Thomas Bates

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Biography

Education
Ph.D., University of Pittsburgh, 2000; B.A., Guilford College, 1991

Research Areas
Corporate finance, valuation, corporate governance and executive compensation, financial statement analysis, mergers and acquisitions, law and finance
 
Current Projects
"Why Do Good Takeover Bids Fail? Managerial Bargaining or Bad Faith," with David Becher.
 
"Tender Offer or Merger? What Matters for Transaction Choice in Corporate Acquisitions."
 
Academic Positions
Arizona State University: 2009-present. Previous Appointments: University of Arizona, University of Delaware, University of Western Ontario
 
Career and Professional Awards
Dean's Council of 100 Scholar, 2009-present; McCoy-Rogers Fellow, Eller College of Management, 2008; Scrivner Teaching and Service Award, 2008
 
Professional Leadership and Service
Panelist member, Arizona Public Media (PBS, NPR), Mid-Year Economic Report, "Is there light at the end of the tunnel?" June 29, 2009; cited in the New York Times article, "The Forever War," August 18, 2008.

Ad hoc referee: Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Law, Economics and Organization

Executive Education Courses Delivered Previously
Managerial Finance, Financial Structure and Valuation, Mathematics for Finance, Capital Structure, Corporate Cash Policy

Representative Publications
"Why Do U.S. Firms Hold so Much More Cash than They Used To?" with Kathleen Kahle and Rene Stulz, Journal of Finance, 2009, 64(5), 1985-2021. 

"Board Classification and Managerial Entrenchment: Evidence from the Market for Corporate Control," with David Becher and Michael Lemmon, Journal of Financial Economics, 2008, 87, 656-677.
 
"Shareholder Welfare and Bid Negotiation in Freeze-Out Deals: Are Minority Shareholders Left Out in the Cold?" with Michael Lemmon and James Linck, Journal of Financial Economics, 2006, 81, 681-708.

Google Scholar

Mentions

Evidence from Recession: The Real Reason Companies Hold Cash

Research

2009
Why do U.S. Firms Hold so Much More Cash than They Used To?
Journal of Finance

2008
Board Classification and Managerial Entrenchment: Evidence from the Market for Corporate Control
Journal of Financial Economics

2007
Shareholder Welfare in Minority Freeze-out Bids: Are Legal Protections Sufficient? Evidence from the U.S. Market
Journal of Institutional Comparisons

ASU is a tier 1 research university and W. P. Carey is proud of its strong tradition of teaching and classroom excellence. Our students directly benefit from the research and theories our faculty brings into the classroom. Below is a list of courses being taught during the current semester by this faculty member. Click a course to view it in the ASU course catalog.

FIN 499 - Individualized Instruction
Provides an opportunity for original study or investigation in the major or field of specialization on an individual and more autonomous basis. Neither a substitute for a catalog course nor a means of taking a catalog course on an individual basis. Requires application well in advance of regular registration with the student's advisor, the advisor's signature, and approval by both the instructor with whom the student will work and the chair of the department offering the course.

FIN 502 - Managerial Finance
Develops analytical techniques and financial theories used to make optimal decisions in a corporate setting.

FIN 599 - Thesis
Supervised research focused on preparation of thesis, including literature review, research, data collection and analysis, and writing.

FIN 795 - Continuing Registration
Used in situations where registration is necessary but where credit is not needed. Replaces arbitrary enrollment in reading and conference, research, thesis, dissertation, etc. Used by students when taking comprehensive examinations, defending theses or dissertations, or fulfilling the continuous enrollment requirement in doctoral programs. Credit is not awarded, and no grade is assigned.