David C. Smith                                                                                                       

Professor of Commerce

Director, McIntire Center for Financial Innovation

Office phone: 434-243-2272

Email: dcs8f@virginia.edu

Curriculum vitae

 

 

Education:

Ph.D., Finance, Indiana University, Bloomington (1993). B.S., Economics, University of Delaware (1988).

 

Areas of Expertise:

Corporate valuation, bankruptcy and restructuring, corporate credit, corporate governance.

 

Working Papers:

The Ownership and Trading of Debt Claims in Chapter 11 Restructurings, with Victoria Ivashina, and Ben Iverson, June 2014.

 

Creditor Conflict and the Efficiency of Corporate Reorganization, with Mark Jenkins, May 2014.

 

Private Equity Sponsors and the Resolution of Financial Distress, with Edie Hotchkiss and Per

Strömberg, March 2014.

 

Company-Specific Risk Premiums: Update on the Scholarly Evidence, with R. Brian Calvert,

March 2011.

 

Refereed Journal Publications:

What Happens in Nevada? Self-selecting into Lax Law, with Michal Barzuza, Review of Financial Studies, forthcoming.
   

U.S. International Equity Investment, with John Ammer, Sara Holland, and Frank Warnock, Journal of Accounting Research, December 2012, 50(5): 1109-1139 .

 

Creditor Control Rights, Corporate Governance, and Firm Value, with Greg Nini and Amir Sufi, Review of Financial Studies, June 2012, 1713-1761.

       Data appendix for the paper is available here. 

     The covenant violation data used for this project is available here. 

 

Creditor Control Rights and Firm Investment Policy, With Greg Nini and Amir Sufi, Journal of Financial Economics, June 2009, 400-420.

Log file is here. Stata dataset is here (Please read logfile first!).  All 3,720 contracts are in a zipped file here.

 

On the Sequencing of Projects, Reputation Building, and Relationship Finance, with Dominik Egli and Steven Ongena, Finance Research Letters, March 2006, 23-39.

 

The Impact of Bank Consolidation on Commercial Borrower Welfare, with Jason Karceski and Steven Ongena, Journal of Finance, August 2005, 2043-2082.

 

Loans to Japanese Borrowers, Journal of the Japanese and International Economies, September 2003, 283-304. 

 

To What Extent Will the Banking Industry be Globalized?  A Study of Bank Nationality and Reach in 20 European Nations, with Allen Berger, Qinglei Dai  and Steven Ongena, Journal of Banking and Finance, February 2003, 383-415.

 

Firms and Their Distressed Banks: Lessons from the Norwegian Banking Crisis (1988-1991), with Steven Ongena and Dag Michalsen, Journal of Financial Economics, January 2003, pp. 81-112.

 

The Duration of Bank Relationships, with Steven Ongena, Journal of Financial Economics, September 2001, pp. 449-475.

 

What Determines the Number of Bank Relationships? Cross-Country Evidence, with Steven Ongena, Journal of Financial Intermediation, January 2000, pp. 26-56.

 

Finite Sample Properties of Tests of the Epstein-Zin Asset Pricing Model, Journal of Econometrics, November 1999, pp. 113-148.

 

The Elasticity of Interest Rate Volatility - Chan, Karolyi, Longstaff and Sanders Revisited, with Robert Bliss, Journal of Risk, Fall 1998, pp. 21-46.

 

The Conditional Performance of Insider Trades, with B. Espen Eckbo, Journal of Finance, April 1998, pp. 467-498.

 

Other Publications:

Some Facts and Figures on Secured Lending, with Greg Nini, 2013 Loan Market Chronicle, Loan Syndication and Trading Association, pp. 79-82.
 
The Restructuring of Danfurn LLC, Business Case, with Larry Halperin and Michael Friedman, Darden Business Publishing’s McIntire School of Commerce Business Case Series, January 2013.

Claims Trading Promotes Ownership Concentration, with Tinamarie Feil, American Bankruptcy Institute Journal, April 2011,1.

 

Maximizing the Value of Distressed Assets:  Bankruptcy Law and the Efficient Reorganization of Firms, with Per Strömberg, in Systemic Financial Distress: Containment and Resolution, Patrick Honohan and Luc Laeven editors, Cambridge University Press, 2005.

 

Global Integration in the Banking Industry, with Allen Berger, Federal Reserve Bulletin, November 2003, 451-460.

 

Are Banks Still Special?  New Evidence on their Role in the Capital-Raising Process, with Christopher James, Journal of Applied Corporate Finance, Spring 2000, pp. 52-63.

 

Bank Relationships: A Review, with Steven Ongena, in The Performance of Financial Institutions, 2000, P. Harker and S.A. Zenios, editors, Cambridge University Press, pp. 221-258.

 “Quality and Duration of Bank Relationships,” with Steven Ongena in Global Cash Management in Europe, D. F Birks, editor, MacMillan Press, 1998.