Jonathan Kalodimos

541-737-6027

jonathan.kalodimos@oregonstate.edu

Faculty

Jonathan Kalodimos

Overview

Publications

Overview

Career Interests

Jonathan Kalodimos is an Associate Professor of Finance and Harley & Brigitte Smith Fellow in the College of Business at Oregon State University. He holds a PhD in Finance from the University of Washington Foster School of Business.

Dr. Kalodimos’ work integrates empirical research, policy experience, and applied analysis. Before joining Oregon State University, he served as a financial economist at the U.S. Securities and Exchange Commission, where he contributed to regulatory initiatives including Dodd-Frank Act Section 954 on executive compensation clawbacks. His research on corporate governance, regulatory design, and financial decision-making has been cited in major outlets such as The Wall Street Journal, The New York Times, Bloomberg, and the Harvard Business Review, reflecting its relevance to both academic and industry audiences.

Dr. Kalodimos brings a deep commitment to rigorous, evidence-based analysis and the practical application of data and technology to complex institutional challenges. He currently is focused on translational research using AI applications developed in conjunction with industry partners in the EdTech space, with an emphasis on oral evaluation.

Publications

Academic Journal

Finance

“Analyst Information Acquisition via EDGAR”

We identify analysts’ information acquisition patterns by linking EDGAR (Electronic Data Gathering, Analysis, and Retrieval) server activity to analysts’ brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates with an average of eight filings viewed. We document that analysts’ attention to public information is driven by the demand for information and the analysts’ incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant reduction in analysts’ forecasting error relative to their peers. This relationship is likewise present when we focus on the intensity of analyst research. Attention to public information further enables analysts to provide forecasts for more time periods and more financial metrics. Informed recommendation updates are associated with substantial and persistent abnormal returns, even when the analyst accesses historical filings. Analysts’ use of EDGAR is associated with longer and more informative analysis within recommendation reports.

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Academic Journal

Finance

“Experimental Shareholder Activism: A Novel Approach to Organizational Research”

Decision making processes and consequent policy decisions of top management teams often have tremendous impact on employee careers and wellbeing, but the difficulty of accessing executive decision making has made studying such processes especially difficult. Whereas scholars have often relied on their own professional networks to gather small samples of executives or leveraged proxy measures compiled from publicly-available documents, we propose and demonstrate an alternative approach which we term Experimental Shareholder Activism (ESA). ESA allows researchers to directly study executive leadership via the shareholder proposal process—under Rule 14a-8—by purchasing relatively small amounts of stock in a company, and experimentally manipulating features of shareholder proposals to elicit responses from key stakeholders within the company. This approach allows for the direct examination of executive decision making with the benefit of quasi-experimental design. We describe the method, identify vocational and career-relevant areas of inquiry best suited to ESA, and discuss manipulations readily embedded in shareholder proposals. We then provide a toolkit for scholars interested in studying executive decision making on employee career and Human Resource-related outcomes, and demonstrate the viability of such an approach via a pilot experiment.

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Academic Journal

Finance

“Governance Changes through Shareholder Initiatives: The Case of Proxy Access”

We study a regulatory change that led to over 300 shareholder proposals to instate proxy access and more than 250 firms adopting proxy access from 2012 to 2016. The firms expected to benefit most from proxy access have the most positive market reaction to receiving a proposal, but adoptions are not concentrated at these firms. We find that proposing and voting shareholders do not discriminate between firms that would or would not benefit, and that management resists proxy access at the firms that stand to benefit most. This process results in the concentration of adoptions at large, already well-governed firms.

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Academic Journal

Finance

“Many analysts, one dataset: Making transparent how variations in analytical choices affect results”

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2018 Journal name: Association for Psychological Science R Silberzahn E Uhlmann D Martin P Anselmi F Aust E Awtrey S Bahník F Bai C Bannard E Bonnier R Carlsson F Cheung G Christensen R Clay M Craig A Rosa L Dam M Evans I Cervantes N Fong M Gamez-Djokic A Glenz S Gordon-McKeon T Heaton K Eriksson M Heene A Mohr F Högden K Hui M Johannesson Jonathan Kalodimos E Kaszubowski D Kennedy R Lei T Lindsay S Liverani C Madan D Molden E Molleman R Morey L Mulder B Nijstad B Pope N Pope J Prenoveau F Rink E Robusto H Roderique A Sandberg E Schlueter F Schönbrodt M Sherman S Sommer K Sotak S Spain C Spörlein T Stafford L Stefanutti S Täuber J Ullrich M Vianello E Wagenmakers M Witkowiak S Yoon B Nosek View on: Google Scholar

Academic Journal

Finance

“Internal Governance and Performance: Evidence From When External Discipline is Weak”

The effect of internal governance on performance is potentially economically significant but may be difficult to identify because of confounding external disciplinary mechanisms and the endogenous choice of internal governance. This study addresses those difficulties by using nonprofit hospitals as an economic environment with muted external disciplinary mechanisms and instrumenting for internal governance using governance spillovers of geographically local public firms. Using patient heart attack survival as a measure of performance, a one standard deviation increase in strength of internal governance reduces the probability of death by 0.89 percentage points after controlling for patient characteristics.

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Other

Finance

“Progress in Understanding Proxy Access and the Shareholder Proposal Process”

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Academic Journal

Finance

“Shareholder Rights in Mergers and Acquisitions: Are Appraisal Rights Being Abused?”

Appraisal rights grant dissenting shareholders in an acquisition the right to petition the court to determine the value of their shares. These rights can protect shareholders from acquisitions below fundamental value or can be abused by opportunistic investors. We examine the use of appraisal rights and find the evidence is most consistent with appraisal rights functioning as recourse when the target firm is sold below fundamental value.

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