Aigbe Akhigbe, Ph.D.

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Education:

• Ph.D. University of Houston (Finance)
• M.B.A University of Houston
• M.S. University of Louisiana (Engineering)

• B.S. University of Ibadan (Petroleum Engineering)

Biography

Professional & Academic Experience:

• Academic Experience
  • Moyer Chair and Professor, University of Akron, 2000
  • Full Professor, Florida Atlantic University, 1999-2000
  • Associate Professor, Florida Atlantic University, 1995-1999
  • Assistant Professor, Florida Atlantic University, 1991-1995
  • Teaching Assistant, University of Houston, 1990-1991
  • Visiting Instructor, Texas Southern University, 1989-1990
  • Teaching Assistant, University of Houston, 1985-1989
  • Graduate Assistant, University of Louisiana, 1983-1984

• Professional experience
  • Engineer, Nigerian National Petroleum Corporation, 1979-1982
  • Engineer, Gulf Oil Corporation, 1978-1979

Teaching Interests:

• Corporate Finance
• Financial Markets and Institutions

• Investments

Research Interests:

• Corporate Finance
• Financial Markets and Institutions
• Investments

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Research Accomplishments

Refereed Journal Articles

• “Information Asymmetry Determinants of Sarbanes-Oxley Wealth Effects,” with Anna Martin and Melinda Newman, Financial Management, accepted for publication in 2009.
• “Takeovers of Newly Public Targets,” with Surendranath Jory and Jeff Madura, Applied Financial Economics, accepted for publication in 2009.
• “Changes in Risk of Foreign Firms Listed in the U.S. Following Sarbanes-Oxley,” with Anna Martin and Takeshi Nishikawa, Journal of Multinational Financial Management, accepted for publication in 2009.
• “Sarbanes-Oxley Wealth Effects: Focus on Technology Firms,” Journal of Economics and Finance, 2009, 10.1007/s12197-009-9095-1.
• "Impact of Analyst Upgrades and Downgrades of Sectors on Sector Valuations," with Jeff Madura, Journal of Behavioral Finance, accepted for publication in 2009.
• "Industry Signals Relayed by Corporate Earnings Restatements," with Jeff Madura, Financial Review, 2008, Vol. 43, 569-589
• "Risk Implications of the Sarbanes-Oxley Act of 2002: Evidence from the Financial Services Industry," with Anna Martin, Journal of Banking and Finance, 2008, Vol. 32, No. 10, 2124-2135.
• "Risk Shifts Following Sarbanes Oxley: Influences of Disclosure and Governance," with Anna Martin and Melinda Newman, Financial Review, 2008, Vol. 43, 383-401.
• "Partial acquisitions, the acquisition probability hypothesis, and the abnormal returns to partial targets," with Anna Martin and Ann Marie Whyte, Journal of Banking and finance, 2007, Vol. 31, No. 10, 3080-3101.
• "Performance Following Share Repurchases by Closed-end Funds," with Kim Doseong and Jeff Madura, Financial Review, 2007, Vol. 42, No. 4, 537-555.
• "Effect of Fed Policy Actions on the Default Likelihood of Commercial Banks," with Jeff Madura and Anna Martin," Journal of Financial Research, 2007, Vol. XXX, No. 1, 147-162.
• "Long-term Industry Performance Following IPOs," with Jarrod Johnston and Jeff Madura, The Quarterly Review of Economics and Finance, 2006, Vol. 46, No. 4, 638-651.
• "Are differences in Acquiring Bank Profit Efficiency Priced in Financial Markets?" with Raj Aggrawal and Jim McNulty, Journal of Financial Services Research, 2006, Vol. 30, 265-289.
• "Industry Effects of Analyst Stock Revisions," with Jeff Madura and Melinda Newman, Journal of Financial Research, 2006, Vol. XXIX, No. 2, 181-188.
• "Market Expectations and the Valuation Effects of Equity Issuance," with Melinda Newman and Assem Safieddine, Journal of Financial Research, 2006, Vol. XXIX, No. 2, 253-269.
• "Valuation Impact of Sarbanes-Oxley: Evidence from Disclosure and Governance within the Financial Services Industry," with Anna Martin, Journal of Banking and Finance, 2006, Vol. 30, 989-1006.
• "Why Are Some Corporate Earnings Restatements More Damaging?" with Ron Kudla and Jeff Madura, Applied Financial Economics, 2005, Vol. 15, 327-336.
• "Profit Efficiency Sources and Differences among Small and Large U.S. Commercial Banks," with Jim McNulty, Journal of Economics and Finance, 2005, Vol. 29, No. 3.
• "Financial Modernization in US Banking Markets: A Local or Global Event?" with Melissa Frye and Ann Marie Whyte, Journal of Business Finance and Accounting, 2005, Vol. 32, No. 7/8, 1561-1585.
• "Enron and Accounting Contagion: A Note," with Jeff Madura and Anna Martin, Journal of Economics and Finance, 2005, Vol. 29, No. 2, 187-202.
• "Corporate Performance Following EVA Adoption," with Ron Kudla, Journal of Financial and Economic Practice, 2005, Vol. 5, No. 2, 30-39.
• "Motivation and Performance Following Open Ending of Closed-End Funds," with Jeff Madura and Al Tucker, Journal of Investment Management, 2005, Vol. 3, No. 2, 1-11.
• "Contagion Effects of the World's Largest Bankruptcy: The Case of WorldCom," with Anna Martin and Ann Marie Whyte, The Quarterly Review of Economics and Finance, 2005, Vol. 45, 48-64.
• "Bank Acquisitions of Security Firms: The Early Evidence," with Jeff Madura, Applied Financial Economics, 2004, Vol. 14, No. 7, 485-496.
• "The Gramm-Leach-Bliley Act of 1999: Risk Implications for the Financial Services Industry," with Ann Marie Whyte, Journal of Financial Research, 2004, Vol. XXVII, No. 3, 435-446.
• "Partial Acquisitions, Corporate Control, and Performance," with Jeff Madura and Carolyn Spencer, Applied Financial Economics, 2004, Vol. 14, 847-857.
• "Partial Anticipation and the Gains to Bank Merger Targets," with Jeff Madura and Ann Marie Whyte, Journal of Financial Services Research, 2004, Vol. 26, No. 1, 55-71.
• "Market Signals Associated with REIT IPOs," with Jarrod Johnston, Jeff Madura and Tom Springer, Journal of Real Estate Finance and Economics, 2004, Vol. 28, No. 4, 355-367.
• "Consolidation in the Financial Services Industry: Are there Industry Gains for Acquisitions of Security Firms?" with Jarrod Johnston and Jeff Madura, Journal of Economics and Finance, 2004, Vol. 28, No. 1, 14-31.
• "Teaching Commercial Bank Leverage: Are We Borrowing Too Much From Corporate Finance?" with Jim McNulty, Journal of Financial and Economic Practice, 2003, Vol. 2, No. 1, 28-36.
• "Competitive Rival Effects when Privately-Held Firms are Acquired," with Jeff Madura and Anna Martin, American Business Review, 2003, Vol. XXI, No. 2, 30-40.
• "Does an Industry Effect Exist for Initial Public Offerings?" with Steve Borde and Ann Marie Whyte, Financial Review, 2003, Vol. 38, No. 4, 531-551.
• "Exchange Rate Exposure and Valuation Effects of Cross-Border Acquisitions," with Anna Martin and Melinda Newman, Journal of International Financial Markets, Institutions & Money, 2003, Vol. 13, No. 3, 255-269.
• "Changes in Market Assessments of Bank Risk Following the Riegel-Neal Act of 1994," with Ann Marie Whyte, Journal of Banking and Finance, 2003, Vol. 27, No. 1, 87-102.
• "The Profit Efficiency of Small U.S. Commercial Banks," with Jim McNulty the Journal of Banking and Finance, 2003, Vol. 27, No. 2, 307-325.
• "Are Acquisitions by Microsoft Beneficial for the Computer Industry?" with Anna Martin, Financial Analysts Journal, 2002, Vol. 58, No 4, 19-27.
• "Market Under-reaction and Overreaction of Technology Stocks," with Jeff Madura and Steve Larson, 2002, Journal of Psychology and Financial Markets, 2002, Vol. 3, No. 3, 141-151.

• "New Product Innovations, Information Signaling and Industry Competition," Applied Financial Economics, 2002, Vol. 15, 371-378.

Conference Papers

• "The Effects of Public versus Private Ownership on the Bank Holding Company Profit Efficiency: 1996-2006," with Jim McNulty and Brad Stevenson, Eastern Finance Association Meeting, San Antonio, April 9-12, 2008.
• "The Effects of Public versus Private Ownership on the Bank Holding Company Profit Efficiency: 1996-2006," with Jim McNulty and Brad Stevenson, Midwest Finance Association Meeting, San Antonio, February 27-March 1, 2008.
• "Efficiency and Profitability in U.S. Banks: The Effects of Nontraditional Sources of Revenue," with Brad Stevenson, Midwest Finance Association Meeting, Minneapolis, March 21-24, 2007.
• "Efficiency and Profitability in U.S. Banks: The Effects of Nontraditional Sources of Revenue," with Brad Stevenson, Finance Department Seminar Series, March 16, 2007.
• "Influence of Disclosure and Governance on Risk Shifts Following Sarbanes-Oxley: Evidence from the Financial Services Industry," co-authored with Anna Martin, annual symposium of the Financial Services Institute (FSI), September 2006.
• "Partial acquisitions and the acquisition probability hypothesis," with Ann Marie Whyte and Anna Martin, Financial Management Association, October 12-15, 2005.
• "Enron and Accounting Contagion: A Note," with Jeff Madura and Anna Martin, Eastern Finance Association Meeting, Mystic Connecticut, April 21-24, 2004.
• "Industry Signals Inferred from Analyst Changes in Firm Ratings," with Jeff Madura and Melinda Newman, Eastern Finance Association Meeting, Mystic-Connecticut, April 21-24, 2004.
• "Do Shareholders Benefit When there are Underlying Efficiency Gains from Bank Mergers?" with Raj Aggarwal and Jim McNulty, Financial Management Association Meeting, Denver, October 8-11, 2003.
• "Global Ramifications of the Financial Services Modernization Act of 1999," with Ann Marie Whyte and Melissa Frye, Financial Management Association Meeting, San Antonio, October 16-21, 2002.
• "Are Acquisitions by Microsoft Beneficial for the Computer Industry?" with Anna Martin, Eastern Finance Association Meeting, Baltimore, April10-13, 2002.
• "Market Under-reaction and Overreaction of Technology Stocks," with Steven Larson and Jeff Madura, Eastern Finance Association Meeting, Baltimore, April10-13, 2002.
• "Corporate Performance Following EVA Adoption," with Ron Kudla, Midwest Finance Association Meeting, Chicago, March 14-16, 2002.

 Awards:

• Ranked 6th out of 17,573 finance authors of all time (over the past 50 years), in an article written by T. Jalbert, S. Alangar, and N. Young, entitled "Additional Evidence on Prolific Authors in Finance Over the Past Half Century," Advances in Financial Education, Volume 6, Summer 2008.
• Received the 2007-2008 CBA researcher of the year award.
• Ranked 65th out of 17,573 finance authors over the past 50 years, in an article written by Philip Cooley and Jean Heck, entitled "Prolific Authors in the Finance Literature: a Half Century of Contributions," Journal of Finance Literature, Volume 1, Winter 2005.
• Ranked 36th out of the top 1000 finance scholars worldwide (based on publication history from 1990-2001 in the 16 core finance journals), in an article written by Chan, Chen and Steiner, entitled "Production in the Finance Literature, Institutional Reputation, and Labor Mobility in Academia: A Global Perspective," published in Financial Management, Volume 31, No. 4, Winter 2002, pages 131-156.
• Best paper award at the annual symposium of the Financial Services Institute (FSI), for "Influence of Disclosure and Governance on Risk Shifts Following Sarbanes-Oxley: Evidence from the Financial Services Industry," co-authored with Anna Martin, September 2006.
• Article "Valuation Impact of Sarbanes-Oxley: Evidence from Disclosure and Governance within the Financial Services Industry," co-authored with Anna Martin, Journal of Banking and Finance, 2006, Vol. 30, 989-1006, was recognized as a Top25 Hottest Article according to reader requests and number of downloads.
• Florida Atlantic University, College of Business Researcher of the Year Award, 1996, 1997.
• Florida Atlantic University, Week-End B.B.A Program Certificate of Appreciation, 1993.
• University of Houston, the Dean's Award for Academic Excellence, 1991.
• University of Houston, Allied Graduate Fellowship, 1985.
• University of Houston, Elected to Beta Gamma Sigma, 1985.