Randall Heron

Areas of Expertise

Corporate Finance, Corporate Governance, Mergers and acquisitions

Academic Degrees

• PhD, Purdue University, 1995
• MBA, Western Illinois University, 1991
• BS, Western Illinois University, 1990

Professional Experience

• Associate Professor of Finance, Indiana University, 2003
• Assistant Professor of Finance, Indiana University, 1997
• Visiting Assistant Professor, University of Notre Dame, 1995-1997

Awards, Honors & Certificates

• 24 Teaching Excellence Awards (see vita for full details)
• Jensen Prize, Journal of Financial Economics, 2007
• Recognized as one of the academic influencers of 2007 (Business Finance Magazine)
• Recognized as a top five newsmaker of 2006 (Workforce Management)
• Research Excellence Award, Kelley School of Business, 2004

Selected Publications

• Heron, R. A. and E. Lie (2009), “What Fraction of Stock Option Grants to Top Executives Have Been Backdated or Manipulated?,” Management Science, Vol. 55, No. 4, April, pp. 513-525.
• Heron, R. A., E. Lie, and R. T. Perry (2007), “On the Use (and Abuse) of Stock Option Grants,” Financial Analysts Journal, Vol. 63, May/June, pp. 17-27.
• Heron, R. A. and E. Lie (2007), “Does Backdating Explain the Stock Price Pattern Around Executive Stock Option Grants?,” Journal of Financial Economics, Vol. 83, pp. 271-295_._
• Heron, R. A. and E. Lie (2006), “On the Use of Poison Pills and Defensive Payouts by Takeover Targets,” Journal of Business, Vol. 79, pp. 1783-1807.
• Heron, R. A. and E. Lie (2004), “A Comparison of the Motivations for and the Information Content of Different Types of Equity Offerings,” Journal of Business, Vol. 77, pp. 605-632.
• Carow, K., R. A. Heron, and T. Saxton (2004), “Do Early Birds Get the Returns?  An Empirical Investigation of Early Mover Advantages in Acquisitions,” Strategic Management Journal, Vol. 25, pp. 563-585.    
• Heron, R. A. and E. Lie (2002), “Operating Performance and the Method of Payment in Takeovers,” Journal of Financial and Quantitative Analysis, Vol. 37, pp. 137-155.
• Heron, R. A. and W. G. Lewellen (1998), “An Empirical Analysis of the Reincorporation Decision,” Journal of Financial and Quantitative Analysis, Vol. 33, pp. 549-568.