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  2. Faculty
  3. Enrique Arzac

Enrique Arzac

Professor Emeritus
Finance Division
Columbia Business School
Areas of Expertise
Corporate Finance
Contact
Office: 523 Uris
Phone: (212) 8544401
E-mail: [email protected]
Links
Personal Website

Professor Arzac is an expert on corporate finance and valuation. He teaches the advanced corporate finance courses in the MBA and Executive MBA programs, directs the Merger, Buyouts and Corporate Restructuring program for executives, and co-directs the Mergers and Acquisitions program for executives at London Business School. He is the author of the book Valuation for Mergers, Buyouts and Restructuring and has published many articles in finance and economics journals. His is currently studying valuation issues and practices in corporate acquisitions and the design of transactions structures. He has received many awards for teaching excellence, including the 1995 Margaret Chandler Award for Commitment to Excellence in teaching. Arzac is a director of the Adams Express Company, Petroleum and Resources Corporation and Credit Suisse Asset Management Funds.

Education
CPN, University of Buenos Aires, 1963; MBA, Columbia, 1965; MA, 1966; PhD, 1968
Joined CBS
1971

All Activities

  • Research
  • Teaching
  • Awards and Honors
  • Press
  • CaseWorks
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Journal Article
Arzac, Enrique and Lawrence Glosten
. “A Reconsideration of Tax Shield Valuation.”
European Financial Management
vol.
11
, (September 01, 2005):
453
-
61
.
Explore Further about A Reconsideration of Tax Shield Valuation
Download PDF on A Reconsideration of Tax Shield Valuation
Journal Article
Arzac, Enrique
. “Phantom Stock and Investment Decisions.”
International Advances in Economic Research
vol.
8
, no.
1
(February 01, 2002).doi:
https://doi.org/10.1007/BF02295571
Explore Further about Phantom Stock and Investment Decisions
Download PDF on Phantom Stock and Investment Decisions
Journal Article
Arzac, Enrique
. “Percs, Decs, and Other Mandatory Convertibles.”
Journal of Applied Corporate Finance
vol.
10
, (January 01, 1997):
54
-
63
.
Explore Further about Percs, Decs, and Other Mandatory Convertibles
Download PDF on Percs, Decs, and Other Mandatory Convertibles
Journal Article
Arzac, Enrique
. “Valuation of Highly Leveraged Firms.”
Financial Analysts Journal
vol.
52
, (July 01, 1996):
42
-
50
.
Explore Further about Valuation of Highly Leveraged Firms
Download PDF on Valuation of Highly Leveraged Firms
Journal Article
Arzac, Enrique
. “Privatization in Italy: Roundtable Discussion with Paolo Savona the Italian Minister of Industry.”
The Columbia Journal of World Business
vol.
29
, no.
1
(March 01, 1994):
72
-
83
. doi:
https://doi.org/10.1016/0022-5428(94)90021-3
Explore Further about Privatization in Italy: Roundtable Discussion with Paolo Savona the Italian Minister of Industry
Journal Article
Arzac, Enrique
. “On the Capital Structure of Leveraged Buyouts.”
Financial Management
vol.
21
, (January 01, 1992):
16
-
26
.
Explore Further about On the Capital Structure of Leveraged Buyouts
Download PDF on On the Capital Structure of Leveraged Buyouts
Journal Article
Arzac, Enrique
. “Class Shares and Economies of Scope.”
Journal of Economic Theory
vol.
54
, (August 01, 1991):
448
-
59
.
Explore Further about Class Shares and Economies of Scope
Journal Article
Arzac, Enrique
. “Income Insurance with Uncertain Output.”
International Economic Review
vol.
30
, (August 01, 1989):
561
-
69
.
Explore Further about Income Insurance with Uncertain Output
Download PDF on Income Insurance with Uncertain Output
Journal Article
Arzac, Enrique
. “Do Your Business Units Create Shareholder Value?”
Harvard Business Review
vol.
64
, (January 01, 1986):
121
-
26
.
Explore Further about Do Your Business Units Create Shareholder Value?
Download PDF on Do Your Business Units Create Shareholder Value?
Journal Article
Arzac, Enrique
. “Flotation Cost Allowance for the Regulated Firm: A Reply," (with M. Marcus), Journal of Finance, Vol. 39, No. 1, March 1984.”
The Journal of Finance
vol.
38
, no.
4
(March 01, 1984):
1339
-
1341
. doi:
https://doi-org.ezproxy.cul.columbia.edu/10.2307/2327687
Explore Further about Flotation Cost Allowance for the Regulated Firm: A Reply," (with M. Marcus), Journal of Finance, Vol. 39, No. 1, March 1984
Journal Article
Arzac, Enrique
. “A Mechanism for the Allocation of Corporate Investment.”
Journal of Financial and Quantitative Analysis
vol.
18
, (June 01, 1983):
175
-
88
.
Explore Further about A Mechanism for the Allocation of Corporate Investment
Download PDF on A Mechanism for the Allocation of Corporate Investment
Journal Article
Arzac, Enrique and Matityahu Marcus
. “Flotation Cost Allowance in Rate of Return Regulation: A Note.”
Journal of Finance
vol.
36
, (December 01, 1981):
1199
-
1202
.
Explore Further about Flotation Cost Allowance in Rate of Return Regulation: A Note
Download PDF on Flotation Cost Allowance in Rate of Return Regulation: A Note
Journal Article
Arzac, Enrique, Robert Schwartz, and David Whitcomb
. “A Theory and Test of Credit Rationing: Some Further Results.”
American Economic Review
vol.
71
, (September 01, 1981):
735
-
37
.
Explore Further about A Theory and Test of Credit Rationing: Some Further Results
Download PDF on A Theory and Test of Credit Rationing: Some Further Results
Journal Article
Arzac, Enrique, Robert Schwartz, and David Whitcomb
. “The Leverage Structure of Interest Rates.”
Journal of Money, Credit, and Banking
vol.
13
, (February 01, 1981):
72
-
88
.
Explore Further about The Leverage Structure of Interest Rates
Download PDF on The Leverage Structure of Interest Rates
Journal Article
Arzac, Enrique and Maurice Wilkinson
. “A Quarterly Econometric Model of the United States Livestock and Grain Markets and Some of Its Policy Implications.”
American Journal of Agricultural Economics
vol.
61
, (May 01, 1979):
297
-
308
.
Explore Further about A Quarterly Econometric Model of the United States Livestock and Grain Markets and Some of Its Policy Implications
Download PDF on A Quarterly Econometric Model of the United States Livestock and Grain Markets and Some of Its Policy Implications
Journal Article
Arzac, Enrique and Maurice Wilkinson
. “Stabilization Policies for the United States Feed Grain and Livestock Markets.”
Journal of Economic Dynamics and Control
vol.
1
, (January 01, 1979):
39
-
58
.
Explore Further about Stabilization Policies for the United States Feed Grain and Livestock Markets
Download PDF on Stabilization Policies for the United States Feed Grain and Livestock Markets
Journal Article
Arzac, Enrique and Vijay Bawa
. “Portfolio Choice and Equilibrium in Capital Markets with Safety-First Investors.”
Journal of Financial Economics
vol.
4
, (May 01, 1977):
277
-
88
.
Explore Further about Portfolio Choice and Equilibrium in Capital Markets with Safety-First Investors
Download PDF on Portfolio Choice and Equilibrium in Capital Markets with Safety-First Investors
Journal Article
Arzac, Enrique
. “Profits and Safety in the Theory of the Firm Under Price Uncertainty.”
International Economic Review
vol.
17
, (February 01, 1976):
163
-
71
.
Explore Further about Profits and Safety in the Theory of the Firm Under Price Uncertainty
Download PDF on Profits and Safety in the Theory of the Firm Under Price Uncertainty
Journal Article
Arzac, Enrique
. “Structural Planning Under Controllable Business Risk.”
Journal of Finance
vol.
30
, (December 01, 1975):
1229
-
37
.
Explore Further about Structural Planning Under Controllable Business Risk
Download PDF on Structural Planning Under Controllable Business Risk
Journal Article
Arzac, Enrique
. “Utility Analysis of Chance-Constrained Portfolio Selection.”
The Journal of Financial and Quantitative Analysis
vol.
9
, no.
6
(December 01, 1974):
993
-
1007
. doi:
https://www.jstor.org/stable/2329731
Explore Further about Utility Analysis of Chance-Constrained Portfolio Selection
Download PDF on Utility Analysis of Chance-Constrained Portfolio Selection
Working Paper
Arzac, Enrique
. Back-Door Equity Financing: Citigroup's $7.5 Billion Mandatory Convertible Issue. July 01, 2008.
Explore Further about Back-Door Equity Financing: Citigroup's $7.5 Billion Mandatory Convertible Issue
Download PDF on Back-Door Equity Financing: Citigroup's $7.5 Billion Mandatory Convertible Issue
Book
Arzac, Enrique
. Valuation for Mergers, Buyouts and Restructuring. 
Wiley
, 2007.
Explore Further about Valuation for Mergers, Buyouts and Restructuring
Book
Arzac, Enrique
. Valuation for Mergers, Buyouts and Restructuring, DealModeler CD-ROM/User's Guide. 
Wiley
, 2003.
Explore Further about Valuation for Mergers, Buyouts and Restructuring, DealModeler CD-ROM/User's Guide
Chapter
Arzac, Enrique
. “Financing in the Global Capital Market.” In
HERAUSMANAG (volume 3)
,
283
-
319
.
Springer Berlin, Heidelberg
:
Ralph Berndt
, 1996.
Explore Further about Financing in the Global Capital Market
Download PDF on Financing in the Global Capital Market
  • Courses
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This faculty member has no associated courses currently. Please check back next semester.
  • Awards & Honors
  • In the Media
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  • CaseWorks
Case ID
80308

The Perfect Storm: Citigroup's $7.5 Billion Mandatory Convertible Issue

Citigroup's Mandatory Convertible: As a financial services firm considers a recapitalization during a global credit crisis, what instrument would be the least costly to itself and its shareholders?

View Case on The Perfect Storm: Citigroup's $7.5 Billion Mandatory Convertible Issue
Case ID
80310

Restructuring Kraft

When an activist investor becomes the biggest shareholder of an underperforming food and beverage company, what restructuring steps might he advocate?

View Case on Restructuring Kraft

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