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GUSTAVO GRULLON

AFFILIATE DIRECTOR

Dr. Grullon is an associate professor of finance at Rice University and an expert in several areas of corporate finance, including corporate investment, corporate financing, payout policy, business valuation, real options valuation, and mergers and acquisitions. He has provided consulting services to several Fortune 500 companies.

Dr. Grullon has done extensive research on how firms determine their payout policy and capital structure and how these decisions affect the value of the firm. Gustavo’s research has provided explanations to several interesting capital market anomalies, such as the closed-end fund discount, the tendency of investors to buy familiar stocks, and the apparent ability of managers to forecast future changes in stock prices and interest rates. His current research focuses on the effects of managerial flexibility on firm value, and on the effects of corporate governance and culture on corporate fraud.

Dr. Grullon has published in several academic journals, including the Journal of Finance, the Review of Financial Studies, the Journal of Business, and the Journal of Financial and Quantitative Analysis. He has made presentations at universities and conferences and he has been quoted in the New York Times, the Washington Post, Financial Times, and the Wall Street Journal. He is also an Associate Editor for academic journals, and he has received several awards for his research accomplishments, including the Jesse H. Jones Graduate School of Management Award for Scholarship Excellence and the Best Paper Award in Corporate Finance at the 2009 Financial Management Association meetings. He served as Economic Advisor to the Speaker of the House of Representatives of Puerto Rico from 1991 to 1993.

  • Ph.D. in Management from Cornell University
  • BBA in Finance and Economics from the University of Puerto Rico
  • “Corporate Payout Policy and Product Market Competition”, with Roni Michaely
  • “Real Options, Volatility, and Stock Returns” with Evgeny Lyandres and Alexei Zhdanov
  • Designed Valuation Model to Price Options