Laurie Simon Hodrick
A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business
Finance
BA, Duke, 1984; PhD, Stanford, 1988
Joined CBS in 1996
Biography
Laurie Simon Hodrick is a Visiting Professor of Law and Rock Center for Corporate Governance Fellow at Stanford Law School, a visiting fellow at the Hoover Institution at Stanford University, and the A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business at Columbia Business School.
Professor Hodrick is known for her ground-breaking research on corporate financial decisions, with a particular interest in corporate cash holdings and capital allocation, including share repurchases and dividends, takeovers, and equity offerings. In recognition, she has been awarded the National Science Foundation Presidential Young Investigator Award, a Smith Breeden Prize for Distinguished Paper in the Journal of Finance, the Western Finance Association's Trefftzs Award, a Roger F. Murray Award for Excellence from the Institute for Quantitative Research in Finance, and numerous research grants. Her work has been published in such acclaimed journals as the American Economic Review, Journal of Finance, Journal of Financial Economics, and Management Science among others. She has served as a National Fellow at the Hoover Institution on War, Revolution, and Peace at Stanford, and she was selected as one of "Forty under Forty" by Crain's Chicago Business.
Professor Hodrick has also received many awards for teaching excellence, including the Columbia University Presidential Award for Outstanding Teaching. She has received the Singhvi Prize for Scholarship in the Classroom at Columbia Business School three times and has been named the most popular professor at Columbia Business School by Business Week. Prior to joining the Columbia Business School faculty in 1996, Professor Hodrick was a professor at the Kellogg Graduate School of Management at Northwestern University, where she was recipient of the Teacher of the Year award.
Professor Hodrick serves as an independent director for Roku (NASDAQ:ROKU), the pioneer of streaming to the TV, as a member of the audit committee, for which she is designated as an audit committee financial expert. She serves as an independent director for SYNNEX (NYSE:SNX), a Fortune 130 IT business process services company, as a member of the audit committee, for which she is designated as an audit committee financial expert. SYNNEX spun off Concentrix into an independent publicly traded company in December 2020 (NASDAQ:CNXC). She also serves as an independent director for PGIM Funds, the $130 billion retail investments business of PGIM, the global investment management business of US-based Prudential Financial, Inc., as a member of the audit and investment committees.
Professor Hodrick served as an independent director from 2018-2020 for Kabbage, a private global financial services, technology and data platform serving small businesses, as a member of the compensation committee, until Kabbage was acquired by American Express (NYSE:AXP) in October 2020. She served as an independent director for Corporate Capital Trust (NYSE:CCT) from 2017-2018, a business development company advised by FS/KKR Advisor focused on making originated, senior secured loans to middle market companies, which went public in
November 2017. She chaired the independent director committee, overseeing the acquisition by FS Investment Corporation (NYSE:FSIC) which closed in December 2018. She was a member of the audit committee, for which she was designated as an audit committee financial expert, as well as a member of the Nominating and Governance Committee. She served as an independent director/trustee for Merrill Lynch Investment Managers from 1999-2006, for which she was designated as an audit committee financial expert and served on all standing committees.
Professor Hodrick served as the Founding Director of the Program for Financial Studies at Columbia Business School from 2010-2015. She has also served as Treasurer and Finance Chair of a 501(c)(3) charitable organization.
Professor Hodrick was a Managing Director at Deutsche Bank from 2006-2008, where she was Global Head of Alternative Investment Strategies. She ran a trading strategy for Deutsche Bank Alternative Trading from 2008-2009.
Professor Hodrick received a BA in Economics, summa cum laude, from Duke University and a PhD in Economics from Stanford University
Memberships & Affiliations
Journal of Finance, 2000-2003 Financial Management, 1999-2006
Journal of Economics & Management Strategy, 2005-2010
Financial Economics Network Educator: Courses, Cases, and Teaching Abstracts, 2000-2006 Financial Economics Network Course Electronic Journal, 1998-2000
Teaching
Columbia Caseworks cases
Four Princesses, Meet the Fantastic Four: Disney's 2009 Acquisition of Marvel
(2012)
Coauthor(s): Laurie Hodrick
Don't Be Evil: Google's 2004 Dutch Auction Initial Public Offering
(2009)
Coauthor(s): Laurie Hodrick
Walgreen Company, 1990: The Cash Distribution Decision
(2008)
Coauthor(s): Laurie Hodrick
Cash is King: Microsoft's 2004 Cash Disbursement
(2010)
Coauthor(s): Laurie Hodrick
Research
Journal articles
Liquidity: Considerations of a Portfolio Manager
In Financial Management
(2009)
Coauthor(s): Laurie Simon Hodrick, Pamela Moulton
Synergies and Internal Agency Conflicts: The Double-Edged Sword of Mergers
In Journal of Economics and Management Strategy
(2006)
Coauthor(s): Paolo Fulghieri, Laurie Simon Hodrick
Predicting Equity Liquidity
In Management Science
(2002)
Coauthor(s): William Breen, Laurie Simon Hodrick, Robert Korajczyk
Does Stock Price Elasticity Affect Corporate Financial Decisions?
In Journal of Financial Economics
(1999)
Coauthor(s): Laurie Simon Hodrick
Veblen Effects in a Theory of Conspicuous Consumption
In American Economic Review
(1996)
Coauthor(s): Laurie Simon Hodrick, B. Douglas Bernheim
Influence Costs and Capital Structure
In Journal of Finance
(1993)
Coauthor(s): Laurie Simon Hodrick, Josef Zechner
Dutch Auction Repurchases: An Analysis of Shareholder Heterogeneity
In Journal of Finance
(1992)
Coauthor(s): Laurie Simon Hodrick
Share Repurchase and Takeover Deterrence
In RAND Journal of Economics
(1991)
Coauthor(s): Laurie Simon Hodrick
Shareholder Heterogeneity: Evidence and Implications
In American Economic Review
(1991)
Coauthor(s): Laurie Simon Hodrick
Cash Distributions to Shareholders
In Journal of Economic Perspectives
(1989)
Coauthor(s): Laurie Simon Hodrick, John Shoven
Chapters
The Interaction of Markets and Policy: A Corporate Finance Perspective
In Strategies for Monetary Policy
(2020)
Coauthor(s): Laurie Simon Hodrick
Payment Systems and the Distributed Ledger Technology
In The Structural Foundations of Monetary Policy
(2018)
Coauthor(s): Laurie Simon Hodrick
Working papers
Self-Selection and Stock Returns Around Corporate Security Offering Announcements
(2012)
Coauthor(s): Marie Dutordoir, Laurie Simon Hodrick
Case studies
Don't Be Evil: Google's 2004 Dutch Auction IPO
(2009)
Coauthor(s): Laurie Simon Hodrick
Walgreen Company, 1990: The Cash Distribution Decision
(2008)
Coauthor(s): Laurie Simon Hodrick
Cash is King: Microsoft's 2004 Cash Disbursement
(2006)
Coauthor(s): Laurie Simon Hodrick
The War of the Handbags: The Takeover Battle for Gucci Group N.V.
(2005)
Coauthor(s): Laurie Simon Hodrick, Sean Carr, Robert Brunner