Department of Business Management
Marriott School
Brigham Young University
Office Phone: 801.318.7919
FAX: 267.654.5268
E-mail: jbrau(at)byu.edu
Home Page: http://marriottschool.byu.edu/emp/brau/
PUBLICATIONS IN PEER REVIEWED JOURNALS
(Please comply with
all copyright laws and use the links here only if you have permission to obtain
copies of these papers by appropriate channels, such as through your library or
subscription.)
"Evaluating the Impact of Microfinance Institutions using
Guatemalan Data," with Shon Hiatt and Warner Woodworth, Managerial Finance, forthcoming.
"An Empirical Analysis of Mexican and US Closed-End
Mutual Fund IPOs," with Javier Rodriguez,
Research in International Business and
Finance, forthcoming.
"Spirituality
and Organizational Culture: Cultivating the ABCs of an Inspiring Workplace,"
with
"An Empirical Analysis of the Financial Impact of
Supply Chain Management on Small Firms,"
with Stan Fawcett and Ladd Morgan, Journal
of Entrepreneurial Finance and Business Ventures, Vol. 12, Issue 1, 2007,
pp. 55-82.
"REIT Stock
Repurchases: Completion Rates, Long-Run Returns, and the Straddle Hypothesis," with Greg Adams and Andrew Holmes, Journal of Real
Estate Research, Vol. 29, No. 2,
2007, pp. 115-136 (lead article). This article was abstracted in RedOrbit.com
Breaking News on June 13, 2007.
"Do Secondary Shares in the IPO Process have a Negative
Effect on Aftermarket Performance?"
with Mingsheng Li and Jing Shi, Journal
of Banking and Finance, Vol. 31, Issue 9 (September) 2007, pp. 2612-2631.
"Information Sharing and Supply Chain Performance: The
Role of Connectivity and Willingness,"
with Stan Fawcett, Paul Osterhaus, Greg Magnan, and Matt McCarter, Supply Chain Management: An International
Journal, Vol. 12, No. 5, 2007, pp. 358-368.
"Initial Public Offerings: An Analysis of Theory and
Practice," with Stan Fawcett, Journal of Finance, Vol. 61 (February)
2006, pp. 399-436. [This is an
electronic version of an article published in Journal of Finance. Complete
citation information for the final version of the paper, as published in the
print edition of Journal of Finance, is available on the Blackwell Synergy
online delivery service, accessible via the journal’s website at www.blackwellpublishing.com/journals/jofi or http://www.blackwell-synergy.com.] Stories on this article were published in the Wall Street Journal, Reuters, Dow Jones
Newswires, and Salt Lake Tribune
among others.
"Evidence from What CFOs Think about the IPO Process:
Practice, Theory, and Managerial Implications," with Stan Fawcett, Journal
of Applied Corporate Finance, Vol. 18, No. 3 (Summer) 2006, pp.107-117.
"FranklinCovey Company Retained Ownership versus
Sale/Leaseback: A Corporate Real Estate Case Study," with Barrett Slade, Journal of Real Estate Practice and Education, Vol. 9, No. 1, 2006,
pp. 81-97.
"Why Do REITs Repurchase Stock? Extricating the Effect
of Managerial Signaling in Open Market Share Repurchase Announcements," with Andrew Holmes, Journal of Real Estate Research, Vol. 28, No. 1 (Jan-March) 2006,
1-23 (lead article). This paper won the American Real Estate Society (ARES)
best published paper award for 2006 ($10,000 award). Stories on this paper were
published in NAREIT's "From the Research Desk" and
"Features".
"Initial Public Offerings: CFO Perceptions," with Patricia Ryan and Irv Degraw, Financial Review, Vol. 41, No. 4, 2006,
pp. 483-511.
"Amazon Rainforest Properties, Ltda: Monte Carlo
Analysis in an International Capital Budgeting Decision," with
"Lockups Revisited," with Val Lambson and Grant McQueen, Journal of Financial and Quantitative Analysis, Vol. 40, No. 3
(September), 2005, pp. 519-530.
"Perceptions of the Teacher-Leader in Modern Society:
Insights from the Master Teacher's Pedagogy," with
"Microfinance Institutions: A Comprehensive Review of
the Existing Literature," with
Gary Woller, Journal of Entrepreneurial
Finance and Business Ventures, Vol. 9, Issue 1, 2004, pp. 1-26 (lead
article).
"Do Venture Capitalists Add Value to Small
Manufacturing Firms? An Empirical Analysis of Venture and Non-Venture Capital
Backed Initial Public Offerings,"
with Richard Brown and Jerry Osteryoung, Journal of Small Business
Management, Vol. 42, No. 1, 2004, pp. 78-92. This article was referenced in
a manufacturing report by the
"Market Reaction to the Expiration of IPO Lockup Provisions," with Dave Carter, Steve Christophe, and Kim Key, Managerial Finance, Vol. 30, No. 2, 2004, pp. 87-103. This article was abstracted in Bowne Newsletters Review for CFOs & Investment Bankers, December 2004. This article was abstracted as a JIAN Expert Article in Business Planning, December 28, 2004.
"Concealing and Confounding
Adverse Signals: Insider Wealth-Maximizing Behavior in the IPO Process," with James Ang, Journal of Financial
Economics, Vol. 67, Issue 1, 2003, pp. 149-172.
"The Choice of IPO Versus Takeover: Empirical Evidence," with Bill Francis and Ninon Kohers, Journal
of Business, Vol. 76, No. 4, 2003, pp. 583-612.
"The Case of Carlson Egg
Farms: Inferred Cost of Capital and Private Firm Valuation," Journal of
Finance Case Research, Vol. 5, 2003, pp. 45-53.
"Do Banks Price Owner-Manager Agency Costs? An
Examination of Small Business Borrowing,"
Journal of Small Business Management, Vol. 40, No.4, 2002, pp. 273-286
(lead article). This paper is abstracted in the Federal Reserve Board’s Survey
of Small Business Finances website. This article is quoted in Entrepreneur, July, 2003, by David
Newton. This article was included in the Emerging Themes in Entrepreneurship
Research report by Gwen Richtermeyer of the Business Research & Information
Development Group, September 2003. This article was abstracted by
MissouriBusiness.net.
"Firm Transparency and the Costs of Going Public," with James Ang, Journal of Financial
Research, Vol. 25, No. 1 (Spring), 2002, pp. 1-18 (lead article). This
article won the journal's best paper award for the year 2002. This article is
abstracted in the CFA Digest,
November 2002, Vol. 32, Number 4.
"The Determinants of Successful Micro-IPOs: An Analysis
of Issues Made under the Small Corporate Offering Registration (SCOR) Procedure," with Jerry Osteryoung, Journal of Small
Business Management, Vol. 39, No. 3, 2001, pp. 209-227.
"The Case of Enviro-Lawn: Valuing a Local Business," with Rick Anderton, Journal
of Business Education, Vol. 2, Spring, 2001, pp. 23-30.
"An Examination of Utah County Housing Trends Comparing Naive Index
Methods to Hedonic Constant-Quality Index Methods," with Barrett Slade, Journal
of the Utah Academy, Vol. 78, 2001, pp. 65-78. This paper won the best
paper award for the business division.
"An Empirical Analysis of SBA
Guaranteed Loans: Rates, Collateral, Agency Costs, and Time to Obtain the Loan," with Jerry
Osteryoung, Journal of Entrepreneurial Finance, Vol. 6, No.1, 2001, pp.
1-23 (lead article).
"A Note on Internet Resources for the Entrepreneur: A
Small Firm Finance Perspective,"
Journal of Entrepreneurial and Small Business Finance, Vol. 5, No. 1,
1996, pp. 85-92.
NON-PEER REVIEWED PUBLICATIONS
"Dual-track Planning Improves the
Harvest," by James C. Brau, Deseret
Morning News, November 18, 2007, pg. M9.
"Harvest Strategy Must be Part of Business Plan," Deseret Morning News, September 2, 2007,
pg. M8.
Abstract of
"The Option to Withdraw IPOs during the Premarket: Empirical
Analysis," by Walid Y. Busaba,
Abstract of
"Book-Building vs. Fixed Price: An Analysis of Competing Strategies for
Marketing IPOs" by Lawrence M. Benveniste and Walid Y. Busaba, Contemporary
Finance Digest, Vol. 2, No. 2, Summer 1998, pp. 60-61.
"Light at West Point," Ensign, June 1991,
pp. 75-80.
POPULAR PRESS NEWS ARTICLES THAT CITE MY RESEARCH
"Data, Can You Dig It?" by Geoff Griffin, Utah CEO Magazine, February 27, 2008.
"Buy Back or Payout," by Allen Kenney, National Association of
Real Estate Investment Trusts Features,
November/December 2007.
"REIT Stock Repurchases Provide Buy Signal," by Brad Case,
National Association of Real Estate Investment Trusts From the Research Desk, November/December 2007.
"Dual-track Planning Improves the
Harvest," by James C. Brau, Deseret Morning
News, November 18, 2007, pg. M9.
"Harvest Strategy Must be Part of Business
Plan," by James C. Brau, Deseret
Morning News, September 2, 2007, pg. M8.
"Using IPOs to Prove Value of M&A Targets," by Roberto
Ragozzino and Jeffrey J. Reuer, Financial
Times, October 6, 2006, pg. 5.
"BYU Study Clarifies Misunderstood Motivations Behind IPOs," Marriott Alumni Magazine, Summer 2006, pg. 23.
"IPO's Often Aimed at Making Acquisitions," by Euan Rocha, Reuters, February 17, 2006.
"Be Wary When Jumping into IPO Waters," by Leslie Mitchell, The Salt
"Underpricing IPOs: Many Finance Chiefs Understand Practice, Cite
Reward for Risk," by
"BYU Study Clarifies Misunderstood Motivations Behind
IPOs," Utah Business Magazine: The
Magazine for Decision Makers, February 16, 2006.
"On Top of the ‘Pops’: IPOs Rarely Surprise CFOs," by
"Company CFOs Expect IPOs to Be Underpriced," by
"BYU Study Clarifies Misunderstood Motivations Behind
IPOs," by Grant Madsen, BYU News,
February 14, 2006.
"IPO Beats a Buyout, Study Says," by
Jordan Burke, Deseret Morning News,
"IPO Means More Profits than Acquisitions," by Grant Madsen, YNEWS, December 12, 2003, pg. 2.
"IPO Yields More Cash than Sale, Study Says," by Steven
Oberbeck, Salt Lake Tribune, Salt
Lake City, Utah, December 2, 2003, pg. E1 - Front page of business section.
"Entrepreneurs Generally Make More Profits Choosing IPO vs. Acquisition, says BYU study," by Grant Madsen, BYU News, December 1, 2003.
"In the Balance: Learn the Factors Banks Really Weigh When Setting
Loan Terms – What’s the Point?" by David Newton, Entrepreneur, July, 2003.
PRESENTATIONS
"IPO Pricing
and Equity Return Swaps," with Frank Laatsch and Mingsheng Li,
"The Desire to
Acquire: Evidence on New IPOs and the Long-Run Performance Puzzle," with
Robert Couch and Ninon Sutton, Brigham Young University Business Management
Seminar, December 2007.
"Family Finances and Home
Storage," Hobble Creek Sixth Ward, April 2007.
"Accruals Management in IPOs: Third-Party
Mitigation or Issuer Signaling?" with Peter Johnson,
"Enhancing
Your Scholarly Productivity: Advice for New Faculty from Associate
Professors," Panel Discussion,
"Family
Finances," Hobble Creek Sixth Ward, January 2007.
"Information
Sharing as an Enabler of Supply Chain Performance," with Stanley Fawcett,
Decision Sciences Institute Conference, November 2006.
"REIT Stock
Repurchases: Completion Rates, Long-Run Returns, and the Straddle
Hypothesis," with Greg Adams and Andy Holmes, Financial Management
Association Meeting, October 2006.
"Third-Party
Certification and IPO Window Dressing via Accruals Management," with Greg
Adams and Mike Murff, Financial Management Association Meeting, October 2006.
"Information
Sharing and Supply Chain performance: The Role of Connectivity and
Willingness," International Purchasing and Supply Education and Research
Association, April 2006.
"Why do
Firms Go Public? An Empirical Analysis Using Surveys of Chief
Financial Officers," with Patricia Ryan and Irv DeGraw, Southern Finance
Conference, November 2005; Academy of Financial Services, October 2003.
"Insiders'
Wealth-Maximizing Behavior in the IPO Process and Aftermarket Performance:
Healthy diversification or private information opportunistic gains?," with Mingsheng Li and Jing Shi, Financial Management Association Meeting, October
2005.
"Social
Performance and Economic Dimensions of Microfinance NGOs," with Shon Hiatt
and Warner Woodworth, Academy of Management Meeting, August 2005.
"Dual Track IPOs versus Single Track Takeovers: Does the Road Less
Traveled Make all the Difference?" with Ninon Kohers, Brigham Young
University Business Management Seminar, May 2005.
"An
Empirical Analysis of the Financial Impact of Supply Chain Management on Small
Firms," with Stan Fawcett and Ladd Morgan, Academy of Entrepreneurial
Finance Meeting, April 2005.
"Family
Finances and the Three Baskets," Northridge Orem Stake, March 2005.
"Initial
Public Offerings: An Analysis of Theory and Practice," with Stan Fawcett,
"Amazon
Rainforest Properties, Ltda:
"Perceptions of
the Teacher-Leader in Modern Society: Insights from the Master Teacher's Pedagogy,"
with Stan Fawcett and Amydee Fawcett,
"Microfinance Institutions: A Comprehensive Review of the Existing
Literature and an Outline for Future Financial Research," with Gary
Woller,
"The Case of Carlson Egg Farms: Inferred Cost of Capital and
Private Firm Valuation," Financial Education Association Meeting, April
2003.
"Introducing Microfinance in an Entrepreneurial
Finance Class: A Teaching Note," Financial Education Association Meeting,
April 2003.
"The Motivation and Methods of the Master Teacher: Insights from
Isaiah," with
"An Orderly Financial House," Spring Creek Springville 12th
Ward, December 2002.
"IPO Theories: Where Practice Meets Academic
Theory,"
"Personal Investing Strategies," DHI
Computing Service, Inc.,
"Examining the Validity of Managerial Signaling in Open Market
Share Repurchase Announcements," with Andy Holmes, Financial Management
Association Meeting, October 2001.
"Do Venture Capitalists Add Value to Small Businesses? An
Empirical Analysis of Venture and Nonventure Capital-Backed Initial Public
Offerings," with Richard Brown and Jerry Osteryoung, Babson College-Kauffman Foundation Entrepreneurship
Research Conference, June 2001.
"Concealing and Confounding Adverse Signals:
Insider Wealth-Maximizing Behavior in the IPO Process," with James
Ang, Brigham Young University Business Management Seminar, June 2001.
"What's Happening to the Utah County Housing Market? An
Examination of Trends Comparing Naive Index Methods to Hedonic Constant-Quality
Index Methods," with Barrett Slade, Utah Academy of Sciences, Arts, &
Letters Annual Meeting, April 2001. (Won Best Paper Award.)
"Why
Lockups?," with Val Lambson and Grant McQueen, University of Utah Finance
Seminar, November 2000; University of Washington Finance Seminar, August 2001;
Financial Management Association Meeting, October 2001; BYU Economics Seminar,
October 2002.
"Market
Reaction to the Expiration of IPO Lockup Provisions," with Dave Carter,
Steve Christophe, and Kim Key, Southern Finance Meeting, November 2000.
"The Going
Public Decision: The Choice of IPO Versus
Takeover," with Bill Francis and Ninon Kohers, Financial Management
Association Meeting, October 2000.
"An Empirical Analysis of SBA Guaranteed Loans: Rates, Collateral,
Agency Costs, and Time to Obtain the Loan," with Jerry Osteryoung, Financial Management Association Meeting, October 2000.
"The Choice of
IPO versus Takeover: Empirical Evidence," with Bill Francis and Ninon
Kohers, Brigham Young University Business Management Seminar, February 2000.
"An Empirical
Analysis of the IPO Lockup Period," Brigham Young University Business
Management Seminar, November 1999.
"The
Financial Marketing of Initial Public Offerings: An Empirical Analysis of
Selling Effort and Offering Price Adjustments," with James S. Ang,
Financial Management Association Meeting, October 1999.
"Insider
Opportunism Behavior in Initial Public Offerings: Agency Considerations of
Primary and Secondary Share Adjustments, " Oklahoma State, Texas State,
Western Ontario, and Brigham Young Finance Seminars, December 1998 and January
1999.
"Three Essays on the Going Public Process," Financial Management Doctoral Student Seminar, October 1998.
"A Trading Rule Using the Equity Carve-Out Negative Issue Period Phenomenon: Evidence of Market Inefficiency," with David R. Peterson, Financial Management Association Meeting and Florida State Finance Seminar, October 1998.
"Leveraged Buyouts: An Empirical Analysis of Free Cash Flow, Financial Distress, and Tax Predictions," Financial Management Association Meeting, October 1997.
"Do Banks Price
Agency? An Examination of Implicit and Explicit Premiums
using Small Business Data,"
"Leveraged Buyouts: An Empirical Analysis of Free Cash Flow and Financial Distress Predictions," Eastern Finance Association Meeting, April 1997.
"The Determinants of Successful Small Firm Equity Offerings: An Analysis of the Small Corporate Offering Registration (SCOR) Document," with Jerome S. Osteryoung, Babson College-Kauffman Foundation Entrepreneurship Research Conference, April 1997.
"Small Corporate Offering Registration: An Empirical Analysis of the U-7 Disclosure Document," with Jerome S. Osteryoung, Academy of Entrepreneurial and Small Firm Finance Symposium, October 1996.
"Internet Resources for the Entrepreneur: A Small Firm Finance Perspective," Academy of Entrepreneurial and Small Firm Finance Symposium, October 1996.
"An Empirical Investigation of SCORs (Small Corporate Offering Registrations): Do Geographical Region and Amount Offered Affect the Success of Offerings," with Jerome S. Osteryoung and John R. Kerr, Babson College-Kauffman Foundation Entrepreneurship Research Conference, April 1996.
ACADEMIC CASES
"Amazon
Rainforest Properties, Ltda.:
"FranklinCovey
Company Retained Ownership versus Sale/Leaseback: A Corporate Real Estate Case
Study," with Barrett Slade.
"Enviro-Lawn:
Valuing a Local Business," with Rick Anderton.
"Carlson Egg Farms: Inferred Cost of Capital and Private Firm
Valuation."
"
"SUE Corporation:
Financial Statement Analysis," with Jared Hale.
"PBS&J Corporation: Financial Forecasting
and Planning," with Jared Hale.
RESEARCH GRANTS APPLIED FOR AND RECEIVED
HONOR'S THESES ADVISED
ORCA PROJECTS ADVISED
·
Jonathan Holloway,
Accounting, Topic: VCs, IPOs, and Earnings Management, 2008.
·
Bret Rasmussen,
Finance, Topic: Initial Public Offering CFO Survey, 2003.
·
Lawrence Penner,
Finance, Topic: Repricing Underwater Options, 2003.
·
Gardner Gee,
Economics, Topic: Small Corporate Offering Registrations, 2002.
TEACHING ACTIVITY
TEACHING HONORS
TEACHING EXPERIENCE
Associate Professor,
Teach
advanced corporate finance for executive MBAs (MBA 693AF).
Teach
entrepreneurial finance for executive MBAs (MBA 667).
Teach
senior level advanced corporate finance for accountants (BusM 402).
Teach
senior level entrepreneurial finance (BusM 475)
Summer Professor, Consortium of Universities for International Studies (CIMBA),
Taught undergraduate Principles of
Finance (FIN 310)
Guest Professor,
Taught
master level CFA Level I preparation courses (FIN 6600, FIN 6610).
Taught
master level CFA Level II individual study (FIN 6910)
Visiting Professor,
Taught PhD independent study on IPOs and Entrepreneurial
Finance (FING 8019).
Taught
master level CFA preparation course (FING 6721a).
Taught
advanced financial spreadsheet modeling class (FING 6721b).
Assistant Professor,
Taught
advanced corporate finance class for executive MBAs (MBA 693AF).
Taught entrepreneurial finance class for executive
MBAs (MBA 667).
Taught business finance class for executive MBAs (MBA
520).
Taught
senior level advanced financial management class (BusM 401).
Taught
senior level advanced finance for accountants class (BusM 402).
Taught graduate level managerial finance for engineers
class (MGT 511).
Supervised
individual MBA studies (BusM 693R).
Supervised Office for Research and Creative Activities
(ORCA) projects.
University Teaching Associate, The
Mentored and trained Teaching Assistants
university-wide.
Graduate Teaching Instructor, The
Taught undergraduate financial management of the firm (three sections)
Taught undergraduate investments and financial markets (five sections)
Taught undergraduate financial markets, institutions, and international finance (two sections)
TEACHING DEVELOPMENT ACTIVITIES
PROFESSIONAL SERVICE