Mark A Wolfson

Consulting Professor in Accounting and Finance

Phone: (650) 494-4805

Email: wolfson_mark@gsb.stanford.edu

Academic Areas: Accounting

Before becoming an investment professional, Mark published extensively on subjects ranging from the financial structure of, and incentive arrangements in, business organizations; to taxes and business strategy; to the effect of information disclosures on the valuation of financial claims. He has won research awards in each of these areas. His current interests, in addition to those stated above, include the industrial organization of the global private equity and investment management industries. He currently teaches a course on investment management.

Bio

Mark A. Wolfson holds the title of Consulting Professor at the Stanford Graduate School of Business, where he has been a faculty member since 1977, including a term as Associate Dean, and formerly held the title of Dean Witter Professor. He has also taught at the Harvard Business School and the University of Chicago and has been a Visiting Scholar at the Sloan School of Management at Massachusetts Institute of Technology and the Hoover Institution at Stanford University. Dr. Wolfson has been a Research Associate at The National Bureau of Economic Research since 1988 and serves on the Board of Advisors and Executive Committee of The Stanford Institute for Economic Policy Research, and is an Advisor to the Investment Committee of the William and Flora Hewlett Foundation.

Mark is a Founder and Managing Partner of Jasper Ridge Partners, a wealth management firm, and a Senior Advisor to Oak Hill Capital Management (OHCM), a private equity firm. He has served on the Boards of Directors of numerous public and private companies.

Academic Degrees

PhD, University of Texas, Austin, 1977. MAS, 1974. BS, University of Illinois, 1973.

Professional Experience

At Stanford since 1977. Formerly Dean Witter Professor and Associate Dean; Thomas Henry Carroll-Ford Foundation Visiting Prof. of Business Administration, Harvard University, 1988-89; Ford Foundation Visiting Assoc. Prof., University of Chicago, 1981-82.

Selected Publications

  • Earnouts: The Effects of Adverse Selection and Agency Costs on Acquisition Techniques: Journal of Law, Economics and Organization, 2001
  • Decentralized Investment Banking: Journal of Financial Economics, 1989
  • Taxes and Business Strategy: A Planning Approach (Fifth Edition): Pearson Prentice Hall: Prentice Hall, 2013
  • The Evolving Structure of the Private Equity and Venture Capital Industry: Journal of Investment Management, 2013
  • Incentive Problems and Their Mitigation, Principals and Agents: The Structure of Business: Harvard Business School Press, 1985
  • Anticipated Information Releases Reflected in Call Option Prices: Journal of Accounting and Economics, 1979

Working Papers

  • 1258: The Effects of Ownership and Control on Tax and Financial Reporting Policy
  • 567: Equilibrium Warrant Pricing Models and Accounting for Executive Stock Options
  • 602: The Ex Ante and Ex Post Price Effects of Quarterly Earnings Announcements Reflected in Options and Stock Prices
  • 612: The Intraday Timing of Corporate Disclosures
  • 674: Decentralized Choice of Monitoring Systems
  • 716: The Intraday Speed of Adjustment of Stock Prices to Earnings and Dividend Announcements
  • 776: Tax, Incentive and Risk-Sharing Issues in the Allocation of Property Rights: The Generalized Lease-or-Buy Problems
  • 873: Taxation and the Dynamics of Corporate Control: The Uncertain Case for Tax Motivated Acquisitions

Awards and Honors

  • Wildman Medal, 1991
  • Notable Contribution Award (one given annually by AAA/AICPA) to Accounting Literature, 1989 and 1992
  • Distinguished Teaching Award, 1990, Stanford Graduate School of Business
  • Pomerance Prize (CBOE) for Excellence in Options Research, 1981

Courses Taught

  • FINANCE 330: Investment Management: Asset Allocation and Asset/Manager Selection

Affiliations

  • Founder and Managing Partner: Jasper Ridge Partners
  • Senior Advisor: Oak Hill Capital Management
  • Research Associate: National Bureau of Economic Research, 1988
  • Advisor to the Investment Committee: William and Flora Hewlett Foundation
  • Executive Committee: Stanford Institute for Economic Policy Research