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John Wald
Department of Finance

Contact Information



BB 4.05.16







Course Information

Spring 2020:

FIN 4613: Intro: International Finance

FIN 5833: International Finance


Office Hours

See syllabus or by appointment



Relatively Recent Publications:


  • Natasha Burns, Anna Kapalczynski, and Wald, “Independent Director Compensation, Corruption, and Monitoring,” Financial Review, forthcoming.
  • Wald, “Antitrust Damages in Financial Markets,” Journal of Competition Law and Economics, forthcoming.
  • Mehdi Beyhaghi and Ca Nguyen, and Wald, “Institutional Investors and Loan Dynamics: Evidence from Loan Renegotiations,” Journal of Corporate Finance 56, 2019, 482-505.
  • Yaxuan Qi, Lukas Roth, and Wald, “Creditor Protection Laws, Debt Financing, and Corporate Investment over the Business Cycle,” Journal of International Business Studies 48, 2017, 477-497.
  • Sattar Mansi, Wald, and Andrew Zhang, "Severance Agreements and the Cost of Debt," Journal of Corporate Finance 41, 2016, 426-444.
  • Abby Kim, Yiuman Tse, and Wald, "Time Series Momentum and Volatility Scaling," Journal of Financial Markets 30, 103-124.
  • Alex Meisami, Palani-Rajan Kadapakkam, and Wald, “The Debt Trap: Wealth Transfers and Debt-Equity Choices of Junk Grade Firms,” Financial Review 51(1), 2016, 5-35.
  • Sarfraz Khan, and Wald, “Director Liability Protection, Earnings Management, and Audit Pricing,” Journal of Empirical Legal Studies 12 (4), 2015, 781-814.
  • Yiuman Tse and Wald, "Insured Uncovered Interest Parity," Finance Research Letters 10, 2013, 175-183.
  • Dilip Patro, Wald, and Yangru Wu, “Currency Devaluation and Stock Market Response: An Empirical Analysis,” Journal of International Money and Finance 40, 2014, 79-94.
  • Biqing Huang, Wald, and Rodolfo Martell, “Financial Market Liberalization and the Pricing of Idiosyncratic Risk,” Emerging Markets Review 17, 2013, 44-59.
  • Iness Aguir, Natasha Burns, Sattar Mansi, and Wald, "Director Liability, Director Compensation, and Incentives," Journal of Financial Intermediation 23, 2014, 570-589.
  • Brian McTier, Yiuman Tse, and Wald, “Do Stock Markets Catch the Flu?” Journal of Financial and Quantitative Analysis 48, 2013, 979-1000.
  • Sattar Mansi and Wald, “Payout Policy with Legal Restrictions,” Financial Management, Fall 2011, 701-732.
  • Brian McTier and Wald, "The Causes and Consequences of Securities Class Action Litigation," Journal of Corporate Finance 17, 2011, 649-655.
  • Ivan Brick, Oded Palmon, and Wald, “Too Much Pay Performance Sensitivity?” Review of Economics and Statistics 94, 2012, 287-303.
  • Yaxuan Qi, Lukas Roth, and Wald, “How Legal Environments Affect the Use of Covenants,” Journal of International Business Studies 42, 2011, 235-262.
  • Karan Bhanot, Sattar Mansi, and Wald, “Takeover Risk and the Correlation between Stocks and Bonds,” Journal of Empirical Finance 17, 2010, 381-393.
  • Yaxuan Qi, Lukas Roth, and Wald, “Political Rights and the Cost of Debt,” Journal of Financial Economics 95, 2010, 202-226.
  • Sattar Mansi, William Maxwell, and Wald, “Creditor Protection Laws and the Cost of Debt,” Journal of Law & Economics 52, 2009, 701-726.
  • Yaxuan Qi and Wald , “State Laws and Debt Covenants,” Journal of Law & Economics 51 (2), 2008, 179-208.
  • Wald and Michael S. Long, “The Effect of State Laws on Capital Structure,” Journal of Financial Economics, 83(2), 2007, 297-320.


Pandemics and the Stock Market -- an addendum to our 2013 paper about the flu and stock markets

Payout Restrictions used in 2007 JFE paper

Internet Appendices for Institutional Investors and Loan Dynamics: Evidence from Loan Renegotiations

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