Ninon Sutton Office: Department of Finance Phone: (813) 974-6335 College of Business Administration Fax: (813) 974-3084 University of South Florida E-mail: nsutton@usf.edu 4202 East Fowler Avenue, BSN 3403 Tampa, FL 33620-5500 Research Interests Corporate Finance, Mergers and Acquisitions, IPOs, Private Firm Restructuring Decisions Education Florida State University, Ph.D. Finance Aug. 1994 May 1998 Texas A & M University, MBA. Business Aug. 1992 May 1994 Mississippi State University, B.A. Mathematics Aug. 1988 May 1992 Publications Is the Grass on the Other Side Greener? Testing the Cross-border Effect for U.S. Acquirers, with Yun Meng, Review of Quantitative Finance and Accounting, forthcoming. From Setback to Comeback: Motivations for Withdrawn IPO Firms to Return, with Gaole Chen and Jianping Qi, The Quarterly Review of Economics and Finance, forthcoming. "All in the Family: The Effect of Family Ownership on Acquisition Performance," with Hari Adhikari, Journal of Economics and Business, Vol. 88, November-December 2016, pp. 65-78. Worth Waiting For Evidence of Late-Mover Benefits in Cross-Border Mergers and Acquisitions, with Tanja Steigner, Quarterly Journal of Finance and Accounting, Vol. 53, 2015, pp. 113-146. The Value of Target Strategic Alliances in Mergers and Acquisitions, with Jianping Qi and Qiancheng Zheng, Financial Management, Vol. 44, Summer 2015, pp. 387-430. The Post-repurchase Announcement Drift: An Anomaly in Disguise? with Thanh Nguyen and Dung Pham, Managerial Finance, Vol. 41, 2015, pp. 205-224. Intra-Industry Effects of IPOs on Stock Repurchase Decisions of Rival Firms, with Thanh Nguyen and Dung Pham, Journal of Accounting and Finance, Vol. 14, 2014, pp. 61-82. -1-
"The Desire to Acquire and Long-Run IPO Underperformance," with Jim Brau and Robert Couch, Journal of Financial and Quantitative Analysis, Vol. 47, June 2012, pp. 493-510. How Does National Culture Impact Internalization Benefits in Cross-Border Mergers and Acquisitions? with Tanja Steigner, Financial Review, Vol. 46, February 2011, pp. 103-125. Dual-Track versus Single-Track Sell-Outs: An Empirical Analysis of Competing Harvest Strategies, with Jim Brau and Nile Hatch, Journal of Business Venturing, Vol. 25, 4, July 2010, pp. 389-402. Earnings Management Practices Among Growth and Value Firms, with Pawan Madhogarhia and Theodor Kohers, Applied Financial Economics, Vol. 19, 2009, pp. 1767-1778. Corruption and Valuation of Multinational Corporations, with Chris Pantzalis and Jung Park, Journal of Empirical Finance, Vol. 15, June 2008, pp. 387-417. Legal Environment, Internalization, and U.S. Acquirer Gains in Foreign Takeovers, with Chris Pantzalis and Jung Park, Journal of Financial Research, Vol. 31, 2, Summer 2008, pp. 167-191. Private Placements of Common Equity and the Industry Rival Response, with Scott Besley and Tanja Steigner, Applied Financial Economics, Vol. 17, April 2007, pp. 559-568. Glamour, Value, and the Form of Takeover with Theodor Kohers and Gerald Kohers, Journal of Economics and Business, Vol. 59, January 2007, pp. 74-87. The Risk and Return Characteristics of Developed and Emerging Stock Markets: The Recent Evidence, with Theodor Kohers and Gerald Kohers, Applied Economics Letters, Vol. 13, 2006, pp. 737-743. Recent Changes in Major European Stock Market Linkages, with Gerald Kohers and Theodor Kohers, Journal of International Business Research, 2006, Vol. 5, pp. 63-72. Acquisitions of Private Targets: The Unique Shareholder Wealth Implications, Applied Financial Economics, Vol. 14, 16, November 2004, pp. 1151-1165. The Information Sensitivity of High Tech Industries: Evidence from Merger Announcements, with Theodor Kohers, Applied Financial Economics, Vol. 14, 7, April 1, 2004, pp. 525-536. The Disappearing Day-of-the-Week Effect in the World's Largest Equity Markets, with Gerald Kohers, Vivek Pandey, and Theodor Kohers, Applied Economics Letters, Vol. 11, 3, February 2004, pp. 167-171. The Choice of IPO Versus Takeover: Empirical Evidence, with Jim Brau and Bill Francis, Journal of Business, Vol. 76, 4, October 2003, pp. 583-612. -2-
Dividend Omissions and Intraindustry Information Transfers, with Gary Caton and Jeremy Goh, Journal of Financial Research, Vol. 26, 1, Spring 2003. The Takeover Market for Privately-held Companies: The U.S. Experience, with James Ang, Cambridge Journal of Economics, Vol. 25, 6, November 2001, pp. 723-748. Takeovers of Technology Firms: Expectations Versus Reality, with Theodor Kohers, Financial Management, Vol. 30, 1, Autumn 2001, pp. 5-30. Earnouts in Mergers: Agreeing to Disagree and Agreeing to Stay, with James Ang, Journal of Business, Vol. 73, No. 3, July 2000, pp. 445-476. The Value Creation Potential of High Tech Mergers, with Theodor Kohers, Financial Analysts Journal, Vol. 56, No. 3, May/June 2000, pp. 40-50. Market Perception of Efficiency in Bank Holding Company Mergers: The Roles of DEA and SFA Models in Capturing Merger Potential, with Theodor Kohers and Ming-hsiang Huang, Review of Financial Economics, Vol. 9, December 2000, pp. 101-120. The Industry-Wide Implications of Dividend Omission and Initiation Announcements and the Determinants of Information Transfer, Financial Review, Vol. 34, No. 1, February 1999, pp. 137-158. Gains From International Diversification: The Marginal Benefits of More Portfolio Breadth and Complex Weighting Schemes, with Theodor Kohers and Gerald Kohers, Journal of Global Business, Vol. 9, No. 16, Spring 1998, pp. 5-15. An Examination of Capital Market Integration: Implications for Global Diversification, with Theodor Kohers and Vivek Pandey, Global Business and Finance Review, Vol. 1, No. 2, Fall 1996, pp. 47-54. Refereed Papers at Scholarly Meetings The Impact of Concurrent Lending and Underwriting on IPO Withdrawal, with Leo Chen and Jianping Qi, accepted at the 2016 Financial Management Association meeting in Las Vegas. The Value of Innovation and the Spillover Effect on Alliance Partners, with Qian Zheng and Jianping Qi, accepted at the 2016 Southern Finance Association meeting in Sandestin, FL. The Value of Economic Freedom in Cross-Border Mergers, with Tanja Steigner and Vivek Pandy, accepted at the 2016 Southern Finance Association meeting in Sandestin, FL. The Power of Control: The Acquisition Decisions of Newly Public Dual-Class Firms, with Hari Adhikari, presented at the 2015 Southern Finance Association meeting in Captiva Island, FL. -3-
Is the Grass on the Other Side Greener? Testing the Cross-Border Effect for U.S. Acquirers, with Yun Meng, presented at the 2014 Southern Finance Association meeting in Key West, FL. The Power of Control: The Acquisition Decisions of Newly Public Dual-Class Firms, with Hari Adhikari, presented at the 2014 Financial Management Association meeting in Nashville. Is the Grass on the Other Side Greener? Testing the Cross-Border Effect for U.S. Acquirers, with Yun Meng, presented at the 2014 Financial Management Association meeting in Nashville. The Value of Target Strategic Alliances in Mergers and Acquisitions, with Jianping Qi and Qiancheng Zheng, presented at the 2013 Southern Finance Association meeting in Fajardo, Puerto Rico. Family Versus Non-Family Firms: Who Are Better Acquirers? with Hari Adhikari, presented at the 2013 Southern Finance Association meeting in Fajardo, Puerto Rico. The Value of Strategic Alliances in Mergers and Acquisitions, with Jianping Qi and Qiancheng Zheng, presented at the 2013 Financial Management Association meeting in Chicago. The Value of Target Strategic Alliances in Mergers and Acquisitions, with Jianping Qi and Qiancheng Zheng, presented at the 2012 Southern Finance Association meeting in Charleston. Worth Waiting For: Evidence of Late-Mover Benefits in Cross-Border Mergers and Acquisitions, with Tanja Steigner, presented at the 2012 Financial Management Association meeting in Atlanta. The Disappearance of the Cross-Border Premium for U.S. Targets with Vivek Pandey, presented at the 2011 Financial Management Association meeting in Denver. The Desire to Acquire and Long-Run IPO Underperformance," with Jim Brau and Robert Couch, presented at the 2010 Financial Management Association meeting in New York. Early-Mover versus Late-Mover Benefits in Cross-Border Mergers and Consequences on Rival Bidders, with Tanja Steigner, presented at the 2008 Financial Management Association meeting in Dallas. How Does National Culture Impact Internalization Benefits in Cross-Border Mergers and Acquisitions? with Tanja Steigner, presented at the 2007 Financial Management Association meeting in Orlando, FL. Corruption and Valuation of Multinational Corporations, with Chris Pantzalis and Jung Park, presented at the 2006 Financial Management Association meeting in Salt Lake City, UT. Earnings Smoothing Among Growth and Value Firms, with Pawan Madhogarhia and Theodor Kohers, presented at the 2006 Southern Finance Association meeting in Destin, FL. -4-
Private Placements of Equity and the Industry Rival Response, with Scott Besley and Tanja Steigner, presented at the 2005 Southern Finance Association Meeting in Key West, FL. Glamour, Value, and the Form of Takeover, with Gerald Kohers and Theodor Kohers, presented at the 2005 Southern Finance Association Meeting in Key West, FL. "The Changing Nature of Global Capital Market Integration: Implications for Diversification," with Gerald Kohers, Theodor Kohers, and Vivek Pandey, presented and published in the Proceedings of the Decision Sciences Institute national meeting in San Francisco, CA, November 2005. Emerging Stock Market Volatility: Common Trends Over Time, with Theodor Kohers and Gerald Kohers, presented at the 2005 Financial Management Association Meeting in Chicago, IL. Changing Volatility in the World's Developed Stock Markets, with Theodor Kohers and Gerald Kohers, presented at the 2004 Financial Management Association Meeting in New Orleans, LA. Volatility in the World s Developed Stock Markets: Changes over Time, with Theodor Kohers and Gerald Kohers, presented at the 2004 Southern Finance Association Meeting in Captiva Island, FL. Factors Influencing the Tender Offer Versus Merger Choice, with Theodor Kohers, presented at the 2003 Financial Management Association meeting in Denver, Colorado. The Information Sensitivity of High Tech Industries: Evidence from Merger Announcements, with Theodor Kohers, presented at the 2002 Financial Management Association meeting in San Antonio, TX. The Effect of Legal Environment and Foreign Operations Network on U.S. Acquirer Gains in Foreign Takeovers, with Chris Pantzalis, presented at the 2001 Financial Management Association meeting in Toronto, Canada. Domestic Versus Cross-Border Takeovers of U.S. Targets: Why Do Foreign Bidders Pay More? with Theodor Kohers, presented at the 2001 Financial Management Association meeting in Toronto, Canada. Intra-industry Information Transfers in High Tech Acquisitions: Implications for Rival Firms, with Theodor Kohers, presented at the 2001 Southern Finance Association Meeting in Destin, FL. The Effect of Legal Environment and Foreign Operations Network on U.S. Acquirer Gains in Foreign Takeovers with Chris Pantzalis, presented at the 2001 Southern Finance Association Meeting in Destin FL. -5-
Dividend Omissions and Intra-Industry Signaling, with Gary Caton and Jeremy Goh, presented at the 2000 Financial Management Association meeting in Seattle, Washington. The Industry Reaction to High Tech Mergers: A Competitive Threat or a Positive Signal? with Theodor Kohers, presented at the 2000 Financial Management Association meeting in Seattle, Washington. The Choice of IPO Versus Takeover, with Jim Brau and Bill Francis, presented at the 2000 Financial Management Association meeting in Seattle, Washington. Reactions of Issuers and Rivals to Private Placements of Common Equity, with Scott Besley, presented at the 2000 Financial Management Association meeting in Seattle, Washington. Market Enthusiasm in High Tech Mergers: Time Will Tell, with Theodor Kohers, presented at the 2000 Eastern Finance Association meeting in Myrtle Beach, South Carolina. The Value-Creation Potential of High Tech Mergers: Are Investors Skeptical, with Theodor Kohers, presented at the 1999 Financial Management Association meeting in Orlando, Florida. Market Perception of Efficiency in Bank Mergers: The Roles of the DEA and SFA Models in the Valuation Process, with Theodor Kohers and Ming-hsiang Huang, presented at the 1999 Southern Finance Association meeting in Key West, Florida. High Tech Mergers: Long-Run Winners or Losers, with Theodor Kohers, presented at the 1999 Eastern Finance Association meeting in Miami Beach, Florida. Comparing Neural Networks and Logistic Regression in Determining How Privately Held Firms Go Public, with Gerald Kohers, Doug Kline, and Theodor Kohers, presented at the 1999 Decision Sciences Institute national meeting in New Orleans, Louisiana, November 1999. Published in the Proceedings, pp. 162-164. Neural Networks or the Logit Model: A Comparison of Each Model s Ability to Predict the Method of Payment in Corporate Acquisitions, with Gerald Kohers, Doug Kline, and Theodor Kohers, presented at the 1998 Decision Sciences Institute national meeting in Las Vegas, Nevada, November 1998. Published in the Proceedings. High Tech Mergers: Good Investments Or Simply High Tech Hype? with Theodor Kohers and Gerald Kohers, presented at the 1998 Eastern Finance Association meeting in Williamsburg, Virginia. The Role of Bargaining Power in Bank Mergers: Implications for Merger Premiums and Allocation of Gains, with Theodor Kohers and Gerald Kohers, presented at the 1998 Southwestern Finance Association meeting in Dallas, Texas. The Industry-Wide Implications of Dividend Omission and Initiation Announcements and the Determinants of Information Transfer, with David Peterson, presented at the 1997 Financial -6-
Management Association meeting in Honolulu, Hawaii. A Comprehensive Comparison of Foreign Versus Domestic Acquisitions: The Wealth Implications For Target Firm Shareholders, with Theodor Kohers and Gerald Kohers, presented at the 1997 Financial Management Association meeting in Honolulu, Hawaii. Deterministic Influence and Nonlinearity in the World s Leading Foreign Exchange Markets, with Vivek Pandey and Theodor Kohers, presented at the 1997 Eastern Finance Association meeting in Panama City Beach, Florida. Interest Changes and Commercial Bank Stock Returns: An Examination of the Role of Yield Spreads, with Theodor Kohers and Hassan Al-Mahmood, presented at the 1997 Southwestern Finance Association meeting in New Orleans, Louisiana. Gains From International Diversification: How Do Simple Strategies Fare? with Theodor Kohers and Gerald Kohers, presented at the 1996 Southwestern Finance Association meeting in San Antonio, Texas. Grants, Awards, and Positions College of Business Summer Research Grant, University of South Florida, May 2009. Doctoral Program Coordinator, Department of Finance, USF, Fall 2006 present. College of Business Summer Research Grant, University of South Florida, May 2005. Bank of America Professor, University of South Florida, 2004 - present. College of Business Research Award, University of South Florida, May 2004. President s Award for Faculty Excellence, University of South Florida, 2003. Research and Creative Scholarship Award, University of South Florida, May 2002. Presidential Young Faculty Award, University of South Florida, May 2002. Research and Creative Scholarship Award, University of South Florida, May 2000. -7-
Papers Reviewed for Journals Acted as a reviewer for: Journal of Business Journal of Banking and Finance Financial Management Journal of Financial Research Financial Review Applied Financial Economics Applied Economics Review of Financial Economics Journal of Economics and Business Quarterly Review of Economics and Finance Quarterly Journal of Business and Economics Studies in Economics and Finance Journal of Business Research European Financial Management Journal of Multinational Financial Management International Review of Financial Analysis Journal of Entrepreneurial Finance Teaching Experience University of South Florida, Professor of Finance, August 2012 present. University of South Florida, Associate Professor of Finance, August 2003 August 2012. University of South Florida, Assistant Professor of Finance, August 1998 August 2003. Florida State University, Instructor, Department of Finance, 1995 1998. Florida State University, Graduate Assistant, Department of Finance, 1994 1995. -8-