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UTSA College of Business

John Wald, Ph.D. John Wald, Ph.D.
Professor of Finance
Department of Finance

Ph.D. University of California at Berkeley
B.A. Yale

Personal Faculty Website
John Wald is a professor of finance and has been at UTSA since 2006.  Prior to teaching at UTSA, John was on the faculties of Penn State and Rutgers Universities.  He holds a doctorate in economics from the University of California at Berkeley and a bachelor's in computer science and economics/math from Yale.

His research has focused on how legal differences between states and countries affect firm financing decisions as well as on debt covenant agreements, CEO compensation, and how the flu affects stock markets.

His papers have won several awards, including the 2008 FMA best paper in international finance, the 2008 Werner Pemmerehne Prize, and the 2009 Mirae Asset Securities Co., Ltd. Outstanding Paper Award.  He also won the 2010 UTSA College of Business tenured faculty research award.  John serves as a director for the Midwest Finance Association, and he is currently on the editorial review board for the Journal of International Business Studies and an associate editor of the Review of Pacific Basin Financial Markets and Policies.

Research Interests

  • Capital structure
  • Law and finance
  • Corporate governance
  • International finance

Selected Publications
"Liability Protection, Director Compensation, and Incentives," with Iness Aguir, Natasha Burns, Sattar Mansi, Journal of Financial Intermediation, forthcoming.

“Do Stock Markets Catch the Flu?” with Brian McTier and Yiuman Tse, Journal of Financial and Quantitative Analysis, Vol. 48, 2013, pp. 979-1000.

“Too Much Pay Performance Sensitivity?” with Ivan Brick and Oded Palmon, Review of Economics and Statistics, Vol. 94, 2012, pp. 287-303.

“How Legal Environments Affect the Use of Covenants,” with Yaxuan Qi and Lukas Roth, Journal of International Business Studies, Vol.42, 2011, pp. 235-262.

“Political Rights and the Cost of Debt,” with Yaxuan Qi and Lukas Roth, Journal of Financial Economics, Vol. 95, 2010, pp. 202-226.

“Creditor Protection Laws and the Cost of Debt,” with Sattar Mansi and William Maxwell, Journal of Law & Economics, Vol. 52, 2009, pp. 701-726.

“The Effect of State Laws on Capital Structure,” with Michael S. Long, Journal of Financial Economics, Vol. 83, No. 2, 2007, pp. 297-320.

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