Kale’s expertise in corporate finance informs large publicly listed corporations and institutional investors about the role of product market considerations and agent incentives in corporate finance policies and mutual fund investment decisions.
He has received multiple best paper awards from the Financial Management Association and the Eastern Finance Association. Much of his research focuses on firms that are paying more attention to the credit worthiness of suppliers and the safety of their supply chains.
Kale’s current projects explore how managers’ incentives and product market characteristics impact corporate financial decisions, bringing much needed data about impactful employee behaviors to the business sector.
Q: What are your areas of expertise/research focus?
Corporate finance and institutional investors.
Q: What industries are or could be impacted by your research?
Most large publicly-listed corporations and institutional investors such as mutual funds, retirement funds, and insurance companies.
Q: What research projects are you currently working on or planning?
“Debt, bankruptcy risk, and corporate tax sheltering,” (with Akanksha Jalan and Costanza Meneghetti)
“Effects of “Large” Customers on Firm Value: The Case of Earnings Surprises,” (with Lixin Huang)
“Do Indian Business Group Owned Mutual Funds Maximize Value for their Investors?” (with V. Panchapagesan).
Q: What are some of your most seminal publications?
Kale, J., & Shahrur, H. (2007). Corporate capital structure and the characteristics of suppliers and customers. Journal of Financial Economics, 83, 321-365.
Kale, J., Reis, E., & Venkateswaran, A. (2009). Rank Order Tournaments and Incentive Alignment: The Effect on Firm Performance. Journal of Finance, 64(3), 1479-1512.
Hu, P., Kale, J., Pagani, M., & Subramanian, A. (2011). Fund Flows, Performance, Managerial Career Concerns, and Risk-Taking. Management Science, 57(4), 628-646.
Q: What are some awards that you have received?
- Sparks Award, Georgia State University.