Janet Kiholm Smith, Ph.D.
Department
Biography
Janet Kiholm Smith is the Von Tobel Professor of Economics at Claremont McKenna College. She received a Ph.D. in economics from UCLA, and has been on the faculties of Arizona State University, University of Southern California, and Oberlin College. At CMC, she has served as the Founding Director of the Center for Innovation & Entrepreneurship and has served as the Dean of the Robert Day School of Economics and Finance, Chair of the Department of Economics, and Director of the Financial Economics Institute. Current research interests are in the areas of financial economics and organizations and markets. She is coauthor of Entrepreneurial Finance: Venture Capital, Deal Structure & Valuation, 2nd ed. (2019), Stanford University Press, which has been translated into several languages, including Japanese, Chinese and Vietnamese. Her publications have appeared in such journals as Journal of Finance, Journal of Financial & Quantitative Analysis, Journal of Corporate Finance, Journal of Legal Studies, Journal of Law, Economics & Organization, Journal of Banking and Finance.
Education
B.S., University of Utah, Salt Lake City; Ph.D., University of California, Los Angeles
Research and Publications
SELECTED BOOKS AND ARTICLES:
Books:
Entrepreneurial Finance: Venture Capital, Valuation, and Deal Structure, with R. Smith, Stanford: Stanford University Press, 2019.
Entrepreneurial Finance: Strategy, Valuation, and Deal Structure, with R. Smith and R. Bliss, Stanford: Stanford University Press, 2011. Translation: Chinese (publisher: Peking University Press, 2017).
Entrepreneurial Finance, with R.L. Smith, John Wiley & Sons, 1st ed., 2000, 2nd ed., 2004. Translations: Chinese (Mandarin and Simplified). Japanese (publisher: John Wiley & Sons International, Chuokeizai-sha, Inc.)
Journal Articles:
“Institutional investment and the changing role of public equity markets: International Evidence,” with I. Kalcheva and R. L. Smith, Journal of Corporate Finance, forthcoming, 2021.
“Risk-taking in Competitive Settings: Evidence from Match Play Golf Tournaments,” with S. Ozbeklik, Journal of Corporate Finance, 44 (2017), 506-523.
“Socially Responsible Investing by Universities and Colleges,” with R. L. Smith, Financial Management, 45 (2016): 877-922. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2500438
“Which Institutional Investors Matter for Firm Survival and Performance?” with G. Erenburg and R. Smith, North American Journal of Economics and Finance, 37 (2016): 348-373.
“The Supply Chain Spillover Effects of IPOs,” with K. Yamada, K. Kutsuna, and R. Smith, Journal of Banking and Finance, 64 (2016): 150-168. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2223418
“Institutional Investors and the Transformation of Underperforming Firms,” with G. Erenburg and R. Smith, Quarterly Journal of Finance, 5 (2015): 1550019.
“Loss Aversion and Managerial Decisions: Evidence from Major League Baseball,” with R. Pedace, Economic Inquiry, 51 (2013): 1475-1488. Received “Best Paper Award” at the International Organization of Social Sciences and Behavioral Research (IOSSBR), Spring 2011 Conference.
“The Early Decision Option in College Admission and its Impact on Student Diversity,” with H. Antecol, Journal of Law and Economics, 55 (2012): 217-249.
“Corporate Philanthropy,” in Socially Responsible Finance and Investing, H. K. Baker and J. Nofsinger, Eds., New York: John Wiley & Sons, Inc., 2012.
“The Paradox of ‘Fraud-on-the-Market Theory’: Who Relies on the Efficiency of Market Prices?” with G. Erenburg, R. Smith, Journal of Empirical Legal Studies, 8 (2011): 260-303.
“Venture Capital Approaches to Valuation: Contracting and Deal Structure,” Strategic Change: Briefings in Entrepreneurial Finance, 19 (2010): 285-292.
“Public Information, IPO Price Formation, and Long-run Returns: Japanese Evidence,” with K. Kutsuna and R. Smith, The Journal of Finance, 64 (2009): 505-546.
“What’s in Your 403(b)? Academic Retirement Plans and the Costs of Under- diversification,” with J. Angus, W. Brown, and R. Smith, Financial Management, 36 (2007): 87-124.
“Evaluating the Boundaries of SEC Regulation,” Journal of Corporate Finance, 13 (June 2007): 189-194. Co-editor of special issue on SEC Regulation and Corporate Finance.
“Banking Relationships and Access to Equity Capital Markets: Evidence from Japan’s Main Bank System,” with K. Kutsuna and R. Smith, Journal of Banking and Finance, 31 (2007): 335-360.
“Corporate Philanthropic Practices,” with W. Brown and E. Helland, Journal of Corporate Finance, 12 (2006): 855-877.
“Opportunity Cost of Capital for Venture Capital Investors and Entrepreneurs,” with F. Kerins and R. Smith, Journal of Financial and Quantitative Analysis, 39 (2004): 385- 405.
“Competitive Impact of Strategic Restructuring: Evidence from the Telecommunications Industry,” with M. Hertzel and R. L. Smith, Industrial and Corporate Change, 10 (2001): 207-246.
“The SEC’s ‘Fair Value’ Standard for Mutual Fund Investment in Restricted Shares and Other Illiquid Securities,” with R. Smith and K. Williams, Fordham Journal of Corporate & Financial Law, 6 (2001): 421-474.
“Evidence on the Determinants of Credit Terms Used in Interfirm Trade,” with C. Ng and R. Smith, The Journal of Finance, 54 (June 1999): 1109-1129.
“The Economic Approach to Evaluating Damages,” Jurimetrics Journal of Law, Science and Technology, Section of Science and Technology, American Bar Association, 36 (Winter l996): 217-224.
“Decisions to Retain Attorneys and File Lawsuits: An Examination of the Comparative Negligence Rule in Accident Law,” with S. Low, Journal of Legal Studies, 14 (June 1995): 535-557.
“An Empirical Examination of Organizational Structure: The Economics of the Factoring Decision,” with C. Schnucker, Journal of Corporate Finance, 1 (March 1994): 119-138.
“Industry Effects of Interfirm Lawsuits: Evidence from Pennzoil v. Texaco,” with M. Hertzel, Journal of Law, Economics and Organization, 9 (October 1993): 425-444.
“The Effect of Gender-Sorting on Propensity to Co-author: Implications for Academic Promotion,” with J. McDowell, Economic Inquiry, 30 (January 1992): 68-92.
“Trade Credit and Informational Asymmetry,” The Journal of Finance, 42 (September 1987): 863-872.
“Investor Preference for Large Firms: New Evidence on Economies of Size,” Journal of Industrial Economics, with M. Reinganum, 32 (December 1983): 213-227.