Jim Brau

Jim Brau

Joel C. Peterson Professor of Finance,
Finance, Department of
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Office: 620 TNRB
Phone: 801-318-7919
Email: jbrau@byu.edu
Website: http://jimbrau.com

Biography

Jim Brau is the Joel C. Peterson Professor of Finance at the Marriott School and Editor-in-Chief of the Journal of Entrepreneurial Finance. He received his undergraduate training at the United States Military Academy at West Point and served three years as an Airborne Ranger infantry officer in the United States Army and another five years in the Army National Guard and Army Reserves. While in the reserves, Jim earned his PhD from Florida State University in business administration and finance with a support area in econometrics. Jim joined the Marriott School faculty in April 1999 and was honorably discharged as an Army Captain in June 1999. In 2004, Jim earned the Charted Financial Analyst designation.

Jim's research interests include issues pertaining to initial public offerings, entrepreneurial finance, and real estate. He has presented over 65 studies and published over 50 peer-reviewed articles to include articles in the Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Journal of Business Venturing, Journal of Real Estate Economics and Finance, and Journal of Real Estate Research among others. He teaches corporate and entrepreneurial finance to university-wide students at the undergraduate and graduate levels. Along with serving as editor of the Journal of Entrepreneurial Finance, Jim is on the editorial review boards of the Journal of Business Venturing and Financial Decisions. In addition to peer-reviewed articles, Jim has coauthored three textbooks: Principles of Finance: Intuition and Analysis (now in its 7th edition), Financial Analysis and Management for MBAs (in its 1st edition), and Introduction to Modern Business (in its 1st edition).

Among his awards are West Point Distinguished Cadet (top 5% of Senior class in academics, physical fitness, and leadership), West Point dean's list all eight semesters, FSU Phi Kappa Phi Outstanding Graduate Scholar Award (Valedictorian), three FSU teaching awards (one college level and two university level), five BYU teaching awards (three department level and two college level), three BYU research awards (two department level and one college level), one BYU finance department outstanding citizen award, three best-paper awards, and the BYU University Young Scholar Award (university-wide).

Jim consults with entrepreneurs, angel investors, and venture capitalists. His consulting focuses on start-up financing, venture valuation, business plan construction, and harvest strategies. Jim also serves as an expert witness in finance-related lawsuits.

Perhaps his best accomplishment in life was when Jim married Michelle West in 1991 in the Jordan River Temple. They are the proud parents of four children. In his free time, Jim enjoys family activities, bodybuilding, reading, and 1980s country music.

Education

  • Chartered Financial Analyst, Finance, CFA Institute, 2004
  • PhD, Finance, Florida State University, 1999
  • BS, Geography, United States Military Academy, West Point, 1991

Selected Publications

  • "Can I Boost My GPA By Taking Online Classes? An Analysis of Online vs Traditional Class Outcomes for Five Finance Courses", Journal of Financial Education, Volume Forthcoming.    
  • "Fundamentals of Finance: Principles and Applications. 7th Ed", Edition 7th, Issue 7th, Pages 180, Business Learning Software, Provo, UT.    
  • "Fundamentals of Finance: Principles and Applications. 7th Ed", Edition 7th, Issue 7th, Pages 180, Business Learning Software, Provo, UT.    
  • "Planning for Retirement: Insurance versus Investing", Journal of Financial Case Research, Volume forthcoming.    
  • "The Determinants of Student Performance in a University Marketing Class", Journal of Business Education Innovation, Edition 2, Volume 8, Issue 2, Pages 21-31, Elm Street Press, Salt Lake City, Utah, 2016.    
  • "Financial Literacy among College Students: An Empirical Analysis", Journal of Financial Education, Volume Forthcoming, 2015.    
  • "Experiential Learning in Personal Finance: A Principles and Applications Based Approach", Journal of Financial Education, Edition 2, Volume 41, Issue 2, Pages 49-79, 2015.    
  • "Strategically Camouflaged Corporate Governance in IPOs: Entrepreneurial Masking and Impression Management", Journal of Business Venturing, Edition 5, Volume 30, Issue 5, Pages 839-864, 2015.    
  • "Strategically Camouflaged Corporate Governance in IPOs: Entrepreneurial Masking and Impression Management", Journal of Business Venturing, Edition 5, Volume 30, Issue 5, Pages 839-864, 2015.    
  • "Does Microfinance Fill the Funding Gap for Microentrepreneurs?: A Conceptual Analysis of Entrepreneurship Seeding in Impoverished Nations", International Business Research, Edition 5, Volume 8, Issue 5, Pages 30-42, 2015.    
  • "Introduction to Modern Business: The Art and Science of Creating Customer Value", Edition 1, Issue 1, MyEducator, Ogden, UT, 2014.    
  • "Regulatory Reforms and Convergence of the Banking Sector: Evidence from China", Managerial Finance, Edition 10, Volume 40, Issue 10, Pages 956-968, 2014.    
  • "Financial Analysis and Management for MBAs", MyEducator, Ogden, UT, 2013.    
  • "REIT Going Private Decisions", Journal of Real Estate Finance and Economics, Edition 1, Volume 46, Issue 1, 2013.    
  • "SB IPOs and IPO Anomalies: An Empirical Analysis of the Small Firm Uniqueness Hypothesis", Journal of Entrepreneurial Finance, 2013.    
  • "Efficacy of the 1992 Small Business Incentive Act", Journal of Financial Economic Policy (lead article), Edition 3, Volume 4, Issue 3, Pages 204-217, 2012.    
  • "REIT Going Private Decisions", Journal of Real Estate Finance and Economics, Volume Forthcoming, This paper won the 2011 ARES Best Paper Award, 2012.    
  • "SB IPOs and IPO Anomalies: An Empirical Analysis of the Small Firm Uniqueness Hypothesis", Volume Forthcoming, Journal of Entrepreneurial Finance, 2012.    
  • "Small-Firm Uniqueness and Signaling Theory", Journal of Business Economics and Finance, Edition 1, Volume 1, Issue 1, Pages 50-63, 2012.    
  • "The Desire to Acquire and IPO Long-Run Underperformance", Journal of Financial and Quantitative Analysis, Edition 3, Volume 47, Issue 3, Pages 493-510, 2012.    
  • "Why Do Firms Go Public?", Oxford Handbook of Entrepreneurial Finance, Volume Chapter 15, Pages 467-494, Douglas Cumming, 2012.    
  • "Insurance Theory and Challenges Facing the Development of Microinsurance Markets", Journal of Developmental Entrepreneurship, Edition 4, Volume 16, Issue 4, Pages 441-458, 2011.    
  • "Dual-Track Versus Single-Track Sell-Outs: An Empirical Analysis of Competing Harvest Strategies", Volume 25, Pages 389-402, Journal of Business Venturing, 2010.    
  • "Micro-IPOs: An Analysis of the Small Corporate Offering Registration (SCOR) Procedure with National Data", Journal of Entrepreneurial Finance, Edition 3, Volume 14, Issue 3, Pages 69-89, 2010.    
  • "Principles of Finance: Intuition and Analysis, 4th edition", Principles of Finance: Intuition and Analysis, 4th edition, Pages 250, BYU Publishing, Provo, 2010.    
  • "Evaluating the Impact of Microfinance Institutions using Guatemalan Data", Managerial Finance, Volume 35, Pages 953-974 (lead article), 2009.    
  • "Organizational Spirituality and Community: The ABCs of an Inspiring Workplace", International Journal of Public Administration, Volume 31, Pages 420-438, 2008.    
  • "Initial Public Offerings: An Analysis of Theory and Practice", Journal of Finance, Volume 61, Pages 399-436, 2006.    
  • "Lockups Revisited", Journal of Financial and Quantitative Analysis, Edition 3, Volume 40, Issue 3, Pages 519-530, Cambridge University Press, 2005.    
  • "Concealing and Confounding Adverse Signals: Insider Wealth-Maximizing Behavior in the IPO Process", Journal of Financial Economics, Volume 67, Pages 149-172, 2003.    
  • "The Choice of IPO Versus Takeover: Empirical Evidence", Journal of Business, Volume 76, Pages 583-612, 2003.    

Experience

    Academic - Post-Secondary
    • Professor of Finance, Brigham Young University 2010
    Other
    • Editor, Journal of Entrepreneurial Finance 2009
    • Infantry Officer, U.S. Army 1991 - 1999

Awards

  • Army ROTC George Q. Cannon Honoree , Brigham Young University, Army ROTC , 2015
  • Best Paper Award , Academy of Financial Education , 2015
  • Ethics Teaching Award , Brigham Young University , 2015
  • Joel C. Peterson Professorship , Brigham Young University , 2015
  • Outstanding Citizenship Award , Finance Department, Brigham Young University , 2013
  • Outstanding Paper Award , American Real Estate Society (ARES) , 2011
  • BYU Army ROTC Patriot Award , BYU Army ROTC , 2010
  • USASBE Outstanding Reviewer Award , United States Association for Small Business and Entrepreneurship , 2009
  • Bateman MBA Outstanding Professor Award Nominee , Marriott School, BYU , 2008
  • Outstanding Reviewer Award , U.S. Association for Small Business and Entrepreneurship , 2008
  • Best Paper Award (for an article published in 2006) with Andy Holmes , Journal of Real Estate Research ($10,000 1st place award) , 2007
  • Marriott School Finance Society Outstanding Finance Professor of the Year Award , BYU Finance Society , 2007
  • Outstanding Teaching Award , Marriott School, BYU , 2005
  • University Young Scholar Fellow , Brigham Young University , 2005
  • Outstanding Researcher Award , Marriott School, BYU , 2004
  • Outstanding Teaching Award , Department of Business Management, BYU , 2004
  • Best Paper Award ($5,000 award) , Journal of Financial Research , 2003
  • Outstanding Teaching Award , BYU Finance Society , 2003
  • Phi Kappa Phi Graduate Scholar Award (Valedictorian) , Florida State University , 1999
  • Dean's List , United States Military Academy, West Point, 1988, 1989, 1990 , 1998
  • University Outstanding Teaching Award , Florida State University , 1998
  • Expert Infantryman Badge , US Army , 1991
  • Five Exceptional Achievement Awards , U.S. Army and Florida Army National Guard, 1991- , 1991
  • Infantry Officer Basic Course Honor Graduate , US. Army , 1991
  • Star Man (top 5% academically, physically, leadership) , United States Military Academy, West Point , 1990

Administrative Assignments

  • Director — I served as the faculty director of the Peery Institute of Financial Services, focusing on supporting research, undergraduate finance curriculum, and student mentoring. 2013 - 2015
  • Associate Director — I served as the Associate Department Chair and Program Director for the Finance Department. I brought in the first ever class of Finance Majors at BYU, operationalized the finance curriculum, and launched the finance major. 2011 - 2013

Certificates and Licenses

  • Chartered Financial Analyst Designation Chartered Financial Analyst Institute (CFAI) 2004

BYU Citizenship

  • BYU Waffle Wednesday Club January, 2016
  • BYU Student Housing Organization Student Org Advisor August, 2015
  • BYU Tuxedo Club Student Org Advisor May, 2015
  • BYU Veteran's Club Student Org Advisor January, 2015
  • Finance Department Faculty Evaluation Committee Committee/Council Member November, 2014
  • Finance Major Admissions Committee Committee/Council Member November, 2014
  • BYU Army ROTC Advisory Board Committee/Council Member 2010
  • CFA Scholarship Committee Committee/Council Member 2006
  • Faculty Director, H. Taylor Peery Institute of Financial Services Other March, 2013 - August, 2015
  • Finance Curriculum and Undergraduate Admissions Committee Committee/Council Chair January, 2012 - December, 2014
  • MBA Energy Club Student Org Advisor January, 2012 - December, 2014
  • Finance Department Teaching Committee Committee/Council Member September, 2011 - December, 2014
  • Marriott School Curriculum Committee Committee/Council Member September, 2011 - December, 2014
  • BYU Speaker's Bureau Other 2005 - 2014
  • BYU Finance Society Student Org Advisor 2000 - 2012
  • Undergraduate Steering Committee Committee/Council Member 2009 - 2009
  • Entrepreneurship Committee Committee/Council Member 2007 - 2008
  • Finance Curriculum Committee Committee/Council Member 2006 - 2006
  • Center for Economic Self Reliance Committee/Council Member 2003 - 2005
  • Undergraduate Admissions Committee/Council Member 2001 - 2003

Professional Citizenship

  • Journal of Business Venturing Editorial Review Board Member 2010
  • Journal of Entrepreneurial Finance Editor Other 2009
  • Financial Decisions Editorial Review Board Member 2002
  • Entrepreneurship: Theory and Practice Editorial Review Board Member 2003 - 2015
  • Association for Small Business and Entrepreneurship Meeting (USASBE) Committee/Council Chair 2010 - 2010
  • Financial Management Association Committee/Council Chair 2010 - 2010
  • Social Sciences and Humanities Research Council of Canada Grant Proposal Reviewer, External 2010 - 2010
  • Financial Management Association Committee/Council Member 2005 - 2005
  • Financial Education Association Meeting Program Committee Committee/Council Member 2003 - 2003
  • Financial Management Association Committee/Council Member 2003 - 2003
  • Financial Management Association Committee/Council Member 2002 - 2002
  • FMA Session Coordinator Other 2000 - 2000
  • Long Range Planning Committee, FMA 2000 Other 2000 - 2000

Presentations

  • “Insurance versus Investing Case,” with Jim Brau - Finance Educators Association - Finance Educators Association - 2016
  • An Empirical Analysis of the Factors of Success in a Principles of Finance Class - - Financial Education Association - 2015
  • Fooled From the Start: Camouflage in Bylaws/Charters - - University of Puerto Rico Research Seminar - 2014
  • Does Microfinance Fill the Funding Gap for Microentrepreneurs? A Conceptual Analysis of Entrepreneurship Seeding in Improving Nations - - BYU OB 432 - 2013
  • Learning Effectiveness of Online Finance Courses: An Analysis of Five Courses in an Online and Face-to-Face Environment - Finance Department - Finance Research Internal Seminar - 2013
  • Experiential Learning in Personal Finance: A Principles and Applications Based Approach - FEA - Financial Educators Association - 2012
  • REIT Going Private Decisions - Americal Real Estate Society - Americal Real Estate Society (ARES) - 2011
  • How Do College Students Gain Financial Literacy - Academy of Financial Education - Academy of Financial Education - 2010
  • SB-2 IPOs: Tests of the Small-Firm Uniqueness Hypothesis - Academy of Entrepreneurial Finance - Academy of Entrepreneurial Finance Annual Meeting - 2010
  • The Desire to Acquire and IPO Long-Run Underperformance - Financial Management Association - Financial Management Association Meeting - 2010
  • The Desire to Acquire and IPO Long-Run Underperformance - USU - Utah State University Finance/Econ Workshop - 2010
  • Earnings Management in IPOs What is the Impact of Underwriters, Attorneys, Auditors, and Venture Capitalists - - US Association for Small Business and Entrepreneurship Meeting - 2009
  • Insurance Theory and Challenges Facing the Development of Microinsurance Markets - - Munich Re Foundation, Microinsurance Network, and Journal of Risk and Insurance Conference - 2009
  • IPO Pricing and Equity Return Swaps - - Midwest Finance Association - 2008
  • Information Sharing and Supply Chain performance: The Role of Connectivity and Willingness - - International Purchasing and Supply Education and Research Association - 2006
  • Information Sharing as an Enabler of Supply Chain Performance - - Decision Sciences Institute Conference - 2006
  • REIT Stock Repurchases: Completion Rates, Long-Run Returns, and the Straddle Hypothesis - - Financial Management Association Meeting - 2006
  • Third-Party Certification and IPO Window Dressing via Accruals Management - - Financial Management Association Meeting - 2006
  • An Empirical Analysis of the Financial Impact of Supply Chain Management on Small Firms - - Academy of Entrepreneurial Finance Meeting - 2005
  • Insiders' Wealth-Maximizing Behavior in the IPO Process and Aftermarket Performance: Healthy diversification or private information opportunistic gains? - - Financial Management Association Meeting - 2005
  • Social Performance and Economic Dimensions of Microfinance NGOs - - Academy of Management Meeting - 2005
  • Why do Firms Go Public? An Empirical Analysis Using Surveys of Chief Financial Officers - - Southern Finance Conference - 2005
  • Amazon Rainforest Properties, Ltda: Monte Carlo Analysis in an International Capital Budgeting Decision - - Financial Management Association - 2004
  • Initial Public Offerings: An Analysis of Theory and Practice - - Financial Management Association - 2004
  • Initial Public Offerings: An Analysis of Theory and Practice - - U of U Finance Department - 2004
  • Introducing Microfinance in an Entrepreneurial Finance Class: A Teaching Note - - Financial Education Association Meeting - 2003
  • Microfinance Institutions: A Comprehensive Review of the Existing Literature and an Outline for Future Financial Research, with Gary Woller - - Financial Management Association Meeting - 2003
  • The Case of Carlson Egg Farms: Inferred Cost of Capital and Private Firm Valuation, - - Financial Education Association Meeting - 2003
  • The Motivation and Methods of the Master Teacher: Insights from Isaiah - - Financial Education Association - 2003
  • Why do Firms Go Public? An Empirical Analysis Using Surveys of Chief Financial Officers, with Patricia Ryan and Irv DeGraw - - Academy of Financial Services - 2003
  • Do Venture Capitalists Add Value to Small Businesses? An Empirical Analysis of Venture and Nonventure Capital-Backed Initial Public Offerings - - Babson College-Kauffman Foundation Entrepreneurship Research Conference - 2001
  • Examining the Validity of Managerial Signaling in Open Market Share Repurchase Announcements - - Financial Management Association Meeting - 2001
  • What's Happening to the Utah County Housing Market? An Examination of Trends Comparing Naive Index Methods to Hedonic Constant-Quality Index Methods - - Utah Academy of Sciences, Arts, & Letters Annual Meeting - 2001
  • The Financial Marketing of Initial Public Offerings: An Empirical Analysis of Selling Effort and Offering Price Adjustments - - Financial Management Association Meeting - 1999