John Paglia, PhD, CPA, CFA

Professor of Finance

Graziadio Business School

310.568.5590

Biography

Dr. John K. Paglia is a Professor of Finance at Pepperdine Graziadio Business School (PGBS) where he has been on the faculty since 2000. He is also an independent corporate director (board member) and audit committee chair for Simulations Plus Inc. (NASDAQ: SLP) and Aeluma Inc. (OTCQB: ALMU); advisor to a number of private equity and venture funds, and startup companies; and sits on Pepperdine’s Most Fundable Companies Council.

Over his career with PGBS, he served in a number of important leadership roles collectively spanning over a dozen years. Most recently he held the position of Senior Associate Dean where he had oversight for all business school faculty, faculty affairs support staff, accreditation, and key strategic projects. Prior to that, he served as executive director of Graziadio Business School’s entrepreneurship institute. He also held positions as associate dean for fully employed programs, director of accreditation, chair of the accounting and finance department, and founding director of the Pepperdine Private Capital Markets Project.

A recognized expert on the topics of small business financing, business valuation, and financing and deal trends, Dr. Paglia has delivered over fifty presentations, including over a dozen keynote addresses, at prominent investment banking, private equity, accounting, small business, exit planning, and valuation events. He was also honored by the National Association of Certified Valuators and Analysts with the "Industry Titan" Award in 2016, the Alliance for Mergers & Acquisitions Advisors and Grant Thornton with a "Thought Leader of the Year Award" in 2012, and the Association for Corporate Growth with an "Excellence in M&A Award" in 2011. In 2016, he was also awarded with a consultancy contract with the Library of Congress as a private equity and venture capital expert to conduct research on the economic impacts of the Small Business Administration's Small Business Investment Company (SBIC) private equity program. Leveraging these research findings, he then delivered expert testimony in front of US Congress on September 2019.

His work has been widely cited and covered in major media outlets including The Wall Street Journal, CNBC, USA Today, Businessweek, TIME, Bloomberg, Reuters, Inc., Forbes, Entrepreneur, MSNBC, ABC News, Huffington Post, Crain's New York, The Los Angeles Times, The Washington Post, Financial Times, and The New York Times, among many others.

His research has been published in a number of journals including Journal of Banking and Finance, Journal of Entrepreneurial Finance, Journal of Accounting and Finance, Journal of Business Valuation and Economic Loss Analysis, Business Valuation Review, The Value Examiner, Journal of Wealth Management, The RMA Journal, Graziadio Business Review, Applied Economic Letters, and cited in Congressional testimony and SBA reports.

Dr. Paglia holds a Ph.D. in Finance, an MBA, a B.S. in Finance, and is a Certified Public Accountant, Chartered Financial Analyst, and is NACD Directorship Certified™.

Education

Doctor of Philosophy, University of Kentucky. 2000
Master of Business Administration, Gannon University. 1995
Bachelor of Science, Gannon University. 1990

Research

Paglia, J. K., Robinson, D. T. (2017). Measuring the Role of the SBIC Program in Financing Small Businesses (pp. 54). Washington, DC: Federal Research Division, Library of Congress.

Paglia, J. K., Robinson, D. T. (2017). Measuring the Role of the SBIC Program in Small Business Job Creation (pp. 28). Washington, DC: Federal Research Division, Library of Congress.

Paglia, John, and David Robinson. "Measuring the Representation of Women and Minorities in the SBIC Program." Library of Congress, Federal Research Division (2016). 1-43.

Paglia, J.K. Part I: Appraiser vs. Real World Debates: How Many Appraisers Can Dance on the Head of the Private Capital Markets? Business Valuation Review, 35.1 (2016).

Paglia, J.K. Part II: Appraiser vs. Real World Debates: The Case for Using Private Capital Markets Data. Business Valuation Review, 35.2 (2016).

Bowden, Adley, Maretno Harjoto, John Paglia, and Mark Tribbitt. "The Impact of Diversification on Private Equity Fund Returns." The Journal of Global Business Management 12 (2016): 49-66. Print.

Bowden, Adley, Maretno Harjoto, John Paglia, and Mark Tribbitt. "On Venture Capital Fund Returns: The Impact of Sector and Geographic Diversification." Journal of Accounting and Finance 16.1 (2016): 1+. Print.

Paglia, J. K., Harjoto, M. A. (2014). The Effects of Private Equity and Venture in Small and Mid-Sized Businesses. Journal of Banking and Finance, October 2014.

Paglia, J. K., Harjoto, M. A. (2012). Cost of Capital and Capital Budgeting for Privately-Held Firms: Evidence from Business Owners Survey. Journal of Accounting and Finance, 12(5).

Paglia, J. K., Harjoto, M. A. (2012). Funding Continuum for Private Business Owners: Evidence from the Pepperdine Private Capital Markets Survey. The Journal of Entrepreneurial Finance, 15(2), 22.

Paglia, J. K., Slee, R. (2011). Using the Private Cost of Capital Model. The Value Examiner, May/June 2011.

Paglia, J. K., Harjoto, M. A. (2010). Can Publicly Traded Company Multiples Shed Insights on Discounts for Lack of Marketability? Business Valuation Review, #29 (#1).

Paglia, J. K., Harjoto, M. A. (2010). The Discount for Lack of Marketability in Privately Owned Companies: A Multiples Approach. Journal of Business Valuation and Economic Loss Analysis, 5(1).

Paglia, J. K., Slee, R. (2010). The Private Cost of Capital Model. The Value Examiner, 9.

"A Matched Pairs Approach. Trusts and Estates," with M. A. Harjoto, October 2009. Available online at http://trustsandestates.com/toc/october09/.

"An Overview of Financial Covenants in Commercial Bank Loans," The Risk Management Association (RMA) Journal, July 2007.

"Implementing a Dollar Cost Averaging Strategy: Does the Date of the Month Matter" with Xiaoyang Jiang. Journal of Wealth Management, Fall 2006.

"An Empirical Exploration of Financial Covenants in Large Bank Loans," with Donald J. Mullineaux, Banks and Bank Systems, April 2006.

"An Overview of Covenants in Large "Bank Loans," The Risk Management Association (RMA) Journal, March 2002.

"The New Basel Capital Accord: A Detriment to Small Banks and Consumers?" with Jacquelyn K. Phlegar, Bank Accounting and Finance, Winter, 2002.

Everett, C., Paglia, J. K. (2014). Small Business Financial Health Analysis (pp. http://www.frbsf.org/community-development/files/small-business-financial-health-analysis.pdf). Federal Reserve Bank of San Francisco.

Paglia, J. K. (2013). IBBA Market Pulse Q1 2013 Report (5th ed., vol. 2013, pp. 50). Pepperdine University.

Paglia, J. K. (2013). Private Capital Access Q1 2013 Report (5th ed., vol. 2013, pp. 50). Pepperdine University.

Paglia, J. K. (2013). IBBA Market Pulse Q4 2012 Report (3rd ed., vol. 2013, pp. 50). Pepperdine University.

Paglia, J. K. (2013). Private Capital Access Q4 2012 Report (4th ed., vol. 2012, pp. 50). Pepperdine University.

Paglia, J. K. (2013). Survey Report Volume VI. Pepperdine Private Capital Markets Project, VI (Winter 2013), 150.

Paglia, J. K. (2012). IBBA Market Pulse Q3 2012 Report (2nd ed., vol. 2012, pp. 50). Pepperdine University.

Paglia, J. K. (2012). Private Capital Access Q3 2012 Report (3rd ed., vol. 2012, pp. 50). Pepperdine University.

Paglia, J. K. (2012). IBBA Market Pulse Q2 2012 Report (1st ed., vol. 2012, pp. 50). Pepperdine University.

Paglia, J. K. (2012). Private Capital Access Q2 2012 Report (2nd ed., vol. 2012, pp. 50). Pepperdine University.

Paglia, J. K. (2012). Private Capital Access Q1 2012 Report (1st ed., vol. 2012, pp. 50). Pepperdine University.

Paglia, J. K. (2012). 2012 Economic Forecast (1st ed., vol. 2012, pp. 40). Pepperdine University.

Paglia, J. K. (2012). Survey Report Volume V. Pepperdine Private Capital Markets Project, V (Winter 2012), 150.

Paglia, J. K. (2011). Survey Report Volume IV. Pepperdine Private Capital Markets Project, IV (Winter 2011), 160.

Paglia, J. K. (2011). US Government Shutdown Survey Findings. 10 pages.

Paglia, J. K. (2010). Survey Report Volume III. Pepperdine Private Capital Markets Project, III (Summer 2010), 140.

Paglia, J. K. (2010). Survey Report Volume II. Pepperdine Private Capital Markets Project, II (Winter/Spring 2010), 126.

Paglia, J. K. (2009). Pepperdine Private Capital Markets Project Survey Report August 2009 (1st ed., vol. 1, pp. 67 pages, /applied-research/research/pcmsurvey/).

Awards

2016 — Industry Titan, National Association of Certified Valuators, and Analysts
2016 — Private Equity and Venture Capital Expert, Library of Congress
2012 – Middle Market Thought Leader of the Year Award, AM&AA & Grant Thornton
2011 – Tom Hopkins Award for Excellence in M&A, ACG 101
2011 – George Award, Pepperdine Graziadio School
2009 – Denney Professorship, Pepperdine University
2007 – Julian Virtue Professorship, Pepperdine University

Presentations

"Measuring the Representation of Women and Minorities in the SBIC Program" with David Robinson, Diversity Trends in Small Business Investing, Library of Congress, Washington, D.C. (October 12, 2016).

"On Private Equity and Venture Capital Funds Returns: The Impact of Sector and Geographic Diversification" with Ashley Bowden, Augus Harjoto, and Mark Tribbitt, 2015 Southern Finance Association Conference, Captive Island, Florida. (November 19, 2015).

Keynote: "Mastering Our Craft: Using Insights from the Trenches to Shape the Future of Valuation Practice", Paglia, J. K., 2014 ASA - CICBV Valuation Conference, Toronto, CA. (October 2014).

"The Effects of Private Equity and Venture Capital on Sales and Employment Growth in Small and Medium-Sized Businesses", Paglia, J. K., 2014 World Finance Conference, Venice, Italy. (July 2, 2014).

Keynote: "Ivory Tower Irony: How Many Appraisers Can Dance on the Head of the Private Capital Markets?" 2014 NACVA Conference, Las Vegas, NV (June 2014).

"The Student Experience and Enrollment" with Jeanie O'Laughlin and Mark Tribbitt. 2014 Graziadio Faculty Retreat Conference, Pasadena, CA. (February 2014).

"2014 Economic Forecast & Trends", Los Angeles Business Journal Economic Forecast, Paglia, J. K., Los Angeles, CA. (January 31, 2014).

Keynote: "At the Intersection of Exit Planning and Capital Markets", Paglia, J.K. Exit Planning Institute Annual International Conference, Cleveland, OH, (September 17, 2013).

"A Preview: At the Intersection of Exit Planning and Capital Markets", Paglia, J. K. Exit Planning Institute Webinar Series, (August 15, 2013).

"The Role of Private Equity and Venture Capital", Paglia, J. K. (Presenter & Author), Harjoto, M. A. (Author Only), 2013 Key West International Multidisciplinary Academic Conference, Key West, Florida.

"Pepperdine Private Capital Markets Research Findings and Index Overview", Paglia, J. K. (Presenter & Author), Everett, C. R. (Presenter & Author), Federal Reserve Bank of San Francisco Advisory Board Meeting, San Francisco, CA. (January 25, 2013).

"Pepperdine Private Capital Markets Research Findings and Index Overview", Paglia, J. K. (Presenter & Author), Federal Reserve Bank of Chicago Advisory Board Meeting, Chicago, IL.

Keynote: "Trends and Pricing Data in the Middle Markets", Paglia, J. K. ACG-SF Monthly Meeting, San Francisco, (November 29, 2012).

Keynote: "Trends and Pricing Data in the Middle Markets", Paglia, J. K. ACG-OC 2nd Annual Capital SoCal Capital Expo, Orange County, (November 7, 2012).

Keynote: "Trends and Pricing Capital in the Middle Markets", Paglia, J. K., Small Business Investor Alliance Annual Meeting, Palm Beach, FL, (October 30, 2012).

"Northern California CEO Performance Rankings Video Panel", Paglia, J. K., Chopp, S. G., Furtaw, P., Crawford, P. J., GBR Video Presentation, WLA, (August 2012).

"Small business Outlook Panel", Paglia, J. K., Graziadio Economic Forecast Event, Los Angeles, (June 21, 2012).

Keynote: "Trends in the Middle Markets", Paglia, J. K., GAN NORCAL Monthly Meeting, San Francisco. (May 31, 2012).

Keynote: "Trends in the Middle Markets", Paglia, J. K., GAN LA Monthly Meeting, WLA, (March 20, 2012).

"Findings from the PPCMP Studies", Paglia, J. K., Board of Visitors Monthly Meeting, WLA. (February 22, 2012).

Keynote: "Trends in the Middle Markets", Paglia, J. K. , ACG - San Francisco Meeting, San Francisco. (November 17, 2011).

Keynote: "Trends in the Middle Market", Paglia, J. K., ACG 1st Annual Capital Event, Orange County. (November 10, 2011).

"The Pepperdine Private Capital Markets Project", Paglia, J. K., Yeanoplos, K. AICPA Annual Business Valuation Meeting, Las Vegas. (November 8, 2011).

"The Pepperdine Studies", Paglia, J. K., American Business Appraisers Meeting, Marina Del Rey, CA. (November 4, 2011).

"Funding Continuum for Private Business Owners: Evidence from the Pepperdine Private Capital Markets Survey", Paglia, J. K. , Harjoto, M. A. , FMA Annual Conference, Denver, CO. (October 22, 2011).

"The Price of Capital", Paglia, J. K, National Summit for Middle Market Funds, West Palm Beach, FL. (October 18, 2011).

"The Private Cost of Capital Model", Paglia, J. K., ASA Advanced Business Valuation Conference, Chicago, IL. (October 10, 2011).

"Access to Capital for Everyday Small Businesses", Paglia, J. K., Dun & Bradstreet Credibility Live, Los Angeles. (September 30, 2011). http://www.dandb.com/credit-resources/video/access-to-capital-for-everyday-small-business/

Keynote: "The State of the Middle Markets", Paglia, J. K, AM&AA Summer Conference, Chicago, IL. (July 21, 2011).

Keynote: "Keynote: Financing Trends in Business", Paglia, J. K , Alliance for M&A Advisors. (June 10, 2011).

Keynote: "Trends in the Middle Markets", Paglia, J. K., Graziadio Alumni Network - San Francisco, San Francisco, CA. (May 19, 2011).

"Business and Financing Trends", Paglia, J. K., Risk Management Association Meeting, Orange County, CA. (May 18, 2011).

"The Private Cost of Capital Model", Paglia, J. K., American Society of Appraisers Annual Fair Value Conference, PwC in Los Angeles, CA. (May 17, 2011).

"The Private Cost of Capital Model", Paglia, J. K., New York State Society of CPAs Annual Business Valuation Conference, New York City, NY. (May 16, 2011).

"Pricing and Terms in the Middle Markets", Paglia, J. K., Harvard / USC Business Growth Conference, Orange County, CA. (May 9, 2011).

Keynote: "Financing Trends in the Middle Markets", Paglia, J. K., CFA Monthly Meeting, Chicago. (April 11, 2011).

"Overview of Trends in M&A", Paglia, J. K., PKF Trends in M&A, Webinar. (March 2011).

"PPCMP: Economic Forecast and Capital Markets Overview", Paglia, J. K. , EMBA / PKE Recruiting Event, Four Seasons in Beverly Hills. (February 2011).

"An Overview of the PPCMP", Paglia, J. K., Graziadio Finance Faculty Meeting, WLA. (February 2011).

"The Middle Market Today: Pricing and Outlook", Paglia, J. K., ProVisors Capital Market Affinity Group Monthly Meeting, Los Angeles, CA, (November 2, 2010).

"Private Capital Market Survey Findings", Paglia, J. K., Graziadio Faculty Meeting, WLA. (October 2010).

"Show Me the Money", Paglia, J. K., Association for Corporate Growth Monthly Meeting, Orange, CA, (October 28, 2010).

"The State of the Middle Market Today: Data Fund Managers Need to Price Capital and Win Deals", Paglia, J. K., National Association of Small Business Investment Companies 53rd Annual Conference, West Palm Beach, FL, (October 25, 2010).

"The Private Cost of Capital Model", Paglia, J. K., International Association of Consultants, Valuators, and Analysts Annual Meeting, Munich, Germany. (October 8, 2010).

"Early, Middle & Late Stage Venture Capital: How Growing Companies Can Attract Debt & Equity Capital", Paglia, J. K, Graziadio Alumni Network Venture Capital Forum, Woodland Hills, (October 5, 2010).

"Cost of Capital for Privately-Held Firms and Private Capital Segments: Evidence from the Field", Harjoto, M. A., Paglia, J. K., Academy of Entrepreneurial Finance (AEF), Chicago, Illinois, Entrepreneurship. (September 17, 2010).

"Private Cost of Capital", Slee, R., Paglia, J. K., Private Cost of Capital Webinar. (July 15, 2010).

"Pepperdine Private Capital Markets Project: Overview and View to the Future", Paglia, J. K., PE VC Roundtable Monthly Meeting, San Jose, CA. (April 9, 2010).

"Behavior of Participants in the Private Capital Markets", Paglia, J. K., Lower Middle Markets Transactions Group Monthly Meeting, Los Angeles, CA. (April 6, 2010).

"The Discount for Lack of Marketability in Privately Owned Companies: A Multiples Approach", Paglia, J. K., Harjoto, M. A., NBES Annual Conference, Lihue Kauai, Hawaii. (March 12, 2010).

"Finance Panel Event", Paglia, J. K., Graziadio Alumni Network Private Capital Forum, San Jose, CA. (February 18, 2010).

"Pepperdine Private Capital Markets Survey Results - Volume II", Paglia, J. K., Graziadio Faculty Presentations, WLA Campus. (February 9, 2010).

"Survey II Findings-- Winter/Spring 2010", Paglia, J. K., GAN LA Meeting, Los Angeles, CA. (January 27, 2010).

"Pepperdine Private Capital Markets Survey Results - Volume II", Paglia, J. K., Graziadio Alumni Network / Private Equity Event, WLA Campus. (January 27, 2010).

Private Capital Market Survey Findings, July 2009, Graziadio Faculty Meeting, WLA Campus, Los Angeles, CA.

"Returns, Risks, Recession: The Outlook for Private Capital" as part of "What's Next L.A.? Economic Forecast, July 28, 2009.

"Understanding Business Valuations" June 10, 2009, Myers Widders Gibson Jones and Schneider, Ventura, CA.

"Private Cost of Capital Survey Project: Background and Preliminary Findings" June 9, 2009. Graziadio Faculty Meeting.

"Understanding Business Valuations" February 24, 2009, Nordman, Cormany, Hair and Compton, Oxnard, CA.

"Business Valuations for SBA Loans," August 21, 2008, Glendale, CA.

"The Private Capital Markets Project", July 2008 to Graziadio Board of Visitors.

"Audit Committees Moderator" at Directorship Forum, Pepperdine University, 2008.

"2008 Thousand Oaks / Westlake Village Economic Forecast" Keynote Speaker, February 5, 2008.

"Private Company Discounts: A Multiples Approach" Hawaii International Conference on Business, May 2007.

"Understanding Business Valuations: From Purpose to Product" Lorman Continuing Education Teleconference, November 10, 2006.

"Implementing a Dollar Cost Averaging Strategy: Does the Date of the Month Matter" with Xiaoyang Jiang, 2006 Hawaii International Conference on Business, May 2006.

"Developing B-Plan Financials and Creating Value: Beginning with an End in Mind," Calvary Church Entrepreneurship Class, March 9, 2006.

"Valuing Our Operations: A Business Appraisal Approach," Institute of Management Accountants Meeting, April 13, 2005, Santa Barbara, CA.

"Finance: The Basics" (Learn How to Read and Understand Balance Sheets, Income Statements, and Statements of Cash Flows), Lorman Continuing Education Seminar for Attorneys, Bankers, etc., February 25, 2005, Los Angeles, CA.

"Preparing Financial Statements for Potential Investors," Entrepreneurship Class at Pepperdine University, January 2005, Encino, CA.

"Top 20 Trends in Business," with Ed Rockey, Pepperdine University Fall 2004 Faculty Conference.

"Certifications in Finance," Pepperdine University. Presented to Finance Club in FTMBA Program, November 2003, Malibu, CA.

"An Overview of Bank Loan Covenants," Hawaii International Conference on Business, July 2003, Waikiki, Hawaii.

"Ethics for CFA Candidates," Schweser CFA Review, January 2003, Pasadena, California.

"An Empirical Exploration of Financial Covenants in Large Bank Loans," with Donald J. Mullineaux. 14th Annual Australian Banking and Finance Conference, December 17-19, 2001, Sydney, Australia.

"Consolidation in the Financial Services Industry as a Result of the Graham-Leach-Bliley Financial Services Modernization Act: How to Survive," presented to the Crawford County Association of Insurance and Financial Advisors, December 21, 2000, Meadville, PA.

"An Empirical Exploration of Covenants in Large Bank Loans," presented at Nasdaq-Amex Doctoral Student Seminar, October 1999, Orlando, FL.

Grants

2006 – Pepperdine University Research Award
2006 – Provost Grant for Research
2002 – Pepperdine University Research Award
2002 – Team Grant for Developing "Financial Aid IQ" DVD
2001 – Research Award, Graziadio Fund for Excellence
2000 – Beta Gamma Sigma Outstanding Finance TA, University of Kentucky

Media

Articles Placed in Media Outlets

Paglia, J. K. (2017). Small-business Lending has a Diversity Problem , American Banker, February 13, 2017.

Paglia, J. K. (2016). Innovations that Could Benefit Santa Barbara, Santa Barbara Independent, April 11, 2016.

Paglia, J. K. (2015). Time to Make Way for Millennials. Los Angeles Business Journal.

Paglia, J. K. (2015). Small Business Can Help Millennials Bridge the Career Mobility Gap. SmallBizDaily.

Paglia, J. K., Harjoto, M. A. (2014). The Round: Q&A with Maretno A. Harjoto and John K. Paglia (vol. October, pp. 19-20). Chicago IL/Association for Corporate Growth (ACG): Middle Market Growth.

Paglia, J. K., Harjoto, M. A. (2014). Minority- and women-owned businesses are much less likely to get VC funds. Venturebeat.com.

Paglia, J. K. (2013). Captains of Finance Need Self-Imposed Restraint. American Banker.

Paglia, J. K. (2013). Questions and Answers with John K. Paglia, PhD - A Divestopedia Exclusive. Divestopedia.com.

Paglia, J. K. (2012). Three immediate small business implications if Congress can reach a fiscal cliff deal. Washington Post.

Paglia, J. K. (2011). Businesses Primed for Expansion in 2011: Will Lenders Comply? Orange County Business Journal.

Paglia, J. K. (2010). VCs Planting the Seeds for a Cleantech Bumper Crop. GreenBiz.com and Reuters.

Paglia, J. K. (2009). High Investment Returns May Limit VC Spending. VentureBeat.

Areas of Expertise

Business valuation
Mergers & acquisitions
Venture capital and private equity
Corporate governance for public and private companies