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James Brau

Joel C. Peterson Professor of Finance,
Finance
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Website: http://jimbrau.com

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Biography

Jim Brau is the Joel C. Peterson Professor of Finance at the Marriott School and Editor-in-Chief of the Journal of Entrepreneurial Finance. He received his undergraduate training at the United States Military Academy at West Point and served three years as an active duty Airborne Ranger infantry officer in the United States Army and another five years in the Army National Guard and Army Reserves. While in the reserves, Jim earned his PhD from Florida State University in business administration and finance with a support area in econometrics. Jim joined the Marriott School faculty in April 1999 and was honorably discharged as an Army Captain in June 1999. In 2004, Jim earned the Charted Financial Analyst designation and in 2019 he earned the Certified Financial PlannerTM designation.

Jim's research interests include issues pertaining to initial public offerings, entrepreneurial finance, financial education, and real estate. He currently has a scholarship H-Index of 25, an i10-Index of 34 and over 70,000 ResearchGate reads (Sep 2021). He has over 100 academic presentations and published 60 peer-reviewed articles to include articles in the Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Journal of Business Venturing, Journal of Real Estate Economics and Finance, and Journal of Real Estate Research among others. He teaches corporate and entrepreneurial finance to university-wide students at the undergraduate and graduate levels. Along with serving as editor of the Journal of Entrepreneurial Finance, Jim is on the editorial review board of the Journal of Business Venturing. In addition to peer-reviewed articles, Jim has coauthored six textbooks: Principles of Finance: Intuition and Analysis, Financial Analysis and Management (for MBAs), Finance Skills for Managers, Introduction to Modern Business, MBA Prep: Finance, and Financial Markets and Instruments.

Among his awards are West Point Distinguished Cadet (top 5% of Senior class in academics, physical fitness, and leadership), West Point dean's list all eight semesters, FSU Phi Kappa Phi Outstanding Graduate Scholar Award (Valedictorian), three FSU teaching awards (one college level and two university level), seven BYU teaching awards (five department level and two college level), three BYU research awards (two department level and one college level), three BYU outstanding citizen awards (one department level and two university level), four best-paper awards, 14 lead-articles, and the BYU University Young Scholar Award (university-wide).

Jim consults with firms, NGOs, entrepreneurs, angel investors, and venture capitalists. His consulting focuses on corporate finance/financial management, start-up financing, venture valuation, business plan construction, and harvest strategies. Jim also serves as an expert witness in finance-related lawsuits.

Perhaps his best accomplishment in life was when Jim married Michelle West in 1991 in the Jordan River Temple. They are the proud parents of four adult children, one granddaughter, two grandcats, and a granddog. He currently serves as a first counselor in a YSA bishopric. In his free time, Jim enjoys family activities, bodybuilding, reading, and 1980s country music.

Education

  • Certified Financial Planner, Financial Planning, CFP Board, 2019
  • Chartered Financial Analyst, Finance, CFA Institute, 2004
  • PhD, Finance, Florida State University, 1999
  • Bradley Fighting Vehicle Commander Course, US Army, 1992
  • Mortar Platoon Leader Course, US Army, 1992
  • Pathfinder School, US Army, 1992
  • Ranger Course, United States Army Infantry School, 1992
  • Airborne School, US Army, 1991
  • BS, Geography, United States Military Academy, West Point, 1991
  • Combat Lifesaver Course, US Army, 1991
  • Infantry Basic Officer Leadership Course, Honor Graduate, US Army Infantry School, 1991
  • Master Fitness Trainer, US Army, 1991
  • Air Assault School, US Army, 1989

Selected Publications

  • "Soft Information and the Underpricing of REIT Seasoned Equity Offerings", Journal of Real Estate Portfolio Management, Volume forthcoming, 2021
  • "Video Game and Social Media Usage vis-à-vis Academic Performance in a Marketing Principles Course: An Empirical Analysis", Business Education Innovation Journal, Volume forthcoming, 2021
  • "A Pedagogical Model for Teaching Data Analytics in an Introductory Information Systems Python Course", Business Education Innovation Journal, Edition 2, Volume 12, Pages 77-88, 2020
  • "An Empirical Analysis of Hospital Public Equity Financing", Management in Healthcare, Edition 4, Volume 4, Pages 1-15, 2020
  • "Budget Habits of College Students: An Empirical Analysis of Expectations and Realizations", Journal of the Academy of Business Education, Volume 21, Pages 1-25, 2020
  • "Factors of the Desire to Become a Finance Major: An Empirical Analysis", Journal of Financial Education, Edition 1, Volume 46, Pages 18-40, 2020
  • "Fundamentals of Finance: Principles and Applications. 7th Ed", Edition 7th, Page 180, Business Learning Software, Provo, UT, 2020
  • "Using Personality Assessment and Situational Queries to Understand Risk Tolerance in Emerging Adults", Journal of Investment Consulting,, Edition 1, Volume 20, Pages 63-79, 2020
  • "Video Game Usage and Academic Performance in a University Marketing Principles Course: An Empirical Analysis", Academy of Business Education, 2020
  • "A Model for a Finance Pre-PhD Program at the Undergraduate Level", Journal of Financial Education, Edition 1, Volume 45, Pages 1-10, 2019
  • "Financial Literacy among College Students: An Empirical Analysis", Journal of Financial Education, Edition 3, Volume 45, Pages 179-205, 2019
  • "Planning for Retirement: Insurance versus Investing", Journal of Financial Case Research, Edition 1, Volume 18, Pages 77-88, 2019
  • "Sunrise Presentations: A Study in Valuing and Divesting a Small Business", Journal of Entrepreneurial Finance, Edition 1, Volume 20, Pages 43-56, 2018
  • "Utah County Housing Trends from 2000- 2016: A Quantitative Research Analysis", Journal of Utah Academy of Science, Arts, and Letters, Volume 94, 2017
  • "An Empirical Analysis of the Success Factors in an Introductory Financial Management Class", Journal of the Academy of Business Education, Edition Winter 2017, Volume 18, Pages 231-284, 2017
  • "Equity Issuance of Health Care Firms after the 2007 Market Crash and the 2010 Affordable Care Act", Submitted to Academy of Management Meeting 2017, 2017
  • "Can I Boost My GPA By Taking Online Classes? An Analysis of Online vs Traditional Class Outcomes for Five Finance Courses", Journal of Financial Education, Edition 1, Volume 43, Pages 14-31, 2017
  • "An Empirical Analysis of the Success Factors in an Introductory Financial Management Class", Journal of the Academy of Business Education, Volume 18, Pages 1-52, 2017
  • "The Determinants of Student Performance in a University Marketing Class", Business Education Innovation Journal, Edition 2, Volume 8, Pages 21-31, 2016
  • "Soft Strategic Information and IPO Underpricing", Journal of Behavioral Finance, Edition 1, Volume 17, Pages 1-17, Routledge, Taylor & Francis, 2016
  • "Strategically Camouflaged Corporate Governance in IPOs: Entrepreneurial Masking and Impression Management", Journal of Business Venturing, Edition 5, Volume 30, Pages 839-864, 2015
  • "Experiential Learning in Personal Finance: A Principles and Applications Base Approach", Page 31, CAMDUS Comunications, Lancaster, PA, Jean L. Heck, Saint Joseph's University, 2015
  • "Does Microfinance Fill the Funding Gap for Microentrepreneurs?: A Conceptual Analysis of Entrepreneurship Seeding in Impoverished Nations", International Business Research, Edition 5, Volume 8, Pages 30-42, 2015
  • "Financial Literacy among College Students: An Empirical Analysis", Journal of Financial Education, Volume Forthcoming, This paper is under 2nd review., 2014
  • "Regulatory Reforms and Convergence of the Banking Sector: Evidence from China", Managerial Finance, Edition 10, Volume 40, Pages 956-968, 2014
  • "Introduction to Modern Business: The Art and Science of Creating Customer Value", Edition 1, MyEducator, Ogden, UT, 2014
  • "Financial Analysis and Management for MBAs", MyEducator, Ogden, UT, 2013
  • "REIT Going Private Decisions", Journal of Real Estate Finance and Economics, Edition 1, Volume 46, 2013
  • "SB IPOs and IPO Anomalies: An Empirical Analysis of the Small Firm Uniqueness Hypothesis", Journal of Entrepreneurial Finance, 2013
  • "Efficacy of the 1992 Small Business Incentive Act", Journal of Financial Economic Policy (lead article), Edition 3, Volume 4, Pages 204-217, 2012
  • "Small-Firm Uniqueness and Signaling Theory", Journal of Business Economics and Finance, Edition 1, Volume 1, Pages 50-63, 2012
  • "The Desire to Acquire and IPO Long-Run Underperformance", Journal of Financial and Quantitative Analysis, Edition 3, Volume 47, Pages 493-510, 2012
  • "Why Do Firms Go Public?", Oxford Handbook of Entrepreneurial Finance, Volume Chapter 15, Pages 467-494, Douglas Cumming, 2012
  • "Insurance Theory and Challenges Facing the Development of Microinsurance Markets", Journal of Developmental Entrepreneurship, Edition 4, Volume 16, Pages 441-458, 2011
  • "Micro-IPOs: An Analysis of the Small Corporate Offering Registration (SCOR) Procedure with National Data", Journal of Entrepreneurial Finance, Edition 3, Volume 14, Pages 69-89, 2010
  • "Dual-Track Versus Single-Track Sell-Outs: An Empirical Analysis of Competing Harvest Strategies", Volume 25, Pages 389-402, Journal of Business Venturing, 2010
  • "Evaluating the Impact of Microfinance Institutions using Guatemalan Data", Managerial Finance, Volume 35, Pages 953-974 (lead article), 2009
  • "An Empirical Analysis of Healthcare IPOs and SEOs", Journal of Health Care Finance, Volume 35, Pages 42-64, 2009
  • "Earnings Management in IPOs: Post-Engagement Third-Party Mitigation or Issuer Signaling?", Advances in Accounting, Volume 25, Pages 125-135, 2009
  • "An Empirical Analysis of Mexican and US Closed-End Mutual Fund IPOs", Research in International Business and Finance, Volume 23, Pages 1-17 (lead article), 2009
  • "IPO and SEO Waves in Health Care Real Estate Investment Trusts", Journal of Health Care Finance, Volume 35, Pages 70-88, 2008
  • "IPO Pricing and Equity Return Swaps", Financial Decisions, Volume 20, Pages 1-31, 2008
  • "Spirituality and Organizational Culture: Cultivating the ABCs of an Inspiring Workplace", International Journal of Public Administration, Volume 31, Pages 420-438, Taylor & Francis Group, LLC, 2008
  • "Information Sharing and Supply Chain Performance: The Role of Connectivity and Willingness", Supply Chain Management: An International Journal, Volume 12, Pages 358-368, Emerald, 2007
  • "REIT Stock Repurchases: Completion Rates, Long-Run Returns, and the Straddle Hypothesis", Journal of Real Estate Research, Volume 29, Pages 115-136 (lead article), 2007
  • "An Empirical Analysis of the Financial Impact of Supply Chain Management on Small Firms", Journal of Entrepreneurial Finance and Business Ventures, Volume 12, 2007
  • "Do Secondary Shares in the IPO Process have a Negative Effect on Aftermarket Performance?", Journal of Banking and Finance, Volume 31, Pages 2612-2631, Elsevier, 2007
  • "Evidence from What CFOs Think About the IPO Process: Practice, Theory, and Managerial Implications", Journal of Applied Corporate Finance, Volume 18, Pages 68-78, Morgan Stanley, New York, 2006
  • "FranklinCovey Company Retained Ownership versus Sale/Leaseback: A Corporate Real Estate Case Study", Journal of Real Estate Practice and Education, Volume 9, Pages 81-97, 2006
  • "Initial Public Offerings: An Analysis of Theory and Practice", Journal of Finance, Volume 61, Pages 399-436, 2006
  • "Initial Public Offerings: CFO Perceptions", Financial Review, Volume 41, Pages 483-511, 2006
  • "Why Do REITs Repurchase Stock? Extricating the Effect of Managerial Signaling in Open Market Share Repurchase Announcements", Journal of Real Estate Research, Volume 28, Pages 1-23, 2006
  • "Perceptions of the Teacher-Leader in Modern Society: Insights from the Master Teacher's Pedagogy", International Journal of Public Administration, Volume 28, Pages 465-488, 2005
  • "Amazon Rainforest Properties Ltda: Monte Carlo Analysis in an International Capital Budgeting Decision", Journal of Financial Education, Volume 31, Pages 107-117, 2005
  • "Lockups Revisited", Journal of Financial and Quantitative Analysis, Edition 3, Volume 40, Pages 519-530, Cambridge University Press, 2005
  • "Initial Public Offerings: An Analysis of Theory and Practice", U of U Finance Department, Journal of Finance, forthcoming, University of Utah, 2004
  • "Market Reaction to the Expiration of IPO Lockup Provisions", Managerial Finance, Volume 30, Pages 87-103, 2004
  • "Microfinance Institutions: A Comprehensive Review of the Existing Literature and an Outline for Future Financial Research", Journal of Entrepreneurial Finance and Business Ventures, Volume 9, Pages 1-26, 2004
  • "Perceptions of the Teacher-Leader in Modern Society: Insights from the Master Teacher's Pedagogy", Business Management Dept Presentation, International Journal of Public Administration, forthcoming, BYU, 2004
  • "The Case of Carlson Egg Farms: Inferred Cost of Capital and Private Firm Valuation,", Financial Education Association Meeting, Edition 5, Page 30, Journal of Finance Case Research, Orlando, FL, 2003
  • "Concealing and Confounding Adverse Signals: Insider Wealth-Maximizing Behavior in the IPO Process", Journal of Financial Economics, Volume 67, Pages 149-172, 2003
  • "The Choice of IPO Versus Takeover: Empirical Evidence", Journal of Business, Volume 76, Pages 583-612, 2003
  • "The Motivation and Methods of the Master Teacher: Insights from Isaiah, with Stan Fawcett", Financial Education Association Meeting, Edition Forthcoming, International Journal of Public Administration, Orlando, FL, 2003
  • "Do Banks Price Owner-Manager Agency Costs? An Examination of Small Business Borrowing", Journal of Small Business Management, Volume 40, Pages 273-286 (lead article), 2002
  • "Firm Transparency and the Costs of Going Public", Journal of Financial Research, Volume 25, Pages 1-18 (lead article), 2002
  • "An Examination of Utah County Housing Trends Comparing Naive Index Methods to Hedonic Constant-Quality Index Methods", Journal of the Utah Academy, Volume 78, Pages 65-78, 2001
  • "The Determinants of Successful Micro-IPOs: An Analysis of Issues Made under the Small Corporate Offering Registration (SCOR) Procedure", Journal of Small Business Management, Volume 39, Pages 9-27, 2001
  • "The Case of Enviro-Lawn: Valuing a Local Business", Journal of Business Education, Volume 2, Pages 23-30, 2001
  • "An Empirical Analysis of SBA Guaranteed Loans: Rates, Collateral, Agency Costs, and Time to Obtain the Loan", Journal of Entrepreneurial Finance, Volume 6, Pages 1-23, 2001
  • "A Note on Internet Resources for the Entrepreneur: A Small Firm Finance Perspective", Journal of Entrepreneurial and Small Business Finance, Volume 5, Pages 85-92, 1996

Experience

Academic - Post-Secondary

  • Summer Professor, University of Puerto Rico, 2014
  • Summer Professor, Consortium of Universities for International Studies, Italy, 2011
  • Professor of Finance, Brigham Young University, 2010
  • Editor-in-Chief, Journal of Entrepreneurial Finance, 2009
  • Summer Professor, Consortium of Universities for International Studies, Italy, 2007
  • Associate Professor, Brigham Young University, 2005–2010
  • Guest Professor, University of Utah, 2005–2007
  • Visiting Professor, University of Puerto Rico, 2005–2006
  • Assistant Professor, Brigham Young University, 1999–2005
  • University Teaching Associate, Florida State University, 1998–1999
  • Graduate Teaching Instructor, Florida State University, 1996–1999
  • Graduate Research Assistant, Florida State University, 1995–1999

Other

  • Infantry Officer, U.S. Army, 1991–1999
  • Early Morning Seminary High School Teacher, Church of Jesus Christ of Latter-day Saints, 1994–1995

Awards

  • International Prestigious Scientist Award (ISAC2021), VDGOOD Technology Factory, 2020
  • Finance Society Outstanding Finance Professor of the Year Award, Marriott School, 2019
  • Best Paper Award Runner-Up, Financial Education Association, 2018
  • Finance Society Outstanding Finance Professor of the Year Award, Marriott School, 2018
  • Best Paper Award, Utah Academy of Sciences, Arts, & Letters, 2017
  • Finance Department Outstanding Researcher Award, BYU Finance Department, 2017
  • Best Paper Award, Academy of Financial Education, 2015
  • Joel C. Peterson Professorship, Brigham Young University, 2015
  • Ethics Teaching Award, Brigham Young University, 2015
  • Army ROTC George Q. Cannon Honoree, Brigham Young University, Army ROTC, 2015
  • Outstanding Citizenship Award, Finance Department, Brigham Young University, 2013
  • Phi Eta Sigma Favorite Professor, Phi Eta Sigma National Honor Society, 2013
  • Outstanding Paper Award, American Real Estate Society (ARES), 2011
  • BYU Army ROTC Patriot Award, BYU Army ROTC, 2010
  • USASBE Outstanding Reviewer Award, United States Association for Small Business and Entrepreneurship, 2009
  • Bateman MBA Outstanding Professor Award Nominee, Marriott School, BYU, 2008
  • Outstanding Reviewer Award, U.S. Association for Small Business and Entrepreneurship, 2008
  • Best Paper Award (for an article published in 2006) with Andy Holmes, Journal of Real Estate Research ($10,000 1st place award), 2007
  • Marriott School Finance Society Outstanding Finance Professor of the Year Award, BYU Finance Society, 2007
  • Outstanding Teaching Award, Marriott School, BYU, 2005
  • University Young Scholar Fellow, Brigham Young University, 2005
  • Outstanding Researcher Award, Marriott School, BYU, 2004
  • Outstanding Teaching Award, Department of Business Management, BYU, 2004
  • Best Paper Award ($5,000 award), Journal of Financial Research, 2003
  • Outstanding Researcher Award, Department of Business Management, BYU, 2003
  • Outstanding Teaching Award, BYU Finance Society, 2003
  • Best Paper Award, Utah Academy of Sciences, Arts, and Letters, 2001
  • Phi Kappa Phi Graduate Scholar Award (Valedictorian), Florida State University, 1999
  • Outstanding Teaching Award, College of Business, Florida State University, 1998
  • University Outstanding Teaching Award, Florida State University, 1998
  • Dean's List, United States Military Academy, West Point, 1988, 1989, 1990, 1998
  • Five Exceptional Achievement Awards, U.S. Army and Florida Army National Guard, 1991-, 1991
  • Expert Infantryman Badge, US Army, 1991
  • Infantry Officer Basic Course Honor Graduate, US. Army, 1991
  • Star Man (top 5% academically, physically, leadership), United States Military Academy, West Point, 1990

Administrative Assignments

  • Director — I served as the faculty director of the Peery Institute of Financial Services, focusing on supporting research, undergraduate finance curriculum, and student mentoring. — 2013–2015
  • Associate Director — I served as the Associate Department Chair and Program Director for the Finance Department. I brought in the first ever class of Finance Majors at BYU, operationalized the finance curriculum, and launched the finance major. — 2011–2013

Certificates and Licenses

  • Certified Financial Planner — CFP Board — 2019
  • Chartered Financial Analyst Designation — Chartered Financial Analyst Institute (CFAI) — 2004

BYU Citizenship

  • MIBS Faculty Board Member — Committee/Council Member — October 2020
  • CFP Coordinator — Program Chair/Coordinator — January 2020
  • BYU Business Ethics Club — Faculty Advisor — January 2017–December 2018
  • BYU Handball Club — Student Org Advisor — August 2016–December 2018
  • BYU Real Estate Purchasing Club — Student Org Advisor — January 2016–December 2018
  • BYU Waffle Wednesday Club — January 2016–December 2018
  • BYU Bodybuilding Club — Faculty Advisor — August 2018
  • BYU Meditation Station — Faculty Advisor — August 2018
  • BYU Motorcycle Club — Faculty Advisor — August 2018
  • Japanese Business Student Association — Faculty Advisor — August 2018
  • BYU Roller Skating Club — Faculty Advisor — January 2018
  • BYU Southern Student Association — Student Org Advisor — January 2018
  • Army ROTC Commissioning Speaker — Guest Speaker — December 2017–December 2017
  • BYU Student Housing Organization — Student Org Advisor — August 2015–December 2017
  • BYU Tuxedo Club — Student Org Advisor — May 2015–December 2017
  • BYU Spikeball Club — Faculty Advisor — January 2017
  • Finance Department Faculty Evaluation Committee — Committee/Council Member — November 2014–December 2016
  • BYU Sports Business Club — Faculty Advisor — August 2016
  • BYU Armenian Student Association — Student Org Advisor — January 2016
  • Faculty Director, H. Taylor Peery Institute of Financial Services — Director — March 2013–August 2015
  • BYU Veteran's Club — Student Org Advisor — January 2015
  • Finance Curriculum and Undergraduate Admissions Committee — Committee/Council Chair — January 2012–December 2014
  • MBA Energy Club — Student Org Advisor — January 2012–December 2014
  • Finance Department Teaching Committee — Committee/Council Member — September 2011–December 2014
  • Marriott School Curriculum Committee — Committee/Council Member — September 2011–December 2014
  • BYU Speakers Bureau — Guest Speaker — 2006–2014
  • Finance Major Admissions Committee — Committee/Council Member — November 2014
  • BYU Finance Society — Student Org Advisor — 2000–2012
  • BYU Army ROTC Advisory Board — Committee/Council Member — 2010
  • Undergraduate Steering Committee — Committee/Council Member — 2009–2009
  • Entrepreneurship Committee — Committee/Council Member — 2007–2008
  • CFA Scholarship Committee — Committee/Council Member — 2006–2006
  • CFA Scholarship Committee — Committee/Council Member — 2006
  • College ORCA Review Committee — Committee/Council Member — 2006
  • Finance Curriculum Committee — Committee/Council Member — 2006–2006
  • Study Abroad/International Experiences Committee — Committee/Council Member — 2005–2005
  • Center for Economic Self Reliance — Committee/Council Member — 2003–2005
  • Undergraduate Admissions — Committee/Council Member — 2001–2003

Professional Citizenship

  • Journal of Business Venturing, Editorial Review Board Member, 2010–2021
  • Journal of Entrepreneurial Finance, Editor, Associate Editor, 2009–2021
  • Financial Decisions, Editorial Review Board Member, 2002–2019
  • US Securities and Exchange Commission, Guest Speaker, June 2017–June 2017
  • Entrepreneurship: Theory and Practice, Editorial Review Board Member, 2003–2015
  • Association for Small Business and Entrepreneurship Meeting (USASBE), Committee/Council Chair, 2010–2010
  • Financial Management Association, Committee/Council Chair, 2010–2010
  • Social Sciences and Humanities Research Council of Canada, Grant Proposal Reviewer, External, 2010–2010
  • Financial Management Association, Committee/Council Member, 2005–2005
  • Financial Education Association Meeting Program Committee, Committee/Council Member, 2003–2003
  • Financial Management Association, Committee/Council Member, 2003–2003
  • Financial Management Association, Committee/Council Member, 2002–2002
  • FMA Session Coordinator, Other, 2000–2000
  • Long Range Planning Committee, FMA 2000, Other, 2000–2000