. (1985). The Cost of Capital. Kendall-Hunt, Des Moines, IA.
  • Lewellen, W. (1971). The Ownership Income of Management. National Bureau of Economic Research, New York, NY.
  • Lewellen, W. (1968). Executive Compensation in Large Industrial Corporations. National Bureau of Economic Research, New York, NY.

Book Chapters

  • Heron, R., & Lewellen, W. (2004). Reincorporation. Kluwer Academic Press, New York, NY.

Contact

lewellen@purdue.edu
Phone: (765) 49-44493
Office: KCTR 235

Area(s) of Expertise

corporate finance, international finance, executive education