Simon Benninga and Torben Voetmann
(click name to send e-mail)

Torben Voetmann

Lecturer
The Wharton School, Finance Department
3620 Locust Walk, 2300 Steinberg Hall-Dietrich Hall,
Philadelphia, PA 19104-6367
The Finance Department, Office #2344

Senior Manager

Cornerstone Research

353 Sacramento Street, 19th floor

San Francisco, CA 94111

Phone: 415-229-8172

Cornerstone Research

Help experts prepare for testimony in securities litigation involving market timing, complex mergers and acquisitions, business valuation, 10b-5 cases, and other economic issues. Develop valuation models, and conduct econometric analysis and research. Case experience includes, for example:

Analyzed market timing in several large mutual fund families;
Examined the relationship between public information and stock returns;
Analyzed the relationship between parent company and tracking stock returns;
Performed event studies to analyze premium and fairness of the exchange ratio in mergers and acquisitions in the telecom sector;
Analyzed the reaction of the defendant’s stock price to information disclosures in 10(b)-5 and Section 11 classes;
Analyzed portfolio rebalancing using a database with more than three million mutual fund transactions.

Led a training program on equity valuation using Excel and a training session on cost of capital for advanced analysts and developed training modules for analysts and associates.

Publications:

Jakobsen, Jan and Torben Voetmann, 2005, "A New Approach Interpreting Long-Run Returns, Applied to IPO and SEO Stocks," Annals for Economics and Finance, Volume 6, pp. 337-363
Neumann, Robert and Torben, Voetmann, 2005, "Top executive turnovers: Separating decision and control rights,” Managerial and Decision Economics, Volume 26, pp. 25 – 37
Neumann, Robert and Torben Voetmann, 2003, "Demand Curves for European Stocks Slopes Down Too: Evidence from Float Capitalization Index Weights in Dow Jones STOXX 50,” Review of Finance (formerly European Finance Review), Volume 7, pp. 437 – 457
Robert Neumann and Torben Voetmann, 2003, “Does Ownership Matter in the Presence of Strict Anti-Activism Legislation? Evidence From Equity Transactions in Denmark,” International Review of Financial Analysis, pp. 157 – 171
Jakobsen, Jan and Torben Voetmann, 2003, “Post-Acquisition Performance in the Short and Long Run: Evidence from the Copenhagen Stock Exchange 1993 - 1997,” European Journal of Finance, Volume 9, pp. 323 - 342
Neumann, Robert and Torben Voetmann, 2001, "Free Float Vægtning af KFX - Erfaringerne fra Dow Jones Europe STOXX^SM Indeks," Finans/Invest 3, Maj, pp. 23-27
Robert Neumann and Torben Voetmann, 2000, "Institutionelle og strategiske investorers betydning - resultater fra §29 meddelelser," Finansielle splinter, pp. 65-71
Jakobsen, Jan and Torben Voetmann, 2000, "Er danske Virksonhedsovertagelser værdiskabende eller ej?," Finans/Invest 8, December, pp. 9-11
Neumann, Robert and Torben Voetmann, 1999, "Markedet for Direktører," Finans/Invest 7, December, pp. 20-23
Voetmann, Torben, 1992, "Er aktiemarkederne integreret?" Finans/Invest 3, April, pp. 23-25

Working Papers:

Predicting Financial Distress: An empirical investigation of the Danish Stock Market. The thesis is written together with Morten Gregersen
Share Repurchases: An empirical investigation of long-horizon security performance after Fixed Priced Tender Offers and Dutch Auctions. JEL classification: G35. Keywords: Share Repurchases; Signaling; Event Study. Working Paper: WP98-5 Working Paper
Changes in The Bid-Ask Components Around Earnings Announcements: Evidence from the Copenhagen Stock Exchange. JEL classification: G14. Keywords: Bid-Ask Spread; Earnings Surprises; Asymmetric Information. Department of Finance, Copenhagen Business School: Downloadable Working Paper

Conferences:

Financial Management Association San Antonio, “Implementing Float Capitalization Index Weights – Price and Volume Effects,” October, 2002, San Antonio, Texas.
European Financial Management Association “Implementing Float Capitalization Index Weights – Price and Volume Effects,” London June, 2002, London, United Kingdom.
Financial Management Association, “Implementing Float Capitalization Index Weights – Price and Volume Effects,” June, 2002, Copenhagen, Denmark.
Financial Management Association, “Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns,” October, 2001, Toronto, Canada.
Financial Management Association International, “Does Ownership Matter in the Presence of Strict Anti-Activism Legislation? Evidence From Equity Transactions in Denmark,” June, 2001, Paris, France.
European Financial Management Association, “Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns,” June, 2000, Athens, Greece.
Financial Management Association International, “Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns,” June, 2000, Edinburgh, Scotland.
European Finance Association Annual Meeting, “CEO Turnover and Corporate Governance: Evidence from the Copenhagen Stock Exchange,” August, 1999, Helsinki, Finland.
Workshop on Corporate Finance, “Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns,” Copenhagen, May, 1999, Copenhagen, Denmark.
Financial Management Association International, “Post-Acquisition Performance in the Short and Long Run: Evidence from the Copenhagen Stock Exchange 1993 - 1997,” June, 1998, Barcelona, Spain.

Other Activities:

Designed, developed, and instructed an executive course titled “Financial Modelling for Corporate Finance” for Financial Modelling World, Australia, 2002
Designed, developed, and instructed an executive course titled “Financial Modeling in Excel and Security Analysis” for FT New York Institute of Finance, 2001 – 2002, 2005
Expert consultant on the development of the web-based course “Business Valuation” for FT New York Institute of Finance, 2001
Referee for Journal of Empirical Corporate Finance; and International Review of Financial Analysis.

Recommended Finance Books:

Financial Modeling....
Corporate Finance, 8th edition.