Devra L. Golbe

faculty_golbeProfessor and Chair • Member of the Doctoral Faculty at CUNY’s Graduate Center

Ph.D. Economics and Finance, Stern School of Business, New York University, 1979
Fields: Corporate Finance, Industrial Organization

Office:  HW 1501
Voice:  212-772-5408
Fax:     212-772-5398

Web Page:

CV (pdf)

Professor Golbe’s research focuses on finance and industrial organization. Her current research projects focus on corporate control, in particular ownership structure and payout policy and informed trading and mergers and acquisitions.


How Do Share Repurchases Affect Ownership Concentration? (with Ingmar Nyman),  Journal of  Corporate Finance., Vol. 20, April 2013, pp. 22-40.

Merging Multilingual Datasets, The Stata Journal, Vol. 10, No. 1, 2010, pp. 152-156.

Debt, Operating Margin, and Investment in Workplace Safety (with Randall K. Filer)
The Journal of Industrial Economics, Vol. 51, No. 3, September 2003, pp. 359-381

Bidder Incentives for Informed Trading Before Hostile Tender Announcements,
(with Mary S. Schranz) Financial Management, Vol. 23, No. 4, Winter 1994, pp. 57-68

Catch a Wave: The Time Series Behavior of Mergers, (with Lawrence J. White)
The Review of Economics and Statistics, Vol. 75, No. 3, August 1993, pp. 493-499

Review of Oster, Strong, and Zorn, “Why Airplanes Crash: Aviation Safety in a Changing World”” Journal of Regional Science, 33(3) August 1993, pp. 444-446

Unbundling (with Douglas Blair) The New Palgrave Dictionary of Money and Finance Stockton Press, 1992

Risk-Taking by Thrift Institutions: A Framework for Empirical Investigation
(with Bernard Shull) Contemporary Policy Issues, Vol 9, No. 3, July 1991, pp. 106-115

Unbundling the Voting Rights and Profit Claims of Common Shares
(with Douglas Blair and James Gerard) Journal of Political Economy, Vol. 97, No. 2, April 1989, pp. 420-443

Risk-Taking by Firms Near Bankruptcy Economics Letters, Vol. 28, No. 1, 1988, pp. 75-79

A Time Series Analysis of Mergers and Acquisitions in the U.S. Economy
(with Lawrence J. White) In Corporate Takeovers: Causes and Consequences, edited by Alan J. Auerbach Chicago: University of Chicago Press, 1988, pp. 265-310

Mergers and Acquisitions in the U.S. Economy: An Aggregate and Historical Overview (with Lawrence J. White) In Mergers and Acquisitions, edited by Alan J. Auerbach Chicago: University of Chicago Press, 1988, pp. 25-48

Has Deregulation Decreased the Risk of NYSE Seat Ownership?
Economics Letters, Vol. 20, No. 3, March 1986, pp. 289-295

The Net Present Value Rule and an Algorithm for Maintaining a Constant Debt-Equity Ratio (with Barry Schachter) Financial Management, Vol. 14, No. 2, Summer 1985, pp. 53-58

Safety and Profits in the Airline Industry The Journal of Industrial Economics, Vol. 34, No. 3, March 1986, pp. 305-318 Reprinted in International Economic Perspectives, Vol. 13, No. 4, 1988

Summary and Policy Implications for Air (with Monte Lazarus)
In Transportation Deregulation and Safety Conference Proceedings, edited by Leon N. Moses and Ian P. Savage Transportation Center, Northwestern University, June 23 – 25, 1987

Imperfect Signalling, Affirmative Action, and Black-White Wage Differentials
Southern Economic Journal, Vol. 51, No. 3, January 1985, pp. 842-848

Product Safety in a Regulated Industry: Evidence from the Railroads
Economic Inquiry, Vol. 21, No. 1, January 1983, pp. 39-52

The Effects of Imminent Bankruptcy on Stockholder Risk Preferences and Behavior
Bell Journal of Economics, Vol. 12, No. 1, Spring 1981, pp. 321-328

Working Papers

Market Share Liability and its Alternatives (with Lawrence J. White), September 1999

Institutional Ownership of Target Firms and Informed Trading before Tender Offers
(with Richard Cook), December 1995

An Empirical Investigation of Managerial Incentives and Insider Trading Before Tender Offers (with Richard Cook and Mary Schranz), September 1993


Devra Golbe’s RePEc page