Positions Vice Dean for Faculty and Academic Affairs, Marshall School of Business, University of Southern California, 2007-.
Charles F. Sexton Chair in American Enterprise, Marshall School of Business, University of Southern California, 2009-.
Professor of Finance and Business Economics, Marshall School of Business, University of Southern California, 2000-. (Assistant and Associate Professor, 1991-2000).
Professor of Business and Law, Gould School of Law, University of Southern California, 2004-.
Professor of Political Science, Department of Political Science, University of Southern California, 2005-.
President, Initiative & Referendum Institute, Los Angeles, 2004-. (Senior Research Fellow and Board of Directors, 1998-2003).
John M. Olin Visiting Professor of Economics, George J. Stigler Center for the Study of the Economy and the State, University of Chicago, 2001.
Visiting Associate in Economics, California Institute of Technology, 2000.
Visiting Scholar, Department of Finance, Anderson Graduate School of Management, UCLA, 1996.
National Fellow, Hoover Institution, Stanford University, 1994-1995.
Lecturer, Department of Economics, University of Chicago, 1987-1989.
Education Ph.D., M.A. Economics, University of Chicago, 1991.
B.A. Economics (magna cum laude), University of Washington, 1985.
Book For the Many or the Few: The Initiative, Public Policy, and American Democracy, University of Chicago Press, 2004. (Reviewed in Election Law Journal, Journal of Politics, Perspectives on Politics, Political Science Quarterly, Public Choice, Public Opinion Quarterly.)
Articles – Corporate Finance and Organization “Target Profits and Managerial Discipline during the Conglomerate Merger Wave,” Journal of Industrial Economics, June 1993, 41, 179-189.
“Takeover Motives during the Conglomerate Merger Wave,” RAND Journal of Economics, Autumn 1993, 24, 357-379.
Reprinted in Corporate Restructuring: The International Library of Critical Writings in Financial Economics, edited by John J. McConnell and David J. Denis, Edward Elgar, 2005.
“Did Tough Antitrust Enforcement Cause the Diversification of American Corporations?,” Journal of Financial and Quantitative Analysis, June 1996, 31, 283-294.
“Corporate Diversification, Value Maximization, and Organizational Capabilities,” Journal of Business, July 2001, 74, 409-431.
Awarded Merton Miller Prize for “most significant” paper in JB in 2001.
Featured in MIT Sloan Management Review, Winter 2002.
“Internal Capital Markets and Corporate Refocusing,” with Vikram Nanda, Journal of Financial Intermediation, April 2002, 11, 176-211.
“Decision Processes, Agency Problems, and Information: An Economic Analysis of Capital Budgeting Procedures,” with Anthony M. Marino, Review of Financial Studies, Spring 2005, 18(1), 301-325.
“M&A in the U.S.A.: Lessons from the Last 100 Years,” in Institutional and Policy Reforms to Enhance Corporate Efficiency in Korea, edited by Lee-Jay Cho, Somi Seong, and Sang-Hyop Lee, Seoul: Korea Development Institute, 2007.
“When Are Outside Directors Effective?,” with Ran Duchin and Oguzhan Ozbas, Journal of Financial Economics, May 2010, 92(2), 195-214.
“50+ Years of Diversification Announcements,” with Mehmet E. Akbulut, The Financial Review, May 2010, 45(2), 231-282.
“Disobedience and Authority,” with Anthony M. Marino and Jan Zabojnik, Journal of Law, Economics, and Organization, December 2010, 26(3), 427-459.
Articles – Political Economy “Economics of Direct Legislation,” Quarterly Journal of Economics, May 1992, 107, 541-571.
“Election Closeness and Voter Turnout: Evidence from California Ballot Propositions,” Public Choice, August 1993, 76, 313-334.
“The Downsian Voter Meets the Ecological Fallacy,” with Filip Palda, Public Choice, December 1993, 77, 855-878.
“Fiscal Effects of the Voter Initiative: Evidence from the Last 30 Years,” Journal of Political Economy, June 1995, 103, 587-623.
“Explaining Voter Turnout Patterns: An Information Theory,” Public Choice, July 1995, 84, 91-117.
“Systematic Deviations from Constituent Interests: The Role of Legislative Structure and Political Parties in the States,” with Thomas W. Gilligan, Economic Inquiry, July 1995, 33, 383-401.
“The Economic Approach to Democracy,” The New Economics of Human Behavior, edited by Mariano Tommasi and Kathryn Ierulli, Cambridge University Press, 1995.
“Demand for Environmental Goods: Evidence from Voting Patterns on California Initiatives,” with Matthew E. Kahn, Journal of Law and Economics, April 1997, 40, 137-173.
“Voter Turnout: How Much Can We Explain?,” with Filip Palda, Public Choice, March 1999, 98, 431-446.
“Structural Constraints on Partisan Bias under the Efficient Gerrymander,” with Thomas W. Gilligan, Public Choice, July 1999, 100, 65-84.
“Fiscal Effects of the Voter Initiative in the First Half of the Twentieth Century,” Journal of Law and Economics, October 2000, 43, 619-650.
“Fiscal Policy, Legislature Size, and Political Parties: Evidence from the First Half of the Twentieth Century,” with Thomas W. Gilligan, National Tax Journal, March 2001, 54, 57-82.
“Political Resource Allocation: Benefits and Costs of Voter Initiatives,” with Nolan M. McCarty, Journal of Law, Economics, and Organization, October 2001, 17, 413-448.
“Problems with a Methodology Used to Test the Responsiveness of Policy to Public Opinion in Initiative States,” Journal of Politics, November 2001, 63, 1250-1256.
“Budget Referendums and Government Spending: Evidence from Swiss Cantons,” with Lars P. Feld, Journal of Public Economics, December 2003, 87, 2703-2724.
“Subversion of the Many by the Few: Some Scientific Evidence on the Initiative Process,” Journal of Contemporary Legal Issues, 2004, 13(2), 511-530.
“Direct Democracy: New Approaches to Old Questions,” with Arthur Lupia, Annual Review of Political Science, 2004, 7, 463-482.
Selected Emerging Research Front paper by Thompson Scientific for April 2006, as “one of the most cited recent papers in the Social Sciences.”
“Direct Democracy Works,” Journal of Economic Perspectives, Spring 2005, 19(2), 185-206.
“Direct Democracy and Fiscal Gridlock: Have Voter Initiatives Paralyzed the California Budget?,” State Politics and Policy Quarterly, Fall 2005, 5(3), 248-264.
Updated version in Book of the States, 2010.
“The Eclipse of Legislatures: Direct Democracy in the 21st Century,” Public Choice, July 2005, 124(1-2), 157-177.
“The Endogeneity of the Initiative: A Comment on Marschall and Ruhil,” State Politics and Policy Quarterly, Winter 2005, 5(4), 356-363.
“Public Choice Principles of Redistricting,” with Thomas W. Gilligan, Public Choice, December 2006, 129(3-4), 381-398.
“Direct Democracy and Electoral Reform,” in The Marketplace of Democracy: Electoral Competition and American Politics, edited by Michael P. McDonald and John Samples, Brookings Institution Press, 2006.
“Direct Democracy and the Executive Branch,” in Direct Democracy’s Impact on American Political Institutions, edited by Shaun Bowler and Amihai Glazer, Palgrave Macmillan, 2008.
“Direct Democracy and Public Employees,” American Economic Review, December 2009, 99(5), 2227-2246.
“Popular Control of Public Policy: An Empirical Approach,” Quarterly Journal of Political Science, 2010, 5(2), 133-167.
“Aggressive Enforcement of the Single Subject Rule,” with Richard L. Hasen, Election Law Journal: Rules, Politics, and Policy, December 2010, 9(4), 399-419.
Articles – Economic Growth and Development “Consumer Confidence and Economic Fluctuations,” with Argia M. Sbordone, Economic Inquiry, April 1995, 33, 296-318.
“From Families to Formal Contracts: An Approach to Development,” with Krishna B. Kumar, Journal of Development Economics, September 2009, 90(1), 106-119.
Comments and Reviews Strong Managers, Weak Owners: The Political Roots of American Corporate Finance, by Mark J. Roe (Princeton University Press, 1994), in The Independent Review, Fall 1996, 1, 289-292.
The Populist Paradox: Interest Group Influence and the Promise of Direct Legislation, by Elisabeth R. Gerber (Princeton University Press, 1999), in Public Choice, September 2000, 104, 394-397.
Voting the Agenda: Candidates, Elections, and Ballot Propositions, by Stephen P. Nicholson (Princeton University Press, 2005), in Journal of Politics, February 2006, 68(1), 218-220.
The Coming Age of Direct Democracy: California’s Recall and Beyond, by Mark Baldassare and Cheryl Katz (Rowman & Littlefield Publishers, Inc., 2007), in Political Science Quarterly, Fall 2008, 123(3), 514-515.
“Initiatives: Slouching toward Respectability?,” review of Democracy by Initiative: Shaping California’s Fourth Branch of Government (second edition) (Center for Governmental Studies, 2008), in Election Law Journal, February 2009, 8(1), 47-53.
“Some Skepticism about the ‘Separable Preferences’ Approach to the Single Subject Rule: A Comment on Cooter & Gilbert,” Columbia Law Review Sidebar, April 19, 2010, Vol. 110, 35-41.
Other Publications “On the International Competitiveness of the United States,” Fraser Forum, April 1992.
“Recall and Initiative Referendums: A Brief to the Select Standing Committee on Parliamentary Reform, Ethical Conduct, Standing Orders, and Private Bills,” with Filip Palda, December 23, 1992.
“Referendums: Has Their Time Come?,” with Filip Palda, Fraser Forum, February 1993.
“The Tortoise Factor: Will Slowing the Movement Toward Making Electric-Powered Vehicles More Generally Available to the Public Succeed in Getting Us to the Goal of Breathable Air Faster or with Better Effect?,” USC Business, Summer 1996.
“I&R in American Cities: Basic Patterns,” in The Initiative and Referendum Almanac: A Comprehensive Reference Guide to Citizen Lawmaking around the World, edited by M. Dane Waters, Durham, NC: Carolina Academic Press, 2003.
“Direct Democracy,” in Encyclopedia of Public Choice, edited by Charles K. Rowley and Friedrich Schneider, Boston, MA: Kluwer Academic Publishers, 2003.
“Initiative and Referendum,” in Encyclopedia of Public Choice, edited by Charles K. Rowley and Friedrich Schneider, Boston, MA: Kluwer Academic Press, 2003.
“Explaining the Market Price of the ‘Tribute Penny’: Evidence from 132 Auctions,” The Celator, March 2004.
“2004 Initiatives and Referendums,” Spectrum: The Journal of State Government, Winter 2005, Vol. 78(1). Reprinted in Book of the States, 2005 (Lexington, KY: Council of State Governments).
“A Rolling Snowball of Direct Democracy,” Los Angeles Times, June 15, 2005, p. B13.
Prop. 76 Analysis: Issues Relating to Spending Caps and State Spending, Insights from Research and Best Practice, with Lawrence O. Picus, Sacramento: USC California Policy Institute, 2005.
“2005 Initiatives and Referendums,” Spectrum: The Journal of State Government, Winter 2006, Vol. 79(1). Reprinted in Book of the States, 2006 (Lexington, KY: Council of State Governments).
“2006 Initiatives and Referendums,” Spectrum: The Journal of State Governments, Winter 2007, Vol. 80(1). Reprinted in Book of the States, 2007 (Lexington, KY: Council of State Governments).
“Comments” (on ‘The Role of Institutions in Developing Strong Securities Markets in Korea’ and ‘Institutional Shareholders, Chaebol Agency Costs, and Public Policy in Korea’) in Institutional and Policy Reforms to Enhance Corporate Efficiency in Korea, edited by Lee-Jay Cho, Somi Seong, and San-Hyop Lee, Seoul: Korea Development Institute, 2007.
“Where Does All That State Money Go?,” Los Angeles Times, July 17, 2008.
“Budget Crisis Is Built on Spending Gone Wild,” Sacramento Bee, August 15, 2008.
“2008 Ballot Propositions,” Book of the States, 2009 (Lexington, KY: Council of State Governments)
“Prop. 1A Won’t Cure State’s Overspending,” Sacramento Bee, May 15, 2009.
“2009 Ballot Propositions,” Book of the States, 2010.
“A Case Study in Direct Democracy: Have Voter Initiatives Paralyzed the California Budget?,” Book of the States, 2010.
“2010 Ballot Propositions,” Book of the States, 2011.
“Direct Democracy,” in Elgar Companion to Public Choice (second edition), forthcoming.
“2011 Ballot Propositions,” Book of States, 2012, forthcoming.
Selected Working Papers “Direct Democracy and Social Issues”
“Disentangling the Direct and Indirect Effects of the Initiative Process”
Honors and Awards University of Washington. University Undergraduate Scholarship.
University of Chicago. CIC Fellow, 1985-1989. University Trustee Fellow, 1987-1988. Chemical Bank Fellow, 1988-1989. Bradley Foundation Fellow, 1989-1991. Olin Foundation Fellow, 1990-1991. PEW Foundation Fellow, 1987-1989.
Hoover Institution, Stanford University. National Fellow, 1994-1995.
Earhart Foundation. Fellowship Research Grant, 2000-2001.
George J. Stigler Center for the Study of the Economy and the State. John M. Olin Visiting Professor of Economics, University of Chicago, 2001.
Merton Miller Prize for “most significant” paper in Journal of Business, 2001, for “Corporate Diversification, Value Maximization, and Organizational Capabilities.”
Outstanding Reviewer Award, Political Research Quarterly, 2009.
Senior Research Fellow, Initiative & Referendum Institute, Washington, D.C., 1998-2003.
Affiliate, USC-Caltech Center for the Study of Law and Politics, 2001-present.
Affiliate, USC Center in Law, Economics, and Organization, 2001-present.
Who’s Who in Economics, 4th edition, by M. Blaug and H. Vane, 2003.
Who’s Who in Law Education, 2005.
John Randolph Haynes and Dora Haynes Foundation. Research Grant. “Local Governance and Direct Democracy: Past and Current Practices, Meeting the Challenges of the 21st Century,” with Elizabeth Garrett.
Honor societies: Phi Beta Kappa, Phi Kappa Phi, Delta Omicron Epsilon
Media Television: Associated Press TV, Fox News, CBS News, CNN, CNBC, KABC (Los Angeles), PBS (“Nightly Business Report”), Reuters TV (BBC), Adelphia (“Week in Review”), CTV (Canada).
Radio: National Public Radio (“Talk of the Nation” and “Morning Edition”), KCBS (San Francisco), KFWB (Los Angeles), KGO (San Francisco, “The Pete Wilson Show”), KPBS-FM (“Democracy Now”), KQED-FM, KRXA (Monterey, “The Peter B. Collins Show”), AFB.
Print (national): Associated Press, Bloomberg News, Christian Science Monitor, Financial Times, Los Angeles Times, New York Times, Reuters, USA Today, Wall Street Journal, United Press International, Washington Post.
Print (regional): Ashland Daily Tidings, Australian Financial Review, Baltimore Sun, The Bay Citizen, Bay Windows (New England), Beaver County Times (Pennsylvania), Chicago Tribune, The Explorer (Tucson), The Independent (Kentucky), Indianapolis Star, La Opinion, Los Angeles Alternative Press, National Law Journal, The News Tribune (Tacoma), The News & Observer (North Carolina), One News, Orange County Register, Portland Mercury, Press-Enterprise (Riverside), Sacramento Bee, Salt Lake Tribune, San Diego Union-Tribune, San Francisco Chronicle, San Gabriel Valley Tribune, San Jose Mercury News, San Mateo County Times, Statesman Journal, Washington Times, Wichita Eagle.
Foreign: Agence-France Presse, Asahi Shimbun (Japan), Inquirer.com (Philippines).
Other Editorial Board, American Journal of Political Science, since 2010.
Editorial Board, Public Choice, since 2004.
Consultant, Council of Economic Advisors, Executive Office of the President, United States Government, 2002 (focus on corporate governance issues).
Administration & Society
American Economic Journal: Economic Policy
American Economic Review
American Journal of Political Science
American Journal of Sociology
American Political Science Review
American Politics Research
British Journal of Political Science
Comparative Political Studies
Constitutional Political Economy
Contemporary Economic Policy
Eastern Journal of Economics
Economics of Governance
Election Law Journal
European Economic Review
European Journal of Political Economy
The Financial Review
Harvard Law Review
International Tax and Public Finance
Japanese Economic Review
Journal of Business
Journal of Economic Behavior and Organization
Journal of Economics and Management Strategy
Journal of the European Economic Association
Journal of Finance
Journal of Financial and Quantitative Analysis
Journal of Financial Economics
Journal of Financial Intermediation
Journal of Forestry
Journal of Industrial Economics
Journal of Labor Economics
Journal of Law and Economics
Journal of Law, Economics, and Organization
Journal of Legal Studies
Journal of Money, Credit, and Banking
Journal of Political Economy
Journal of Politics
Journal of Public Economics
Journal of Risk and Insurance
Journal of Theoretical Politics
Local Government Studies
Managerial and Decision Economics
National Science Foundation
Quarterly Journal of Economics
Quarterly Journal of Political Science
Political Research Quarterly
Political Science Quarterly
Public Administration Review
Public Finance Review
Public Works Management and Policy
Publius: The Journal of Federalism
RAND Journal of Economics
Rationality and Society
Review of Economics and Statistics
Review of Financial Studies
Scandinavian Journal of Economics
Scottish Journal of Political Economy
Southern Economic Journal
State Politics and Policy Quarterly
Swiss National Science Foundation
United States – Israel Binational Science Foundation
Presentations at American Economic Association Meetings, American University, Cato Institute, Claremont Graduate School, Clemson University, Columbia University, Cornell University, George Mason University, Harvard Business School, Hong Kong University of Science and Technology, Johns Hopkins University, Massachusetts Institute of Technology, New York University, Northwestern University, Princeton University, Public Choice Society Meetings, Rice University, Stanford University, University of Arizona, University of California at Berkeley, University of California at Davis, University of California at Irvine, University of California at Los Angeles, University of California at Riverside, University of California at Santa Barbara, University of Chicago, University of Florida, University of Hong Kong, University of Houston, University of Minnesota, University of Southern California, University of Toronto, University of Washington, University of Western Ontario.
University Service Departmental of Finance and Business Economics