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Laura Starks

Professor

Department:     Finance

Additional Titles:     George Kozmetsky Centennial University Distinguished Chair

Industry Areas:     Capital Markets, Financial Institutions, Investment Banking, Investment Management

Research Areas:     Asset Pricing, Corporate Governance, Finance - Corporate, Investment Management

Laura Starks headshot

Biography

Laura T. Starks, Ph.D., is the George Kozmetsky Centennial University Distinguished Chair at the McCombs School of Business, University of Texas at Austin, where she teaches graduate and undergraduate courses on environmental, social and governance investing. Her current research focuses on ESG issues, including climate finance and board diversity, as well as molecular genetics and financial decisions. She has won many awards for her research and teaching. She is Research Associate of the NBER, Research Member for the ECGI, and Senior Fellow for ABFER. She has served as President of the Society of Financial Studies, Western Finance Association and Financial Management Association, and is presently President-Elect of the American Finance Association. She is Editor of the FMA Survey and Synthesis Series, Advisory Editor for the Financial Analysts Journal and Financial Management and previously, Editor of the Review of Financial Studies. She has served or currently serves on mutual funds’ boards of directors, pension fund advisory committees, the Board of Governors of the Investment Company Institute, and the Governing Council of the Independent Directors Council, and advisory committees for the Norwegian Government Pension Fund.

ACADEMIC LEADERSHIP & AWARDS

2022

Skandia Research Award on Long-Term Savings

2022

President of the American Finance Association

2022

Moskowitz Prize for Outstanding Research in Sustainable Finance for “Corporate ESG Profiles and Investor Horizons” 

2021

Honourable Mention – ICPM Call for Research Papers for “Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation”

2020

McCombs School Award for Research Excellence 

2019

PRI (Principles for Responsible Investment) Award for Outstanding Research – Quantitative Prize for “ESG Engagement and Downside Risk” 

Publications

Laura T. Starks. 2021. Environmental, Social, and Governance Issues and the Financial Analysts Journal. Financial Analysts Journal 77(4), 5-21.

Simi Kedia, Laura T. Starks, and Xianjue Wang . 2021. Institutional Investors and Hedge Fund Activism. Review of Corporate Finance Studies 10(1), 1-43.

Philipp Krueger, Zacharias Sautner, and Laura T. Starks. 2020. The Importance of Climate Risk for Institutional Investors. Review of Financial Studies 33(3), 1067-1111.

Luke DeVault, Richard Sias, and Laura T. Starks. 2019. Sentiment Metrics and Investor Demand. Journal of Finance 74(2), 985-1024.

Stuart L. Gillan, Jay C. Hartzell, Andrew Koch, and Laura T. Starks. 2018. Getting the Incentives Right: Backfilling and Biases in Executive Compensation Data. Review of Financial Studies 31(4), 1460-1498.

Natasha Burns, Kristina Minnick, and Laura T. Starks. 2017. CEO Tournaments: A Cross-Country Analysis of Causes, Cultural Influences, and Consequences. Journal of Financial and Quantitative Analysis 52(2), 519-551.

Joseph A. McCahery, Zacharias Sautner, and Laura T. Starks. 2016. Behind the Scenes: The Corporate Governance Preferences of Institutional Investors. Journal of Finance 71(6), 2905-2932.

Andrew Koch, Stefan Ruenzi, and Laura T. Starks. 2016. Commonality in Liquidity: A Demand-Side Explanation. Review of Financial Studies 29(8), 1943-1974.

Daehyun Kim and Laura T. Starks. 2016. Gender Diversity on Corporate Boards: Do Women Contribute Unique Skills? American Economic Review 106(5), 267-271.

Martijn Cremers, Miguel A. Ferreira, Pedro Matos, and Laura T. Starks. 2016. Indexing and Active Fund Management: International Evidence. Journal of Financial Economics 120(3), 539-560.

Clemens Sialm, Laura T. Starks, and Hanjiang Zhang. 2015. Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes. American Economic Review 105(5), 432-436.

Clemens Sialm, Laura T. Starks, and Hanjiang Zhang. 2015. Defined Contribution Pension Plans: Sticky or Discerning Money? Journal of Finance 70(2), 805-828.

Eliezer M. Fich, Laura T. Starks, and Adam. S. Yore. 2014. CEO Deal-Making Activities and Compensation. Journal of Financial Economics 114(3), 471-492.

Laura T. Starks and Kelsey D. Wei. 2013. Cross-Border Mergers and Differences in Corporate Governance. International Review of Finance 13(3), 265-297.

Kelsey D. Wei and Laura T. Starks. 2013. Foreign Exchange Exposure Elasticity and Financial Distress. Financial Management 42(4), 709-735.

Clemens Sialm and Laura T. Starks. 2012. Mutual Fund Tax Clienteles. Journal of Finance 67(4), 1397-1422.

Ron Kaniel, Arzu Ozoguz, and Laura T. Starks. 2012. The high volume return premium: Cross-country evidence. Journal of Financial Economics 103(2), 255-279.

Laura T. Starks. 2009. EFA Keynote Speech: "Corporate Governance and Corporate Social Responsibility: What Do Investors Care About? What Should Investors Care About?". Financial Review 44(4), 461-468.

Alexander Ljundqvist, Felicia Marston, Laura T. Starks, Kelsey Wei, and Hong Yan. 2007. Conflicts of Interest in Sellside Research and the Moderating Role of Institutional Investors. Journal of Financial Economics 85, 420-456.

Gillan, Stuart L. and Laura T. Starks. 2007. The Evolution of Shareholder Activism in the United States. Journal of Applied Corporate Finance 19, 55-73,19p.

Richard W. Sias, Laura T. Starks, and Sheridan Titman. 2006. Changes in Institutional Ownership and Stock Returns: Assessment and Methodology. Journal of Business 79, 2869-2910.

Laura T. Starks, Li Yong, and Lu Zheng. 2006. Tax-loss Selling and the January Effect: Evidence from Municipal Bond Closed-End Funds. Journal of Finance 61, 3049-3067.

Jay C. Hartzell, Andres Almazan, and Laura T. Starks. 2005. Active Institutional Shareholders and Costs of Monitoring: Evidence from Executive Compensation. Financial Management (Financial Management Association) 34, p5-34.

Joseph Golec and Laura T. Starks. 2004. Performance Fee Contract Change and Mutual Fund Risk. Journal of Financial Economics 73, 93-118.

Stuart L. Gillan and Laura T. Starks. 2003. Corporate Governance, Corporate Ownership, and the Role of Institutional Investors: A Global Perspective. Journal of Applied Finance 13, 4-22.

James A. Bennett, Richard W. Sias, and Laura T. Starks. 2003. Greener Pastures and the Impact of Dynamic Institutional Preferences. Review of Financial Studies 16.

Jay C. Hartzell and Laura T. Starks. 2003. Institutional Investors and Executive Compensation. Journal of Finance 58, 2351-2374.

Neil Doherty, Joan Lamm-Tennant, and Laura T. Starks. 2003. Insuring September 11th: Market Recovery and Transparency. Journal of Risk and Uncertainty 26, 179-199.

Robert Parrino, Richard W. Sias, and Laura T. Starks. 2003. Voting With Their Feet: Institutional Ownership Changes Around Forced CEO Turnover. Journal of Financial Economics 68, 3-46.

Mark Huson, Robert Parrino, and Laura T. Starks. 2001. Internal Monitoring Mechanisms and CEO Turnover: A Long-term Perspective. Journal of Finance 56, 2265-2297.

Richard Sias, Laura T. Starks, and Sena Tinic. 2001. Is Noise Trader Risk Priced? Journal of Financial Research 24, 311-329.

Stuart Gillan and Laura T. Starks. 2000. Corporate Governance Proposals and Shareholder Activism: The Role of Institutional Investors. Journal of Financial Economics 57, 275-305.

Laura T. Starks. 1999. Corporate Governance and Institutional Investors: Implications for Latin America. AB ANTE, Estudios en Direccion de Empresas 2, 161-182.

Paul Laux, Laura T. Starks, and Pyung Yoon. 1998. The Relative Importance of Competition and Contagion in Intra-Industry Information Transfers: An Investigation of Dividend Announcements. Financial Management 27, 5-16.

Kemal Saatcioglu and Laura T. Starks. 1998. The Stock Price-Volume Relationship in Emerging Stock Markets. International Journal of Forecasting 14, 215-225.

Keith C. Brown and Laura T. Starks. 1997. Getting the Compensation Structure Right in the Mutual Fund Industry. Strategy and Business 7, 16-18.

Richard Sias and Laura T. Starks. 1997. Institutions, Individuals and the Turn-of-the Year. Journal of Finance 52, 1543-1562.

Richard Sias and Laura T. Starks. 1997. Return Autocorrelations and Institutional Investors. Journal of Financial Economics 46, 103-11.

Joan Lamm-Tennant, Laura T. Starks, and Lynne Stokes. 1996. Considerations of Cost Trade-Offs in Insurance Solvency Surveillance Policy. Journal of Banking and Finance 20, 835-852.

Keith C. Brown, Van Harlow, and Laura T. Starks. 1996. Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry. Journal of Finance 51, 85-110.

Kathy Rehbein and Laura T. Starks. 1995. Changes in U.S. Trade Policies: The Wealth Effects on Japanese Steel Firms. Japan and the World Economy 7, 309-327.

Pyung Yoon and Laura T. Starks. 1995. Signaling, Investment Opportunities and Dividend Announcements. Review of Financial Studies 8, 995-1018.

Richard Sias and Laura T. Starks. 1995. The Day of the Week Anomaly: The Role of Institutional Investors. Financial Analysts Journal 51, 58-67.

Keith C. Brown and Laura T. Starks. 1994. Mutual Fund Managers. Discovery 14, 14-19.

A.J. Senchack and Laura T. Starks. 1993. Short Sale Restrictions and Market Reaction to Short Interest Announcements. Journal of Financial and Quantitative Analysis 28, 177-194.

Joan Lamm-Tennant and Laura T. Starks. 1993. Stocks Versus Mutual Ownership Structures: The Risk Implications. Journal of Business 66, 29-46.

Joan Lamm-Tennant, Laura T. Starks, and Lynne Stokes. 1992. An Empirical Bayes Approach to Estimating Loss Ratios. Journal of Risk and Insurance 59, 426-442.

Stefanie Lenway, Kathy Rehbein, and Laura T. Starks. 1990. The Impact of Protectionism on Firm Wealth: The Experience of the Steel Industry. Southern Economics Journal 56, 1079-1093.

Michael Smirlock and Laura T. Starks. 1988. An Empirical Analysis of the Stock Price-Volume Relationship. Journal of Banking and Finance 12, 31-41.

Susan Cohen and Laura T. Starks. 1988. Estimation Risk and Incentive Contracts for Portfolio Relationship. Management Science 34, 1067-1079.

Laura T. Starks. 1987. Performance Incentive Fees: An Agency Theoretic Approach. Journal of Financial and Quantitative Analysis 22, 17-32.

Michael Smirlock and Laura T. Starks. 1986. Day of the Week and Intraday Effects in Stock Returns. Journal of Financial Economics 17, 197-210.

Robert Jennings and Laura T. Starks. 1986. Earnings Announcements, Stock Price Adjustments and the Existence of Exchange-Listed Options. Journal of Finance 41, 107-125.

Michael Smirlock and Laura T. Starks. 1985. A Further Examination of Stock Price Changes and Transactions Volume. Journal of Financial Research 8, 217-225.

Robert Jennings and Laura T. Starks. 1985. Information Content and the Speed of Stock Price Adjustment. Journal of Accounting Research 23, 336-350.

Christopher Barry and Laura T. Starks. 1984. Investment Management and Risk Sharing with Multiple Managers. Journal of Finance 39, 477-491.

Robert Jennings, Laura T. Starks, and John Fellingham. 1981. An Equilibrium Model of Asset Trading with Sequential Information Arrival. Journal of Finance 36, 143-161.