Stephen McKeon, assistant professor of finance in the Lundquist College of Business, is the 2012 co-winner of the Financial Research Association's Michael J. Barclay Award, which is given to a young scholar whose early work shows promise in the world of finance.
The winners will be officially recognized during the association's annual meeting Dec. 15-16 in Las Vegas, Nevada. McKeon shares this year's honor -- based on the best solo-authored research paper -- with Andrew MacKinlay of the Cox School of Business at Southern Methodist University. The award is highly competitive; in some years the committee does not name a winner.
McKeon's paper, "Manager-Initiated versus Investor-Initiated Equity Issuances," focuses on employee stock options and corporate financing as part of research on decision-making involved in financial transactions. McKeon says the main contribution of the paper is "documenting that firms raise more money through stock issuances to employees than all initial public offerings combined; a fact that leads us to reconsider a widely held premise about how and when managers decide to raise ownership capital."
McKeon, who was born in Minnesota, joined the UO faculty in 2011. He received a bachelor's degree in business administration in 2000 from the UO before going on to earn a master's degree in economics and a doctorate in finance in 2009 and 2011, respectively, from Purdue University in West Lafayette, Ind.
His research has been cited in the Wall Street Journal, New York Times, Forbes, MarketWatch, Smart Money and Maclean's, and he appeared as a guest expert on Fox Business News to discuss the collapse of MF Global, a major brokerage firm run by Jon Corzine.
The Barclay Award is given in remembrance of Barclay, who died in 2007 after having served as an educator and student mentor for 22 years at the University of Rochester's Simon School in New York.