Michael C. Jensen
Jesse Isidor Straus Professor of Business Administration, Emeritus

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Curriculum Vitae

Current Position

Previous Positions

Education

Teaching Experience

Other Activities
(1973-present)

Honors and Recognitions

Publications

Current Research

Testimony

Papers and Speeches Presented (1986-present)

Ph.D. Thesis Chairman For:

Ph.D. Thesis Committee Member For:

Abstracts of Publications

Jensen Home

Updated: March 7, 2006

Current Position

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- .

Previous Positions

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.

Education

University of Chicago, Ph.D., (Economics, Finance, and Accounting), 1968.

University of Chicago, M.B.A., (Finance), 1964.

Macalester College, A.B., (Economics), 1962.

Teaching Experience

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.

Other Activities (1973 to Present)

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.

Honors and Recognitions

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

Current Research

"Organizational Strategy"

Testimony

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). 

Ph.D. Thesis Chairman For:

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).

Ph.D. Thesis Committee Member For:

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).


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Research Summary

Organizations and
Markets Group

Coordination, Control, and
the Management of Organizations

Journal Of Financial Economics