University of Southern California

Randolph Westerfield
Charles B. Thornton Professor Emeritus of Finance and Professor of Finance and Business Economics

USC Marshall School of Business
Los Angeles, CA 90089-0804

Phone: 
213-740-6413
Education: 
PhD, MA, BA, UCLA

Overview

Randolph Westerfield specializes in corporate finance. He is the author of more than 30 scholarly articles as well as four leading textbooks, Corporate Finance: Core Principles and Applications, Essentials of Corporate Finance, Fundamentals of Corporate Finance, and Corporate Finance. He chaired the Finance Department at the Wharton School of the University of Pennsylvania, chaired Marshall's Department of Finance and Business Economics, and was Dean of the Marshall School from 1993 to 2004.

Research

Westerfield, R. W., Ross, S. A., and Jaffe, J. (2013) "Corporate Finance," (10th Edition).
Westerfield, R. W., Ross, S. A., and Jordan, B. (2013) "Fundamentals of Corporate Finance," (10th Edition).
Westerfield, R. W., Ross, S. A., and Jaffe, J. (2011) "Corporate Finance," (9th Edition).
Westerfield, R. W., Ross, S. A., and Jaffe, J. (2010) "Corporate Finance," (9th Edition).
Westerfield, R. W., Ross, S. A., and Jordan, B. (2010) "Fundamentals of Corporate Finance," (8th Edition).
Westerfield, R. W., Ross, S. A., Jaffe, J., and Jordan, B. (2009) "Corporate Finance: Core Principles and Applications, 2nd Edition," (1st Edition).
Westerfield, R. W., Ross, S. A., and Jordan, B. (2008) "Essentials of Corporate Finance," (6th Edition).
Westerfield, R. W., Ross, S. A., Jaffe, J., and Jordan, B. (2007) "Corporate Finance: Core Principles and Applications," (1st Edition).
Westerfield, R. W., Bajaj, M., and Vijh, A. (2002) "Ownership, Agency Costs and Dividend Payout," Research in Finance, 19.
Westerfield, R. W., Jaffe, J., and Ma, C. (1989) "A Twist on the Monday Effect in Stock Prices," Journal of Banking and Finance.
Westerfield, R. W., and Jaffe, J. (1989) "Is There a Monthly Effect in Stock Market Returns? Evidence from Foreign Countries," Journal of Banking and Finance.
Westerfield, R. W., and Jaffe, J. (1989) "Earnings Yields, Market Values and Stock Returns," Journal of Finance.
Westerfield, R. W. (1988) "Pension Plan Funding Decisions and Corporate Shareholder Value: A New Model and Some Empirical Results," Journal of Banking and Finance, with William Marshall.
Westerfield, R. W., and Jaffe, J. (1986) "Risk and the Optimal Debt Level," Modern Finance and Industrial Economics.
Westerfield, R. W., and Jaffe, J. (1985) "The Week-End Effect in Common Stock Returns: The International Evidence," Journal of Finance.
Westerfield, R. W., and Jaffe, J. (1985) "Patterns in Japanese Common Stock Returns: Day of Week and Turn of the Year Effects," Journal of Financial and Quantitative Analysis.
Westerfield, R. W., and Jaffe, J. (1984) "Leverage and the Value of the Firm under a Progressive Income Tax: A Correction and Extension," Journal of Banking and Finance.
Westerfield, R. W. (1984) "Social Investing: Some Capital Market Theory Perspectives," Irwin-PRC Press.
Westerfield, R. W., Cummins, D., and Percival, J. (1981) "Patterns of Concentration in Private Pension Plan Common Stock Portfolios Since ERISA," Journal of Risk and Insurance.
Westerfield, R. W., and Friend, I. (1981) "Risk and Capital Asset Prices," Journal of Banking and Finance.
Westerfield, R. W., and Friend, I. (1980) "Co-Skewness and Capital Asset Pricing," Journal of Finance.
Westerfield, R. W., Cummins, D., and Percival, J. (1980) "Effect of ERISA on the Investment Policies of Private Pension Plans: Survey Evidence," Journal of Risk and Insurance.
Westerfield, R. W., Friend, I., and Blume, M. (1980) "Impediments to Capital Formation," Conference Board Report.
Westerfield, R. W., and Percival, J. (1978) "Clarifying Comments on Uncertainty Resolution and Multi-Period Investment Decision," Decision Sciences.
Westerfield, R. W. (1978) "New Evidence on the Capital Asset Pricing Model," North Holland Publishing Co..
Westerfield, R. W. (1977) "The Distribution of Common Stock Price Changes: An Application of Transactions Time and Subordinated Stochastic Models," Journal of Financial and Quantitative Analysis.
Westerfield, R. W., and Percival, J. (1976) "The Resolution of Uncertainty and the Multi-Period Investment Decision,".
Westerfield, R. W. (1976) "How Diversification Affects Risk: Some Empirical Evidence," Rodney L. White Center for Financial Research, Working paper #12-73. Presented at annual meetings of Western Financial Association, July 1975, and an abridged version published in the Journal of Financial and Quantitative Analysis, March 1976.
Westerfield, R. W., and Friend, I. (1975) "Required Disclosure and the Stock Market: Comment," American Economic Review.
Westerfield, R. W., "Required Disclosure and the Stock Market: Comment," in Posner, R., and Scott, K., eds., Economic Perspectives on Corporate Law and Security Regulation, American Economic Review 1975.
Westerfield, R. W., and Pettit, R. (1974) "Using the Capital Asset Pricing Model and the Market Model to Predict Security Returns," Journal of Financial and Quantitative Analysis.
Westerfield, R. W., and Pettit, R. (1972) "A Model of Capital Asset Risk," Journal of Financial and Quantitative Analysis.
Westerfield, R. W., and Keeley, R. (1972) "Problem with Probability Distribution Techniques in Capital Budgeting," Journal of Finance.
Westerfield, R. W. (1970) "A Note on the Measurement of Conglomerate Diversification," Journal of Finance.