Thomas Copeland, Ph.D.

Contact Information

Thomas Copeland, Ph.D.

Thomas Copeland, Ph.D.
Distinguished Professor of Finance

Email |
Phone | (619) 260-2917
Office | Olin Hall 311

Office Hours

    Distinguished Professor of Finance

    • Ph.D. University of Pennsylvania
    • MBA Wharton
    • 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

    Book, Textbook-Revised

    Copeland, T. (2005). Financial Theory and Corporate Policy -- fourth edition. Addison Wesley (fourth edition), 1000 pp.

    Copeland, T. (1988). Financial Theory and Corporate Policy -- third edition. Addison Wesley (third edition), 946 pp..

    Conference Proceeding

    Copeland, T. (2006). Financial Management Association Roundtable on Stock Market Pricing and Value-Based Management. Journal of Applied Corporate Finance

    Magazine/Trade Publication

    Copeland, T. (2001). The CFO and Investment Decisions -- Introduction to Real Options. Weekly Toyo Keizai (Sept. 8, 2001)

    Journal Article, Academic Journal

    Copeland, T. (2010). From Cash Flows to Real Options. Multinational Finance Journal, 14

    Copeland, T. (2009). Quantitative Research Program Management -- The Use and Abuse of Real Options. Kenkyu-Gijutsukeikaku (Journal of Research and Technological Planning)

    Copeland, T. (2005). Real Options -- Meeting the Georgetown Challenge. Journal of Applied Corporate Finance, March

    Copeland, T. (2004). A Real-World Way to Manage Real Options. Harvard Business Review, March

    Copeland, T. (2004). The role of Expectations In the Cross-Section of Returns. Review of Accounting Studies, June 2

    Copeland, T. (2002). What do Practitioners Really Want?. Journal of Applied Finance, Summer

    Copeland, T. (2000). Cutting Costs Without Drawing Blood. Harvard Business Review, Oct. 2

    Copeland, T. (2000). Evaluating FX Hedging Programs -- A Value-Maximizing Approach. Financial Management, Autumn

    Copeland, T. (1999). Market Timing -- Rotation of Size and Style. Financial Analyats Journal, Mar-Ap

    Copeland, T. (1999). Options and the Cost of Capital. International Finance and Treasury, 25 (1), pp. 1-10.

    Copeland, T. (1998). Leads and Lags in Global Indices. Financial Analysts Journal, Jul-Au

    Copeland, T. (1992). The Market Value of Information: Some Experimental Evidence. Journal of Business, April

    Copeland, T. (1991). Exchange Offers and Stock Swaps: Some New Evidence. Financial Management, Autumn

    Copeland, T. (1991). The Partial Revelation of Information in Experimental Asset Markets. Journal of Finance, March

    Copeland, T. (1988). Beta Changes Around Stock Splits: A Note. Journal of Finance, 43 (4), pp 1009-1013.

    Copeland, T. (1988). Stock Splits, Stock Prices, and Transaction Costs. Journal of Financal Economics, Dec. 1

    Copeland, T. (1987). The Effect of Sequential Information Arrival on Asset Prices: An Experimental Study. The Journal of Finance, July 1

    Copeland, T.,Mayers, D.,Chen, N. (1987). A Comparison of Single and Multi-factor Portfolio Performance Methodologies. Journal of Financial and Quantitative Analysis, 22 (4), 401-417.

    Copeland, T. (1983). Information Effects on the Bid-Ask Spread. The Journal of Finance (Dec. 1983), pp 1457-1469.

    Copeland, T. (1982). A Note on the Valuation of Cancellable Operating Leases. Financial Management, Summer

    Copeland, T. (1982). The Value Line Enigma (1965-1978): A Case Study of Performance Evaluation Issues. Journal of Financial Economics, Dec. 1

    Copeland, T. (1979). Liquidity Changes following Stock Splits. Journal of Finance, March

    Copeland, T. (1978). Financial Management of Non-profit Organizations. Journal of Economics and Business, Feb.

    Copeland, T. (1977). A Probability Model of Asset Trading. Journal of Financial and Quantitative Analysis, Nov 19

    Copeland, T. (1976). A Model of Asset Trading Under the Assumption of Sequential Information Arrival. Journal of Finance, Sept.

    Journal Article, Professional Journal

    Copeland, T. (2000). The Real Options Approach to Capital Allocation. Strategic Finance (Oct. 2000), pp34-37.

    Copeland, T. (1978). Efficient Capital Markets: Evidence and Implications for Financial Reporting. Journal of Accounting, Auditing and Finance, Fall 1

    Journal Article, Public or Trade Journal

    Copeland, T. (2006). Introducing Expectations-Based Management. Journal of Applied Corporate Finance (2006)

    Copeland, T. (2001). The Expanding Role of the Chief Financial Officer. Weekly Toyo Keizai (sept. 1, 2001)

    Copeland, T. (1984). An Economic Approach to Pension Fund Management. Midland Corporate Finance Journal, vol. 2

    Book, Scholarly-New

    Copeland, T. (2008). Outperform with Expectations-Based-Management. John Wiley & Sons (first edition), 358 pp..

    Copeland, T. (2001). Real Options -- A Practitioner's Guide. Thomson/Texere (first edition), 400 pp..

    Copeland, T. (2000). Valuation: Measuring and Managing the Value of Companies. John Wiley & Sons (first edition), 428 pp..

    Copeland, T. (1987). Modern Finance and Industrial Economics. Basil Blackwell

    Book, Chapter in Scholarly Book-New

    Copeland, T. (2009). Comparing Valuation Models (Chapter 4). John Wiley & Sons

    Copeland, T. (1991). The Welfare Effects of Public Information in an Asymmetric Information Market. Accounting and Financial Globalization, Quorum Books, Josh Ronen ed., 1991