NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by René M. Stulz

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

Books

Market Institutions and Financial Market Risk
with Mark Carey, Anil Kashyap, Raghuram Rajan
Conference held June 17-18, 2010
Published in June 2012 by Elsevier, Journal of Financial Economics

The Risks of Financial Institutions
with Mark Carey
Conference held October 22-23, 2004
Published in January 2007 by University of Chicago Press
© 2006 by the National Bureau of Economic Research

Working Papers and Chapters

July 2014Governance, Risk Management, and Risk-Taking in Banks
w20274
March 2014Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities
with Nicole Boyson, Rüdiger Fahlenbrach: w19984
January 2014Is Sell-Side Research More Valuable in Bad Times?
with Roger K. Loh: w19778
September 2013Limited Managerial Attention and Corporate Aging
with Claudio Loderer, Urs Waelchli: w19428
July 2013Do Firms Issue more equity when markets are more liquid?
with Dimitrios Vagias, Mathijs A. van Dijk: w19229
June 2013Why High Leverage is Optimal for Banks
with Harry DeAngelo: w19139
August 2012Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?
with Craig B. Merrill, Taylor D. Nadauld, Shane Sherlund: w18270
June 2012Multinationals and the High Cash Holdings Puzzle
with Lee Pinkowitz, Rohan Williamson: w18120
September 2011Corporate Acquisitions, Diversification, and the Firm’s Lifecycle
with Asli M. Arikan: w17463
August 2011Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?
with Isil Erel, Taylor D. Nadauld: w17269

Published: “Why Did Holdings of High - Rated Securitization Tranches Differ So Much Across Banks?” with Isil Erel and Taylor Nadauld, The Review of Financial Studies, 2014, v27(2), 404-453.

May 2011This Time Is the Same: Using Bank Performance in 1998 to Explain Bank Performance During the Recent Financial Crisis
with Rüdiger Fahlenbrach, Robert Prilmeier: w17038

Published: Rüdiger Fahlenbrach & Robert Prilmeier & René M. Stulz, 2012. "This Time Is the Same: Using Bank Performance in 1998 to Explain Bank Performance during the Recent Financial Crisis," Journal of Finance, American Finance Association, vol. 67(6), pages 2139-2185, December. citation courtesy of

March 2011The U.S. Left Behind: The Rise of IPO Activity Around the World
with Craig Doidge, G. Andrew Karolyi: w16916

Published: “The U.S. left behind? Financial globalization and the rise of IPOs outside the U.S.,” with Craig Doidge and G. Andrew Karolyi, Journal of Financial Economics, 2013, v110(3), 546-573.

January 2011Globalization, Governance, and the Returns to Cross-Border Acquisitions
with Jesse Ellis, Sara B. Moeller, Frederik P. Schlingemann: w16676
August 2010Financial Policies and the Financial Crisis: How Important Was the Systemic Credit Contraction for Industrial Corporations?
with Kathleen M. Kahle: w16310
April 2010The dark side of outside directors: Do they quit when they are most needed?
with Rüdiger Fahlenbrach, Angie Low: w15917
March 2010Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
with Reena Aggarwal, Isil Erel, Rohan Williamson
in Corporate Governance, Michael Weisbach, editor
September 2009Credit Default Swaps and the Credit Crisis
w15384

Published: Rene M. Stulz, 2010. "Credit Default Swaps and the Credit Crisis," Journal of Economic Perspectives, American Economic Association, vol. 24(1), pages 73-92, Winter. citation courtesy of

August 2009Bank CEO Incentives and the Credit Crisis
with Rüdiger Fahlenbrach: w15212

Published: Fahlenbrach, Rüdiger & Stulz, René M., 2011. "Bank CEO incentives and the credit crisis," Journal of Financial Economics, Elsevier, vol. 99(1), pages 11-26, January. citation courtesy of

July 2009Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
with Andrea Beltratti: w15180

Published: "The credit crisis around the globe: Why did some banks perform better?," with Andrea Beltratti, Journal of Financial Economics, 2012, v105(1), 1-17.

May 2009When are Analyst Recommendation Changes Influential?
with Roger K. Loh: w14971

Published: When Are Analyst Recommendation Changes Influential? Roger K. Loh Lee Kong Chian School of Business, Singapore Management University Fisher College of Business, Ohio State University, NBER, and ECGI René M. Stulz Rev. Financ. Stud. (2010) doi: 10.1093/rfs/hhq094 First published online: October 15, 2010

April 2009Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?
with Söhnke M. Bartram, Gregory Brown: w14931

Published: Why Are U.S. Stocks More Volatile? SÖHNKE M. BARTRAM, GREGORY BROWN, RENÉ M. STULZ† Article first published online: 19 JUL 2012 DOI: 10.1111/j.1540-6261.2012.01749.x © 2012 The American Finance Association Issue The Journal of Finance The Journal of Finance Volume 67, Issue 4, pages 1329–1370, August 2012

February 2009Do Target CEOs Sell Out Their Shareholders to Keep Their Job in a Merger?
with Leonce L. Bargeron, Frederik P. Schlingemann, Chad J. Zutter: w14724
August 2008Why Do Foreign Firms Leave U.S. Equity Markets?
with Craig Doidge, G. Andrew Karolyi: w14245

Published: "Why Do Foreign Firms Leave U.S. Equity Markets?," with Craig Doidge and G. Andrew Karolyi, Journal of Finance, v.65(4), 1507-1553.

Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization
w14218

Published: René M. Stulz, 2009. "Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization," Journal of Accounting Research, Blackwell Publishing, vol. 47(2), pages 349-390, 05. citation courtesy of

June 2008Hedge Fund Contagion and Liquidity
with Nicole M. Boyson, Christof W. Stahel: w14068

Published: "Hedge Fund Contagion and Liquidity Shocks," with Nicole M. Boyson and Christof W. Stahel, Journal of Finance, 2010, v65(5), 1789-1816.

August 2007Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
with Reena Aggarwal, Isil Erel, Rohan Williamson: w13288

Published:

July 2007Fundamentals, Market Timing, and Seasoned Equity Offerings
with Harry DeAngelo, Linda DeAngelo: w13285
June 2007Managerial Ownership Dynamics and Firm Value
with Rüdiger Fahlenbrach: w13202

Published: Fahlenbrach, Rüdiger & Stulz, René M., 2009. "Managerial ownership dynamics and firm value," Journal of Financial Economics, Elsevier, vol. 92(3), pages 342-361, June. citation courtesy of

May 2007Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time
with Craig Doidge, G. Andrew Karolyi: w13079
April 2007Why Do Private Acquirers Pay So Little Compared to Public Acquirers?
with Leonce Bargeron, Frederik Schlingemann, Chad Zutter: w13061

Published: Bargeron, Leonce L. & Schlingemann, Frederik P. & Stulz, René M. & Zutter, Chad J., 2008. "Why do private acquirers pay so little compared to public acquirers?," Journal of Financial Economics, Elsevier, vol. 89(3), pages 375-390, September. citation courtesy of

January 2007Introduction to "The Risks of Financial Institutions"
with Mark Carey
in The Risks of Financial Institutions, Mark Carey and René M. Stulz, editors
Front matter, The Risks of Financial Institutions
with Mark Carey
in The Risks of Financial Institutions, Mark Carey and René M. Stulz, editors
Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth
with Reena Aggarwal, Isil Erel, Rohan Williamson: w12819
November 2006The Economics of Conflicts of Interest in Financial Institutions
with Hamid Mehran: w12695

Published: Mehran, Hamid & Stulz, Rene M., 2007. "The economics of conflicts of interest in financial institutions," Journal of Financial Economics, Elsevier, vol. 85(2), pages 267-296, August. citation courtesy of

September 2006Why Do U.S. Firms Hold So Much More Cash Than They Used To?
with Thomas W. Bates, Kathleen M. Kahle: w12534

Published: Thomas W. Bates & Kathleen M. Kahle & René M. Stulz, 2009. "Why Do U.S. Firms Hold So Much More Cash than They Used To?," Journal of Finance, American Finance Association, vol. 64(5), pages 1985-2021, October. citation courtesy of

July 2006Financial Globalization, Governance, and the Evolution of the Home Bias
with Bong-Chan Kho, Francis E. Warnock: w12389

Published: Kho, B.C., R. Stulz, and F. Warnock, 2009. "Financial globalization, governance, and the evolution of the home bias." Journal of Accounting Research 47: 597-635 citation courtesy of

March 2006Is There Hedge Fund Contagion?
with Nicole M. Boyson, Christof W. Stahel: w12090
January 2006Financial Globalization, Corporate Governance, and Eastern Europe
w11912

Published: Stulz, Rene M. "Financial Globalization, Corporate Governance and Eastern Europe." Financial Development, Integration and Stability: Evidence from Central, Eastern and South-Eastern Europe (2006): 16-40.

October 2005Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts
with Kee-Hong Bae, Hongping Tan: w11697

Published: Bae, Kee-Hong, Rene M. Stulz, and Hongping Tan. "Do local analysts know more? A cross-country study of performance of local analysts and foreign analysts." Journal of Financial Economics 88, 3 (2008): 581-606. citation courtesy of

August 2005How Much Do Banks Use Credit Derivatives to Reduce Risk?
with Bernadette A. Minton, Rohan Williamson: w11579

Published: Bernadette Minton & René Stulz & Rohan Williamson, 2009. "How Much Do Banks Use Credit Derivatives to Hedge Loans?," Journal of Financial Services Research, Springer, vol. 35(1), pages 1-31, February.

Why Do Firms Become Widely Held? An Analysis of the ynamics of Corporate Ownership
with Jean Helwege, Christo Pirinsky: w11505

Published: Stulz, Rene, Jean Helwege, and Christo Pirinsky. “Why do firms become widely held? An analysis of the dynamics of corporate ownership.” Journal of Finance 62 , 3 (2007): 995-1028. citation courtesy of

June 2005The Risks of Financial Institutions
with Mark Carey: w11442

Published:

  • Stulz, Rene and Mark Carey (eds.) The Risks of Financial Institutions. Chicago: University of Chicago Press, 2006.
  • David J. Hand, 2007. "The Risks of Financial Institutions edited by Mark Carey, Rene M. Stulz," International Statistical Review, International Statistical Institute, vol. 75(2), pages 266-267, 08.
  • Introduction to "The Risks of Financial Institutions", Mark Carey, Rene M. Stulz. in The Risks of Financial Institutions, Carey and Stulz. 2006

March 2005Private Benefits of Control, Ownership, and the Cross-Listing Decision
with Craig Doidge, G. Andrew Karolyi, Karl V. Lins, Darius P. Miller: w11162

Published: Doidge, Craig, G. Andrew Karolyi, Karl V.Lins, Darius P. Miller, and Rene M. Stulz. "Private Benefits of Control, Ownership, and the Cross-Listing Decision." Journal of Finance 64, 1 (February 2009): 425-66. citation courtesy of

January 2005The Limits of Financial Globalization
w11070

Published:

September 2004Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?
with Sara B. Moeller, Frederik P. Schlingemann: w10773

Published: Moeller, Sara B., Frederik P. Schlingemann and Rene M. Stulz. "Firm Size And The Gains From Acquisitions," Journal of Financial Economics, 2004, v73(2,Aug), 201-228

Stock Market Trading and Market Conditions
with John M. Griffin, Federico Nardari: w10719
Why Do Countries Matter So Much for Corporate Governance?
with Craig Doidge, Andrew Karolyi: w10726

Published: Doidge, Craig & Andrew Karolyi, G. & Stulz, Rene M., 2007. "Why do countries matter so much for corporate governance?," Journal of Financial Economics, Elsevier, vol. 86(1), pages 1-39, October. citation courtesy of

July 2004Dividend Policy, Agency Costs, and Earned Equity
with Harry DeAngelo, Linda DeAngelo: w10599

Published: DeAngelo, Harry, Linda DeAngelo and Rene Stulz. “Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory.” Journal of Financial Economics 81, 2 (2006): 227-254.

June 2004Should We Fear Derivatives?
w10574

Published: Stulz, Rene M. "Should We Fear Derivatives?," Journal of Economic Perspectives, 2004, v18(3,Summer), 173-192. citation courtesy of

May 2004Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
with Hyuk Choe, Bong-Chan Kho: w10502

Published: Hyuk Choe & Bong-Chan Kho & René M. Stulz, 2005. "Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea," Review of Financial Studies, Oxford University Press for Society for Financial Studies, vol. 18(3), pages 795-829. citation courtesy of

January 2004Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
with Sara B. Moeller, Frederik P. Schlingemann: w10200

Published: Sara B. Moeller & Frederik P. Schlingemann & René M. Stulz, 2005. "Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave," Journal of Finance, American Finance Association, vol. 60(2), pages 757-782, 04. citation courtesy of

December 2003Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?
with Lee Pinkowitz, Rohan Williamson: w10188
March 2003Do shareholders of acquiring firms gain from acquisitions?
with Sara B. Moeller, Frederik P. Schlingemann: w9523
February 2003Equity market liberalizations as country IPOs
with Rodolfo Martell: w9481

Published: Martell, Rodolfo and Rene Stulz. "Equity Market Liberalizations as Country IPOs." American Economic Review, Papers and Proceedings 93, 2 (2003): 97-101. citation courtesy of

June 2002Are Financial Assets Priced Locally or Globally?
with G. Andrew Karolyi: w8994

Published: Karolyi, G. Andrew & Stulz, Rene M., 2003. "Are financial assets priced locally or globally?," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 16, pages 975-1020 Elsevier.

Daily Cross-Border Equity Flows: Pushed or Pulled?
with John M. Griffin, Federico Nardari: w9000

Published: Nardari, Federico, John Griffin, and Rene M. Stulz. "Daily Cross-Border Flows: Pushed or Pulled?" Review of Economics and Statistics 86, 3 (2004): 641-657.

December 2001Corporate Governance and the Home Bias
with Lee Pinkowitz, Rohan Williamson: w8680

Published: Pinkowitz, Lee, Rene M. Stulz, Magnus Dahlquist, and Rohan Williamson. "Corporate Governance and the Home Bias." Journal of Financial and Quantitative Analysis 38, 1 (2003): 87-110. citation courtesy of

October 2001Why are Foreign Firms Listed in the U.S. Worth More?
with Craig Doidge, G. Andrew Karolyi: w8538

Published: Doidge, Craig & Karolyi, G. Andrew & Stulz, Rene M., 2004. "Why are foreign firms listed in the U.S. worth more?," Journal of Financial Economics, Elsevier, vol. 71(2), pages 205-238, February. citation courtesy of

April 2001Culture, Openness, and Finance
with Rohan Williamson: w8222

Published: Stulz, Rene M. & Williamson, Rohan, 2003. "Culture, openness, and finance," Journal of Financial Economics, Elsevier, vol. 70(3), pages 313-349, December. citation courtesy of

January 2001Do Domestic Investors Have More Valuable Information About Individual Stocks Than Foreign Investors?
with Hyuk Choe, Bong-Chan Kho: w8073

Published: Choe, Hyuk, Bong-Chan Kho, and Rene M. Stulz. “Do Domestic Investors have an Edge? The Trading Experience of Foreign Investors in Korea." Review of Financial Studies 18, 3 (2005): 795-829.

September 2000Asset Liquidity and Segment Divestitures
with Frederik P. Schlingemann, Ralph A. Walkling: w7873

Published: Schlingemann, Frederik P., Rene M. Stulz and Ralph A. Walkling. "Divestitures And The Liquidity Of The Market For Corporate Assets," Journal of Financial Economics, 2002, v64(1,Apr), 117-144.

A New Approach to Measuring Financial Contagion
with Kee-Hong Bae, G. Andrew Karolyi: w7913

Published:

July 2000Firm Value, Risk, and Growth Opportunities
with Hyun-Han Shin: w7808
February 2000U.S. Banks, Crises, and Bailouts: From Mexico to LTCM
w7529

Published: Bong-Chan Kho & Dong Lee & Rene M. Stulz, 2000. "U.S. Banks, Crises, and Bailouts: From Mexico to LTCM," American Economic Review, American Economic Association, vol. 90(2), pages 28-31, May. citation courtesy of

September 1999Banks, the IMF, and the Asian Crisis
with Bong-Chan Kho: w7361

Published: Pacific-Basin Finance Journal, Vol. 8, no. 2 (May 2000): 177-216 citation courtesy of

June 1999Corporate Focusing and Internal Capital Markets
with Frederik P. Schlingemann, Ralph A. Walkling: w7175
March 1999Globalization of Equity Markets and the Cost of Capital
w7021

Published: Published as "Globalization of Capital Markets and the Cost of Capital: The Case of Nestle", JACF, Vol. 8, no. 3 (Fall 1995): 30-38.

January 1999The Role of Equity Markets in International Capital Flows
with Linda L. Tesar, Stephen Friedman, George N. Hatsopoulos
in International Capital Flows, Martin Feldstein, editor
July 1998Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997
with Hyuk Choe, Bong-Chan Kho: w6661

Published: Journal of Financial Economics, Vol. 54, no. 2 (October 1999): 227-264. citation courtesy of

October 1997The Determinants and Implications of Corporate Cash Holdings
with Tim Opler, Lee Pinkowitz, Rohan Williamson: w6234

Published: Journal of Financial Economics, Vol. 52, no. 1 (April 1999): 3-46. citation courtesy of

Is Bank-Centered Corporate Governance Worth It? A Cross-Sectional Analysis of the Performance of Japanese Firms during the Asset Price Deflation
with Jun-Koo Kang: w6238

Published: Kang, Jun-Koo and Rene M. Stulz. "Do Banking Shocks Affect Borrowing Firm Performance? An Analysis Of The Japanese Experience," Journal of Business, 2000, v73(1,Jan), 1-23.

International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis of Stock Returns
with John M. Griffin: w6243

Published: Griffin, J. M. and R. M. Stulz. "International Competition And Exchange Rate Shocks: A Cross-Country Industry Analysis Of Stock Returns," Review of Financial Studies, 2001, v14(1,Spring), 215-241. citation courtesy of

November 1996The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan
with Jun-Koo Kang, Yong-Cheol Kim: w5819

Published: Kang, J. K., Y. C. Kim and R. M. Stulz. "The Underreaction Hypothesis And The New Issue Puzzle: Evidence From Japan," Review of Financial Studies, 1999, v12(3,Fall), 519-534. citation courtesy of

June 1996An Analysis of Divisional Investment Policies
with Hyun-Han Shin: w5639
July 1995Leverage, Investment, and Firm Growth
with Larry Lang, Eli Ofek: w5165

Published: Journal of Financial Economics, Vol. 40, 1996, p. 3-30. citation courtesy of

Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan
with Jun-Koo Kang: w5166

Published: Journal of Financial Economics, Vol. 46, no. 1 (October 1997): 3-28. citation courtesy of

October 1994Investment Opportunities, Managerial Decisions, and the Security Issue Decision
with Kooyul Jung, Yong-Cheol Kim: w4907

Published: Jung, Kooyul, Yong-Cheol Kim and Rene M. Stulz. "Timing, Investment Opportunities, Managerial Discretion, And The Security Issue Decision," Journal of Financial Economics, 1996, v42(2,Oct), 159-185.

How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues
with Jun-Koo Kang: w4908

Published: Kang, Jun-Koo and Rene M. Stulz. "How Different Is Japanese Corporate Finance? An Investigation Of The Information Content Of New Security Issues," Review of Financial Studies, 1996, v9(1,Spring), 109-139. citation courtesy of

May 1994Information, Trading and Stock Returns: Lessons from Dually-Listed Securities
with K.C. Chan, Wai-Ming Fong: w4743

Published: Chan, K. C. & Fong, Wai-Ming & Kho, Bong-Chan & Stulz, ReneM. "Information, trading and stock returns: Lessons from dually-listed securities," Journal of Banking & Finance, Elsevier, vol. 20(7), pages 1161-1187, August 1996. citation courtesy of

February 1994International Portfolio Choice and Asset Pricing: An Integrative Survey
w4645

Published: Handbook of Modern Finance, R. Jarrow, M. Maximovich, and W. Ziemba, 1995,pp. 201-228

Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion
with Larry Lang, Annette Poulsen: w4654

Published: Journal of Financial Economics, 1995, pp. 3-38 citation courtesy of

June 1993Tobin's Q, Corporate Diversification and Firm Performance
with Larry H.P. Lang: w4376

Published: Journal of Political Economy, December 1994, 1248-1280 citation courtesy of

November 1992Foreign Equity Investment Restrictions and Shareholder Wealth Maximization
with Walter Wasserfallen: w4217

Published: Review of Financial Studies, Vol. 8, No. 4, 1995, pp/ 1019-1058.

May 1992Global Financial Markets and the Risk Premium on U.S. Equity
with K.C. Chan, G. Andrew Karolyi: w4074

Published: Journal of Financial Economics, (1992), p. 137-168 citation courtesy of

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

 
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