Randall Morck
Stephen A. Jarislowsky Distinguished Chair in FinanceDistinguished University Professor of Business
Department of Finance, Alberta School of Business
University of Alberta, Edmonton, Alberta, Canada T6G 2R6
Phone: (780) 492-5683
E-mail: rmorck@ualberta.ca
Personal website: randallmorck.ca
Other websites: Google Scholar, National Bureau of Economic Research & University of Alberta
January 17th 2023

Education
Harvard University, Cambridge, U.S.A.
o Ph.D. in Economics (Finance thesis), June 1986
 Yale University, New Haven, U.S.A.
o M.A. in economics (joint with undergraduate degree), May 1979
o B.Sc. summa cum laude, double major with honors in Applied Mathematics & honors in
Economics, May 1979
 Leningrad State University, Leningrad, U.S.S.R. (St. Petersburg Russia)
o Certificate of Completion in Philology, August 1977

Employment
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University of Alberta, Edmonton, Canadao Distinguished University Professor, 2008 – presento University Professor, 2007 – 2008o Stephen A. Jarislowsky Distinguished Chair in Finance, 1992 – present
o Full Professor, Jan. 1991 - present
o Associate Professor, Jan. 1990 – Jan. 1991
o Assistant Professor, Jul. 1986 – Jan. 1989
Yale University, New Haven, U.S.A.
o Schoen Visiting Professor of Finance, Spring 2009
Harvard University, Cambridge, U.S.A.
o William Lyon Mackenzie King Visiting Professor, Jan. – Apr. 2005; Sept. 2005 – Jan. 2006
o Visiting Professor of Economics, Sept. 1999 – May 2000
o Visiting Professor of Economics, Jan. 2004 – Apr. 2004
University of Michigan, Ann Arbor, U.S.A.
o William Davidson Visiting Professor, May – Jun. 1999
George Mason University, Fairfax, U.S.A.
o Krasnow Visiting Research Professor, Krasnow Institute for Advanced Study, Fall 1997
Boston University, Boston, U.S.A.
o Assistant Professor, Sept. 1985 – May 1986o Lecturer, Sept. 1983 – May 1984

Curriculum Vitae – Randall MorckAwards & Distinctions
Fellowships & Research-Related Associations
 Associate Member, Center for Corporate Governance, Copenhagen Business School,
Copenhagen Denmark, 2020  Inaugural Fellow, International Corporate Governance Society, 2014 - present Vice-President, Asian Bureau of Finance & Economics Research, 2014 – present Academic Advisory Committee, Canadian Coalition for Good Governance, 2013 – present Research Fellow, Asian Bureau of Finance & Economics Research, 2013 – present Academic Advisory Council, Center for Governance, Institutions & Organizations, National
University of Singapore, 2011 – present Research Associate, European Corporate Governance Institute, 2007 – present Senior Research Associate, Labor & Worklife Program, Harvard University 2005 - present Research Associate, National Bureau of Economic Research 1999 – presentAwards & Honors
 Yangtze River Visiting Scholar, based at Wenlan School of Economics, Zhongnan University
Economics & Law, Wuhan, China, 2018 – 2021.
 Distinguished Visiting Speaker, Securities & Exchange Commission, Washington, DC, 2017
 Adjunct Professor of Management, Xi’an Jiaotong University, China, 2015 - 2017
 Halbert Centre for Canadian Studies Visiting Professorship, School of Business
Administration, Hebrew University of Jerusalem, May 2016
 Advisory Board Member, Private Enterprise Governance & Development Research Center,
Renmin University of China, 2015 – 2017
 George J. Stigler Center for the Study of the Economy & the State Visiting Research Fellow,
University of Chicago Booth School of Business, October 2015
 Visiting Research Professor, Monetary Authority of Singapore, December 2012
 Heckscher Lecture, Ratio Institute, Stockholm School of Economics, May 2012 Governor’s Research Fellow, Bank of Canada, 2011 – 2015
 James Riady Visiting Chair in Finance, National University of Singapore, 2010 – 2018
 Schoen Visiting Chair in Finance, Sabbatical at Yale University, Winter 2009
 Kaplan Award for Research Excellence, University of Alberta, 2008
 All-Star Paper for all time citations in the Journal of Financial Economics for The Information
Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price
Movements? 2007
 Bettis Lecture, Arizona State University, 2007
 William Lyon Mackenzie King Visiting Chair, Harvard University, 2005
 Brattle Prize nominee (Journal of Finance Best Paper) for Value Enhancing Capital Budgeting& Firm-Specific Stock Returns Variation, 2005
 Distinguished Speaker Lecture, Bank of Canada, Ottawa, November 2003
 Olin Lecture, University of Toronto Law School, October 2003
 State of the Art Lecture, Canadian Economics Association, 2003
 Visiting Scholar, Hitotsubashi University, Tokyo, Feb - May 2003
 All-Star Paper for all time citations in the Journal of Financial Economics for Management
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Ownership & Corporate Performance: An Empirical Analysis, 2001
Donald & Margaret MacKenzie Distinguished Teacher, University of Alberta, 2000
Distinguished Speaker Lecture, Industry Canada, Ottawa, December 1996
McCalla Professorship, University of Alberta, 1991/92
Graham & Dodd Award, 1983

Bibliometric Statistics
Google Scholar – Jan 17th 2023 (link)
MeasureAll years

Since 2018

Interpretation

Citations

49,068

11,760h-index68

43

Largest h such that h publications are cited ≥ h times

i10-index

129

88

Publications with ≥ 10 citations.

Citations to the publications listed below

Research.com top scientists rankings by citations, 2022


Most cited (highest h-index) Finance or Economics professor in Canada (link)

Journal of Financial Economics researcher rankings 1974-2018
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54th by citations of 2,996 authors worldwide

Publications
Research Articles
124. Morck, Randall. 2022. Kindleberger Cycles & Economic Growth: Method in the Madnessof Crowds? Annual Review of Financial Economics. Forthcoming
123. Morck, Randall, Bernard Yeung & Lu Zhang. 2022. Idiosyncrasy as a leading indicator.
Journal of Financial & Quantitative Analysis. Forthcoming.
122. Morck, Randall, Bernard Yeung & Lu Zhang. 2022. Investors Meet Dynamic Strategy.
Strategy Science 7(2):120-29.
121. Colpan, Asli & Randall K. Morck, 2022. Business Groups: Panics, Runs, Organ Banks &Zombie Firms. In Rob van Tulder, Alain Verbeke, Lucia Piscitello & Jonas Puck, eds.
International Business in Times of Crisis: Tribute Volume to Geoffrey Jones, Progress inInternational Business Research Volume 16, 69-88. Emerald.
120. Chua, Vincent, Randall Morck & Bernard Yeung. 2022. The Singaporean Meritocracy:
Theory, Practice & Policy Implications. In Tarun Khanna & Michael Szonyi, eds.
Meritocracy. Oxford University Press 231-61
119. Faccio, Mara, Randall Morck & Deniz Yavuz. 2021. Business groups & firm-specific stock
returns. Journal of Financial Economics 139(3)852-71.
118. Charoenwong, Ben, Randall Morck & Yupana Wiwattanakantang. 2021. Bank of Japan
Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing. Review of Finance25(3)713-43.
117. Dau, Luis, Randall Morck & Bernard Yeung. 2021. Corporate Governance, Business Group
Governance & Development Traps: A Coasean Synthesis & Extension. Journal ofPage 3Curriculum Vitae – Randall Morck

International Business Studies 52(1)161–211.
116. Dau, Luis, Randall Morck & Bernard Yeung. 2021. Corporate Governance versus BusinessGroup Governance Part 2: The Middle-income Trap. In Knut Sogner & Andrea Colli, eds.
The Emergence of Corporate Governance: People, Power & Performance. Routledge, c. 7,
pp. 212-134.
115. Dau, Luis, Randall Morck & Bernard Yeung. 2021`. Corporate Governance versus BusinessGroup Governance Part 1: The Low-income Trap. In Knut Sogner & Andrea Colli, eds. The
Emergence of Corporate Governance: People, Power & Performance. Routledge, c. 6, pp.
103-120.
114. Guzmán, Alexander, Vikas Mehrotra, Randall Morck, Maria-Andrea Trujillo. 2020. How
institutional development news moves an emerging market. Journal of Business Research
112, 300-19
113. Kandel, Eugene, Konstantin Kosenko, Randall Morck & Yishay Yafeh. 2019. The great
pyramids of America: A revised history of U.S. business groups, corporate ownershipregulation, 1926-1950. Strategic Management Journal 40(5) 781-808.
112. Morck, Randall, M. Deniz Yavuz & Bernard Yeung. 2018. State-controlled Banks & the
Effectiveness of Monetary Policy. Management Science 65(12) 5914–32.
111. Morck, Randall & Masao Nakamura. 2018. Japan's Ultimately Unaccursed Natural
Resources-financed Industrialization. Journal of the Japanese & International Economies.
47(March) 32-54.
110. Mehrotra, Vikas & Randall Morck. 2018. Governance & Stakeholders. In B. Hermalin & M.
Weisbach, eds. Handbook of the Economics of Corporate Governance, North-Holland.
109. Morck, Randall & Bernard Yeung. 2018. East Asian Financial & Economic Development. In
T. Beck & R. Levin, eds., Handbook of Finance & Development, Edward Elgar.
108. Morck, Randall & Gloria Tian. 2018. Business Groups in Canada - The rise & fall & rise &fall again. In A.M. Colpan & T. Hikino, eds. Business Groups in the West: The Evolutionary
Dynamics of Big Business, Oxford University Press.
107. Fan, Joseph P.H., Jun Huang, Randall Morck & Bernard Yeung. 2017. Institutional
determinants of vertical integration in China. Journal of Corporate Finance 44(2) 524-39.
106. Suen, Victoria, Matthew Brown, Ivor Cribben, Randall Morck & Peter Silverstone. 2017.
Risk Tolerance, Impulsivity & Self-esteem: Differences & Similarities between Gamblers &Non-Gamblers in a Pilot Study. Advances in Social Sciences Research Journal, 4(4).
105. Chun, Hyunbae, Jung-Wook Kim & Randall Morck. 2016. Productivity Growth & Stock
Returns: Firm- & Aggregate-level Analyses. Applied Economics, 48(38) 3644-3664.
104. Morck, Randall & Bernard Yeung. 2016. Corporate Governance & the Finance Sector: An
Asian Perspective. Macroeconomic Review, 15(1) 97-110.
103. Morck, Randall & Bernard Yeung. 2016. China in Asia. China Economic Review, 40(1)297308.
102. Suen, Victoria, Matthew Brown, Ivor Cribben, Randall Morck & Peter Silverstone. 2016.
Frequent Sub-Threshold Gamblers Display Unique Pattern of Brain Activation during
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Curriculum Vitae – Randall Morck

Investment Decision-Making Task. Journal of Psychiatry & Mental Health, 1(1) 1-8.
101. Dierker, Martin, Jung-Wook Kim, Jason Lee & Randall Morck. 2016. Investors' Interacting
Demand & Supply Curves for Common Stocks. Review of Finance, 20(4) 1517-1547.
100. Kutsoati, Edward & Randall Morck. 2016. Family Ties, Inheritance Rights & Successful
Poverty Alleviation: Evidence from Ghana. In S. Edwards, S. Johnson & D. Weil, eds.,
African Successes, Volume II. The University of Chicago Press.
99. Hameed, Allaudeen, Randall Morck, Jianfeng Shen & Bernard Yeung. 2015. Information,
Analysts & Stock Return Comovement. Review of Financial Studies, 28(11) 3153-3187.
98. Deng, Yongheng, Randall Morck, Jing Wu & Bernard Yeung. 2015. China's Pseudomonetary Policy. Review of Finance, 19, 55-93.
97. Jing Wu, Yongheng Deng, Jun Huang, Randall Morck & Bernard Yeung. 2014. Incentives &Outcomes: China's Environmental Policy. Capitalism & Society, 9(1).
96. Morck, Randall & Bernard Yeung. 2014. Corporate Governance in China. Journal ofApplied Corporate Finance, 26(3) 20-41.
95. Morck, Randall & Bernard Yeung. 2014. Enterprise models. In L. Neal & J. Williamson, eds.,
Cambridge History of Capitalism, Volume II. Cambridge University Press.
94. Perkins, Susan, Randall Morck & Bernard Yeung. 2014. Innocents Abroad: The Hazards ofInternational Joint Ventures with Pyramidal Group Firms. Global Strategy Journal 4(4)310-30.
93. Morck, Randall. 2014. The Social Value of Shareholder Value. Corporate Governance: An
International Review 22(3) 185-193.
92. Suen, Victoria, Matthew Brown, Randall Morck & Peter Silverstone. 2014. Regional Brain
Changes Occurring during Disobedience to "Experts" in Financial Decision-Making. PLoS
One 9(1)e87321.
91. Morck, Randall, Bernard Yeung & Wayne Yu. 2013. R2 & the Economy. Annual Review of
Financial Economics 5, 143-66.
90. Fan, Joseph, Randall Morck & Bernard Yeung. 2013. Introduction: translating market
socialism with Chinese characteristics into sustained prosperity. In J. Fan & R. Morck, eds.,
Capitalizing China. University of Chicago Press.
89. Mehrotra, Vikas, Randall Morck, Jungwook Shim & Yupana Wiwattanakantang. 2013.
Adoptive expectations: Rising sons in Japanese family firms. Journal of Financial
Economics 108(3)840-854.
• Summarized by BBC Radio, The Economist & NPR Radio's Freakonomics
88. Morck, Randall & Bernard Yeung. 2012. Agency Problems & the Fate of Capitalism. In D.
Mueller, eds., Oxford Handbook of Capitalism. Oxford University Press.
87. Morck, Randall. 2011. Finance & Governance in Developing Economies. Annual Review of
Financial Economics, 3, 375-406.
86. Morck, Randall & Bernard Yeung. 2011. Economics, History & Causation. Business History
Review, 85(1) 39-63.

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Morck, Randall & Fan Yang. 2011. The Shanxi Banks: The Rise & Fall of the Rishengchangbank model. In J. Koppell, eds., Origins of Shareholder Advocacy. Palgrave Macmillan.
Mehrotra, Vikas, Randall Morck, Jungwook Shim & Yupana Wiwattanakantang. 2011.
Must Love Kill the Family Firm? Some Exploratory Evidence. Entrepreneurship Theory &Practice, 35(6) 1121-1148.
Morck, Randall, M. Deniz Yavuz & Bernard Yeung. 2011. Banking System Control, Capital
Allocation & Economy Performance. Journal of Financial Economics, 100(2) 264-283.
Morck, Randall & Bernard Yeung. 2010. Corporatism & the Ghost of the Third Way.
Capitalism & Society, 5(3).
Chun, Hyunbae, Jung-Wook Kim & Randall Morck. 2010. Varying Heterogeneity among
U.S. Firms: Facts & Implications. The Review of Economics & Statistics 93(3) 1034-52.
Morck, Randall. 2010. Loyalty, Agency Conflicts & Corporate Governance. In H. Kent Baker& J. R. Nofsinger, eds., Behavioural Finance: Investors, Corporations & Markets. John
Wiley & Sons, Inc.
Morck, Randall. 2010. The Riddle of the Great Pyramids. In A. M. Colpan & T. Hikino, eds.,
The Oxford Handbook of Business Groups. Oxford University Press.
Fan, Joseph, Randall Morck, Lixin Colin Xu & Bernard Yeung. 2009. Institutions & Foreign
Direct Investment: China versus the Rest of the World. World Development, 37(4) 852-65.
Morck, Randall & Bernard Yeung. 2009. Never Waste a Good Crisis: An Historical
Perspective on Comparative Corporate Governance. Annual Review of Financial
Economics, 1 145-79.
Morck, Randall, Bernard Yeung & Minyuan Zhao. 2009. China's New Multinationals:
Perspectives on China's Outward Foreign Direct Investments. In Randall Morck & Taehoon
Youn, eds., The Market for Corporate Control: Comparative Perspectives. Korea
Development Institute, Seoul.
Morck, Randall & Bernard Yeung. 2009. Metrics for International Business Research. In A.
M. Rugman, ed. The Oxford Handbook of International Business 2nd edition. Oxford
University Press.
Morck, Randall. 2008. Behavioral Finance in Corporate Governance: Economics & theEthics of the Devil's Advocate. Journal of Management & Governance, 12(2) 179-200.
Chun, Hyunbae, Jung-Wook Kim, Randall Morck & Bernard Yeung. 2008. Creative
Destruction & Firm-Specific Performance Heterogeneity. Journal of Financial Economics,
89(1) 109-135.
Fogel, Kathy, Randall Morck & Bernard Yeung. 2008. Big Business Stability & Economic
Growth: Is What's Good for General Motors Good for America? Journal of Financial
Economics, 89(1) 83-108.
Fogel, Kathy, Randall Morck & Bernard Yeung. 2008. Big Business Stability & Social
Welfare. In T. Ito & A. Rose, eds., Financial Sector Development in the Pacific Rim, East
Asia Seminar on Economics Volume 18. University of Chicago Press
Morck, Randall, Bernard Yeung & Minyuan Zhao. 2008. Perspectives on China's Outward

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Foreign Direct Investment. Journal of International Business Studies, 39(3) 337-350.
Fogel, Kathy, Ashton Hawk, Randall Morck & Bernard Yeung. 2008. Institutional Obstacles
to Entrepreneurship. In A. Basu, M. Casson, N. Wadeson, & B. Yeung, eds. Oxford
Handbook of Entrepreneurship. Oxford University Press.
Morck, Randall & Masao Nakamura. 2007. Business Groups & the Big Push: Meiji Japan's
Mass Privatization & Subsequent Growth. Enterprise & Society, 8(3) 543-601.
Morck, Randall & Bernard Yeung. 2007. History in Perspective - A comment on Jones &Khanna 'Bringing History (Back) into International Business'. Journal of International
Business Studies, 38(2) 357-360.
Morck, Randall & Bernard Yeung. 2006. Purifying Japan's Banks: Issues & Implications.
Asian Economic Papers, 5(1) 1-32.
Faleye, Olubunmi, Vikas Mehrotra & Randall Morck. 2005. When Labor Has a Voice inCorporate Governance. Journal of Financial & Quantitative Analysis, 41(3) 489-510.
Li, Kan, Randall Morck, Fan Yang & Bernard Yeung. 2005. Firm-Specific Variation &Openness in Emerging Markets. Review of Economics & Statistics, 78(2) 286-95.
Morck, Randall, Daniel Wolfenzon & Bernard Yeung. 2005. Corporate Governance,
Economic Entrenchment & Growth. Journal of Economic Literature, 43 657-722.
Morck, Randall &Bernard Yeung. 2005. Dividend Taxation & Corporate Governance.
Journal of Economic Perspectives, 19(3) 163-80.
Morck, Randall. 2005. How to Eliminate Pyramidal Business Groups The Double Taxationof Inter-corporate Dividends & Other Incisive Uses of Tax Policy. In James Poterba, eds.,
Tax Policy & the Economy, 19(1) 135-79.
Morck, Randall, Bernard Yeung & Minyuan Zhao. 2005. China's Lucky Corporate
Governance. Peking University Business Forum: Beijing.
Morck, Randall & Lloyd Steier. 2005. The Global History of Corporate Governance: An
Introduction. In Randall Morck, eds., A Global History of Corporate Governance. National
Bureau of Economic Research & University of Chicago Press, 1-64.
Morck, Randall & Masao Nakamura. 2005. A Frog in a Well Knows Nothing of the Ocean: A
History of Corporate Ownership in Japan. In Randall Morck, eds., A Global History of
Corporate Governance. National Bureau of Economic Research & University of Chicago
Press, 367-459.
• An early draft circulated as “Been There, Done That: A History of Corporate Ownershipin JapanMorck, Randall, Michael Percy, Gloria Tian & Bernard Yeung. 2005. The Rise & Fall of the
Widely Held Firm: A History of Canadian Corporate Ownership. In Randall Morck, eds., A
Global History of Corporate Governance. National Bureau of Economic Research &University of Chicago Press, 65-140.
Morck, Randall, Gloria Tian & Bernard Yeung. 2005. Who Owns Whom? Economic
Nationalism & Family Controlled Pyramidal Groups in Canada. In Lorraine Eden & Wendy
Dobson, eds., Governance, Multinationals & Growth: Essays in Honour of Ed Safarian.
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Elgar, Cheltenham, U.K, 44-67.
Morck, Randall. 2005. Impediments to the Commercialization of Canadian Innovation.
Industry Canada Commissioned Research, Ottawa.
Durnev, Artyom, Kan Li, Randall Morck, Bernard Yeung. 2004. Capital Markets & Capital
Allocation: Implications for Economies in Transition. Economics of Transition 12(4)593634.
Huang, Yasheng, Randall Morck & Bernard Yeung. 2004. ASEAN & the FTAA: External
Threats & Institutional Weaknesses. Business & Politics, 6(1) 1-43
Durnev, Artyom, Randall Morck & Bernard Yeung. 2003. Value Enhancing Capital
Budgeting & Firm-Specific Stock Returns Variation. Journal of Finance, 59(1) 65-106.
Durnev, Artyom, Randall Morck, Bernard Yeung & Paul Zarowin. 2003. Does Greater Firmspecific Return Variation Mean More or Less Informed Stock Pricing? Journal of
Accounting Research, 41(5) 797-836.
Fox, Merritt, Randall Morck, Bernard Yeung & Art Durnev. 2003. Law, Share Price
Accuracy & Economic Performance: The New Evidence. University of Michigan Law
Review, 102(3) 331-86.
Morck, Randall & Bernard Yeung. 2003. Agency Problems in Large Family Business Groups.
Entrepreneurship, Theory & Practice, 27(4) 367-82.
Morck, Randall & Bernard Yeung. 2003. Family Control & the Rent Seeking Society.
Entrepreneurship, Theory & Practice, 28(4) 391-409.
Morck, Randall & Bernard Yeung. 2003. Japanese Economic Success & the Curious
Characteristics of Japanese Stock Prices. In Kunio Saito & Juro Teranishi, eds. Designing
Financial Systems in East Asia & Japan. Routledge Taylor & Francis Group.
Morck, Randall & Bernard Yeung. 2002. Why Firms Diversify: Internalization versus
Agency Problems. In Hand, John & Baruch Lev, eds., Intangible Assets (Oxford
Management Readers Series) Oxford University Press.
Morck, Randall & Bernard Yeung. 2002. The Puzzle of the Harmonious Stock Prices, World
Economics, 3(3).
Acs, Zoltan, Randall Morck & Bernard Yeung. 2001. Entrepreneurship, Globalization &Public Policy. Journal of International Management, 7, 235-251.
Morck, Randall, Jungsywan Sepanski & Bernard Yeung. 2001. Habitual & Occasional
Lobbyers in the US Steel Industry - An EM Algorithm Approach. Economic Inquiry 39(3)365-79.
Morck, Randall & Masao Nakamura. 2001. Japanese Corporate Governance &Macroeconomic Problems. In Masao Nakamura, ed. The Japanese Business & Economic
System - History & Prospects for the 21st Century. Palgrave, Houndmills, UK, 325-49.
Kaul, Aditya, Vikas Mehrotra & Randall Morck. 2000. Demand Curves for Stocks Do Slope
Down. Journal of Finance, 55(2) 893-912.
Morck, Randall, Bernard Yeung & Wayne Yu. 2000. The Information Content of Stock
Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements? Journal
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of Financial Economics, 58(1) 215-260.
• Journal of Financial Economics "All-Star Paper" Citations Award
Morck, Randall, Masao Nakamura & Anil Shivdasani. 2000. Banks, Ownership Structure &Firm Value in Japan. Journal of Business, 73(4) 539-68.
Morck, Randall & Bernard Yeung. 2000. Bring China Into the W.T.O. Japan & the World
Economy, 12(3) 289-294.
Morck, Randall. 2000. Telling the Crackpots from the Geniuses. Policy Options 21(6) 27-9.
Morck, Randall, David Stangeland & Bernard Yeung. 2000. Inherited Wealth, Corporate
Control & Economic Growth: The Canadian Disease? In Randall Morck, eds., Concentrated
Corporate Ownership. National Bureau of Economic Research & University of Chicago
Press, 319-69.
Acs, Zoltan, Randall Morck & Bernard Yeung. 2000. Small Firms, Globalization & CanadianPublic Policy. Center for International Business Research Joint Series on Competitiveness,
20(Jan) 1-18.
Acs, Zoltan, Randall Morck & Bernard Yeung. 1999. Productivity Growth & Firm Size
Distribution. In Zoltan Acs, Bo Carlsson & Charlie Karlson, eds., Entrepreneurship, Small &Medium Sized Enterprises & the Macroeconomy. Cambridge University Press, 367-396.
Morck, Randall & Masao Nakamura. 1999. Banks & Corporate Control in Japan. Journal of
Finance, 54(1) 319-340.
Acs, Zoltan, Randall Morck & Bernard Yeung. 1999. Evolution, Community & the Global
Economy. In Zoltan Acs, ed. Are Small Firms Important? - Their Role & Impact. UnitedStates Office of Advocacy & Kluwer Academic, 147-157.
Bigelli, Marco, Vikas Mehrotra, Randall Morck & Wayne Yu. 1999. Changes inManagement Ownership & the Valuation Effects of Equity Offerings. Journal ofManagement & Governance 2(1) 297–308
Lenway, Stefanie, Randall Morck & Bernard Yeung. 1998. The Effect of Protectionism in
the American Steel Industry: An Empirical Analysis. In Joanne Oxley & Bernard Yeung, eds.
Structural Change, Industrial Location & Competitiveness. Edward Elgar 513-42.
Morck, Randall & Bernard Yeung. 1998. The Corporate Response: Innovation in the
Information Age. Industry Canada, Ottawa.
Morck, Randall & Bernard Yeung. 1998. Why Investors Value Multinationality. In Oxley, J.
& Bernard Yeung, eds. Structural Change, Industrial Location & Competitiveness.
Cheltenham, UK. E. Elgar.
Acs, Zoltan, Randall Morck, J Myles Shaver & Bernard Yeung. 1997. The
Internationalization of Small & Medium-Sized Enterprises: A Policy Perspective. Small
Business Economics 9, 7-20. Reprinted in Zoltan Acs & Bernard Yeung, eds., Small &Medium Sized Enterprises in the Global Economy, University of Michigan Press.
Mitchell, Will, Randall. Morck, Bernard Yeung & Myles Shaver. 1997. Causality between
International Expansion & Investment in Intangibles, with Implications for Financial
Performance & Firm Survival. In J-F Hennert, eds. Global Competition & Market Entry

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Strategies. Elsevier, North-Holland.
Lenway, Stephany, Randall Morck & Bernard Yeung. 1996. Rent Seeking, Innovation &Protectionism & the American Steel Industry: An Empirical Study. Economic Journal,
106(435) 410-421.
Morck, Randall & David Stangeland. 1996. On the Mercantilist Objectives of CanadianState Owned Enterprises. Canadian Journal of Economics, 29(1) 249-255.
Daniels, Ron, Randall Morck & David Stangeland. 1995. High Gear: A Case Study of theHees-Edper Corporate Group. In R. Daniels & R. Morck, eds., Corporate Decision Making
in Canada Industry Canada & the University of Calgary Press, 223-240.
Morck, Randall. 1995. The Economics of Concentrated Ownership. Canadian Business Law
Journal, 26(1) 63-85.
Morck, Randall & Harold Morowitz. 1995. Value & Information - A Profit Maximizing
Strategy for Maxwell's Demon. Complexity - The Journal of the Santa Fe Institute 1(2).
Morck, Randall & Masao Nakamura. 1995. Banks & Corporate Governance in Canada. In R.
Daniels & R. Morck, eds., Corporate Decision Making in Canada Industry Canada & the
University of Calgary Press, 481-501.
Morck, Randall & Bernard Yeung. 1995. The Corporate Governance of Multinationals. In R.
Daniels & R. Morck, eds., Corporate Decision Making in Canada Industry Canada & the
University of Calgary Press, 433-456.
Harris, David, Randall Morck, Joel Slemrod & Bernard Yeung. 1993. Income Shifting in U.S.
Multinational Corporations. In J. Slemrod et al., eds., International Aspects of Taxation.
National Bureau of Economic Research & the University of Chicago Press.
Morck, Randall & Bernard Yeung. 1993. Internalization: An Event Study Test. Journal ofInternational Economics, 33(1/2) 41-56.
Morck, Randall & Bernard Yeung. 1991. Why Investors Value Multinationality. Journal ofBusiness 64(2).
Morck, Randall & Bernard Yeung. 1991. Foreign Acquisitions: When Do They Make Sense?
Managerial Finance, 17(6).
Barone-Adesi, Giovanni & Randall Morck. 1990. A Test of Rational Expectations in the
Index Option Market. Advances In Futures & Options Research, 5(1) 137-147.
Morck, Randall, Andrei Shleifer & Robert Vishny. 1990. The Stock Market & Investment: Is
the Market a Side Show? Brookings Papers on Economic Activity, 1990(2) 157-202.
 Reprinted in Michael Brennen, ed. 2001 Empirical International Library of Critical
Writings in Financial Economics, Volume 7. Elgar, 105-122.
Morck, Randall, Andrei Shleifer & Robert Vishny. 1990. Do Managerial Objectives Drive
Bad Acquisitions? Journal of Finance, 45(1) 31-48.
Morck, Randall, Eduardo Schwartz & David Stangeland. 1989. The Valuation of Forestry
Resources under Stochastic Prices & Inventories. Journal of Financial & Quantitative
Analysis, 24(4) 473-487.

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Morck, Randall, Andrei Shleifer & Robert Vishny. 1989. Alternative Mechanisms for
Corporate Control. American Economic Review, 79(4) 842-52.
Morck, Randall, Andrei Shleifer & Robert Vishny. 1988. Management Ownership & Market
Valuation: An Empirical Analysis. Journal of Financial Economics, 20(1/2) 293-315.
• Journal of Financial Economics "All-Star Paper" Citations Award
Morck, Randall, Andrei Shleifer & Robert Vishny. 1988. Characteristics of Targets ofHostile & Friendly Takeovers. In Allan Auerbach, eds., Corporate Takeovers: Causes &Consequences. National Bureau of Economic Research & University of Chicago Press, 10129.
Bodie, Zvi, Jay Light, Randall Morck & Robert Taggart. 1987. Funding & Asset Allocation in
Corporate Pension Plans: An Empirical Investigation. In Bodie, Shoven & Wise, eds., Issues
in Pension Economics. National Bureau of Economic Research & University of Chicago
Press.
Bulow, Jeremy, Randall Morck & Lawrence Summers. 1987. How Does the Market Value
Unfunded Pension Liabilities? In Bodie, Shoven & Wise, eds., Issues in Pension Economics.
National Bureau of Economic Research & the University of Chicago Press, 81-104.
Bodie, Zvi, Jay Light, Randall Morck & Robert Taggart. 1985. Corporate Pension Policy: An
Empirical Investigation. Financial Analysts Journal 41(5) 10-16.
Feldstein, Martin & Randall Morck. 1983. Pension Funds & the Value of Equities. Financial
Analysts Journal 39(5), 29-39.
• Graham & Dodd Best Paper Award
Feldstein, Martin & Randall Morck. 1984. Pension Funding Decisions, Interest Rate
Assumptions & Share Prices. In Zvi Bodie & John Shoven, eds., Financial Aspects of the US
Pension System. National Bureau of Economic Research & University of Chicago Press.

Edited Books
6.
5.
4.
3.

2.
1.

Fan, Joseph & Randall Morck. 2012. Capitalizing China. National Bureau of Economic
Research & the University of Chicago Press.
Morck, Randall. 2011. Re-Creating Canada: Essays in Honour of Paul Weiler. McGillQueen’s University Press.
Morck, Randall & Taehoon Youn. 2009. The Market For Corporate Control: Comparative
Perspectives. Korea Development Institute. Seoul.
Morck, Randall. 2005. The History of Corporate Governance around the World: Family
Business Groups to Professional Managers. National Bureau of Economic Research & the
University of Chicago Press.
Morck, Randall. 2000. Concentrated Corporate Ownership. National Bureau of Economic
Research & the University of Chicago Press.
Daniels, Ron & Randall Morck. 1995. Corporate Decision Making in Canada Industry
Canada & the University of Calgary Press.

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Dictionary Reference Articles
2.
1.

Morck, Randall. 1994. Corporate Ownership & Management. Palgrave Dictionary of
Money & Finance, Stockton Press.
Morck, Randall. 2008. Corporations. Palgrave Dictionary of Economics, 2nd ed. Stockton.

Public Policy Position Papers
15.
14.
13.
12.

11.

10.

9.

8.
7.
6.

5.
4.
3.

Morck, Randall. 2010. Shareholder Democracy in Canada. National Bureau of Economic
research working paper 16558.
Morck, Randall & Bernard Yeung. 2010. Harmonious Corporate Governance - Selected
Papers of Beijing Forum 2007. Procedia Social & Behavioral Sciences 2(1) 6875–82
Morck, Randall. 2004. Regulating Competitively - Corporate Governance Reform for theLong Run. Toronto Stock Exchange Position Paper.
Morck, Randall & Bernard Yeung. 2006. Some Obstacles to Good Corporate Governance inCanada. In Allen, Thomas et al. eds. Canada Steps Up Vol. 4, Maintaining a Competitive
Legislation in Canada, Position Paper for the Canadian Capital Markets Institute, 280-348.
Capital Market in Canada. Task Force to Modernize Securities Legislation.
Morck, Randall & Bernard Yeung. 2002. The Economic Determinants of Innovation. In
Someshwar Rao & Andrew Sharpe, eds. Productivity Issues in Canada. University ofCalgary Press, Industry Canada & Public Works & Government Services Canada, 361-418.
Morck, Randall & Bernard Yeung. 2001. The Economic Underpinnings of a KnowledgeBased Economy. In Louis & Elizabeth Lefebvre, eds., The Knowledge-Based Economy.
Kluwer Academic Press.
Morck, Randall & Bernard Yeung. 2001. Canadian Public Policy a Knowledge-Based
Economy. In Louis & Elizabeth Lefebvre, eds., The Knowledge-Based Economy. Kluwer
Academic Press.
Morck, Randall & Bernard Yeung. 1999. Foreign Investment & Emerging Markets.
Transition. World Bank, August.
Morck, Randall. 1997. The Corporate Governance Consequences of the Intercorporate
Dividend Tax Exemption. Corporate Governance Review 9(9) 9-12.
Morck, Randall & Bernard Yeung. 1997. Financial Regulation in the Global Economy as
Property Rights. In Thomas J. Courchene & Edwin H. Neave, eds., Reforming the Canadian
Financial Sector: Canada in Global Perspective. John Deutsche Institute for the Study of
Economic Policy, Queen's University.
Morck, Randall. 1996. The Market & the Closely Held Corporation in Canada. CanadianInvestment Review. Spring 49-50.
Morck, Randall. 1996. Overhauling Executive Stock Options. In Edward Iacobucci &Michael Trebilcock, eds., Value for Money. C.D. Howe Institute Toronto, 139-155.
Daniels, Ron & Randall Morck. 1995. Canadian Corporate Governance: The Challenge. In
R. Daniels & R. Morck, eds., Corporate Decision Making in Canada Industry Canada & the
University of Calgary Press, 3-40.
Page 12Curriculum Vitae – Randall Morck2.

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Daniels, Ron & Randall Morck. 1995. Canadian Corporate Governance: Policy Options. In
R. Daniels & R. Morck, eds., Corporate Decision Making in Canada Industry Canada & the
University of Calgary Press, 661-96.
Morck, Randall. 1990. Takeovers, the Economy & Public Policy. In Jack Mintz, ed.
Takeovers & Tax Policy. The John Deutsch Institute for the Study of Economic Policy,
Queen's University, Kingston.

Book Reviews
4.
3.
2.
1.

Review of Family Values or Crony Capitalism? by Harold James. Capitalism & Society 3(1)article 2, 2008.
Review of Political Power & Corporate Governance, by Gourevitch, Alexis & James Shinn.
International History Review, 29(1) 223-224, 2007.
Review of The Fable of the Keiretsu: Urban Legends of the Japanese Economy, by Yoshiro
Miwa & J. Mark Ramseyer. Journal of Economic Literature, 45, 765-8, 2007.
Review of The Money of Invention: How Venture Capital Creates New Wealth, by Paul
Gompers & Joshua Lerner. Journal of Economic Literature, 40(4) 1259-62, 2006.

Publications in French
4.

3.
2.
1.

Morck Randall et Bernard Yeung. 2001. Les déterminants économiques del’innovation. Industrie Canada,
Morck Randall et Bernard Yeung..1998. Réaction Des Entreprises-L'innovation À L'ère deL'information. Industrie Canada,
Daniels, Ron &Randall Morck.1996. La régie des sociétés au Canada et les choix sur le plandes politiques. Industrie Canada.
Daniels, Ron & Randall Morck, eds .1995. Prise de décision dans les entreprises au
Canada, with Ron Daniels. Industry Canada & the University of Calgary Press, Calgary

Publications in Chinese
6.
5.
4.
3.

2.
1.

Morck, Randall, ed. 2011. A History of Corporate Governance around the World: Family
Business Groups to Professional Managers. Chinese translation, 2011.
Morck, Randall & Bernard Yeung. 2005. China’s Lucky Corporate Governance. Peking
University Business Review, Aug. 2005.
Morck, Randall. 1995. The Great Experiment, Intelligentsia of China. 2 36-41.
Li Huaizu, Randall Morck & Bernard Yeung. 1998. The Schumpeterian Process: A
Requirement in Meeting Demand. China & Foreign Countries Technology Policy &Management.
Li Huaizu, Randall Morck & Bernard Yeung. 1997. A Win-Win Outcome for MultinationalFirms & Host Countries. Chinese Social Sciences.
Li Huaizu, Randall Morck & Bernard Yeung. 1998. Stop Corruption at its Sources: An
Economic Analysis of Corruption. Chinese Social Sciences.

Page 13Curriculum Vitae – Randall Morck

Teaching Publications
2

1

Morck, Randall & Bernard Yeung. 2012. The New Asia: Corporate Challenges & Leadership
Development. In Jordi Canals, ed. Leadership Development for a Global World: The Role ofCompanies & Business Schools, c 3.3, p 214. Palgrave Macmillan.
Lusztig, Peter, Randall Morck & Bernhard Schwab. 1995. Managerial Finance in a Canadian
Setting, 5th Edition. John Wiley & Sons.

Working Papers under Revision
7.
6.
5.
4.
3.

2.
1.

Morck, Randall & Bernard Yeung. 2022. Corporate Governance and Social Welfare.
Colpan, Asli, Randall Morck & Bernard Yeung. 2022. Organ Banks: Head banks & BusinessGroups.
Kaul, Aditya, Vikas Mehrotra, Randall Morck & Blake Phillips. 2022. Neither Taxes nor
Institutional Window Dressing Explains the January Effect.
Kaul, Aditya, Vikas Mehrotra, Randall Morck & Blake Phillips. 2022. The Financial
Heartbeat of the Real Economy
Lin, Chen, Randall Morck, Bernard Yeung & Xiaofeng Zhao. 2018. Anti-Corruption Reforms& Shareholder Valuations: Event Study Evidence from China.
Mehrotra, Vikas Randall Morck, Jung-wook Shim and Yupana Wiwattankantang. 2020.
Adoptive Expectations Are Impregnable. Alberta School of Business working paper
Morck, Randall & Fan Yang. 2017. The Mysterious Growing Value of S&P 500
Membership.
Durnev, Artyom, Merit Fox, Randall Morck & Bernard Yeung, 2010. The Effectiveness of
Mandatory Disclosure: An Empirical Test of the Line of Business Regulations.

Nationality & Citizenship
CanadaLanguages
English; French, German; some Russian, studied Egyptian hieroglyphics

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