Lawrence P. Schrenk
Assistant Professor of Finance
Merrick School of Business
University
of Baltimore
1420 North Charles Street
Baltimore,
Maryland 21201-5779
http://home.ubalt.edu/ntsbschr/index.htm
lschrenk@ubalt.edu
Areas of Interest:
Research: Agency Theory, Governance, Compensation, Real
Options, and the Ethics of Finance
Teaching: Corporate Finance, Investments, Derivative
Securities, Fix-Income Securities, Financial Modeling, Risk Management, and
Security Valuation
Positions:
Assistant Professor of
Finance,
Merrick School of Business,
University of Baltimore, 2001-
Visiting Assistant
Professor of Finance,
Merrick School of Business,
University of Baltimore, 2000-2001
Education:
B. A.,
University of Michigan, 1980
M. B. A./ M. S.
(Finance),
University of Maryland, College Park, 1995
Ph. D.,
Finance,
University of Maryland, College Park, 2001
Dissertation:
“Managerial Risk
Aversion, Compensation and Corporate Policies”
Chairs:
Profs. Lemma W. Senbet and
Alexander J. Triantis
This study models the
behavior of risk-averse managers in selecting the investment, financing and
payout policies of the firm. It analyzes the potential cost to the firm of
decisions made by managers who maximize personal utility rather than firm
value, and it develops the optimal compensation policies to align managerial
and equity holder interests.
Academic Publications:
Lawrence P. Schrenk.
“Equityholder versus Stakeholder and Corporate Governance: Developing a
Market for Morality.” The Business Renaissance Quarterly 1.3
(Fall/Winter 2006): 81-90.
Lawrence P. Schrenk.
“Executive Compensation: A Multi-Tasking Model.” Corporate Ownership &
Control 5 (2007), forthcoming.
Editorials:
Lawrence P. Schrenk.
“People Make Mistakes…Except in Economics, Of Course!” (UB Viewpoint)
Daily Record (Maryland’s Business and Legal News) Fall 2004.
Lawrence P. Schrenk.
“CEO Compensation….How, Not How Much!” (UB Viewpoint) Daily Record
(Maryland’s Business and Legal News) Friday, 12 March 2004.
Work-in-Progress:
"Real Option Valuation
with Multiple Risky Assets"
"A Differential Game
between Equity Holders and Debt Holders"
Grants and Awards:
Hoffberger Center for
Professional Ethics Research Award
2002-2003
Faculty Summer Grant,
Merrick School of Business
Summer 2004
Faculty Summer Grant,
Merrick School of Business
Summer 2005
Teaching Experience:
Undergraduate:
Introduction to
Finance,
Financial Management, Investments, Derivative Securities,
Risk Management, and Security Analysis and Valuation
Graduate:
Economics, Introduction
to Finance,
Financial Management, Fixed-Income Securities, Financial Modeling,
Derivative
Securities,
Risk Management, and
Fixed-Income Securities
Web Courses:
Economics, Financial
Management, and Investments
Professional Experience:
Consultant,
Hagler-Bailly Consulting, Alexandria, Virginia
1997-1998
Valuation of real
options in energy and related industries
Consultant, Monsanto
Company, St. Louis, Missouri
1998-1999
Strategic planning
using real option and game theoretic analysis in international agriculture
and biotechnology
Professional Activities:
Member,
American Finance Association
1993-
Member,
Financial Management Association
1995-
Member,
American Economics
Association
1993-
Teaching Evaluations:
Excel Spreadsheet