Craig M. Lewis
Director and Chief Economist

Director and Chief Economist

Division of Risk, Strategy and Financial Innovation

U.S. Securities and Exchange Commission

2011–present

Madison S. Wigginton Professor of Finance

Owen Graduate School of Management

Vanderbilt University

2007–present

Economic Fellow

Division of Risk, Strategy and Financial Innovation

U.S. Securities and Exchange Commission

2011

Professor of Finance

Owen Graduate School of Management

Vanderbilt University

2004–2007

Associate Professor of Management

Owen Graduate School of Management

Vanderbilt University

1993–2004

Visiting Professor of Finance

Donau Universität

2001–2005

Visiting Professor of Derivatives and Financial Engineering

Johann Wolfgang Goethe-Universität

Summer 2000

Visiting Professor of Finance

Johann Wolfgang Goethe-Universität

Summer 2000

Visiting Professor of Finance

Amos Tuck School of Business

Dartmouth College

Spring 2000

Assistant Professor of Management

Owen Graduate School of Management

Vanderbilt University

1986–1993

Instructor

Graduate School of Business

University of Wisconsin Madison

1983–1985

• Stephen J. Brown, Bruce D. Grundy, Craig M. Lewis and Patrick Verwijmeren, Convertibles and Hedge Funds as Distributors of Equity Exposure, 2012, Review of Financial Studies 25, 3077 - 3112.
• Craig M. Lewis and Patrick Verwijmeren, Convertible Security Design and Contract Innovation, 2011, Journal of Corporate Finance 17, 809-831.
• Amar Gande and Craig M. Lewis, Shareholder Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Feedback, 2009, Journal of Financial and Quantitative Analysis 44, 823-850.
• Anchada Charoenrook and Craig M. Lewis, Information and Selective Disclosure, 2009, Financial Management 38, 39-58.
• Vladimir Ivanov and Craig M. Lewis, The Determinants of Market-Wide Issue Cycles for Initial Public Offerings, 2008, Journal of Corporate Finance 14, 567-583.
• Chris Hogan and Craig M. Lewis, Long-Run Investment Decisions, Operating Performance, and Shareholder Value Creation of Firms Adopting Compensation Plans Based on Economic Profits, 2005, Journal of Financial and Quantitative Analysis 40, 721-746.
• Theodore E. Day and Craig M. Lewis, Margin Adequacy in Futures Markets, 2004, Journal of Business 77, 101-136.
• Craig M. Lewis, Richard Rogalski and James K. Seward, Industry Conditions, Growth Opportunities, and Market Reactions to Convertible Debt Financing Decisions, 2003, Journal of Banking and Finance 27, 153-181.
• Craig M. Lewis, Richard Rogalski and James K. Seward, Risk Changes Around Convertible Debt Offerings, 2002, Journal of Corporate Finance 8, 67-80.
• Craig M. Lewis, Richard Rogalski and James K. Seward, The Long-Run Performance of Firms that Issue Convertible Debt: An Empirical Analysis of Operating Characteristics and Analyst Forecasts, 2001, Journal of Corporate Finance 7, 447-474.
• Rick A. Cooper, Theodore E. Day and Craig M. Lewis, Following the Leader: A Study of Individual Analysts Earnings Forecasts, 2001, Journal of Financial Economics 61, 383 - 416, [Fama-DFA Prize for the Best Paper Published in the Journal of Financial Economics in the Areas of Capital Markets and Asset Pricing]
• Craig M. Lewis, Economic Value Added? A Look at EPPs, 2001, OWEN@Vanderbilt 20, 14 - 16.
• Rick A. Cooper and Craig M. Lewis, Global Investing: Slicing the World Into Meaningful Pieces, 2000, Advances in Financial Economics 5, 73-104.
• Craig M. Lewis, Richard Rogalski and James K. Seward, Is Convertible Debt a Substitute for Straight Debt or Common Equity?, 1999, Financial Management 28, 5-27.
• Paul K. Chaney and Craig M. Lewis, Income Smoothing and Underperformance in Initial Public Offerings, 1998, Journal of Corporate Finance 4, 1-29.
• Craig M. Lewis, Richard Rogalski and James K. Seward, Agency Problems, Information Asymmetries and Convertible Debt Security Design, 1998, Journal of Financial Intermediation 7, 32-59, [1998 JFI Most Significant Paper Prize, runner-up].
• Craig M. Lewis, Richard Rogalski and James K. Seward, Understanding the Design of Convertible Debt, 1998, Journal of Applied Corporate Finance 7, 45-53.
• Paul K. Chaney, Debra Jeter, and Craig M. Lewis, The Use of Accruals in Income Smoothing: A Permanent Earnings Hypothesis, 1998, Advances in Quantitative Analysis of Finance and Accounting 6, 103-136.
• Craig M. Lewis, Richard Rogalski and James K. Seward, The Information Content of Value Line Convertible Bond Rankings, 1997, Journal of Portfolio Management 24, 42-52.
• Theodore E. Day and Craig M. Lewis, Initial Margin Policy and Stochastic Volatility in the Crude Oil Futures Market, 1997, Review of Financial Studies 10, 303-332.
• Theodore E. Day and Craig M. Lewis, Marginal Influence, 1997, Energy and Power Risk Management 1, 27-29.
• Paul K. Chaney and Craig M. Lewis, Earnings Management and Firm Valuation Under Asymmetric Information, 1995, Journal of Corporate Finance 1, 319 - 345.
• Theodore E. Day and Craig M. Lewis, Forecasting Futures Market Volatility, 1993, The Journal of Derivatives 1, 33 - 50. Reprinted in Volatility New Estimation Techniques for Pricing Derivatives, Robert Jarrow, Ed. (RISK Books, 1998).
• Theodore E. Day and Craig M. Lewis, Stock Market Volatility and the Information Content of Stock Index Options, 1992, Journal of Econometrics 52, 267 - 287. Reprinted inARCH: Selected Readings (Advanced Texts in Econometric), Robert Engle, Ed. (Oxford University Press, 2000).
• Craig M. Lewis and James Schallheim, Are Debt and Leases Substitutes?,1992, Journal of Financial and Quantitative Analysis 27, 497 - 512.
• Craig M. Lewis, Convertible Debt: Valuation and Conversion in Complex Capital Structures, 1991, Journal of Banking and Finance 15, 665 – 682.
• Craig M. Lewis, A Role for Recapitalization in Corporate Control Contests, 1991, Managerial and Decision Economics 12, 489 - 498.
• Craig M. Lewis, A Multiperiod Theory of Corporate Financial Policy under Taxation, 1990, Journal of Financial and Quantitative Analysis 25, 25 - 44.
• Theodore E. Day and Craig M. Lewis, The Behavior of the Volatility Implicit in the Prices of Stock Index Options, 1988, Journal of Financial Economics 22, 103 - 122.

• Craig M. Lewis and Patrick Verwijmeren, Accounting for Cash-Settled Convertibles: The Interaction Between Earnings Management and Call Features.

Conference Activities

Talk, 2012 University of Wisconsin - Madison, Granger School of Business

Talk, 2012 Policy Chat at the Center for Financial Policy, University of Maryland

Talk, 2012 Case Western Reserve University

Keynote speaker, 2012 Risk Minds Conference

Panelist, 2012 FMA European Conference

Keynote speaker, 2012 Quant Congress USA

Keynote speaker, 2012 Women in Housing and Finance Public Policy Luncheon

Keynote speaker, 2012 SIFMA Compliance & Legal Monthly Luncheon

Panelist, 2012 Conference on Risk Management in a Fast Changing Regulatory Environment, Rutgers University

Keynote speaker, 2012 Waters USA

Keynote speaker, 2012 Consortium for Systemic Risk Analytics

Talk, 2012 Columbia Funds Board of Directors Meeting

Talk, 2012 Mutual Fund Directors Forum

Panelist, 2012 Zicklin-Capco Institute Paper Series in Applied Finance Conference

Talk, 2012 SEC Speaks Conference

Talk, 2012 Policy Roundtable on the Future of Financial Regulation

Moderator, 2011 The Macroprudential Toolkit: Measurement and Analysis Conference

Talk, 2012 Advisory Committee on Small and Emerging Companies

Panelist, 2011 FIA Futures and Options Expo

Talk, 2011 Conference on Systemic Risk and Data Issues

Panelist, 2011 Securities Law Roundtable at Georgetown Law School

Talk, 2011 Conference on Bridging Theory and Practice in Finance, Macroeconomics, and Regulation

Paper presentation, 2011 AFA Conference

Paper presentation, 2009 FMA European Conference

Paper presentation, 2005 Summer Finance Conference at University of British Columbia

Paper presentation, 2005 Corporate Governance Conference at Washington University

Panelist, 2005 FMA Conference

Paper presentation, 2005 FMA European Conference

Panelist, 2003 FMA Conference

Paper presentation, 2001 WFA Conference

Paper presentation, 2000 FMA Conference

Paper presentation, 1999 NBER Conference on Corporate Finance

Paper presentation, 1999 Conference on Corporate Earnings

Paper presentation, 1999 EFMA Conference

Paper presentation, 1998 AFA Conference

Paper presentation, 1996 AFA Conference

Paper presentation, 1994 NBER Conference on Corporate Finance

Paper presentation, 1993 Winter Finance Conference at the University of Utah

Paper presentation, 1991 WFA Conference

Paper presentation, 1990 Statistical Models for Financial Volatility Conference at the University of California San Diego

Paper presentation, 1990 Association of Managerial Economists Conference

Paper presentation, 1990 ORSA/TIMS Conference

Paper presentation, 1989 WFA Conference

Paper presentation, 1989 TIMS Conference

Paper presentation, 1988 WFA Conference

Paper presentation, 1987 Amex Option Colloquium

Paper presentation, 1987 WFA Conference

University Presentations

Norwegian Business School, 2012

Copenhagen Business School, 2012

Aalto Business School, 2012

George Mason University, 2011

U.S. Securities and Exchange Commission, 2010

University of Maryland, 2010

American University, 2010

U.S. Federal Reserve Board, 2010

University of South Florida, 2010

University of New South Wales, 2010

University of Melbourne, 2010

U.S. Securities and Exchange Commission, 2009

The University of Wisconsin – Madison, 2008

U.S. Securities and Exchange Commission, 2005

University of Kansas, 2004

University of New Orleans, 2004

University of Tubingen, 2004

University of Freiberg, 2004

University of Oklahoma, 2003

Babson College, 2003

University of Kentucky, 2002

Southern Methodist University, 2002

University of Texas at Dallas, 2002

Penn State University, 2001

Carnegie-Mellon, 2000

The London Business School, 2001

Dartmouth College, 2000

The Ohio State University, 2000

Johann Wolfgang Goethe-Universität, 2000

University of British Columbia, 2000

Mannheim University, 2000

University of Wisconsin – Madison, 1998

University of Miami, 1997

University of Maryland, 1997

Dartmouth College, 1997

Virginia Tech, 1996

University of Utah, 1995

The University of Virginia, 1995

University of Illinois, 1995

University of Pennsylvania, 1991

University of Utah, 1990

Nanzan University, 1989

University of Florida, 1989

Harvard University, 1989

Dartmouth College, 1988

Dartmouth College, 1987

Columbia University, 1987

Indiana University, 1987

The University of Houston, 1987

Vanderbilt University, 1987