Gayle R. Erwin

Associate Professor
Unit: McIntire School of Commerce
Department: McIntire School of Commerce
Office location and address
Rouss & Robertson Halls, Room 308
40 South Lawn
Charlottesville, Virginia 22904
Ph.D., Economics, Krannert Graduate School of Management, Purdue University
M.S., Economics, Krannert Graduate School of Management, Purdue University
B.S., Finance and Economics, University of Illinois, Chicago

Professor Erwin specializes in the field of corporate finance. Her current research focuses on corporate restructurings, bankruptcy, mergers and acquisitions, and corporate governance issues. She teaches undergraduate and graduate courses in corporate finance and mergers and acquisitions.

Professor Erwin has published articles in a variety of academic and practitioner journals. She has also presented her research at numerous academic conferences across North America and Europe. Her recent publications include “To Live or Let Die? An Empirical Analysis of Voluntary Corporate Liquidations,” in Journal of Corporate Finance; “The Liquidity Effects Associated with Addition of a Stock to the S&P 500 Index: Evidence from Bid/Ask Spreads,” in The Financial Review; and “The Intra-Industry Effects of Open Market Share Repurchases: Contagion or Competitive?” in Journal of Financial Research. Professor Erwin has also presented several papers at the Financial Management Association national conference, including “The Effect of Corporate Governance and Ownership on the Outcome of Chapter 11 Reorganizations,” “Diversification, Operating Performance, and Shareholder Value: Evidence from Bank Mergers,” and “Evidence of Informed Trading in Options Markets Preceding Tender Offer Announcements.” She is an active member of The American Finance Association, the Financial Management Association, and the Eastern Finance Association. She also serves as an ad hoc reviewer for several academic journals.

COMM 3030: Quantitative and Financial Analysis
Credits: 4
Covers basic analytical tools used in marketing and finance. Introduces a disciplined problem-solving process to structure, analyze, and solve business problems that is used extensively in case discussions. Topics include marketing research; exploratory data analysis, financial statement analysis, basic stock and bond valuation, pro forma statement analysis, cash budgeting, capital budgeting, regression analysis, and analyzing risk and return. Excel is used extensively throughout this session. Prerequisite: Third-year Commerce standing.
COMM 3040: Strategic Value Creation
Credits: 5
Provides an overview of corporate & global strategy, introducing frameworks for valuing companies, assessing the impact of strategic initiatives on firm value, & understanding corporate communication strategies & techniques. Topics include corporate governance, diversification, mergers & acquisitions, alliances, international market entries, DCF & relative valuation methods, corporate reputation management, investor & media relations.
COMM 3041: Strategic Value Creation - Study Abroad
Credits: 3
Course develops student understanding of corporate strategy & governance, & explains why value maximization provides a coherent framework for the firm's merger & acquisition decisions.Course will develop student proficiency in using financial analytical techniques & consulting tools that can enhance firm performance. Course considers the organizational, cultural, & communication issues corporations face when making strategic valuation decisions. Prerequisite: Undergraduate Commerce Study Abroad students
COMM 3720: Intermediate Corporate Finance
Credits: 3
A rigorous introduction to the full field of finance. Students should gain an appreciation of the role of financial markets and institutions in our economy as well as an introduction to the responsibilities, concerns, and methods of analysis employed by corporate financial managers. We focus on the two fundamental aspects of financial decision-making: time value and risk (modern portfolio theory, the capital asset pricing model, and alternatives). The concepts of time value and risk are used to value the two basic financial assets, bonds and stocks, as well as real assets, investment projects, and companies. In addition, the course introduces derivative securities (options, futures) and discusses their application in a wide variety of settings (real options, contingent claims valuation of equity). The course also covers the theory and practice of capital structure decisions (Modigliani and Miller, taxes, bankruptcy costs, asymmetric information, agency) and dividend decisions. The course will include a thorough discussion of market efficiency and an introduction to the field of behavioral finance. A unifying theme of the course is how no-arbitrage conditions and the law of one price can be used to value most financial assets. The emphasis in this course (both in and out of class) will be on problem solving. Prerequisite: COMM 3010, 3020, and 3030.
GCOM 7510: Special Topics in Finance
Credits: 3
New Graduate Commerce Course: Special Topics in Finance
GCOM 7730: Mergers & Acquisitions, Private Equity, & Restructuring
Credits: 3
GCOM 7730 explores three main topics: (1) mergers and acquisitions (2) non-distressed corporate restructurings in the form of leveraged buyouts and private equity and (3) distressed corporate restructuring/bankruptcy. The course is largely case-based and extends concepts and principles learned in GCOM 7060 and GCOM 7710 to practical applications. Students will additionally participate in two negotiation exercises during the term.