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<p class="MsoNormal" style="margin-bottom:12.0pt"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black"> Megginson, William L. [wmegginson@ou.edu]<br>
<b>Sent:</b> Sunday, December 12, 2021 2:50 PM<br>
<b>To:</b> Srinivas Nippani<br>
<b>Cc:</b> Megginson, William L.<br>
<b>Subject:</b> Seeking promising MSF students for the OU Price College finance PhD program</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">**External Email**<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Dear Professor Nippani,
</span><span style="color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Hopefully, you are anticipating an end to Fall semester and a wonderful Christmas holiday. I am Director of the OU Price College’s Finance PhD program,
and am writing to you as the Academic Director of Texas A&M-Commerce University’s MS in Finance program. I am reaching out to MSF program directors at highly ranked schools which do not offer their own PhD in finance degrees, seeking assistance in identifying
and attracting the best MSF students who might be interested in pursuing a PhD in finance after completing their MSF degrees. This message is to request your help in this endeavor.
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in"> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">While traditionally the main precursor academic preparation for entering a finance PhD program was to earn an MBA, almost all of our successful recent applicants
have instead earned MS Finance or MS Economics degrees. The greater emphasis on economic, statistical and other quantitative coursework in the academic masters’ degrees has proven to be superior preparation for doctoral coursework. Despite broad recognition
that earning an MSF is the ideal preparation for PhD coursework, I am unaware of any PhD granting school that has perfected a method of reaching out to potentially interested students during their MSF training, which is what I hope to do with you now. If you
know of one or more excellent students in your program who might be interested in pursuing a finance PhD--and then an academic, industrial, or government career—please either contact them directly and suggest that they reach out to me, or simply forward this
email to them, preferably with your certification.</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in"> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Why pursue a PhD in Finance?
</span></b><span style="color:black"><o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:6.0pt"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">While the life of a finance professor at an American research university is immensely rewarding and challenging, most MSF students
do not even consider pursuing a PhD and then joining academia. A big part of my job is thus to educate potential applicants about the benefits (and costs) of earning a PhD in finance, and to help them gauge whether academia is a lifestyle and career that would
suit them personally. Becoming an assistant professor in finance at a US research university is:
</span><span style="color:black"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">•
<b>Intellectually challenging and stimulating. </b>We are, quite literally, paid to create new knowledge and to disseminate this widely. We research almost any topic that interests us—providing that research will publish in top journals—and professional rewards
directly track personal productivity. We also do not have a real “boss” and have almost complete control over our time.
</span><span style="color:black"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">•
<b>Financially rewarding.</b> The starting salaries for finance assistant professors at US research universities are now close to $300,000/year—significantly higher even than starting salaries for MBAs entering investment banking—and yet new professors must
teach fewer than 200 hours per year. Once past tenure, consulting and external teaching opportunities can add significant income.
</span><span style="color:black"><o:p></o:p></span></p>
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<span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">•
<b>Professionally challenging and competitive.</b> While most people view academia as a “cushy life,” it is in fact highly competitive and demanding. Relatively few professors are awarded tenure where they begin their careers, but those who do reap significant
financial and reputational benefits. Individual productivity is uniquely easy to measure in academia, and so professional rewards can be targeted very precisely.
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">And on top of all these other benefits, our “work site” is a university; we are surrounded by intelligent and eager colleagues and students; there are ample
international travel opportunities; and everyone calls us “Doctor” or “Professor”; What a life!
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in"> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Why earn a Finance PhD in OU’s Price College of Business?
</span></b><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in"> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">So, earning a finance PhD sounds great, but why choose OU’s Price College of Business? First and foremost, we have a well-established program with a track
record of successfully placing graduates in tenure-track positions at research universities. While placements were effectively halted everywhere for 2021, recent graduates have placed in tenure-track positions at the University of Tennessee (2020, after two
years of invited post-doc at Cambridge University), Monash University-Melbourne (2020), Hofstra University (2020), the Rochester Institute of Technology (2019), University of Richmond (2022), and Montana State University (2015). Further back, graduates placed
at Iowa State University (2009), the University of Buffalo (2011), Warwick University (2011), Purdue University (2012) and Lehigh University (2013). We also placed two graduates in visiting professor positions at Southern Methodist University (2019, 2020).
Additionally, graduates from 8-14 years ago have received promotion and tenure at the University of Buffalo (2011), Wichita State University (2010), Iowa State University (2008) and Lehigh University (2008).
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in"> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">The Price College offers financial support--consisting of a $30,000 annual stipend plus full tuition waivers, basic health insurance coverage, and possible
additional competitively awarded funding—for up to five years for promising doctoral candidates, with only modest teaching requirements during the early years. As the attached file and URL (</span><span style="font-size:12.0pt;color:blue;border:none windowtext 1.0pt;padding:0in"><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.ou.edu_price_finance_research_faculty-2Dpublications&d=DwMF-g&c=oqyuZuih6ykib6aKiBq22_bich4AVfYGoLertJN0bEc&r=RFgVjINWd3tE-4aL-ltkyXfcHn14YdNCE-AOUIPf4L4&m=wnCvvZ3aAw15qb_xILlnYFv8Gw5ut28pNdZ4pPgTmGs&s=_qObS8LAodx5VTX30AWamJElo4yrvj6W1-Ddg5TaABk&e=" target="_blank">https://www.ou.edu/price/finance/research/faculty-publications</a></span><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">)
indicate, our finance faculty has enjoyed considerable success publishing in top journals and attracting significant external research funding. Price College doctoral students have achieved remarkable professional success in recent years publishing research
works and presenting papers at academic conferences, as demonstrated at (</span><span style="font-size:12.0pt;color:blue;border:none windowtext 1.0pt;padding:0in"><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.ou.edu_price_finance_phdfinance_research-3Fid-3Dphdpubs&d=DwMF-g&c=oqyuZuih6ykib6aKiBq22_bich4AVfYGoLertJN0bEc&r=RFgVjINWd3tE-4aL-ltkyXfcHn14YdNCE-AOUIPf4L4&m=wnCvvZ3aAw15qb_xILlnYFv8Gw5ut28pNdZ4pPgTmGs&s=0-XduMj1BUHF3tsTPZ20etT_Hr5i_ccX_ekIHRG75qo&e=" target="_blank">https://www.ou.edu/price/finance/phdfinance/research?id=phdpubs</a></span><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">).
We stress collaboration between faculty and students in research projects and we actively mentor students throughout their scholarly apprenticeships.
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in"> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">We are seeking applicants with strong quantitative training, excellent English- language skills, and high test scores—GMAT scores of 700+ or GRE Verbal
and Quantitative of 160+ each. To learn more about the OU Finance PhD program, please visit the Price College website (</span><span style="font-size:12.0pt;color:blue;border:none windowtext 1.0pt;padding:0in"><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.ou.edu_price_finance_phdfinance&d=DwMF-g&c=oqyuZuih6ykib6aKiBq22_bich4AVfYGoLertJN0bEc&r=RFgVjINWd3tE-4aL-ltkyXfcHn14YdNCE-AOUIPf4L4&m=wnCvvZ3aAw15qb_xILlnYFv8Gw5ut28pNdZ4pPgTmGs&s=p9hCdJ7Veqh_Iii3qOrxWS2jfO5fTp9FX-kV0SKOMdc&e=" target="_blank">https://www.ou.edu/price/finance/phdfinance</a></span><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">)
or contact me directly at the numbers listed below.</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in"> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in"> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Bill Megginson
</span></b><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Professor & Price Chair in Finance</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">George Lynn Cross Research Professor</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Michael F. Price College of Business
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">The University of Oklahoma
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Norman, OK 73019-4005
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Consulting Editor, Journal of International Business Studies</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Tel/Fax: (405) 325-2058/325-7688
</span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">e-mail:
<a href="mailto:wmegginson@ou.edu">wmegginson@ou.edu</a> </span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black;border:none windowtext 1.0pt;padding:0in">Papers available from:
<a href="http://ssrn.com/author=145311">http://ssrn.com/author=145311</a></span><span style="color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:black"> <o:p></o:p></span></p>
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