› About SBA
Olin Hall 219
Distinguished Clinical Professor of Financial Economics
Ph.D. University of Pennsylvania
B.A. John Hopkins University, Economics
Tom Copeland is one of the few people in the world with deep experience, and top credentials as a practitioner as well as an academic in financial economics. As an academic, he has written six books and over 60 articles. Financial Theory and Corporate Policy is now in its fourth edition and has been in print continuously since 1979, having been used as a textbook at over 100 universities. Valuation: Measuring and Managing the Value of Companies, sold over 350,000 copies. Copeland has published significant research papers on valuation, real options, stock splits, the theory of the bid-ask spread, the theory of trading volume, non-synergistic acquisition, and capital efficiency. He was a tenured full professor at UCLA, an adjunct full professor at NYU and Harvard Business School. He was a senior lecturer at MIT for 5 years. He was elected to the Financial Economics Roundtable in 2004, and is one of the top 100 researchers in finance by citation in the top three journals over the last 25 years. He won teaching awards at UCLA and NYU.
Copeland’s practitioner experience extends over a 31 year period. For 11 years he was co-leader of McKinsey’s global corporate finance where he consulted over 200 companies in 40 countries on topics as diverse as value-based management, mergers and acquisitions, capital structure and cost of capital, hedging, restructuring, and turnarounds. Additionally, he was managing director of Monitor’s corporate finance practice for 7 years, and was a senior advisor for Charles River Associates and has twice appeared before the World Court as an expert witness on major valuation matters.
Selected Current Research
Journal Article, Academic Journal
Copeland, T. (2009). Quantitative Research Program Management -- The Use and Abuse of Real Options. Kenkyu-Gijutsukeikaku (Journal of Research and Technological Planning)
Copeland, T. A Model of Asset Trading Under the Assumption of Sequential Information Arrival. Journal of Finance, Sept.
Copeland, T. A Note on the Valuation of Cancellable Operating Leases. Financial Management, Summer
Copeland, T. A Probability Model of Asset Trading. Journal of Financial and Quantitative Analysis, Nov 19
Copeland, T. Beta Changes Around Stock Splits: A Note. Journal of Finance, 43 (4), pp 1009-1013.
Copeland, T. Cutting Costs Without Drawing Blood. Harvard Business Review, Oct. 2
Copeland, T. Evaluating FX Hedging Programs -- A Value-Maximizing Approach. Financial Management, Autumn
Copeland, T. Exchange Offers and Stock Swaps: Some New Evidence. Financial Management, Autumn
Copeland, T. From Cash Flows to Real Options. Journal of Multinational Finance
Copeland, T. Information Effects on the Bid-Ask Spread. The Journal of Finance (Dec. 1983), pp 1457-1469.
Copeland, T. Leads and Lags in Global Indices. Financial Analysts Journal, Jul-Au
Copeland, T. Market Timing -- Rotation of Size and Style. Financial Analyats Journal, Mar-Ap
Copeland, T. Stock Splits, Stock Prices, and Transaction Costs. Journal of Financal Economics, Dec. 1
Copeland, T. The Effect of Sequential Information Arrival on Asset Prices: An Experimental Study. The Journal of Finance, July 1
Copeland, T. The Partial Revelation of Information in Experimental Asset Markets. Journal of Finance, March
Copeland, T. The Value Line Enigma (1965-1978): A Case Study of Performance Evaluation Issues. Journal of Financial Economics, Dec. 1
Copeland, T. What do Practitioners Really Want?. Journal of Applied Finance, Summer
Copeland, T., , . Financial Management of Non-profit Organizations. Journal of Economics and Business, Feb.
Copeland, T., Mayers, D., Chen, N. A Comparison of Single and Multi-factor Portfolio Performance Methodologies. Journal of Financial and Quantitative Analysis, 22 (4), 401-417.
Journal Article, Professional Journal
Copeland, T. Efficient Capital Markets: Evidence and Implications for Financial Reporting. Journal of Accounting, Auditing and Finance, Fall 1
Copeland, T. The Real Options Approach to Capital Allocation. Strategic Finance (Oct. 2000), pp34-37.
Journal Article, Public or Trade Journal
Copeland, T. The Expanding Role of the Chief Financial Officer. Weekly Toyo Keizai (sept. 1, 2001)
Book, Chapter in Scholarly Book-New
Copeland, T. (2009). Comparing Valuation Models (Chapter 4). John Wiley & Sons
Copeland, T. The Welfare Effects of Public Information in an Asymmetric Information Market . Accounting and Financial Globalization, Quorum Books, Josh Ronen ed., 1991
Copeland, T. Real Options -- A Practitioner's Guide. Thomson/Texere (first edition), 400 pp..
Copeland, T. Valuation: Measuring and Managing the Value of Companies. John Wiley & Sons (first edition), 428 pp..