University of Southern California

Gordon Phillips
Charles E. Cook-Community Bank Chair of Finance & Professor of Finance and Business Economics

USC Marshall School of Business
Los Angeles, CA 90089-0808

Phone: 
213-740-0598
Education: 
PhD, MA, Harvard University; BA, Northwestern University

Overview

Gordon Phillips specializes in mergers, firm organization, security issuance, and the impact of financial decisions on firms' strategic decisions. He is a research associate at the National Bureau of Economic Research, is an associate editor at multiple finance journals, and has received multiple research grants from the National Science Foundation. Professor Phillips' presentations include a keynote address on PIPEs (private investment in public equity) to an audience of executives and finance professionals. Prior to joining USC, he was Bank of America professor at the University of Maryland. He also has been a visiting professor at Insead, MIT and Duke University.

Research

Fresard, L., Hoberg, G., and Phillips, G. M. (2013) "The Incentives for Vertical Mergers and Vertical Integration,".
Phillips, G. M., and Maksimovic, V. (2013) "Conglomerate Firms, Internal Capital Markets and the Theory of the Firm," Annual Review of Financial Economics, 5, 225-244.
Phillips, G. M., and Ortiz-Molina, H. (2013) "Real Asset Illiquidty and the Cost of Capital," Journal of Financial and Quantitative Analysis forthcoming 2014.
Phillips, G. M., Hoberg, G., and Prabhala, N.R. (2013) "Product Market Threats, Payouts, and Financial Flexibility," forthcoming Journal of Finance.
Phillips, G. M., Maksimovic, V., and Yang, L. (2013) "Public and Private Merger Waves," Journal of Finance, 68 (5), 2177-2217.
Phillips, G. M., and Sertsios, G. (2013) "How Do Firm Financial Conditions Affect Product Quality and Pricing?," Management Science, 59 (8), 1764-1782..
Phillips, G. M. (2013) "Discussion of A Measure of Competition Based on 10-K Filings," Journal of Accounting Research, 51 (2), 437–447.
Hoberg, G., and Phillips, G. M., "Product Market Synergies and Competition in Mergers and Acquistions: A Text-Based Analysis," in Mulherin, H., eds., Mergers and Acquisitions, The International Library of Critical Writings in Economics, Northampton, Massachusetts 2013.
Phillips, G. M., and Zhdanov, A. (2013) "R&D and the Incentives from Merger and Acquisition Activity," Review of Financial Studies, 26 (1), 34-78.
Maksimovic, V., and Phillips, G. M., "Asset Efficiency and Reallocation Decisions of Bankrupt Firms," in Economics of Bankruptcy, Economics of Bankrtuptcy, Northhampton, MA 2012.
Phillips, G. M., and Hoberg, G. (2012) "The Stock Market, Product Uniqueness, and Comovement of Peer Firms,".
Phillips, G. M., and Gomes, A. (2012) "Why do Public Firms Issue Private and Public Securities?," Journal of Financial Intermediation, 21, 619-658, 2012.
Phillips, G. M., and Hoberg, G. (2012) "Industry Choice and Product Language,".
Phillips, G. M., Maksimovic, V., and Prabhala, N.R. (2011) "Post-Merger Restructuring and the Boundaries of the Firm," Journal of Financial Economics, 102 (2), 317-343.
Phillips, G. M., and Hoberg, G. (2010) "Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis," the Review of Financial Studies, 23 (10), 3773-3811.
Phillips, G. M., and Hoberg, G. (2010) "Real and Financial Industry Booms and Busts," Journal of Finance, 65 (1), 45-86.
Phillips, G. M., and Maksimovic, V. (2008) "The Industry Life-Cycle, Acquisitions and Investment: Does Firm Organization Matter?," Journal of Finance, 63 (2), 629-664.
Phillips, G. M., and MacKay, P. (2005) "How Does Industry Affect Firm Financial Structure?," The Review of Financial Studies, 18 (4), 1433-1466.
Phillips, G. M., and Maksimovic, V. (2002) "Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence," Journal of Finance, 57 (2), 721-767.
Phillips, G. M., and Maksimovic, V. (2001) "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Gains?," Journal of Finance, 56 (6), 2019-2065.
Phillips, G. M., and Allen, J. (2000) "Corporate Equity Ownership, Strategic Alliances and Product Market Relationships," Journal of Finance, 55 (6), 2791-2815.
Phillips, G. M., and Maksimovic, V. (1998) "Asset Efficiency and the Reallocation Decisions of Bankrupt Firms.," Journal of Finance, 53 (5), 1495-1532.
Phillips, G. M., and Kovenock, D. (1997) "Capital structure and product market behavior: an examination of plant exit and investment decisions," The Review of Financial Studies, 10 (3), 767-803 .
Phillips, G. M., and Kovenock, D. (1995) "Capital Structure and Product Market Rivalry: How do We Reconcile the Theory and the Evidence," American Economic Review, 85, 403-408.
Phillips, G. M. (1995) "Increased Debt and Industry Product Markets: An Empirical Analysis," Journal of Financial Economics, 37, 189-238.
Phillips, G. M., and Weiner, R. (1994) "Trading Performance in Forward Markets: Information vs. Normal Backwardation," The Economic Journal, 104 (76-95).
Phillips, G. M., and Weiner, R. (1990) "Options in Forward Contracts: Empirical Estimates from the Petroleum Market," The Review of Futures Markets, 9, 1-14.