University of California, Riverside

UCR Business

Faculty Bio

Richard Smith

Professor of Finance, Philip L. Boyd Chair

Curriculum Vitae , updated 07/2013


Before joining UC Riverside's School of Business Administration, Richard Smith held the Ralph W. Leatherby Chair of Entrepreneurship and Private Equity at Chapman University. He moved to Chapman from Claremont Graduate University, where he was associate dean and professor of financial management at the Drucker Graduate School of Management and also served as director of the Venture Finance Institute and of the school's financial engineering program. Before moving to Claremont, Professor Smith was on the finance faculty of Arizona State University, where he served as Chair of the Department of Finance. His teaching responsibilities have included corporate finance, new venture finance, financial derivatives, risk management, asset management, and emerging economy strategic risk management. At SoBA, Professor Smith focuses his teaching on finance courses that will help advance SoBA's growing emphasis on entrepreneurial management and venture finance. He received a Ph.D. in business economics from UCLA in 1979, an M.A. in economics from UCLA in 1978, an M.B.A. in finance from Washington University in 1973, and a B.B.A. in finance from Southern Methodist University in 1971.

Professor Smith is the author of Entrepreneurial Finance (Wiley, 2004, 2ed.) and over 35 journal articles and other research papers on an array of finance and economics topics. His recent research has focused on initial public offerings and venture capital. His recent research also includes policy-oriented studies of retirement plan investment returns and asset allocation choices and the impact of the SEC's Fair Value Standard to illiquid assets held by mutual funds. His record includes publications in all of the leading finance journals, including The Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Financial Management, and the Journal of Financial and Quantitative Analysis. He served as executive editor for the Journal of Financial Research from 1986 through 1993.

From 1997 to 2000 and 2004 to 2007, Professor Smith served on the Investment Committee of the Board of Trustees of Claremont Graduate University. From 1991 to 1996, he served on the Investment Advisory Council of the Arizona State Retirement System. The IAC is responsible for directing the investments of the system's multi-billion dollar Arizona State Retirement Fund. From 1995 to 1996, he served as chair of the IAC and as a member of the ASRS Budget and Audit Committee. From 1986 to 1988, he served on the Investment Committee of Arizona State University. He has been engaged in financial economics consulting since 1981 and has consulted extensively on matters related to valuation, entrepreneurial finance, securities, and mergers and acquisitions. His clients have included a number of Fortune 500 companies, several federal and state agencies, and foreign agencies. Professor Smith has lectured internationally on venture finance, fostering entrepreneurship, and the role of entrepreneurship in economic growth.

Recent Scholarship

Books and Articles in Books

  • Entrepreneurial Finance: Strategy, Valuation, and Deal Structure, (2011) Stanford University Press, with Janet K. Smith and Richard T. Bliss.
  • "The Drucker Vision and Its Foundations: Corporations, Managers, Markets, and Innovation," in The Drucker Difference, ed. Maciariello, Pearce, and Yamawaki, McGraw-Hill, 2010: 221-254.
  • "Required Rates of Return and Financial Contracting for Entrepreneurial Ventures," in The Handbook of Entrepreneurial Finance, ed. D. Cumming (forthcoming) Oxford University Press.
  • "The Drucker Vision: Corporations, Managers, Markets, and Innovation", published as the second part of "The Foresight of Drucker ('On the Foundations of the Drucker Vision' and 'The Drucker Vision')" Translation by Yutaka Nagahara, Modern Thoughts 38, 2010:114-140, Modern Thoughts (Japanese).  Download (English version)
  • "On the Foundations of the Drucker Vision", published as the first part of "The Foresight of Drucker ('On the Foundations of the Drucker Vision' and 'The Drucker Vision')" Translation by Yutaka Nagahara, Modern Thoughts 38, 2010:114-140, Modern Thoughts (Japanese).  Download (English version)

Research Papers

  • ""VC Fund Financial Performance: The Relative Importance of IPO and M&A Exits and Exercise of Abandonment Options"," Forthcoming, Financial Management, with R. Pedace and V. Sathe. Download
  • "Can VCs Time the Market? An Analysis of Exit Choice for Venture-backed Firms," with E. Ball and H. Chiu, Review of Financial Studies 24, 2011, 3105-3138. Download
  • "The Paradox of 'Fraud on the Market' Theory," with J. Smith and G. Erenberg. Forthcoming, Journal of Empirical Legal Studies 8 2011, 260-303. Download

Working Papers

  • "Institutional Investors and the Transformation of Underperforming Firms," with G. Erenburg and J. Smith, (2011). Finance Working Paper. Download
  • “How Important is Capital Structure Policy to Firm Survival?” P. Chung and H. Na, (2011). Finance Working Paper. Download


(951) 827‑3554
Anderson Hall 0141

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Spring 2019:



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