David Smith specializes in corporate finance and restructuring. Professor Smith’s expertise spans many areas of finance, including corporate valuation, solvency, bankruptcy, restructuring, and governance. As an expert witness, he has testified in securities class actions at the class certification and merits stages, as well as matters involving distressed debt trading, securities valuation, leveraged finance, private equity, and the financing and investment performance of pension, real estate, and hedge funds. Professor Smith has extensive testifying experience in depositions and trials, including in federal bankruptcy courts and the Delaware Court of Chancery.
Professor Smith researches a range of corporate finance topics. He has analyzed the impact of the valuation of bankrupt firms, the economics of corporate credit agreements, the restructuring of highly leveraged firms, and the impact of board diversity on company performance. He has also documented how distressed debt trading affects bankruptcy outcomes and studied the influence of corporate contracts and law on the quality of corporate governance.
Before joining the University of Virginia, Professor Smith worked as an economist at the Board of Governors of the Federal Reserve Board. In that role, he covered the Japanese and Chinese banking sectors and worked on issues related to international financial architecture. Previously, Professor Smith taught finance courses for five years at the Norwegian School of Management in Oslo.
Professor Smith has published his research in leading academic journals, including the Journal of Finance, the Journal of Financial Economics, the Journal of Econometrics, and the Review of Financial Studies. He has presented his research at universities and conferences around the world.
Professor Smith has won several awards for excellence in teaching. In 2019, the University of Virginia honored him with a Collaborative Excellence in Public Service Award for his work on a ten-year retrospective project on the 2008 financial crisis.
This Time It’s Different? Developments in Leveraged Loan and Private Equity Cycle
Frederick Hsu Living Trust v. ODN Holding Corp. et al.
Bankruptcy Valuation of a Start-Up Company
SEC Proceeding Regarding Municipal Debt Offering
The Ownership and Trading of Debt Claims in Chapter 11 Restructurings