Vojislav Maksimovic

"Max" Maksimovic is the William A. Longbrake Chair in Finance & Professor of Finance. His recent research focuses on how a firm's organizational structure affects the flow of resources across its divisions. He has also worked on how competition in high technology industries determines the timing of initial public offerings. Maksimovic is interested in international finance, specifically in how a country's legal and institutional environment influences the financing and investment by firms. Maksimovic's research has been published in the Journal of Finance, Review of Financial Studies, Rand Journal of Economics, Journal of Financial Economics, and Journal of Financial and Quantitative Analysis. He is an associate editor of Journal of Financial Intermediations and a past member of the board of directors of the Western Finance Association.

Academic Awards

• 1990 Financial Executives Canada Award for Best Paper in Corporate Finance at NFA Meetings (with C. Bram Cadsby and M. Frank).

• 1992 Nomination for the Smith Breeden Prize for the Best Paper in the Journal of Finance: "Debt, Agency Costs and Industry Equilibrium. '

• 1999 Nomination for the Smith Breeden Prize for the Best Paper in the Journal of Finance: "Asset Efficiency and Reallocation Decisions of Bankrupt Firms."

• 2000 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: ''Law, Finance, and Firm Growth."

• 2003 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: "Do Conglomerate Firms Allocate Resources Inefficiently? Evidence from Plant-Level Data."

• 2003 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales, and are There Any Gains?"

Research

• Hoberg, Gerard and Maksimovic, Vojislav, Product Life Cycles in Corporate Finance, 2018.

• Ayyagari, Meghana and Maksimovic, Vojislav, "Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in Manufacturing," 2018.

• Maksimovic, Vojislav, Phillips, Gordon, and Liu Yang, "Do Public Firms Respond to Investment Opportunities More than Private Firms? The Impact of Initial Firm Quality," 2017.

• Ayyagari, Meghana and Demirgüç-Kunt, Asli and Maksimovic, Vojislav, Are Large Firms Born or Made? Evidence from Developing Countries (August 27, 2015). World Bank Policy Research Working Paper No. 7406.

• Ball, Christopher and Hoberg, Gerard and Maksimovic, Vojislav, Disclosure, Business Change and Earnings Quality (August 1, 2015).

• Makaew, Tanakorn and Maksimovic, Vojislav, Industry Shocks, Operating Risk, and Corporate Financial Policies around the World (July 1, 2015).

• Ayyagari, Meghana and Demirgüç-Kunt, Asli and Maksimovic, Vojislav, Does Local Financial Development Matter for Firm Lifecycle in India? (August 1, 2014). World Bank Policy Research Working Paper No. 7008.

• Ayyagari, Meghana and Demirgüç-Kunt, Asli and Maksimovic, Vojislav, Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises (September 1, 2011). World Bank Policy Research Working Paper No. 5799.

• Maksimovic, Vojislav and Frank, Murray Z., Trade Credit, Collateral, and Adverse Selection (October 26, 2005). University of Maryland - Robert H. Smith School of Business and University of Minnesota.