November 2014 WILLIAM MULLINS CONTACT RH Smith School of Business University of Maryland 4420 Van Munching Hall College Park, MD 20742 Email: [email protected] Academic webpage EMPLOYMENT HISTORY 2014– RH Smith School of Business, University of Maryland Assistant Professor of Finance 2006– 2008 Ministry of Finance, Chile Financial Policy Advisor to Andrés Velasco, Minister of Finance, and L.F. Céspedes, Chief Economist EDUCATION - Massachusetts Institute of Technology, Sloan School of Management PhD in Financial Economics, 2014 - Pontificia Universidad Católica de Chile MSc Economics, 2005 - University of Oxford BA (1st Class) in Philosophy, Politics and Economics PUBLICATIONS How do CEOs see their roles? Management Philosophies and Styles in Family and nonfamily firms (with Antoinette Schoar) Journal of Financial Economics (Forthcoming) Using a survey of 800 CEOs in 22 emerging economies we show that CEOs’ management styles and philosophies vary with the ownership and governance structure of their firms. Founders and CEOs of firms with greater family involvement display a greater stakeholder focus and feel more accountable to employees and banks than to shareholders. They also have a more hierarchical management approach, and see their role as maintaining the status quo rather than bringing about change. In contrast, CEOs of non-family firms emphasize shareholder-valuemaximization. Finally, firm-level variation in ownership is as important in explaining management philosophies as cross-country or industry-level differences. November 2014 WORKING PAPERS The Governance Impact of Indexing: Evidence from Regression Discontinuity To examine the effect of institutional ownership on the governance dynamics of firms and corporate outcomes, I exploit an exogenous change in indexer ownership generated by the mechanical reconstitution of the Russell equity indices. Following reconstitution, I show that firms that are just included in the Russell 1000 index have higher institutional ownership (IO) levels and concentration than those just included in the Russell 2000 index of smaller firms. This is composed of both a change in indexers and closet index fund ownership, and a change in active IO, suggesting a complementarity between different types of institutional investors. Firms just included in the Russell 1000 substantially increase the performance sensitivity of their CEO's pay, and have a much higher likelihood of CEO turnover within two years. These firms also display greater resistance to management proposals at shareholder meetings and lower rate of failure for shareholder proposals. Finally, they have materially lower capital expenditures, and make fewer cash and diversifying acquisitions. Overall, these results are consistent with a significant impact of institutional preferences on corporate outcomes. WORK IN PROGRESS Credit Guarantee Schemes for SMEs: Micro Evidence (with Patricio Toro) FELLOWSHIPS AND AWARDS - MIT Sloan Arnoldo Hax Fellow 2012 MIT Sloan Bennett W. Golub Graduate Fellow 2009-2014 MIT DuPont Presidential Fellow 2008-9 P. Universidad Católica de Chile: Academic Excellence Prize 2005 Oxford University academic prizes: Open Exhibition; E.T. Warner Prize PROFESSIONAL ACTIVITIES Referee for The Journal of Finance, The Review of Economics and Statistics, Chilean FONDECYT Program. PHD ADVISORS Antoinette Schoar (Chair), Nittai Bergman, Xavier Giroud, Stephen A. Ross
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