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Biography

Columbia Business School
Stefan H. Robock Professor of Finance and Economics

Biography

Daniel Wolfenzon is the Stefan H. Robock Professor of Finance and Economics at Columbia Business School. He received a Masters and a PhD in economics from Harvard University and holds a BS in economics and a BS in mechanical engineering from MIT. Professor Wolfenzon previously taught at the University of Michigan, the University of Chicago and NYU. He is also a Faculty Research Fellow at the National Bureau of Economic Research. His research interests are in corporate finance and organizational economics. He has studied control sharing in small firms, the effects of investor protection on ownership concentration, and the structure of business groups around the world. His most recent research focuses on family firms. He has examined the consequences of family succession on firm performance and also the importance of managerial talent in family controlled firms. His work has been published in top economic and finance journals such as the Quarterly Journal of Economics, the Review of Economic Studies, the Journal of Finance, and the Journal of Financial Economics. Professor Wolfenzon received the Jensen Prize (second place) for best paper on corporate finance and organizations published in the Journal of Financial Economics both in 2002 and 2005.

Teaching

Fall 2017

Corporate Finance (MBA)

Fall 2016

Corporate Finance (MBA)

Fall 2014

Corporate Finance (MBA)

Fall 2013

Corporate Finance (MBA)

Fall 2012

Corporate Finance (MBA)

Columbia Caseworks cases

Chocolat Cordon Rouge: A Capital Budgeting Review (2013)
Coauthor(s): Paul Ingram, Daniel Wolfenzon

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General Motors Capital Structure and the Costs of Financial Distress (2012)
Coauthor(s): Trevor Harris, Daniel Wolfenzon, Andrew Hertzberg, Daniel Paravisini

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Research

Journal articles

Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data In Review of Economic Studies (2015)
Coauthor(s): Philipp Schnabl, Daniel Wolfenzon

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Governance Problems in Closely-Held Corporations In Journal of Financial and Quantitative Analysis (2011)
Coauthor(s): Venky Nagar, Kathy Petroni, Daniel Wolfenzon

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The structure and formation of business groups: Evidence from Korean chaebols In Journal of Financial Economics (2011)
Coauthor(s): Heitor Almeida, Sang Yong Park, Marti G. Subrahmanyam, Daniel Wolfenzon

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Inside the family firm: The role of families in succession decisions and performance In Quarterly Journal of Economics (2007)
Coauthor(s): Morten Bennedsen, Francisco Pérez-González, Daniel Wolfenzon

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A theory of pyramidal ownership and family business groups In Journal of Finance (2006)
Coauthor(s): Heitor Almeida, Daniel Wolfenzon

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Should business groups be dismantled? The equilibrium costs of efficient internal capital markets In Journal of Financial Economics (2006)
Coauthor(s): Heitor Almeida, Daniel Wolfenzon

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Corporate governance, economic entrenchment and growth In Journal of Economic Literature (2005)
Coauthor(s): Randall Morck, Daniel Wolfenzon, Bernard Yeung

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The effect of external finance on the equilibrium allocation of capital In Journal of Financial Economics (2005)
Coauthor(s): Heitor Almeida, Daniel Wolfenzon

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Investor protection and equity markets In Journal of Financial Economics (2002)
Coauthor(s): Andrei Shleifer, Daniel Wolfenzon

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The balance of power in closely held corporations In Journal of Financial Economics (2000)
Coauthor(s): Morten Bennedsen, Daniel Wolfenzon

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Chapters

The Governance of Family Firms In Corporate Governance (2010)
Coauthor(s): Morten Bennedsen, Daniel Wolfenzon

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Working papers

Do CEOs matter? (2011)
Coauthor(s): Morten Bennedsen, Francisco Pérez-González, Daniel Wolfenzon

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Estimating the Value of The Boss: Evidence from CEO Hospitalization Events (2011)
Coauthor(s): Morten Bennedsen, Francisco Perez-Gonzalez, Daniel Wolfenzon

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The Investment Behavior of Buyout Funds: Theory and Evidence In Finance Working Paper No. 174/2007 (2007)
Coauthor(s): Alexander Ljungqvist, Matthew Richardson, Daniel Wolfenzon

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Case studies

General Motors: Capital Structure and the Costs of Financial Distress (2011)
Coauthor(s): Daniel Wolfenzon, Trevor Harris, Andrew Hertzberg

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