Michael C. Jensen
Jesse Isidor Straus Professor of Business
Administration, Emeritus
Updated: March 7, 2006
Managing Director, Organizational Strategy
Practice, The Monitor Group, 2000-present.
Jesse Isidor Straus Professor of Business
Administration, Emeritus, Graduate
School of Business Administration, Harvard University, 2000- .
Visiting Scholar, Tuck School of Business,
Dartmouth College, July 2001 to July 2002.
Jesse Isidor Straus Professor of Business
Administration, Graduate School of Business Administration, Harvard University,
1997-2000.
Edsel Bryant Ford Professor of Business
Administration, Graduate School of Business Administration, Harvard University,
1989-1997.
Professor of Business Administration,
Graduate School of Business Administration, Harvard University, 1985-1988.
LaClare Professor of Finance and Business
Administration, University of Rochester, William E. Simon Graduate School of
Business Administration, March 1984-1988.
Founder and Director, Managerial Economics
Research Center, University of Rochester, 1977-1988.
Visiting Professor of Business
Administration, Graduate School of Business Administration, Harvard University,
September 1984-June 30, 1985.
Professor, University of Rochester, Graduate
School of Management, 1979-1984.
University of Bern (Switzerland), Visiting
Lecturer, Summer, 1976. Theory of the Communications Media.
Associate Professor, University of Rochester,
Graduate School of Management, 1971-1979.
Assistant Professor, University of Rochester,
Graduate School of Management, 1967-1971.
Northwestern University, Instructor, 1967.
Courses in Finance and Research Methodology.
University of Chicago, Ph.D., (Economics,
Finance, and Accounting), 1968.
University of Chicago, M.B.A., (Finance),
1964.
Macalester College, A.B., (Economics), 1962.
Harvard Business School, 1985-2000. Courses
in organization and control.
University of Rochester, Graduate School of Management,
1967-1988. Graduate courses in corporate finance, capital markets, economics,
accounting, organization and control, business policy and the economics of
computers.
Board Memberships
European
Corporate Governance Institute (ECGI), 2002-present.
Board Member,
Chatham Technology, 1997-2001.
Center for the Study
of Economics, CSE, 1994-present.
Advisory Board,
Center for Research on Contracts and the Structure of Enterprise, University of
Pittsburgh, 1991-present.
Armstrong World
Industries, Inc., 1990-1996.
Analysis Group,
Inc., Belmont, MA, 1989-2001.
American Finance
Association, 1983-1985, 1990-1993
Western Economic
Association International Executive Committee, 1981-1983, 1991-present.
Advisory Board, Journal
of Applied Corporate Finance, 1988-present.
Eller Center
Advisory Board, The University of Arizona, 1984-1990.
Board of Advisors,
Pacific Institute, 1983-1990.
Board of Advisors,
Manhattan Institute, 1986-1990.
Advisory Committee
for the Institute for Study of Regulation, 1985-1990.
TIAA-CREF
Policyholders Nominating Committee, 1986-1989.
Advisory Director,
LaClare Petroleum, Inc., 1986.
Founder and Chairman, Social Science
Electronic Publishing, Inc., 1994-present.
American Finance Association:
President, 1992
President-Elect and
Program Chair, 1991
Vice President,
1990.
Western Economic Association International:
President, 1993
President Elect,
1992
Vice President, 1991
Founder and Managing Editor, Journal of
Financial Economics (North-Holland Publishing Company), 1973-1986,
Managing Editor, 1987-1997, and Founding Editor, 1997 to present.
Task Force on Comparative Privatization,
Institute for EastWest Studies, 1994
Advisory Editor, Economics Letters
(North-Holland Publishing Company), 1978-1990.
Associate Editor, Journal of Accounting
and Economics (North-Holland Publishing), 1978-1987
Consulting Editor, Quorum Books, 1979.
Member, C.H. Stuart Foundation Scholarship
Program Selection Committee, 1976-1981.
Coordinator, Simon School Economics Faculty,
1975-1980, Finance Faculty, 1969-1974.
Dean's Leadership Award in Corporate Governance, Drexel University, LeBow College of Business, March 1, 2006
Honorary degree, Docteur Honoris Causa,
University of Toronto, June 2005
2004 Readers Choice Best Paper Award (by vote
of the readership of the EFM Journal) for "The Agency Cost of Overvalued
Equity and the Current State of Corporate Finance received the European
Financial Management. "
2004 Tjalling C. Koopmans EFACT Conference
Award, for "extraordinary contributions to the economic sciences, and to
have reached the highest standards of quality of research."
Honorary degree, Doctor of Laws, William E.
Simon Graduate School of Business Administration, University of Rochester,
Rochester, NY, June 2001.
Honorary degree, Docteur Honoris Causa,
University of Bern, Bern, Switzerland, December 2000.
American Academy of Arts and Sciences, 1996
Robert F. Greenhill Award, Harvard Business
School, June, 1996
Honorary degree, Docteur Honoris Causa,
Universite Catholique de Louvain, Louvain-la-Neuve, Belgium, July 1, 1991.
Distinguished Scholar of the Year, Eastern
Finance Association, April, 1990.
Named one of "The Year's 25 Most
Fascinating Business People," Fortune magazine, Jan. 1, 1990.
1989 McKinsey Award: "Eclipse of the
Public Corporation" named one of the best articles of 1989 in the Harvard
Business Review.
The Joseph Coolidge Shaw, S.J. Medal. Awarded
by Boston College for "noteworthy personal contribution to learning and
culture as these are nurtured and preserved in libraries," November 16,
1984.
"Theory of the Firm: Managerial
Behavior, Agency Costs and Ownership Structure," (with William Meckling)
selected as a Citation Classic by the Institute for Scientific
Information. Identified as one of the most cited items in its field according
to data from the Science Citation Index and the Social Sciences
Citation Index, October, 1984.
The Leo Melamed Prize (jointly with William
Meckling). Awarded by the Graduate School of Business, University of Chicago
for "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership
Structure," judged the most outstanding scholarly work published by a
business school faculty member in the two-year period January 1, 1976 through
December 31, 1977.
Graham and Dodd Plaque (jointly with William
Meckling). Awarded for "Can the Corporation Survive?," judged the
outstanding article published in the Financial Analysts Journal in
1978 by the Financial Analysts Federation.
Graduate School of Management Superior
Teaching Award, Executive Development Program Class of 1974.
Beta Gamma Sigma Honor Society
Pi Gamma Mu Honor Society
Omicron Delta Gamma Honor Society
University of Chicago Honor Scholarship
University of Chicago Fellowship
United States Steel Foundation Fellowship
Harold Stonier Fellowship in Banking
"Organizational Strategy"
Joint Economic Committee, U.S. Congress,
Hearings on Corporate Time Horizons, November 8, 1989.
Subcommittee on Telecommunications and
Finance, U. S. House of Representatives, Hearings on Leveraged Buyouts, February
22, 1989.
Committee on Ways and Means, U. S. House of
Representatives, Hearings on Tax Policy Aspects of Mergers and Acquisitions,
February 1, 1989.
Cravath, Swain and Moore, Delaware Chancery
Court, Economic effects of the Pillsbury Antitakeover Rights Issue, December
12, 1988.
Nomad Acquisition, v. Damon, United States
District Court, District of Mass. Affidavit in support of preliminary
injunction and partial summary judgement, Sept., 1988.
BNS v. Koppers, United States Court of
Appeals for the Ninth Circuit, Declaration in Support of Motion for Expedited
Treatment of Appeal, April, 1988.
Commonwealth of Massachusetts, Suffolk County
Court, Effects on interstate commerce of the Massachusetts Antitakeover Act
(Kenner/Parker Tender Offer), August 17, 1987. (Skadden, Arps, Slate, Meagher
and Flom).
Subcommittee on Telecommunications and
Finance, U. S. House of Representatives. The effects of takeovers on the
economy. April 1, 1987.
U. S. District Court, Eastern District of
Michigan, Southern Division. November, 1986. Economic effects of the
Hayes-Albion Poison Pill (Butzel Long Gust Klein & Van Zile).
Senate Labor, Industry and Professions
Committee, New Jersey State Legislature, May 12, 1986. Economic effects of the
New Jersey Shareholder Protection Act.
U.S. District Court, Western District of New
York, 1985. Economic effects of the Coca Cola merger with Taylor Wine (Arnold
and Porter).
U.S. District Court, New Jersey, 1985.
Economic effects of the Asarco, Inc. Series C. Preferred stock issue (Paul,
Weiss, Rifkin, Wharton and Garrison).
Committee on the Judiciary, United States
Senate, 1985. "The Market for Corporate Control."
Delaware Chancery Court, 1984. Economic effects
of the Household International, Inc. antitakeover rights issue. (Skadden, Arps,
Slate, Meagher and Flom).
Securities and Exchange Commission,
"Economic Forum on Tender Offers," February 20, 1985. The economics
of tender offers and the market for control.
Subcommittee on Telecommunications, Consumer
Protection, and Finance of the Committee on Energy and Commerce, U.S. House of
Representatives, March 12, 1985. Economic Analysis of the Market for Corporate
Control.
Shoreham Commission, New York, 1983.
Financial effects of the bankruptcy of Long Island Lighting Company.
Federal Energy Regulatory Commission, July,
1979. Develop and testify on new regulatory method for regulating oil
pipelines. (Arco Pipe Line Company and Steptoe and Johnson).
U.S. District Court for Central District of
California, April, 1978. Estimate damages to stockholders resulting from fraud
and provide expert testimony. (Gottlieb, Locke and Dean).
Jeniffer van Heekerin, "Three Essays on
the Market for Corporate Control: Theory, Evidence, and History," 1993.
(Assistant Professor, College of Business Administration, University of
Oregon).
Tufano, Peter, "Private Incentives for
Financial Innovation," 1989. (Assistant Professor, Graduate School of
Business Administration, Harvard University).
Kaplan, Steven, "Sources of Value in
Management Buyouts," 1988. (Associate Professor, Graduate School of
Business, University of Chicago).
Leftwich, Richard. "Private
Determination of Accounting Methods in Corporate Bond Indentures," 1980.
(Professor, Graduate School of Business, University of Chicago).
Mikkelson, Wayne H. "Convertible Debt
and Warrant Financing: A Study of the Agency Cost Motivation and the Wealth
Effects of Calls on Convertible Securities," 1980. (Professor, College of
Business Administration, University of Oregon).
Ruback, Richard. "The Effect of
Discretionary Price Control Decisions on Equity Values," 1980. (Professor,
Graduate School of Business Administration, Harvard University).
Wier, Peggy. "Evidence from the Stock
Market on the Effects of Antimerger Law Enforcement," 1980. (Associate
Professor, College of Business Administration, University of Oregon).
Thompson, Rex. "Closed-end Investment
Companies: The Implications of Discounts and Premiums for Efficiency in the
Capital Markets and the Market for Corporate Control," 1978. (Professor,
The Wharton School, University of Pennsylvania).
Dolan, Robert Joseph. "Priority Pricing
Models for Congested Systems," 1976. (Professor, Graduate School of Business
Administration, Harvard University).
Rozeff, Michael. "Money and Stock
Prices, Market Efficiency and the Lag in Effect of Monetary Policy," 1974.
(Louis M. Jacobs Professor of Financial Planning and Control, School of
Management, University of Buffalo).
Mayers, David. "Capital Asset Pricing
and Non-Marketable Assets: A Collection of Related Essays," 1972. (Shepard
Professor of Insurance, Faculty of Finance, Ohio State University).
Baker, George. "Management Compensation
and Divisional Leveraged Buyouts," 1986. (Professor, Graduate School of
Business Administration, Harvard University).
Willner, Ram. "The Effect of Leverage
Changes on Call Option Prices: Theoretical, Empirical and Capital Structure
Implications," 1986. (Assistant Professor, Amos Tuck School, Dartmouth
College).
French, Kenneth R. "The Pricing of
Commodity Futures," 1982. (Professor and Director of the Center for
Research in Security Prices, Graduate School of Business Administration,
University of Chicago).
Rosenfeld, Ahron. "Repurchase Offers:
Information Adjusted Premiums and Shareholders' Response," 1982.
(Professor of Finance, Graduate School of Business, University of Utah).
Eckbo, Bjorn Espen. "Examining the
Anti-competitive Significance of Large Horizontal Mergers," 1981.
(Professor, Faculty of Commerce, University of British Columbia).
Malatesta, Paul. "Corporate
Mergers," 1981. (Associate Professor, School of Business Administration,
University of Washington).
Dodd, Peter. "The Market for Corporate
Control and Stockholder Wealth," 1980. (Professor, Australian Graduate
School of Management, University of New South Wales).
Holthausen, Robert W. "Theory and
Evidence on the Effect of Bond Covenants and Management Compensation Contracts
on the Choice of Accounting Techniques: The Case of the Depreciation
Switchback," 1980. (Professor, The Wharton School, University of
Pennsylvania).