Tao-Hsien Dolly King

What do you enjoy most about teaching?

I truly enjoy teaching the doctoral course on corporate finance where I have been able to incorporate research into teaching to the fullest extent. It has also been a great experience guiding the students in conducting independent research.

I love teaching the master’s students on the specialized topics of fixed income securities and advanced corporate finance. The topics are theoretically-based but very much application-oriented. I am able to use real-life events and examples to illustrate important concepts and encourage active discussions in class.

In undergraduate courses, students often have fresh and novel ideas about finance that can stimulate thinking and learning.

Tao-Hsien Dolly King, Ph.D., is the Rush S. Dickson Professor of Finance and Chair of the Department of Finance. She joined the Belk College of Business in 2006 when the college launched the Ph.D. in Finance program. In addition to serving as Chair, King also teaches and conducts research.

Describe your area of expertise.

My areas of expertise include corporate finance and fixed income securities. For corporate finance, I am interested in a variety of topics, including corporate call policy for nonconvertible and convertible bonds, mergers and acquisitions, dividend policy, debt covenant structure, corporate governance structure, corporate hedging, joint ventures and strategic alliances, cross-listing decisions and going private transactions. For fixed income securities, I study callable bonds and embedded option value, return reversals in the bond market, corporate bond pricing, liquidity and trading of Treasury securities, and corporate loan structure.

What has your published research uncovered thus far and where has it been published?

My research has been published in major finance journals such as Journal of Finance, Journal of Business, Journal of Financial and Quantitative Analysis, Journal of Money, Credit and Banking, Financial Management, Journal of Banking and Finance, Journal of Corporate Finance, Journal of Fixed Income, Applied Economics, among others. In one of my forthcoming articles in Journal of Banking and Finance, my co-authors and I study strategic alliances and joint ventures and find that these two cooperative business activities create significant value for bondholders. We find little evidence of a wealth transfer between shareholders and bondholders.

What research do you have in progress?

I am exploring how bondholder wealth changes around block share acquisitions, corporate decisions on debt mix between private and public debt, the impact of labor union strength on CEO debt-like compensation and others. For fixed income related areas, I am examining the structure of pure puttable bonds, pricing of single-industry and conglomerate bonds, short sale and bondholder returns.

How do you utilize your expertise in the Charlotte financial industry?

Last year, I worked with the Darla Moore School of Business at University of South Carolina to co-host the Fixed Income Conference on a topic that is one of my main research areas – fixed income securities. We put together a wonderful program consisting of well-known speakers, panelists and top researchers from industry such as Moody’s, Goldman Sachs, Bank of America, Standard and Poor’s, TIAA-CREF, United Guaranty, the U.S. Securities and Exchange Commission and Federal Reserve Bank of Richmond and academia.

What other student programs are you associated with?

I am very involved with the Mathematical Finance master’s program and Ph.D. in Finance program committees to work on all issues related to curriculum, professional development for students and alumni connections. I am also working closely with the Robert A. Niblock Student Center for Professional Development and employers on opportunities for internships and permanent positions and guidance or mentoring for current students on career planning and graduate study.

View Tao-Hsien Dolly King's faculty bio page