NBER Working Papers by René M. Stulz

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Working Papers

July 2014Governance, Risk Management, and Risk-Taking in Banks
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
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
March 2011The U.S. Left Behind: The Rise of IPO Activity Around the World
with Craig Doidge, G. Andrew Karolyi: w16916
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
September 2009Credit Default Swaps and the Credit Crisis
August 2009Bank CEO Incentives and the Credit Crisis
with Rüdiger Fahlenbrach: w15212
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
May 2009When are Analyst Recommendation Changes Influential?
with Roger K. Loh: w14971
April 2009Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?
with Söhnke M. Bartram, Gregory Brown: w14931
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
Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization
June 2008Hedge Fund Contagion and Liquidity
with Nicole M. Boyson, Christof W. Stahel: w14068
August 2007Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences
with Reena Aggarwal, Isil Erel, Rohan Williamson: w13288
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
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
January 2007Do 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
September 2006Why Do U.S. Firms Hold So Much More Cash Than They Used To?
with Thomas W. Bates, Kathleen M. Kahle: w12534
July 2006Financial Globalization, Governance, and the Evolution of the Home Bias
with Bong-Chan Kho, Francis E. Warnock: w12389
March 2006Is There Hedge Fund Contagion?
with Nicole M. Boyson, Christof W. Stahel: w12090
January 2006Financial Globalization, Corporate Governance, and Eastern Europe
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
August 2005How Much Do Banks Use Credit Derivatives to Reduce Risk?
with Bernadette A. Minton, Rohan Williamson: w11579
Why Do Firms Become Widely Held? An Analysis of the ynamics of Corporate Ownership
with Jean Helwege, Christo Pirinsky: w11505
June 2005The Risks of Financial Institutions
with Mark Carey: w11442
March 2005Private Benefits of Control, Ownership, and the Cross-Listing Decision
with Craig Doidge, G. Andrew Karolyi, Karl V. Lins, Darius P. Miller: w11162
January 2005The Limits of Financial Globalization
September 2004Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?
with Sara B. Moeller, Frederik P. Schlingemann: w10773
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
July 2004Dividend Policy, Agency Costs, and Earned Equity
with Harry DeAngelo, Linda DeAngelo: w10599
June 2004Should We Fear Derivatives?
May 2004Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
with Hyuk Choe, Bong-Chan Kho: w10502
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
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
June 2002Are Financial Assets Priced Locally or Globally?
with G. Andrew Karolyi: w8994
Daily Cross-Border Equity Flows: Pushed or Pulled?
with John M. Griffin, Federico Nardari: w9000
December 2001Corporate Governance and the Home Bias
with Lee Pinkowitz, Rohan Williamson: w8680
October 2001Why are Foreign Firms Listed in the U.S. Worth More?
with Craig Doidge, G. Andrew Karolyi: w8538
April 2001Culture, Openness, and Finance
with Rohan Williamson: w8222
January 2001Do Domestic Investors Have More Valuable Information About Individual Stocks Than Foreign Investors?
with Hyuk Choe, Bong-Chan Kho: w8073
September 2000Asset Liquidity and Segment Divestitures
with Frederik P. Schlingemann, Ralph A. Walkling: w7873
A New Approach to Measuring Financial Contagion
with Kee-Hong Bae, G. Andrew Karolyi: w7913
July 2000Firm Value, Risk, and Growth Opportunities
with Hyun-Han Shin: w7808
February 2000U.S. Banks, Crises, and Bailouts: From Mexico to LTCM
September 1999Banks, the IMF, and the Asian Crisis
with Bong-Chan Kho: w7361
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
July 1998Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997
with Hyuk Choe, Bong-Chan Kho: w6661
October 1997The Determinants and Implications of Corporate Cash Holdings
with Tim Opler, Lee Pinkowitz, Rohan Williamson: w6234
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
International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis of Stock Returns
with John M. Griffin: w6243
November 1996The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan
with Jun-Koo Kang, Yong-Cheol Kim: w5819
June 1996An Analysis of Divisional Investment Policies
with Hyun-Han Shin: w5639
July 1995Leverage, Investment, and Firm Growth
with Larry Lang, Eli Ofek: w5165
Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan
with Jun-Koo Kang: w5166
October 1994Investment Opportunities, Managerial Decisions, and the Security Issue Decision
with Kooyul Jung, Yong-Cheol Kim: w4907
How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues
with Jun-Koo Kang: w4908
May 1994Information, Trading and Stock Returns: Lessons from Dually-Listed Securities
with K.C. Chan, Wai-Ming Fong: w4743
February 1994International Portfolio Choice and Asset Pricing: An Integrative Survey
Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion
with Larry Lang, Annette Poulsen: w4654
June 1993Tobin's Q, Corporate Diversification and Firm Performance
with Larry H.P. Lang: w4376
November 1992Foreign Equity Investment Restrictions and Shareholder Wealth Maximization
with Walter Wasserfallen: w4217
May 1992Global Financial Markets and the Risk Premium on U.S. Equity
with K.C. Chan, G. Andrew Karolyi: w4074

Contact and additional information for this authorAll papers and publicationsWorking Papers onlyWorking Papers with publication info


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