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Indiana University Bloomington

Institute of Business Analytics

Randall A. Heron

Contact Information

(317) 274-4984
rheron [at] iupui [dot] edu (E-mail)
Indianapolis, Room BS 4050

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  • Professor of Finance
  • OneAmerica Foundation Endowed Chair


  • Indianapolis


  • PhD, Purdue University, 1995
  • MBA, Western Illinois University, 1991
  • BS, Western Illinois University, 1990

Professional Experience

  • Associate Professor of Finance, Indiana University, 2003
  • Assistant Professor of Finance, Indiana University, 1997
  • Visiting Assistant Professor, University of Notre Dame, 1995-1997

Awards, Honors & Certifications

  • 24 Teaching Excellence Awards (see vita for full details)
  • Jensen Prize, Journal of Financial Economics, 2007
  • Recognized as one of the academic influencers of 2007 (Business Finance Magazine)
  • Recognized as a top five newsmaker of 2006 (Workforce Management)
  • Research Excellence Award, Kelley School of Business, 2004

Professional Interests

Corporate Finance, Corporate Governance, Mergers and acquisitions

Selected Publications

  • Heron, R. A. and E. Lie (2009), “What Fraction of Stock Option Grants to Top Executives Have Been Backdated or Manipulated?,” Management Science, Vol. 55, No. 4, April, pp. 513-525.

  • Heron, R. A. and E. Lie (2007), “Does Backdating Explain the Stock Price Pattern Around Executive Stock Option Grants?,” Journal of Financial Economics, Vol. 83, pp. 271-295.

  • Heron, R. A., E. Lie, and R. T. Perry (2007), “On the Use (and Abuse) of Stock Option Grants,” Financial Analysts Journal, Vol. 63, May/June, pp. 17-27.

  • Heron, R. A. and E. Lie (2006), “On the Use of Poison Pills and Defensive Payouts by Takeover Targets,” Journal of Business, Vol. 79, pp. 1783-1807.

  • Heron, R. A. and E. Lie (2004), “A Comparison of the Motivations for and the Information Content of Different Types of Equity Offerings,” Journal of Business, Vol. 77, pp. 605-632.

  • Carow, K., R. A. Heron, and T. Saxton (2004), “Do Early Birds Get the Returns?  An Empirical Investigation of Early Mover Advantages in Acquisitions,” Strategic Management Journal, Vol. 25, pp. 563-585.    

  • Heron, R. A. and E. Lie (2002), “Operating Performance and the Method of Payment in Takeovers,” Journal of Financial and Quantitative Analysis, Vol. 37, pp. 137-155.

  • Heron, R. A. and W. G. Lewellen (1998), “An Empirical Analysis of the Reincorporation Decision,” Journal of Financial and Quantitative Analysis, Vol. 33, pp. 549-568.