Clifford Smith
He is currently chairman of the board of Home Properties, a multifamily real estate investment trust (REIT) with operations primarily along the East Coast of the United States, and was formerly chair of the compensation committee, chair of the governance committee, and lead director. Smith has served as president of the Risk Theory Society, president of the Financial Management Association National Honor Society, vice president for Global Services of the Financial Management Association International, vice president of the International Economics and Finance Society, a member of the board of advisors of the International Association of Financial Engineers, and a member of the board of directors of the Financial Management Association and the Southern Finance Association. Students in the Executive MBA Program have given him their Superior Teaching Award 21 times; students in the MBA Program have given him their Superior Teaching Award 16 times. In 2003, he received the FMA Fellows Award by the Financial Management Association International. He was named Distinguished Scholar by the Southern Finance Association in 2000, and Distinguished International Visiting Scholar by the British Accounting Association in 1991. In 1986, he was given the first Special Award for a Perfect Teaching Rating by the School, in 1983, he was chosen a University Mentor in recognition of his scholarship and teaching.
- Research Interests
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Professor Smith has research interests in the fields of corporate financial policy, derivative securities and financial intermediation. He has published 16 books and over 90 articles in leading finance and economics journals. He is an advisory editor of the Journal of Financial Economics; an associate editor of the Journal of Risk and Insurance, Financial Practice and Education, the Review of International Economics, the Journal of Financial Services Research, the Journal of Derivatives, and the Journal of Financial Research; a member of the editorial board of the Review of International Economics; and a member of the advisory board of the Journal of Applied Corporate Finance, The Financier, Contemporary Finance Digest, and The Arbitrageur. His paper, “Trading Cost for Listed Options: The Implications for Market Efficiency” (with Susan M. Phillips), was awarded the Pomerance Prize for Excellence in Options Research by the Chicago Board Options Exchange for 1980; his paper, “On the Convergence of Insurance and Finance Research,” was awarded the Alpha Kappa Psi-Spangler Award by the American Risk and Insurance Association for 1996.
- Teaching Interests
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Financial Economics
- Publications
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Managerial Economics and Organizational Architecture2021McGraw-Hill IrwinIssue7thManagerial Economics and Organizational Architecture2016McGraw HillIssue6thManagerial Economics and Organizational Architecture 6th ed2014McGraw Hill IrwinIssue6On the Choice of Organizational Form: Theory and Evidence from the Insurance Industry2013Kluwer Academic PublishersIssue2013Debt and taxes: Evidence from the real estate industry2013Journal of Corporate FinanceVolume20The Economic Determinants of Vertical Organizations: Evidence from Bankers' Banks2012Journal of Financial EconomicsVertical integration to avoid contracting with potential competitors: evidence from bankers’ banks2012Journal of Financial EconomicsIssue1Volume105Compensation and Board Structure: Evidence from the Insurance Industry2010Journal of Risk and InsuranceIssue2Volume77Managerial Economics and Organizational Architecture2009McGraw-Hill/IrwinIssue5th Edition, 2009Using Organizational Architecture to Lead Change2009Journal of Applied Corporate FinanceIssue2, Spring 2009Volume21Using Organizational Architecture to Lead Change*2009Journal of Applied Corporate FinanceIssue2Volume21Bonds2008The Concise Encyclopedia of EconomicsIssue2008University of Rochester Roundtable on Bankruptcy and Bailouts: The Case of the US Auto Industry2008Journal of Applied FinanceIssue2, Fall/Winter 2008Volume18Agency Conflicts and Risk Management2007Review of FinanceIssue1, 2007Volume11Managerial Economics and Organizational Architecture2007Mc-Graw-Hill/IrwinIssue4th Edition, 2007On Governance and Agency Issues in Small Firms2007Journal of Small Business ManagementIssue1, January 2007Volume45On the Debt Capacity of Growth Options2006Journal of BusinessIssue1, January 2006Volume79Economía empresarial y arquitectura de la organización2005McGraw-HillMorgan Stanley Roundtable on Capital Structure and Payout Policy2005Journal of Applied Corporate FinanceIssue1, Winter 2005Volume17The Capital Structure Puzzle: The Evidence Revisited2005Journal of Applied Corporate FinanceIssue1, Winter 2005Volume17University of Rochester Roundtable on Corporate M&A and Shareholder Value2005Journal of Applied Corporate FinanceIssue4, Fall 2005Volume17Agency Problems and the Corporate Charter2005Journal of Law, Economics & OrganizationIssue2, October 2005Volume21Boundaries of the firm: evidence from the banking industry2003Journal of Financial EconomicsIssue3Volume70Corporate governance, ethics, and organizational architecture2003Journal of Applied Corporate FinanceIssue3Volume15Designing organizations to create value: From strategy to structure2002McGraw Hill ProfessionalLa teoría del juego en la estrategia empresarial2001Harvard Deusto Business ReviewIssue103Managerial economics and organizational architecture2001McGraw-Hill/IrwinVolume7An introduction to game theory and business strategy2000Journal of Applied Corporate FinanceIssue2Volume13Fundamentos economicos da arquitetura organizacional1999Sumários Revista da ESPMIssue1Volume6Teaching the Economics of Organizations1999Financial Practice and EducationVolume9Management fads and organizational architecture1997Journal of Applied Corporate FinanceIssue2Volume10Organizational architecture: A managerial economics approach1996IrwinThe economics of organizational architecture1995Journal of Applied Corporate FinanceIssue2Volume8Transfer pricing and the control of internal corporate transactions1995Journal of Applied Corporate FinanceIssue2Volume8Corporate voting: Evidence from charter amendment proposals1994Journal of Corporate FinanceIssue1Volume1Ethics, incentives, and organizational design1994Journal of Applied Corporate FinanceIssue2Volume7Rational Voting: Evidence from Corporate Charter Amendments1989Tulane UniversityCompensation Alternatives for Occupational Disease and Disability1989The Journal of Risk and Insurance / WileyIssue2Volume56Ownership structure and voting on antitakeover amendments1988Journal of financial economicsVolume20Ownership structure and the monitoring of managers1987University of Rochester, Managerial Economics Research Center, William E. Simon Graduate School of Business Administration