​Olin Faculty

Return to Previous Screen
Faculty | Todd T. Milbourn | WashU Olin Business School
Todd T. Milbourn

Vice Dean and Hubert C. & Dorothy R. Moog Professor of Finance

Area of Expertise:

Corporate Finance, Corporate Finance

Research Interests:

Corporate finance, managerial career concerns, management compensation, and economics of asymmetric information

Selected Publications:

  • "Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials", Management Science, Issue 12, with A. Falato, D. Li, 2015
  • "CEO Equity Incentives and Financial Misreporting: The Role of Auditor Expertise", The Accounting Review, Issue 2, 603-623, with S. Jayaraman, 2015
  • "How did increased competition affect credit ratings?", Journal of Financial Economics(Working Paper), 493-514, with B. Becker, 2011
  • "Strategic Flexibility and the Optimality of Pay for Sector Performance", Review of Financial Studies, Issue 5, 2060-2098, with R. Gopalan, F. Song, 2010
  • "Asymmetric Benchmarking in Compensation: Executives are Paid for Good Luck But Not Punished for Bad", Journal of Financial Economics / Simon School of Business, Issue 1, 197-225, with G. Garvey, 2006
  • "Credit Ratings as Coordination Mechanisms", Review of Financial Studies / Oxford University Press on behalf of The Society for Financial Studies, Issue 1, 81-118, with A. Boot, A. Schmeits, 2006
  • "Incentive Compensation When Executives Can Hedge the Market: Evidence of Relative Performance Evaluation in the Cross-Section", Journal of Finance / American Finance Association, Issue 4, 1557-1582, with G. Garvey, 2003

Academic/Professional Activities:

  • Referee, The Review of Financial Studies; Journal of Business; Journal of Financial Intermediation; Journal of Banking and Finance; European Economic Review; Journal of Economics; Financial Management
  • Member, Western Finance Association; Financial Management Association; American Finance Association; and American Economic Association
  • Board Member, St. Louis Military Officer Support Foundation
  • Board Member, The Xanthus Fund, Oppenheimer Asset Management


  • Olin Award Winner on Compensation Goals and Firm Performance, Olin Business School, 2016
  • St. Louis Founder's Day Distinguished Faculty Award, Washington University, 2015
  • Marcile and James Reid Chair, Washington University in St. Louis, 2002
  • MBA Teaching Excellence Award, Indiana University School of Business, 1995
  • Beta Gamma Sigma since 1996
  • Phi Beta Kappa member since 1991
  • Reid Teaching Awards: BSBA 2009, 2011, 2012; Full-Time MBA 2004; EMBA Fudan Class 9; EMBA 22, 23, 24, 25; EMBA-HSM IV; Washington University in St. Louis

Todd T. Milbourn

Professor Milbourn previously taught at the London Business School and the University of Chicago before coming to Olin.

Todd T. Milbourn's Home Page
Todd T. Milbourn's Curriculum Vitae
Phone: (314) 935-6392

PhD 1995, Indiana University
BA 1991, Augustana College