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Mufaddal Baxamusa

Associate Professor

  • Education
  • B.Tech., Bachelor of Technology, Indian Institute of Technology
    M.B.A., Finance, The George Washington University
    Ph.D., University of Minnesota - Carlson School of Management
  • Research Interests
  • Corporate finance and investments

Mufaddal Baxamusa, PhD, is an associate professor in the Department of Finance at the University of St. Thomas Opus College of Business.

Baxamusa’s research is in empirical corporate finance and investments. He has published in a number of leading journals including the Journal of Banking and Finance and Financial Management. He has won a number of awards for his research, including the best paper award in behavioral finance in the annual meetings of the Midwest Finance Association. He has also won the University Scholar Grant and the Heckler Award. He has been cited by the media and consulted by industry leaders.

Baxamusa believes that teaching is an integral part of the faculty experience. He has effectively incorporated technology and innovative teaching methodology into his courses. He has also developed courses and offered them for the first time in his department in hybrid (online and in-person), experiential learning and writing-intensive formats.


  • Baxamusa, M., & Jalal, A. (2018). Industry networks and IPO waves. Journal of Banking and Finance, (88), pp. 129-146
  • Baxamusa, M., Jalal, A., & Jha, A. (2018). It pays to partner with a firm that writes annual reports well. Journal of Banking and Finance, (92), pp. 13-34
  • Baxamusa, M., & Jalal, A. (2016). CEOs religious affiliation and managerial conservatism. Financial Management, pp. 1-38
  • Baxamusa, M., Javaid, S., & Harery, K. (2016). Why do firms purchase used assets?. International Review of Finance, (16)(2), pp. 243-264
  • Baxamusa, M., Javaid, S., & Harery, K. (2015). Network centrality and mergers. Review of Quantitative Finance and Accounting, (44)(3), pp. 393-423
  • Baxamusa, M., Mohanty, S. K., & Rao, R. (2015). Information asymmetry about investment risk and financing choice. Journal of Business Finance and Accounting, (16)(2), pp. 243-264
  • Baxamusa, M., & Jalal, A. (2014). Does religion affect capital structure?. Research in International Business and Finance, (31)(1), pp. 112-131
  • Baxamusa, M., & Jalal, A. (2014). The effects of corruption on capital structure: when does it matter?. Journal of Developing Areas, (48)(1), pp. 315-335
  • Baxamusa, M., & Jandik, D. (2013). Two step acquisitions and liquidity spread. Journal of Economics and Finance, (37)(1), pp. 1-23
  • Boyd, J., & Baxamusa, M. (2013). Too many banks to fail? Theory and evidence. (10)(1), pp. 7-13
  • Baxamusa, M. (2012). The relationship between underinvestment, overinvestment and CEO's compensation. Review of Pacific Basin Financial Markets and Policies, (15)(3), pp. 1250014-1 - 1250014-26
  • Baxamusa, M. (2011). How well do market timing, catering and classical theories explain corporate decision?. Journal of Financial Research, (34)(2), pp. 217-239
  • Baxamusa, M. (2008). Mergers that create value. (5)(4), pp. 204-218

  • Susan E. Heckler Research Award for Excellence in Research, 2017
  • U of M - Carlson School of Management Teaching Award, 2007
  • Best paper in the behavioral finance category awarded by the Midwest Finance Association in 2018.

  • AFA - American Finance Association
  • EFA - Eastern Finance Association
  • FMA - Financial Management Association
  • MFA - Midwest Finance Association
  • Applied Corporate Finance Conference, Reviewer
  • EFA - Eastern Finance Association, Reviewer
  • FMA - Financial Management Association, Reviewer
  • Financial Review, Reviewer
  • Journal of Banking Finance and Accounting, Reviewer
  • Research in International Business and Finance, Reviewer
  • Charter School Authorization Board, Committee Member

  • Associate Professor, University of St. Thomas - Opus College of Business, Saint Paul / Minneapolis (2014 - present)
  • Assistant Professor, University of St. Thomas - Opus College of Business, St. Paul / Minneapolis (2008 - 2014)
  • Research Analyst, New Century Advisors, (2002 - 2003)
  • Intern, HCL Technologies, Mergers and Acquisitions Group, (2002 - 2002)
  • Financial Analyst, HLL, (1997 - 2000)