Thomas Copeland

Thomas Copeland
Office: Olin Hall 311

Distinguished Professor of Finance

  • PhD, Wharton School, University of Pennsylvania
  • MBA, Wharton School, University of Pennsylvania
  • BA, John Hopkins University, Economics

As an academic, Tom Copeland has written six books and more than 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 more than 100 universities. Valuation: Measuring and Managing the Value of Companies sold more than 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 five 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 more than 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 seven 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.

Areas of Expertise

valuation of companies, stock splits, bid-ask spread, real options, executive compensation design, performance measurement, value-based management, portfolio valuation

Selected Publications

  • 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..
  • Copeland, T. (2009) Comparing Valuation Models (Chapter 4), John Wiley & Sons, pp. 87-107.
  • Copeland, T. (1991) The Welfare Effects of Public Information in an Asymmetric Information Market, Accounting and Financial Globalization, Quorum Books, Josh Ronen ed., 1991, pp. 1-28.
  • Copeland, T. (2008) Outperform with Expectations-Based-Management, John Wiley & Sons(first edition), 358 pp..