Professor
Finance

Julie Ann Elston

Overview
Overview
Background
Publications

Overview

Biography

Julie Ann Elston is a Professor of Finance in the College of Business at Oregon State University. She has published over 60 scholarly articles, papers and books in the fields of financial economics, entrepreneurship, and international business. She has held the Fulbright Kathryn and Craig Hall Distinguished Chair for Entrepreneurship in Central Europe at the Wirtschaftsuniversität Wien over several years, including most recently in 2021-2022.

As a regular contributor to the field of entrepreneurship, she is Editor of Small Business Economics: An Entrepreneurship Journal and was named the 2019 Editor of the Year.  She has served as a consultant to a number of national and international governmental agencies, and organizations including the: National Oceanic and Atmospheric Administration (NOAA), Organization for Economic Cooperation and Development (OECD), Deutsche Bundesbank (German Central Bank), Central Bank of the United Arab Emirates, and U.S. National Academies of Science, Board on Science, Technology, and Economic Policy.

Dr. Elston graduated from the University of Washington's Department of Economics, and has held academic positions around the world including at the Wissenschaftszentrum Berlin in Germany, the Hoover Institution Stanford University, and the California Institute of Technology. She was selected as a Policy Fellow in the Robert Bosch Foundation Scholars Program in Comparative Public Policy at Johns Hopkins University; and served as a Research Fellow at the Max Planck Institute for Economics in Jena.

Credentials

Ph.D., M.A. Economics, University of Washington, June 1992.

Career Interests

Julie Ann Elston is a Professor of Finance in the College of Business at Oregon State University. She has published over 60 scholarly articles, papers and books in the fields of financial economics, entrepreneurship, and international business. She has held the Fulbright Kathryn and Craig Hall Distinguished Chair for Entrepreneurship in Central Europe at the Wirtschaftsuniversität Wien multiple times, including most recently in 2021-2022.

As a regular contributor to the field of entrepreneurship, she is Editor of Small Business Economics: An Entrepreneurship Journal and was named the 2019 Editor of the Year.  She has served as a consultant to a number of national and international governmental agencies, and organizations including the: National Oceanic and Atmospheric Administration (NOAA), Organization for Economic Cooperation and Development (OECD), Deutsche Bundesbank (German Central Bank), Central Bank of the United Arab Emirates, and U.S. National Academies of Science, Board on Science, Technology, and Economic Policy.

Dr. Elston graduated from the University of Washington's Department of Economics, and has held academic positions around the world including at the Wissenschaftszentrum Berlin in Germany, the Hoover Institution Stanford University, and the California Institute of Technology. She was selected as a Policy Fellow in the Robert Bosch Foundation Scholars Program in Comparative Public Policy at Johns Hopkins University; and served as a Research Fellow at the Max Planck Institute for Economics in Jena.

Background

Experience

PRIMARY POSITION

2016-present  Oregon State University, Professor, College of Business.

2010-2016       Oregon State University, Associate Professor, College of Business.

2005-2010       Oregon State University, Assistant Professor, College of Business.

AFFILIATED & PREVIOUS POSITIONS

2019             Adjunct Professor, University of Oregon, MBA program.

2016-pres.   Adjunct Professor, Oregon State University, College of Agricultural Science.

2013-2014   Visiting Professor of Innovation and Technology Management, University of Applied Sciences –Technikum, Vienna, Austria.

1998-2005   University of Central Florida, Assistant Professor.

1997-1998   University of Washington, the Northwest Center for Research on Women (NWCROW), Visiting Scholar

1996-1997   California Institute of Technology, Visiting Instructor.

1992-1996   Wissenschaftszentrum Berlin, Germany, Research Fellow.

Service

  • Editor, Small Business Economics: An Entrepreneurship Journal
  • Reviewer for US Fulbright Scholar & Student Programs, Fulbright Austrian-American
    Educational Commission, Oregon State University Fulbright Review Committee
  • Reviewer for US National Science Foundation and Kauffman Foundation
  • Reviewer for various academic journals

Honors & Awards

University Grants and Awards

  • OSU Office of Research, “Corporate Governance and Financing in the UAE,” OSU, 2016.
  • OSU Office of Research, “Linking Personality Traits to Culture,” OSU, 2014.
  • General Research Fund Grant, “Entrepreneurship and Innovation,” OSU, 2013.

Honors and Awards:

Visiting Positions and Fellowships 

  • Fulbright-Kathryn and Craig Hall Distinguished Chair for Entrepreneurship in Central Europe 2021-2022. Institut für Entrepreneurship und Innovation, Wirtschaftsuniversität (WU) Vienna, Austria.
  • Fulbright-Kathryn and Craig Hall Distinguished Chair for Entrepreneurship in Central Europe 2019-2020. Institut für Entrepreneurship und Innovation, Wirtschaftsuniversität (WU) Vienna, Austria.
  • Visiting Scholar, Research and Statistics Department, United Arab Emirates (UAE) Central Bank, Abu Dhabi, UAE, 2016
  • Fulbright-Kathryn and Craig Hall Distinguished Chair for Entrepreneurship in Central Europe 2012-2013. Institut für Entrepreneurship und Innovation, Wirtschaftsuniversität (WU) Vienna, Austria.
  • Visiting Professor of Innovation and Technology Management at the University of Applied Sciences –Technikum Vienna, Austria, 2013.
  • Fulbright German Studies Seminar, Fulbright Scholar Grantee, 2008.
  • Max Planck Institute for Economics, Division of Entrepreneurship, Growth, and Public Policy, Research Fellow, 2003-2008.
  • National Academies of Science, Board on Science, Technology, and Economic Policy, 2002-2005.
  • American Institute for Contemporary German Studies (AICGS) Johns Hopkins University - Bosch Fellow, 2001.
  • Deutsche Bundesbank, Frankfurt, Research Fellow, 2001.
  • California Institute of Technology, Pasadena, 1996-1997.
  • University of Washington, the Northwest Center for Research on Women (NWCROW), Visiting Scholar, 1997-1998.
  • Hoover Institution, Stanford University, Visiting Scholar, 1995-1996.
  • Wissenschaftszentrum Berlin, Germany, Research Fellow 1992-1996.
  • Institute for Fiscal Studies, London, Visiting Scholar, March 1995.

University

  • General Research Fund Grant, “Entrepreneurship Dynamics and Firm Growth in China,” OSU, 2011.
  • L.L. Stewart Faculty Development Fund Grant, OSU, 2011.
  • Collaborative Research Grant, OSU-Cascades, 2010-2012.
  • Scholarship & Creative Activity Award, OSU Cascades, 2010.
  • Newcomb Associate Award for Research, College of Business, OSU, 2010.
  • Excellence in Scholarship, College of Business, OSU, 2009.
  • Newcomb Associate Award for Research, College of Business, OSU, 2008.
  • Newcomb Associate Award for Research, College of Business, OSU, 2007.
  • Carl L. Galloway Faculty Performance Award for Graduate Research, UCF, 2002.
  • College of Business Administration, Summer  Research Grant , UCF, 1999.

Publications

Academic Journal
Finance

“Market Linkages Between the US and Japan: An Application to the Fisheries Industry”

Recent trends in globalization of Pacific Basin commodity markets raises important questions concerning the nature of market integration and price linkages. This paper examines this issue by testing for price linkages between the United States and Japan for two species whose exports from the U.S. to Japan have risen considerably over the past decade. Empirical results indicate segmentation of price linkages for sablefish but probable price linkages for some thornyhead markets. Findings suggest that markets for these species may be less sensitive to price changes in Japan than would be expected based on commodity flows.
Details
Academic Journal
Finance

“Financing the German Mittelstand”

This paper describes how the German Mittelstand, or small- and medium-sized enterprises, are financed in Germany. The role of the German Mittelstand, both in a static and in a dynamic framework, is described and contrasted with that of the same size group in other leading industrialised countries. We find that in general, the Mittelstand has played a mmore important role in Germany than in other industrialised nations, such as the United States or the United Kingdom. The traditional success of the German Mittelstand is partly attributable to a system of finance that is richly layered by complementary institutions designed to meet the financial needs of both large and smaller enterprises. However, we find evidence that even under the German system of finance liquidity constraints exist and are greater for smaller firms. The German system of finance moreover seems particularly deficient in the channeling of funds to new firm startups in the newer industries.
Details
Academic Journal
Finance

“Dividend policy and investment: Theory and evidence from US panel data”

This paper examines the importance of dividend policy and liquidity constraints in the context of the firm's investment behaviour. While early financial literature has argued that dividend policy should be independent of firm investment decisions, recent studies indicate that linkages are probable in a world of imperfect capital markets. This study develops an alternative Q specification which incorporates the actual dividend payment of the firm in order to test the hypothesis of independence. Empirical results suggest that after controlling for the firm's dividend payment, liquidity constraints remain an important determinant of firm investment behavior.
Details
Academic Journal
Finance

“Environmental, Social & Governance (ESG) Initiatives & Firm Performance: The Importance & Role Of Firm Size”

This study employs an Effect Decomposition Regression (EDR) framework to analyze the impact of ESG initiatives on firm performance, focusing on the importance of firm size. A key finding of this study is that firm size matters in characterizing the relationship between ESG and performance. For large firms, ESG has a significant impact on total revenues, which is characterized by a U-shaped relationship where ESG initiatives initially have a negative impact on performance, and as firm investment on initiatives expand, the impact shifts to a positive influence as scores rise. On the other hand, smaller firms exhibit a monotonically increasing or incremental benefit from ESG engagement. This research underscores the necessity of not just controlling for size but examining ESG-performance behavior by firm size. From a policy perspective, it is clear that before universally advocating for ESG as a value enhancing practice for all firms, one must consider firm size.
Details
Academic Journal
Finance

“The Impact of Governance and Cross-listing on Firm Valuation: Evidence from Chinese Listed Firms”

This study contributes to the limited literature on the link between corporate governance and cross-listing behavior in developing countries. Using recently available financial and accounting data from the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE) and the Hong Kong (HKEX) exchange, contributes to the literature by documenting an unusual bi-directional flow of cross-listing between mainland China and Hong Kong. Further, estimates reveal a 2.7 cross-listing premium for listed “domestic” SSE and SZSE firms, presenting a departure from the common uni-directional models (Ferris, Kim & Noronha, 2009). This cross-listing premium can be interpreted as indicative that many investors believe there are better opportunities in the SSE and SZSE markets than the HKEX. This study provides new insights on the role of state ownership in reducing firm informational and agency problems, providing evidence that suggests state ownership may provide more information sharing (with other shareholders). Estimates also show that cross-listing has a positive impact on firm valuation as measured by Q -particularly for state-owned enterprises (SOE).
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