Give Now

Faculty Directory

Student with Book and Laptop

Finance

Darius Miller

Caruth Chair of Financial Management

Fincher

214-768-4182
Email

View CV

Teaching

Darius Miller is the Caruth Chair in Finance at Southern Methodist University. Dr. Miller’s expertise is in financial market regulation, corporate governance and financial disclosure. His research is featured in the leading finance, accounting and economic journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Journal of Accounting Research. He has won numerous teaching awards, including the Cox MBA Outstanding Teaching award five times (the highest MBA teaching honor), the Cox Executive MBA Teacher of the Year and the Presidents Associates Outstanding Faculty Award (the overall university award for tenured faculty). Professor Miller holds a B.S. in Electrical Engineering from Tulane University, a MBA from Loyola University, and a Ph.D. in Finance from the University of California, Irvine and previously held appointments at Indiana University and Texas A&M University. He also has been a visiting professor/scholar at the Federal Reserve Board of Governors, Universidad de los Andes, Chinese University of Hong Kong, Hanken School of Economics, and Wuhan University.

 

SOUTHERN METHODIST UNIVERSITY

Caruth Chair in Finance                                                                  Present

Professor of Finance                                                                      Present

Founding Director, Don Jackson Finance Center                                2010 - 2012

Chairman, Department of Finance                                                   2007 - 2009

Associate Professor of Finance                                                        2004 - 2008

INDIANA UNIVERSITY

Associate Professor (with tenure) of Finance

and DaimlerChrysler Faculty Fellow                                                 2005

         Assistant Professor of Finance                                                         2001 - 2004

     TEXAS A&M UNIVERSITY

    Assistant Professor of Finance                                                         1997 - 2001

 


Research

INVITED PRESENTATIONS (Does not include presentations by co-authors)

Conferences:

2013: American Finance Association, Journal of Accounting Research Conference, Stanford Global Crossroads Conference (discussion)

2012:4th Paris Corporate Finance Conference, European Financial Management Association Meetings

2011: McGill University Global Asset Management Conference, University of North Carolina Global Issues in Accounting Conference, Tsinghua University Corporate Governance Conference, Florida State Spring Break Conference

2010: University of Oregon Corporate Finance Conference, NY Fed/RCFS Conference, University of Twente International Corporate Governance Conference (presentation and discussion), Central Bank of Brazil V Annual Seminar on Banking Stability and Risk (presentation and discussion),

2009: University of North Carolina Global Issues in Accounting Conference, McGill University Global Asset Management Conference (presentation and discussion), HKUST Global Market Integration and Financial Crises (discussion)

2008: Center for Accounting Research and Education (CARE) Conference

2007: Utah Winter Finance Conference

2006: Oregon Corporate Finance Conference, Western Finance Association, University of North Carolina Global Issues in Accounting Conference, American Finance Association (discussion), World Bank/Darden Emerging Markets Conference (discussion)

2005: McGill University Global Asset Management Conference, Wharton Conference on the Future of Cross-Border Equity Issuance (discussion), Darden/Batten Institute Conference on Valuation in Emerging Markets (discussion)

2004: Georgia Tech International Finance Conference, University of Texas Interdisciplinary Conference on Corporate Governance (discussion), Georgia Tech International Conference (discussion)

2003: McGill University Asset Management Conference, Swedish School of Economics Capital Markets and Financial Economics Workshop, Georgia Tech International Conference (discussion), Western Finance Association Meetings (discussion)

2002: Journal of Accounting Research Conference, University of Toronto Capital Markets Institute conference, European Financial Management Association (presentation and discussion), Darden/Batten Institute Conference on Valuation in Emerging Markets

2001: European Finance Association, University of Michigan/William Davidson Institute Conference on Banking in Emerging Markets

2000: European Financial Management Association, Georgia Tech International Finance (presentation and discussion)

1999: Financial Management Association (presentation and discussion), Western Finance Association Meetings (discussion), European Financial Management Association (discussion), Economics and Accounting Conference (discussion)

1998: Berkeley Program in Finance, Georgia Tech International Finance Conference, European Financial Management Association, Wharton School sponsored conference on Raising Capital in Different National Markets, Financial Management Association (discussion)

1997: American Finance Association (discussion), Financial Management Association (discussion)

 

Presentations of Original Research, Universities and Institutions:

2011: Securities and Exchange Commission, Baylor University

2010: Netherlands Central Bank, Hong Kong University of Science and Technology, Singapore Management University, National University of Singapore, Nanyang Technological University

2009: Federal Reserve Board of Governors, Helsinki School of Economics, Stockholm School of Economics, Wake Forest University

2008: Penn State, Chinese University of Hong Kong, University of South Florida, Queens University, Universidad de los Andes

2007: Texas Tech

2006: Louisiana State University, University of Georgia, Temple University, University of Texas at Dallas

2005: Universidade Católica Portuguesa, Southern Methodist University

2004: Wharton, University of Toronto, Texas A&M

2003: Penn State, University of Utah, Swedish School of Economics,

2002: Stanford, University of Oregon, Federal Reserve Board of Governors, American  University

2001: Indiana University, University of Virginia

2000: Georgetown University, Tulane University, Texas Tech University

1999: Wake Forest University


Publications

  • Shareholder Voting and Corporate Governance Around the World, 2014, (with Peter Iliev, Karl Lins and Lukas Roth) forthcoming at the Review of Financial Studies

                       Presented at 2012 American Finance Association Meetings

  • Does Takeover Activity Cause Managerial Discipline? Evidence from International Takeover Laws, 2014, (with Ugur Lel) forthcoming at the Review of Financial Studies
  • Uninvited U.S. Investors? Economic Consequences of Involuntary Cross-listings, 2014, (with Peter Iliev and Lukas Roth) Journal of Accounting Research, 52: 473–519.

                        Presented at the 2013 Journal of Accounting Research Conference

                        Included in 2015 Journal of Accounting Research inaugural virtual issue

  •  Do Country Level Investor Protections Impact Security Level Contract Design? Evidence from Foreign Bond Covenants, 2012, (with Natalia Reisel) Review of Financial Studies, Vol 25, No 2, 408-438.

                        Summary published the Executive Briefing of The Economist’s Intelligence Unit

  •  The Use of Foreign Currency Derivatives, Corporate Governance and the Firm Value around the World, 2012, (with Yiorgos Allayannis and Ugur Lel) Journal of International Economics 87 65-79.
  • Analyst Forecast Characteristics and the Cost of Debt, 2011, (with Sattar Mansi and William F. Maxwell) Review of Accounting Studies, Vol 16, 1, p. 116-142
  • Escape from New York: The Market Impact Loosening Disclosure Requirements, 2010, (with Nuno Fernandes and Ugur Lel), Journal of Financial Economics, Vol 95, Issue 2, p. 129-147.

                        Lead Article

                        Summary published in Risk Management Research Report, Spring 2010

  • Private Benefits of Control, Ownership, and the cross-listing decision, 2009, (with Craig Doidge, Andrew Karolyi, Karl Lins, and Rene Stulz), Journal of Finance Vol 64 No. 1
  • Does Corporate International Diversification Destroy Value? Evidence from Cross-Border Mergers and Acquisitions, 2008, (with Marcelo Dos Santos and Vihang Errunza), Journal of Banking and Finance Vol. 32, 12 P. 2716-2724
  • International Cross-listing, Firm Performance, and Top Management Turnover: A Test of the Bonding Hypothesis, 2008, Journal of Finance, Vol. 63 No.4  (with Ugur Lel),
  • The Legal Environment and Corporate Valuation: Evidence from Cross-border Takeovers, 2009, (with David Kuipers and Ajay Patel), International Review of Economics and Finance, Vol. 18 No.4.
  • Security Fungibility and the Cost of Capital: Evidence from Global Bonds, 2005, Journal of Financial and Quantitative Analysis, Vol. 40 No. 4 (with John Puthenpurackal)
  • Does Auditor Quality and Tenure Matter to Investors? Evidence from the Bond Market, 2004, Journal of Accounting Research  Vol. 42 No. 4, 755- 793, (with Sattar Mansi and William F. Maxwell)
  • Concentrated Control, Analyst Following and Valuation: Do Analysts Matter Most When Investors are Protected Least?, 2004, Journal of Accounting Research  Vol. 42 No. 3, 589-623, (with Mark Lang and Karl V. Lins)
  • Valuation Effects of Global Equity Offerings: Evidence from Depositary Receipts, 2003, Journal of Banking and Finance, Vol. 27, No.9, 1611-1623, (with Vihang Errunza)
  • ADRs, Analysts, and Accuracy:  Does Cross Listing in the U.S. Improve Firm’s Information Environment and Increase Market Value?, 2003, Journal of Accounting Research, Vol. 41 No. 2, 317-345 (with Mark Lang and Karl V. Lins)

                        Presented at 2002 Journal of Accounting Research Conference

                        Summary published in the CFA Digest, November 2003

  • The Costs, Determinants, and Wealth Effects of International Capital Raising: Evidence from Public Yankee Bonds, 2002, Journal of Financial Intermediation, Vol. 11, No. 4, 455-485, (with John Puthenpurackal)
  • Market Segmentation and the Cost of  Capital in International Equity Markets, 2000, Journal of Financial and Quantitative Analysis, Vol. 35, No. 4, 577-600, (with Vihang Errunza)

                        Summary published in the CFA Digest, August 2001

  • The Market Reaction to International Cross Listings: Evidence from Depositary Receipts, 1999, Journal of Financial Economics, Volume 51, No. 1, 103-123.

                        Named a “JFE All Star Paper”

                        Summary published in the Bowne Review for CFOs and                                                                 Investment Bankers, May 1999

  • Tracking Emerging Markets Using American Depositary Receipts, 1997, Emerging Markets Quarterly Vol. 1 No. 1, 7-13, (with Philippe Jorion)

                        Summary published in the CFA Digest, Fall 1997

  • The Intraday Pricing Behavior of International Dually Listed Securities, 1996, Journal of International Financial Markets, Institutions and Money. Volume 6, No. 4, 79-89, (with Matthew Morey)

OTHER PUBLICATIONS

The Benefits and Costs of Cross-listing in the United States,2009,  Universidad de los Andes Facultad de Administración Cátedra Corona

WORKING PAPERS (SSRN Author ID= 99834)

The Market for Director Reputation around the World: Evidence from Shocks to International Reputation and Experience, 2015 (with Ugur Lel).

Differences in Agency Problems between Public and Private Firms: Evidence from Top Management Turnover, 2013, (with Ugur Lel and Natalia Reisel).

Why do U.S. Securities Laws Matter to non-U.S. Firms? Evidence from Private Class Action Lawsuits, 2011, (with Amar Gande).  

                        Presented at 2013 American Finance Association Meetings