Natasha Burns, Ph.D.

Professor, Finance

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Natasha Burns is a professor of finance at The University of Texas at San Antonio. Her research interests include the effect of incentives, law and culture in corporate finance. She explores these issues in takeovers, financing decisions and costs, executive compensation and international finance. Before joining UTSA, she was an assistant professor at the University of Georgia. She also served as a visiting senior economist at the Securities and Exchange Commission.

Her research appears in the Journal of Corporate FinanceJournal of Banking and FinanceJournal of Financial EconomicsJournal of Financial and Quantitative AnalysisThe Financial Review and the Quarterly Journal of Economics. She is on the editorial board at Corporate Governance: an International Review and is an associate editor of The Financial Review. She serves on the boards of Dr. Patty’s Legacy Fund and STEM Kids NYC. She earned her Ph.D. in finance from Ohio State University, MBA at Michigan State University and B.S. in computer science from Ohio State University.

Research Interests

  • Corporate finance, security issuance, capital structure
  • IPOs, mergers and acquisitions
  • Entrepreneurial finance and venture capital
  • Market microstructure


  • Ph.D. The Ohio State University
  • MBA Michigan State University
  • B.S. The Ohio State University


  • “CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences and Consequences,” with K. Minnick and L. Starks, Journal of Financial and Quantitative Analysis, Vol. 52, No. 2, 2017, pp. 519-551.
  • “Sales of Private Firms and the Role of CEO Compensation,” with J. Jindra and K. Minnich, Journal of Banking and Finance, Vol. 43, 2017, pp. 444-463.
  • “Equity-incentive Compensation and Payout Policy in Europe,” with Brian C. McTier and Kristina Minnick, Journal of Corporate Finance, Vol. 30, February 2015, pp. 85-97.
  • “A Cross-Country Comparison of Compensation and Payout Policy,” Journal of Corporate Finance, Vol. 30, February 2015, pp. 155-175.
  • “U.S. Takeovers in Foreign Markets: Do They Impact Emerging and Developed Markets Differently?” with Ivonne Liebenberg, Journal of Corporate Finance, Vol. 17, Issue 4, 2011, pp. 1028-1046.
  • “Institutional Ownership and Monitoring: Evidence from Financial Misreporting,” with Simi Kedia and Marc Lipson, Journal of Corporate Finance, Vol. 16, Issue 4, 2010, pp. 443-455.
  • “Executive Option Exercises and Financial Misreporting,” with Simi Kedia, Journal of Banking and Finance, Vol. 32, Issue 5, 2008, pp. 845-857.
  • “Cross-Listing and Legal Bonding: Evidence from Mergers and Acquisitions,” with Bill Francis and Iftekhar Hasan, Journal of Banking and Finance, Vol. 31, Issue 4, 2007, pp. 1003-1031.
  • “The Impact of Performance-based Compensation on Misreporting,” with Simi Kedia, Journal of Financial Economics, Vol. 79, Issue 1, 2006, pp. 35-67.