Dr. Julie Wu, assistant professor of finance, earned her Ph.D. in finance from Mays
Business School at Texas A&M University. She was at the Terry College of Business
at the University of Georgia prior to joining Nebraska Business in 2016. Her research
interests include securities markets, empirical asset pricing and corporate finance.
Her articles have been published in Review of Financial Studies, Journal of Financial
Markets, Journal of Corporate Finance, Journal of Financial Intermediation and
Contemporary Accounting Research and featured in Harvard Law School Forum.
Wu’s newest research investigates the function of acquirer shareholder voting during mergers and
acquisitions. This study shows acquirers with low institutional ownership, high deal risk and high agency
costs are more likely to bypass shareholder voting, leading to lower announcement returns and higher offers.
To avoid shareholder voting, acquirers increase equity issuance and cut payout in the year before the merger.
Wu and her co-authors also document a positive causal effect of shareholder voting concentrated among acquirers
with higher institutional ownership. The authors conclude institutional monitoring adds value and mitigates agency
issues in mergers and acquisitions.
This study presents fresh evidence on why and how acquirer management manipulates deal financing to avoid shareholder voting and its value consequence. We show the prospect of a shareholder vote commits acquirer management to making good deals. This study improves our understanding of the role of shareholder voting in the largest merger and acquisition market in the world.
Dr. Troy Smith, assistant professor of management, joined Nebraska Business in 2016 after earning his Ph.D. in
management from the Mays Business School at Texas A&M University. His research focuses on the intersection of
leadership and motivation across levels of analysis, job attitudes and employee engagement and spillover effects of
work and non-work factors. He has published in multiple academic journals, including Academy of Management Journal,
Journal of Applied Psychology, Journal of Personnel Psychology, Journal of Social Psychology and Sex Roles.
His most recent research uses an experiment and two field studies from the People’s Republic of China and the U.S. to
explore the role of leaders in motivating members to contribute proactively across team boundaries and not just within the
teams to which they belong. The results reveal a team leader’s empowering leadership has a unique and positive influence on
an employee’s psychological empowerment and proactive behaviors across multiple teams led by other leaders. This translatable
influence can substitute for lower levels of empowering leadership experienced by the same employee within different teams.
Subsequently, Smith and his co-authors provide practical guidance for leaders managing employees with multiple team memberships.
Every organization has a limited number of effective leaders. When employees are on multiple teams under multiple leaders, the motivational capabilities of an empowering leader can span across team boundaries, allowing the most effective leaders to be strategically aligned to go above and beyond less effective leaders.
Dr. Alok Kumar, associate professor of marketing and W. W. Marshall College
Professor, was at Smeal College of Business at Penn State University before joining
Nebraska Business in 2013. He earned his Ph.D. in marketing from the University of
Wisconsin-Madison. His research interests include interorganizational governance,
business-to-business relationships, distribution systems and marketing strategy. His
research has appeared in the Journal of Marketing, Journal of Marketing Research and
Strategic Management Journal.
Kumar’s recent work explores the existing literature on American multinational corporations (MNCs) within marketing.
Although MNCs represent a common and complex organizational form, there is little research devoted to channel management
from an MNC perspective. Aiming to address this gap, Kumar and his co-authors, including Dr. Amit Saini, associate professor
of marketing and W. W. Marshall College Professor at Nebraska, propose an organizing framework to spur and guide further research.
For practitioners, their integrative piece suggests three elements MNCs should consider in managing their foreign distribution
channels: the headquarter-subsidiary relationship, the subsidiary-channel partner relationship, and the local institutions and
legal differences of the countries in which the channels operate.
MNCs include several household names such as Apple, Boeing, Caterpillar, Ford and Wal-Mart. Accounting for several trillions of dollars in revenues and employing over 22 million domestic workers, they are a backbone of the U.S. economy. Comprised of headquarters located in the U.S. and subsidiaries located in foreign markets, they accrue a significant portion of their revenues from foreign markets. The subsidiaries, under mandate from headquarters, rely on foreign distribution channel partners to sell offerings abroad. Clearly, MNC fortunes are partially tied to how well they can manage their foreign channel partners.