Craig M. Lewis
Director and Chief Economist

Education Summary

  • Ph.D. Finance, University of Wisconsin - Madison, 1986
  • M.S. Finance, University of Wisconsin - Madison, 1986
  • B.S. Accounting, The Ohio State University, 1978

Fields of Interest

  • Corporate finance
  • Asset pricing
  • Contingent and derivatives pricing
  • Government policy and regulation
Director and Chief Economist
Division of Economic and Risk Analysis
U.S. Securities and Exchange Commission
2011–present
Vice Chairman
Committee on Emerging Risk
International Organization of Securities Commissions (IOSCO)
2013 - Present
Madison S. Wigginton Professor of Finance
Owen Graduate School of Management
Vanderbilt University
2007–present
Economic Fellow
Division of Economic and Risk Analysis
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
  • Craig M. Lewis and Patrick Verwijmeren, Accounting for Cash-Settled Convertibles: The Interaction Between Earnings Management and Call Features, forthcoming, Journal of Corporate Finance.
  • Marie Dutordoir, Craig M. Lewis, James K. Seward and Chris Veld, What We Do and Do Not Know about Convertible Bond Financing, forthcoming, Journal of Corporate Finance.
  • Stephen Brown, Bruce Grundy, Craig M. Lewis and Patrick Verwijmeren, Hedge Fund Involvement in Convertible Securities, forthcoming, Journal of Applied Corporate Finance.
  • 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, Firm-Specific Estimates of the Ex Ante Bankruptcy Discount
  • Craig M. Lewis, The Economic Implications of Money Market Fund Capital Buffers
  • Gerard Hoberg and Craig M. Lewis, Do Fraudulent Firms Engage in Disclosure Herding?

Conference Activities

Talk, 2013 BB&T Center for the Study of Capitalism, Wake Forest University
Panelist, 2013 National Association of Business Economists Conference on Global Challenges, Domestic Choices: Options for Economic Policy
Panelist, 2013 The Investment Company Institute and the Federal Bar Association Mutual Funds & Investment Management Conference
Talk, 2013 Institute for Data Sciences and Engineering, Columbia University
Keynote speaker, 2013 XBRL International
Keynote speaker, 2013 The Irish Banking Federation
Panelist, 2013 The ICI Money Market Fund Advisory Committee
Keynote speaker, 2013 Pennsylvania Association of Public Employee Retirement Systems Annual Spring Forum
Keynote speaker, 2013 Journal of Business, Finance, and Accounting Capital Markets Conference
Keynote speaker, 2013 Mid-Atlantic Enforcement Cooperative Conference
Keynote speaker, 2013 National Economists Club
Panelist, 2013 American Bar Association Annual Meeting
Keynote speaker, 2013 Data Transparency Coalition 2013
Keynote speaker, 2013 XBRL USA Annual Meeting
Panel moderator, 2013 Academic and Practitioner Conference on Mutual Funds and ETFs, University of Maryland
Keynote speaker, 2013 Vanderbilt Conference on Institutional Investors and Price Efficiency
Panelist, 2013 Practicing Law Institute
Keynote speaker, 2013 Corporate Governance Center at University of Tennessee – Knoxville
Talk, 2013 AICPA Conference on Current SEC and PCAOB Developments
Keynote speaker, 2013 Consortium for Systemic Risk Analytics
Panelist, 2013 Brookings Institution
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

George Washington University, 2013
Columbia University, 2013
University of North Carolina - Chapel Hill,  2013
Duke University, 2013
London Business School, 2013
London School of Economics, 2013
University of Tennessee - Knoxville, 2013
University of Glasgow, 2013
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