Sattar A. Mansi
Areas of Specialization: Corporate Finance, Fixed Income, and Mutual Funds
Dr. Mansi’s research primarily focuses on the impact of issues related to corporate finance including board structure, diversification, internationalization, auditor choice, and liquidity. His works appeared in premier journals including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Quantitative and Financial Analysis, Journal of Accounting Research, Journal of Accounting and Economics, Accounting Review, Review of Accounting Studies, Journal of Law and Economics, Journal of Marketing Research, and Journal of International Business Studies. His work has also been quoted in the Wall Street Journal, Barron, and Security lending times.
Teaching Experience: Financial Management, Corporate Finance, Investments, Fixed Income Securities.
Dr. Mansi’s work experience is in the areas of engineering and finance. He has worked as a Product OEM Engineer for Unisys Corporation in Santa Clara, California. More recently, he spent over six years working as a Senior Financial Analyst for Freddie Mac in the areas of securitization and risk management of mortgage backed securities.
Sattar Mansi is a Wells Fargo Professor of finance at Virginia Tech’s Pamplin School of Business. He has over 25 years of research and private sector experience. Dr. Mansi is well published in the most influential journals in Finance, Accounting, Law, International Business, and Marketing. His articles appeared in scholarly Journals such as the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, Journal of Law and Economics, Journal of International Business Studies, and Journal of Marketing Research. His private sector experience includes working with Freddie Mac in the areas of risk management and securitization, and Unisys Corporation as a Product engineer in their disk drive division.
Dr. Mansi taught finance classes at the Ph.D., M.B.A., and undergraduate levels in the areas of corporate finance, corporate governance, fixed income securities, and investments. Previously, he held academic appointments at Virginia Tech, University of Arizona, University of California - Riverside, and Texas Tech University. He has presented his research work in the United States and Europe. Dr. Mansi is recognized as an outstanding teacher and has conducted several corporate seminars and workshops for professional mangers and corporate executives. He is an active member of the American Finance Association, European Finance Association, Financial Management Association, and Western Finance Association. He has an M.B.A. and a Ph.D. in Finance from the George Washington University, and a B.S. in Electrical Engineering from the University of Wisconsin-Milwaukee.
Education & Certification
Ph.D., Finance, George Washington University
B.S., Electrical Engineering, University of Wisconsin-Milwaukee
- Firm Internationalization and the Cost of Debt Financing: Evidence from Non-Provisional Publicly Traded Debt, (with J. Allee and D. Reeb), Journal of Financial and Quantitative Analysis, 2001, 36: 395-414.
- Corporate Diversification: What Gets Discounted” (with D. Reeb), Journal of Finance, 2002, 52:167- 83.
- Founding Family Ownership and the Agency Cost of Debt, (with R. Anderson and D. Reeb), Journal of Financial Economics, 2003, 68:263-285.
- Does Auditor Quality and Tenure Matter to Investors? Evidence from the Bond Market, (with W. Maxwell and D. Miller), Journal of Accounting Research, 2004, 42:755-793.
- Board Characteristics, Accounting Report Integrity, and Cost of Debt, (with R. Anderson and D. Reeb), Journal of Accounting and Economics, 2004, 37:315-342.
- Does Corporate Governance Matter to Bondholders? (with M. Klock and W. Maxwell), Journal of Financial and Quantitative Analysis, 2005, 40:639-719 (Lead Article).
- Corporate Governance and Firm Cash Holdings, (with J. Harford and W. Maxwell), Journal of Financial Economics, 2008, 87:535-555. (Lead Article)
- Does Customer Satisfaction Matter to Investors? Findings from the Bond Market, (with E. Anderson), Journal of Marketing Research, 2009, 46:703-714.
- Creditor Protection Laws and the Cost of Debt, (W. Maxwell and J. Wald), Journal of Law and Economics, 2009, 52:701-726.
- Internal Governance Mechanisms and Operational Performance: Evidence from Index Mutual Funds, (with J. Adams and T. Nishikawa), Review of Financial Studies, 2010, 23:1261-1286.
- Analyst Forecast Characteristics and the Cost of Debt, (with W. Maxwell and D. Miller), Review of Accounting Studies, 2011, 16:116-142.
- Are Short Sellers Informed? Evidence from the Bond Market, (with A. Kecskés and A. Zhang), The Accounting Review, 2013, 88:611-639.
- Political Institutions, Connectedness, and Corporate Risk Taking, (with N. Boubakri and W. Saffar), Journal of International Business Studies, 2013, 44:195-215.
- Liability Protection, Director Compensation, and Incentives, (with I. Aguir, N. Burns, and J. Wald), Journal of Financial Intermediation, 2014, 23:570-589.
- Information Asymmetry, the Cost of Debt, and Credit Events: Evidence from Quasi-Random Analyst Disappearances, (with F. Derrien and A. Kecskés), Journal of Corporate Finance, 2016, 39: 295-311.
- Do Long-Term Investors Improve Corporate Decision Making?, (with J. Harford, and A. Kecskés), Journal of Corporate Finance, 2018, 50: 424-452. Harvard Law School Forum on Governance and Regulation.
- Diseconomies of Scale in the Actively-Managed Mutual Fund Industry: What Do the Outliers in the Data Tell Us?, (with J. Adams, and D. Hayunga), Critical Finance Review, 2018, 7(2): 273-329.
- Identifying and Treating Outliers in Finance, (with J. Adams, D. Huyanga, D. Reeb, and V. Verardi), Financial Management, 2019, 48:345-384.
- Does corporate social responsibility create shareholder value? The importance of long-term investors. 2020. (With A Kecskés and A Nguyen). Journal of Banking and Finance. 112, 1-21.
- Debt covenants, bankruptcy risk, and the cost of debt. 2021. (with Y Qi and J Wald). Journal of Corporate Finance 66, 101799.
- Scale and performance in active management are not negatively related. 2022. (with J Adams and D Hayunga). Critical Finance Review 12, 1-52.
- Index Fund Trading Costs are Inversely Related to Fund and Family Size. (with J Adams and D Hayunga). Journal of Banking and Finance. Forthcoming.
- Event studies in international finance research. (with S El-ghoul, O Guedhami, and O Sy). Journal of International Business Studies. Forthcoming.
- Institutional investor attention, agency conflicts, and the cost of debt. (with S El-ghoul, O Guedhami, and J Yoon). Management Science. Forthcoming.
- How Well Do Constant-Maturity Treasuries Approximate the On-The-Run Term Structure, (with J. Jordan), Journal of Fixed Income, 2000, 10:1-11.
- Evidence on Quasi-Private Information and Insider Trading, (with M. Carter and D. Reeb), Financial Analyst Journal, 2003, 59:60-68.
- Bankruptcy Prediction Models and the Cost of Debt, (with W. Maxwell and A. Zhang), Journal of Fixed Income, 2012, 21:25-42.
- Numerical Solution of an Integral Equation for Perpetual Bermudan Options, (with G. Alobaidi and R. Mallier), International Journal of Computer Mathematics, 2014, 1-20.
Awards & Honors
- International Center for Pensions Management Research Award. APG Asset Management, Gustav Mahlerplein 3, Amsterdam, The Netherlands, Mar 2017. ($10,000)
- Best Paper Award. European Financial Management Association Conference, Basel, Switzerland, Jul 2016. ($3,000)
- International Center for Pensions Management Research Award. APG Asset Management, Gustav Mahlerplein 3, Amsterdam, The Netherlands, Oct 2016. ($10,000)
- Outstanding Paper Award. Mid Atlantic Research Conference in Finance, Sponsored by Wharton Research Data Services, Villanova, PA, Mar 2015. ($1,500)
- Outstanding paper in corporate finance, Southern Finance Association, Nov 2015. ($1,000)
- Wall Street Journal. When Funds Lend Out Securities, Do Investors Get a Fair Share? Feb 2013.
- PI: Naren RamaKrishnan, School of Engineering. Co-PI: Sattar Mansi. Project Title: Pythia (Embers Sustainment). Duration May 2015 - May 2016. Grant # 450357 from US Government. Total Amount (not to exceed): $50K for CY 2015.
Dr. Mansi is an Associate Editor to the Journal of Financial Stability. He is also been a guest editor to various finance journals. Further, he is an ad hoc reviewer for major finance and accounting journals. He is a member of the American Finance Association, Financial Management Association, and European Finance Association.