Financial Economics

Corporate Finance and Governance


2008
w14488 Joshua D. Rauh
Amir Sufi

Capital Structure and Debt Structure

w14486 Renée Adams
Benjamin E. Hermalin
Michael S. Weisbach

The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey

w14480 Harold L. Cole
Self-Enforcing Stochastic Monitoring and the Separation of Debt and Equity Claims

w14465 Amir E. Khandani
Andrew W. Lo

What Happened To The Quants In August 2007?: Evidence from Factors and Transactions Data

w14427 Alexander W. Blocker
Laurence J. Kotlikoff
Stephen A. Ross

The True Cost of Social Security

w14401 Takeo Hoshi
Anil K Kashyap

Will the TARP Succeed? Lessons From Japan

w14331 Phillip Leslie
Paul Oyer

Managerial Incentives and Value Creation: Evidence from Private Equity

w14291 Vojislav Maksimovic
Gordon Phillips
N. R. Prabhala

Post-Merger Restructuring and the Boundaries of the Firm

w14290 Gerard Hoberg
Gordon M. Phillips

Real and Financial Industry Booms and Busts

w14289 Gerard Hoberg
Gordon M. Phillips

Product Market Synergies and Competition in Mergers and Acquisitions

w14250 Manju Puri
Rebecca Zarutskie

On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms

w14245 Craig Doidge
G. Andrew Karolyi
René M. Stulz

Why Do Foreign Firms Leave U.S. Equity Markets? An Analysis of Deregistrations Under SEC Exchange Act Rule 12h-6

w14232 Lauren Cohen
Andrea Frazzini
Christopher Malloy

Hiring Cheerleaders: Board Appointments of "Independent" Directors

w14219 Robert E. Hall
Susan E. Woodward

The Burden of the Nondiversifiable Risk of Entrepreneurship

w14218 René M. Stulz
Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization

w14207 Steven N. Kaplan
Per Strömberg

Leveraged Buyouts and Private Equity

w14205 Hui Tong
Shang-Jin Wei

Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?

w14195 Steven N. Kaplan
Mark M. Klebanov
Morten Sorensen

Which CEO Characteristics and Abilities Matter?

w14189 Toby Stuart
Soojin Yim

Board Interlocks and the Propensity to be Targeted in Private Equity Transactions

w14187 Shourun Guo
Edie S. Hotchkiss
Weihong Song

Do Buyouts (Still) Create Value?

w14183 Yeon-Koo Che
Kathryn E. Spier

Strategic Judgment Proofing

w14179 Michelle J. White
Ning Zhu

Saving Your Home in Chapter 13 Bankruptcy

w14148 Alexander Peter Groh
Oliver Gottschalg

Measuring the Risk-Adjusted Performance of US Buyouts

w14145 Carola Frydman
Raven E. Saks

Executive Compensation: A New View from a Long-Term Perspective, 1936-2005

w14140 Ulrike Malmendier
Geoffrey Tate

Superstar CEOs

w14113 Luc Laeven
Ross Levine

Bank Governance, Regulation, and Risk Taking

w14101 Nicola Cetorelli
Linda S. Goldberg

Banking Globalization, Monetary Transmission, and the Lending Channel

w14087 Robin Greenwood
Samuel Hanson
Jeremy C. Stein

A Gap-Filling Theory of Corporate Debt Maturity Choice

w14085 Sharon Katz
Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors

w14078 Olivia S. Mitchell
John Piggott
Cagri Kumru

Managing Public Investment Funds: Best Practices and New Challenges

w14059 Efraim Benmelech
Nittai K. Bergman

Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines

w14027 Kathy Fogel
Randall Morck
Bernard Yeung

Big Business Stability and Social Welfare

w13984 Jiandong Ju
Shang-Jin Wei

When Is Quality of Financial System a Source of Comparative Advantage?

w13914 Susan Perkins
Randall Morck
Bernard Yeung

Innocents Abroad: The Hazards of International Joint Ventures with Pyramidal Group Firms

w13874 Efraim Benmelech
Nittai K. Bergman

Collateral Pricing

w13858 Anton Korinek
Joseph E. Stiglitz

Dividend Taxation and Intertemporal Tax Arbitrage

w13802 Evan Gatev
Philip Strahan

Liquidity Risk and Syndicate Structure

w13794 Cristina Arellano
Narayana R. Kocherlakota

Internal Debt Crises and Sovereign Defaults

w13786 Joseph Chen
Samuel Hanson
Harrison Hong
Jeremy C. Stein

Do Hedge Funds Profit From Mutual-Fund Distress?

w13774 Charles Calomiris
Raymond Fisman
Yongxiang Wang

Profiting from Government Stakes in a Command Economy: Evidence from Chinese Asset Sales

w13762 Malcolm Baker
Robin Greenwood
Jeffrey Wurgler

Catering Through Nominal Share Prices

w13756 Simeon Djankov
Tim Ganser
Caralee McLiesh
Rita Ramalho
Andrei Shleifer

The Effect of Corporate Taxes on Investment and Entrepreneurship

w13738 Marianne Bertrand
Simon Johnson
Krislert Samphantharak
Antoinette Schoar

Mixing Family With Business: A Study of Thai Business Groups and the Families Behind Them

w13732 Efraim Benmelech
Eugene Kandel
Pietro Veronesi

Stock-Based Compensation and CEO (Dis)Incentives

w13726 Julia Coronado
Olivia S. Mitchell
Steven A. Sharpe
S. Blake Nesbitt

Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values

w13721 Woochan Kim
Taeyoon Sung
Shang-Jin Wei

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?


2007
w13711 Itzhak Ben-David
John R. Graham
Campbell R. Harvey

Managerial Overconfidence and Corporate Policies

w13709 John R. Graham
Lillian F. Mills

Using Tax Return Data to Simulate Corporate Marginal Tax Rates

w13708 John R. Graham
Si Li
Jiaping Qiu

Corporate Misreporting and Bank Loan Contracting

w13706 Brandon Julio
Woojin Kim
Michael Weisbach

What Determines the Structure of Corporate Debt Issues?

w13702 Lucian A. Bebchuk
Zvika Neeman

Investor Protection and Interest Group Politics

w13701 Lucian A. Bebchuk
Martijn Cremers
Urs Peyer

CEO Centrality

w13660 Andres Almazan
Adolfo de Motta
Sheridan Titman
Vahap Uysal

Financial Structure, Liquidity, and Firm Locations

w13641 Vladimir Atanasov
Vladimir Ivanov
Kate Litvak

The Impact of Litigation on Venture Capitalist Reputation

w13640 Murillo Campello
John Graham

Do Stock Prices Influence Corporate Decisions? Evidence from the Technology Bubble

w13604 Joseph H. Golec
John A. Vernon

Financial Risk in the Biotechnology Industry

w13601 Jennifer L. Blouin
Jana Smith Raedy
Douglas A. Shackelford

Did Firms Substitute Dividends for Share Repurchases after the 2003 Reductions in Shareholder Tax Rates?

w13584 Thomas Philippon
Yuliy Sannikov

Real Options in a Dynamic Agency Model, with Applications to Financial Development, IPOs, and Business Risk

w13570 Ulrike Malmendier
Geoffrey Tate
Jonathan Yan

Corporate Financial Policies With Overconfident Managers

w13538 Raj Chetty
Emmanuel Saez

An Agency Theory of Dividend Taxation

w13525 Jin Ginger Wu
Lu Zhang
X. Frank Zhang

Understanding the Accrual Anomaly

w13475 George-Marios Angeletos
Guido Lorenzoni
Alessandro Pavan

Wall Street and Silicon Valley: A Delicate Interaction

w13435 Joseph P.H. Fan
Randall Morck
Lixin Colin Xu
Bernard Yeung

Institutions and Foreign Investment: China versus the World

w13427 Siddhartha G. Dastidar
Raymond Fisman
Tarun Khanna

Testing Limits to Policy Reversal: Evidence from Indian Privatizations

w13426 Bronwyn H. Hall
Grid Thoma
Salvatore Torrisi

The market value of patents and R&D: Evidence from European firms

w13405 Thomas Philippon
Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance.

w13399 Kaoru Hosono
Koji Sakai
Kotaro Tsuru

Consolidation of Banks in Japan: Causes and Consequences

w13387 Paola Sapienza
Anna Toldra
Luigi Zingales

Understanding Trust

w13372 Alex Edmans
Xavier Gabaix
Augustin Landier

A Calibratable Model of Optimal CEO Incentives in Market Equilibrium

w13315 Simon Gilchrist
Jae W. Sim

Investment during the Korean Financial Crisis: A Structural Econometric Analysis

w13288 Reena Aggarwal
Isil Erel
René Stulz
Rohan Williamson

Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences

w13285 Harry DeAngelo
Linda DeAngelo
René M. Stulz

Fundamentals, Market Timing, and Seasoned Equity Offerings

w13283 Mihir A. Desai
Li Jin

Institutional Tax Clienteles and Payout Policy

w13282 Long Chen
Lu Zhang

Neoclassical Factors

w13274 Jarrad Harford
Dirk Jenter
Kai Li

Conflicts of Interests Among Shareholders: The Case of Corporate Acquisitions

w13270 Steven N. Kaplan
Joshua Rauh

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?

w13268 Jeremy I. Bulow
Paul D. Klemperer

When are Auctions Best?

w13265 Michelle J. White
Bankruptcy Reform and Credit Cards

w13251 Rui Albuquerque
Neng Wang

Agency Conflicts, Investment, and Asset Pricing

w13250 Jianjun Miao
Neng Wang

Investment, Consumption, and Hedging under Incomplete Markets

w13240 Joshua Rauh
Risk Shifting versus Risk Management: Investment Policy in Corporate Pension Plans

w13202 Rüdiger Fahlenbrach
René M. Stulz

Managerial Ownership Dynamics and Firm Value

w13171 Randall Morck
Masao Nakamura

Business Groups and the Big Push: Meiji Japan's Mass Privatization and Subsequent Growth

w13132 Mihir A. Desai
Dhammika Dharmapala

Taxes, Institutions and Foreign Diversification Opportunities

w13093 Eric Hilt
When did Ownership Separate from Control? Corporate Governance in the Early Nineteenth Century

w13092 Guido Lorenzoni
Karl Walentin

Financial Frictions, Investment and Tobin's q

w13079 Craig Doidge
G. Andrew Karolyi
Rene M. Stulz

Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time

w13061 Leonce Bargeron
Frederik Schlingemann
Rene M. Stulz
Chad Zutter

Why Do Private Acquirers Pay So Little Compared to Public Acquirers?

w13056 Robert E. Hall
Susan E. Woodward

The Incentives to Start New Companies: Evidence from Venture Capital

w13014 Jonathan B. Berk
Richard Stanton
Josef Zechner

Human Capital, Bankruptcy and Capital Structure

w13011 Hyunbae Chun
Jung-Wook Kim
Randall Morck
Bernard Yeung

Creative Destruction and Firm-Specific Performance Heterogeneity

w13005 Hirofumi Uchida
Gregory F.Udell
Wako Watanabe

Bank Size and Lending Relationships in Japan

w12990 Kristian R. Miltersen
Eduardo S. Schwartz

Real Options With Uncertain Maturity and Competition

w12952 Yael V. Hochberg
Paola Sapienza
Annette Vissing-Jorgensen

A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002

w12918 Charles W. Calomiris
Doron Nissim

Activity-Based Valuation of Bank Holding Companies

w12882 Alexander Dyck
Adair Morse
Luigi Zingales

Who Blows the Whistle on Corporate Fraud?

w12875 Benjamin E. Hermalin
Michael S. Weisbach

Transparency and Corporate Governance

w12855 Pol Antràs
Mihir A. Desai
C. Fritz Foley

Multinational Firms, FDI Flows and Imperfect Capital Markets

w12851 Efraim Benmelech
Tobias J. Moskowitz

The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century

w12847 Borja Larrain
Motohiro Yogo

Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?

w12833 Francesco Caselli
Nicola Gennaioli

Economics and Politics of Alternative Institutional Reforms

w12826 Ulf Axelson
Per Stromberg
Michael S. Weisbach

Why are Buyouts Levered: The Financial Structure of Private Equity Funds

w12819 Reena Aggarwal
Isil Erel
Rene M. Stulz
Rohan Williamson

Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth


2006
w12811 Lucian A. Bebchuk
Yaniv Grinstein
Urs Peyer

Lucky Directors

w12807 Simeon Djankov
Oliver Hart
Caralee McLiesh
Andrei Shleifer

Debt Enforcement Around the World

w12798 Michael S. Weisbach
Optimal Executive Compensation vs. Managerial Power: A Review of Lucian Bebchuk and Jesse Fried's "Pay without Performance: The Unfulfilled Promise of Executive Compensation"

w12792 Lubos Pastor
Lucian Taylor
Pietro Veronesi

Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability

w12773 Heitor Almeida
Murillo Campello
Michael S. Weisbach

Corporate Financial and Investment Policies when Future Financing is not Frictionless

w12771 Lucian A. Bebchuk
Yaniv Grinstein
Urs Peyer

Lucky CEOs

w12765 Enrichetta Ravina
Paola Sapienza

What Do Independent Directors Know? Evidence from Their Trading

w12739 Holger M. Mueller
Thomas Philippon

Family Firms, Paternalism, and Labor Relations

w12724 Dirk Jenter
Katharina Lewellen
Jerold B. Warner

Security Issue Timing: What Do Managers Know, and When Do They Know It?

w12705 Edward J. Kane
Basel II: A Contracting Perspective

w12675 Luc Laeven
Ross Levine

Complex Ownership Structures and Corporate Valuations

w12649 C. Fritz Foley
Jay C. Hartzell
Sheridan Titman
Garry Twite

Why do firms hold so much cash? A tax-based explanation

w12644 Charles Calomiris
Devaluation with Contract Redenomination in Argentina

w12626 Jerry Cao
Josh Lerner

The Performance of Reverse Leveraged Buyouts

w12612 Atif Mian
Asim Ijaz Khwaja

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

w12555 Dmitry Livdan
Horacio Sapriza
Lu Zhang

Financially Constrained Stock Returns

w12534 Thomas W. Bates
Kathleen M. Kahle
Rene M. Stulz

Why Do U.S. Firms Hold So Much More Cash Than They Used To?

w12525 Alexander Dyck
Natalya Volchkova
Luigi Zingales

The Corporate Governance Role of the Media: Evidence from Russia

w12500 John Ammer
Sara B. Holland
David C. Smith
Francis E. Warnock

Look at Me Now: What Attracts U.S. Shareholders?

w12465 Steven N. Kaplan
Bernadette Minton

How has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs

w12463 Alan J. Auerbach
Why Have Corporate Tax Revenues Declined? Another Look

w12462 Thomas Philippon
The Bond Market's q

w12438 Leemore Dafny
David Dranove

Regulatory Exploitation and the Market for Corporate Controls

w12389 Bong-Chan Kho
René M. Stulz
Francis E. Warnock

Financial Globalization, Governance, and the Evolution of the Home Bias

w12365 Xavier Gabaix
Augustin Landier

Why Has CEO Pay Increased So Much?

w12359 Yingjin Hila Gan
Christopher Mayer

Agency Conflicts, Asset Substitution, and Securitization

w12356 Morten Bennedsen
Kasper M. Nielsen
Francisco Pérez-González
Daniel Wolfenzon

Inside the Family Firm: The Role of Families in Succession Decisions and Performance

w12308 Urban Jermann
Vincenzo Quadrini

Financial Innovations and Macroeconomic Volatility

w12297 Vojislav Maksimovic
Gordon Phillips

The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?

w12295 Michelle Lowry
Micah S. Officer
G. William Schwert

The Variability of IPO Initial Returns

w12292 Roger Gordon
Martin Dietz

Dividends and Taxes

w12288 Malcolm Baker
Stefan Nagel
Jeffrey Wurgler

The Effect of Dividends on Consumption

w12276 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Capital Structure with Risky Foreign Investment

w12222 Christian Leuz
Karl V. Lins
Francis E. Warnock

Do Foreigners Invest Less in Poorly Governed Firms?

w12220 Fang Cai
Francis E. Warnock

International Diversification at Home and Abroad

w12203 Andrew Ang
Li Gu
Yael V. Hochberg

Is IPO Underperformance a Peso Problem?

w12151 Ravi Jagannathan
Ann E. Sherman

Why Do IPO Auctions Fail?

w12129 Ricardo J. Caballero
Takeo Hoshi
Anil K. Kashyap

Zombie Lending and Depressed Restructuring in Japan

w12127 Galina Hale
Assaf Razin
Hui Tong

Institutional Weakness and Stock Price Volatility

w12107 Patrick Bolton
Jose Scheinkman
Wei Xiong

Pay for Short-Term Performance: Executive Compensation in Speculative Markets

w12087 Heitor Almeida
Murillo Campello

Financial Constraints, Asset Tangibility, and Corporate Investment

w12068 Dirk Jenter
Fadi Kanaan

CEO Turnover and Relative Performance Evaluation

w12050 Benjamin E. Hermalin
Michael S. Weisbach

A Framework for Assessing Corporate Governance Reform

w12042 Steven R. Grenadier
Neng Wang

Investment Under Uncertainty and Time-Inconsistent Preferences

w11989 Justin Wolfers
Diagnosing Discrimination: Stock Returns and CEO Gender

w11962 Darrell Duffie
Leandro Siata
Ke Wang

Multi-Period Corporate Default Prediction With Stochastic Covariates

w11961 Sanjiv Das
Darrell Duffie
Nikunj Kapadia
Leandro Saita

Common Failings: How Corporate Defaults are Correlated

w11950 Kevin F. Hallock
Craig Olson

The Value of Stock Options to Non-Executive Employees

w11914 A. Burak Güner
Ulrike Malmendier
Geoffrey Tate

Financial Expertise of Directors

w11912 Rene M. Stulz
Financial Globalization, Corporate Governance, and Eastern Europe


2005
w11907 Lucian A. Bebchuk
Robert J. Jackson
Jr.

Executive Pensions

w11886 Lucian Bebchuk
Yaniv Grinstein

Firm Expansion and CEO Pay

w11883 Simeon Djankov
Rafael LaPorta
Florencio Lopez-de-Silanes
Andrei Shleifer

The Law and Economics of Self-Dealing

w11882 Owen A. Lamont
Jeremy C. Stein

Investor Sentiment and Corporate Finance: Micro and Macro

w11797 Woojin Kim
Michael S. Weisbach

Motivations for Public Equity Offers: An International Perspective

w11757 Itay Goldstein
Assaf Razin

An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment

w11728 Raghuram G. Rajan
Has Financial Development Made the World Riskier?

w11685 Heitor Almeida
Thomas Philippon

The Risk-Adjusted Cost of Financial Distress

w11683 Stefano DellaVigna
Joshua Pollet

Investor Inattention, Firm Reaction, and Friday Earnings Announcements

w11624 Zsuzsanna Fluck
Kedran Garrison
Stewart C. Myers

Venture Capital Contracting and Syndication: An Experiment in Computational Corporate Finance

w11581 Steven N. Kaplan
Berk A. Sensoy
Per Strömberg

What Are Firms? Evolution from Birth to Public Companies

w11573 Simi Kedia
Thomas Philippon

The Economics of Fraudulent Accounting

w11536 Michelle J. White
Economic Analysis of Corporate and Personal Bankruptcy Law

w11526 Andrea Frazzini
Owen A. Lamont

Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns

w11505 Jean Helwege
Christo Pirinsky
René M. Stulz

Why Do Firms Become Widely Held? An Analysis of the ynamics of Corporate Ownership

w11499 Luc Laeven
Ross Levine

Is There a Diversification Discount in Financial Conglomerates?

w11498 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Supervision and Corruption in Lending

w11478 Michael Greenstone
Paul Oyer
Annette Vissing-Jorgensen

Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments

w11469 Mihir A. Desai
Dhammika Dharmapala
Winnie Fung

Taxation and the Evolution of Aggregate Corporate Ownership Concentration

w11459 Evgeny Lyandres
Le Sun
Lu Zhang

Investment-Based Underperformance Following Seasoned Equity Offerings

w11450 Andrew A. Toole
Dirk Czarnitzki

Biomedical Academic Entrepreneurship Through the SBIR Program

w11443 Lucian Bebchuk
Yaniv Grinstein

The Growth of Executive Pay

w11424 Daron Acemoglu
Simon Johnson
Todd Mitton

Determinants of Vertical Integration: Finance, Contracts, and Regulation

w11409 Nittai K. Bergman
Dirk Jenter

Employee Sentiment and Stock Option Compensation

w11391 Viral V. Acharya
Heitor Almeida
Murillo Campello

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

w11368 Heitor Almeida
Daniel Wolfenzon

A Theory of Pyramidal Ownership and Family Business Groups

w11364 Gary Gorton
Matthias Kahl
Richard Rosen

Eat or Be Eaten: A Theory of Mergers and Merger Waves

w11357 Joshua D. Coval
Erik Stafford

Asset Fire Sales (and Purchases) in Equity Markets

w11333 Charles W. Calomiris
Donna M. Hitscherich

Banker Fees and Acquisition Premia for Targets in Cash Tender Offers: Challenges to the Popular Wisdom on Banker Conflicts

w11294 Armando Gomes
Gordon Phillips

Why Do Public Firms Issue Private and Public Securities?

w11280 Mitchell A. Petersen
Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches

w11254 Olubunmi Faleye
Vikas Mehrotra
Randall Morck

When Labor Has a Voice in Corporate Governance

w11241 Mihir A. Desai
Dhammika Dharmapala

Corporate Tax Avoidance and Firm Value

w11229 Joseph Golec
Shantaram Hegde
John A. Vernon

Pharmaceutical Stock Price Reactions to Price Constraint Threats and Firm-Level R&D Spending

w11197 Woojin Kim
Michael Weisbach

Do Firms Go Public to Raise Capital?

w11190 Gary Gorton
Nicholas Souleles

Special Purpose Vehicles and Securitization

w11162 Craig Doidge
G. Andrew Karolyi
Karl V. Lins
Darius P. Miller
Rene M. Stulz

Private Benefits of Control, Ownership, and the Cross-Listing Decision

w11140 Mihir A. Desai
Robert J. Yetman

Constraining Managers without Owners: Governance of the Not-for-Profit Enterprise

w11126 Marianne Bertrand
Sendhil Mullainathan

Profitable Investments or Dissipated Cash? Evidence on the Investment-Cash Flow Relationship From Oil and Gas Lease Bidding

w11083 Andrew Atkeson
Harold Cole

A Dynamic Theory of Optimal Capital Structure and Executive Compensation

w11082 Bart Lambrecht
Stewart C. Myers

A Theory of Takeovers and Disinvestment

w11078 Simeon Djankov
Caralee McLiesh
Andrei Shleifer

Private Credit in 129 Countries

w11071 Patrick Bolton
Olivier Jeanne

Structuring and Restructuring Sovereign Debt: The Role of Seniority

w11070 Rene M. Stulz
The Limits of Financial Globalization

w11062 Randall K. Morck
Lloyd Steier

The Global History of Corporate Governance: An Introduction

w11050 Claudio Michelacci
Vincenzo Quadrini

Financial Markets and Wages


2004
w11011 David J. Brophy
Paige P. Ouimet
Clemens Sialm

PIPE Dreams? The Performance of Companies Issuing Equity Privately

w11006 Mark J. Garmaise
Tobias J. Moskowitz

Bank Mergers and Crime: The Real and Social Effects of Credit Market Competition

w11005 Luigi Guiso
Paola Sapienza
Luigi Zingales

Cultural Biases in Economic Exchange

w11004 Efraim Benmelech
Mark J. Garmaise
Tobias Moskowitz

Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation

w11002 Jeffrey R. Brown
Nellie Liang
Scott Weisbenner

Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut

w10999 Philippe Aghion
Jeremy C. Stein

Growth vs. Margins: Destabilizing Consequences of Giving the Stock Market What it Wants

w10998 Malcolm Baker
Joshua Coval
Jeremy C. Stein

Corporate Financing Decisions When Investors Take the Path of Least Resistance

w10978 Mihir A. Desai
Alexander Dyck
Luigi Zingales

Theft and Taxes

w10944 Randall Morck
How to Eliminate Pyramidal Business Groups - The Double Taxation of Inter-Corporate Dividends and Other Incisive Uses of Tax Policy

w10933 Ilan Guedj
David Scharfstein

Organizational Scope and Investment: Evidence from the Drug Development Strategies and Performance of Biopharmaceutical Firms

w10908 Stephen G. Cecchetti
Stefan Krause

Deposit Insurance and External Finance

w10891 Peter M. DeMarzo
Ilan Kremer
Andrzej Skrzypacz

Bidding With Securities: Auctions and Security Design

w10872 Anusha Chari
Paige P. Ouimet
Linda L. Tesar

Acquiring Control in Emerging Markets: Evidence from the Stock Market

w10863 Malcolm Baker
Richard S. Ruback
Jeffrey Wurgler

Behavioral Corporate Finance: A Survey

w10841 Raj Chetty
Emmanuel Saez

Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut

w10823 Malcolm P. Baker
Ryan Taliaferro
Jeffrey Wurgler

Pseudo Market Timing and Predictive Regressions

w10813 Ulrike Malmendier
Geoffrey Tate

Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction

w10807 Ulrike Malmendier
Geoffrey Tate

CEO Overconfidence and Corporate Investment

w10773 Sara B. Moeller
Frederik P. Schlingemann
Rene M. Stulz

Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?

w10771 Boyan Jovanovic
The Pre-Producers

w10743 Darrell Duffie
Ke Wang

Multi-Period Corporate Failure Prediction with Stochastic Covariates

w10742 Lucian Arye Bebchuk
Jesse M. Fried

Stealth Compensation Via Retirement Benefits

w10687 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law and Firms' Access to Finance

w10671 Jennifer Dlugosz
Rudiger Fahlenbrach
Paul Gompers
Andrew Metrick

Large Blocks of Stock: Prevalence, Size, and Measurement

w10665 Patrick Bajari
John Krainer

An Empirical Model of Stock Analysts' Recommendations: Market Fundamentals, Conflicts of Interest, and Peer Effects

w10644 Randall Morck
Behavioral Finance in Corporate Governance - Independent Directors, Non-Executive Chairs, and the Importance of the Devil’s Advocate

w10641 Peter Hogfeldt
The History and Politics of Corporate Ownership in Sweden

w10635 Randall Morck
Michael Percy
Gloria Tian
Bernard Yeung

The Rise and Fall of the Widely Held Firm - A History of Corporate Ownership in Canada

w10628 Julian Franks
Colin Mayer
Stefano Rossi

Spending Less Time with the Family: The Decline of Family Ownership in the UK

w10615 Peter M. DeMarzo
Yuliy Sannikov

A Continuous-Time Agency Model of Optimal Contracting and Capital Structure

w10613 Tarun Khann
Krishna Palepu

The Evolution of Concentrated Ownership in India Broad patterns and a History of the Indian Software Industry

w10599 Harry DeAngelo
Linda DeAngelo
Rene Stulz

Dividend Policy, Agency Costs, and Earned Equity

w10587 Lucian Bebchuk
Alma Cohen

The Costs of Entrenched Boards

w10572 Raj Chetty
Emmanuel Saez

Do Dividend Payments Respond to Taxes? Preliminary Evidence from the 2003 Dividend Tax Cut

w10563 Christopher Polk
Paola Sapienza

The Real Effects of Investor Sentiment

w10559 Malcolm Baker
C. Fritz Foley
Jeffrey Wurgler

The Stock Market and Investment: Evidence from FDI Flows

w10550 John R. Graham
Campbell R. Harvey
Shiva Rajgopal

The Economic Implications of Corporate Financial Reporting

w10537 Simon Gilchrist
Charles P. Himmelberg
Gur Huberman

Do Stock Price Bubbles Influence Corporate Investment?

w10536 Patricia M. Danzon
Andrew Epstein
Sean Nicholson

Mergers and Acquisitions in the Pharmaceutical and Biotech Industries

w10526 Ayla Kayhan
Sheridan Titman

Firms' Histories and Their Capital Structures

w10494 Raghuram Rajan
Julie Wulf

Are Perks Purely Managerial Excess?

w10471 Mihir A. Desai
Dhammika Dharmapala

Corporate Tax Avoidance and High Powered Incentives

w10380 Leora Klapper
Luc Laeven
Raghuram Rajan

Business Environment and Firm Entry: Evidence from International Data

w10301 Jennifer L. Blouin
Jana Smith Raedy
Douglas A. Shackelford

Did Dividends Increase Immediately After the 2003 Reduction in Tax Rates?

w10298 Boyan Jovanovic
Peter L. Rousseau

Interest Rates and Initial Public Offerings

w10258 Kristian R. Miltersen
Eduardo S. Schwartz

R&D Investments with Competitive Interactions

w10240 Paul A. Gompers
Joy Ishii
Andrew Metrick

Incentives vs. Control: An Analysis of U.S. Dual-Class Companies

w10225 Brian J. Henderson
Narasimhan Jegadeesh
Michael S. Weisbach

World Markets for Raising New Capital

w10224 Evangelos Benos
Michael S. Weisbach

Private Benefits and Cross-Listings in the United States

w10200 Sara B. Moeller
Frederik P. Schlingemann
Rene M. Stulz

Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave


2003
w10190 Lucian Arye Bebchuk
Why Firms Adopt Antitakeover Arrangements

w10188 Lee Pinkowitz
Rene M. Stulz
Rohan Williamson

Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?

w10184 Kenneth A. Froot
Risk Management, Capital Budgeting and Capital Structure Policy for Insurers and Reinsurers

w10165 Mihir Desai
Paul Gompers
Josh Lerner

Institutions, Capital Constraints and Entrepreneurial Firm Dynamics: Evidence from Europe

w10158 Gerard Caprio
Luc Laeven
Ross Levine

Governance and Bank Valuation

w10153 Mihir Desai
William M. Gentry

The Character and Determinants of Corporate Capital Gains

w10115 Gordon M. Bodnar
Bernard Dumas
Richard D. Marston

Cross-Border Valuation: The International Cost of Equity Capital

w10114 Eduardo S. Schwartz
Patents and R&D as Real Options

w10101 Andres Almazan
Javier Suarez
Sheridan Titman

Stakeholder, Transparency and Capital Structure

w10097 Steven N. Kaplan
Frederic Martel
Per Stromberg

How Do Legal Differences and Learning Affect Financial Contracts?

w10041 Jason C. Hsu
Eduardo S. Schwartz

A Model of R&D Valuation and the Design of Research Incentives

w9995 Malcolm Baker
Jeffrey Wurgler

Appearing and Disappearing Dividends: The Link to Catering Incentives

w9951 Sheridan Titman
K.C. John Wei
Feixue Xie

Capital Investments and Stock Returns

w9949 Eric Friedman
Simon Johnson
Todd Mitton

Propping and Tunneling

w9930 Michael Faulkender
Mitchell A. Petersen

Does the Source of Capital Affect Capital Structure?

w9813 Lucian Arye Bebchuk
Jesse M. Fried

Executive Compensation as an Agency Problem

w9763 Walter Novaes
Luigi Zingales

Bureaucracy as a Mechanism to Generate Information

w9758 James Dow
Gary Gorton
Arvind Krishnamurthy

Equilibrium Asset Prices Under Imperfect Corporate Control

w9722 Patrick Bolton
Jose Scheinkman
Wei Xiong

Executive Compensation and Short-termist Behavior in Speculative Markets

w9715 Mihir A. Desai
C. Fritz Foley
James R. Hines
Jr.

A Multinational Perspective on Capital Structure Choice and Internal Capital Markets

w9657 Alon Brav
John R. Graham
Campbell R. Harvey
Roni Michaely

Payout Policy in the 21st Century

w9651 Randall Morck
Why Some Double Taxation Might Make Sense: The Special Case of Inter-corporate Dividends

w9644 Patrick McGuire
Bank Ties and Bond Market Access: Evidence on Investment-Cash Flow Sensitivity in Japan

w9620 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Supervision and Corporate Finance

w9613 Bengt Holmstrom
Steven N. Kaplan

The State of U.S. Corporate Governance: What's Right and What's Wrong?

w9575 Youngjae Lim
Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence

w9574 Chen-Chien Hsun
Shih Hui-Tzu

Initial Public Offering and Corporate Governance in China's Transitional Economy

w9542 Malcolm Baker
Jeffrey Wurgler

A Catering Theory of Dividends

w9527 Bruce Blonigen
Rossitza B. Wooster

CEO Turnover and Foreign Market Participation

w9523 Sara B. Moeller
Frederik P. Schlingemann
Rene M. Stulz

Do shareholders of acquiring firms gain from acquisitions?

w9469 William N. Goetzmann
Matthew Spiegel
Andrey Ukhov

Modeling and Measuring Russian Corporate Governance: The Case of RussianPreferred and Common Shares

w9432 Gayane Hovakimian
Sheridan Titman

Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales


2002
w9386 Yishay Yafeh
An International Perspective of Japan's Corporate Groups and their Prospects

w9385 Takero Doi
Takeo Hoshi

Paying for the FILP

w9380 Lucian Bebchuk
Alma Cohen
Allen Ferrell

Does the Evidence Favor State Competition in Corporate Law?

w9371 Patrick Bolton
Marco Becht
Alisa Roell

Corporate Governance and Control

w9327 Nengjiu Ju
Robert Parrino
Allen M. Poteshman
Michael S. Weisbach

Horses and Rabbits? Optimal Dynamic Capital Structure from Shareholder and Manager Perspectives

w9323 James R. Barth
Gerard Caprio
Jr.
Ross Levine

Bank Regulation and Supervision: What Works Best?

w9309 Alexander Dyck
Luigi Zingales

The Corporate Governance Role of the Media

w9253 Heitor Almeida
Murillo Campello
Michael S. Weisbach

Corporate Demand for Liquidity

w9250 Olivia S. Mitchell
Stephen P. Utkus

The Role of Company Stock in Defined Contribution Plans

w9214 Patric H. Hendershott
Charles W.R. Ward

Valuing and Pricing Retail Leases with Renewal and Overage Options

w9156 Oren Bar-Gill
Michal Barzuza
Lucian Bebchuk

The Market for Corporate Law

w9146 Josh Lerner
Antoinetter Schoar

The Illiquidity Puzzle: Theory and Evidence from Private Equity

w9126 Roberta Romano
Does Confidential Proxy Voting Matter?

w9107 Lucian Bebchuk
Alma Cohen

Firms' Decisions Where to Incorporate

w9078 Lucian Arye Bebchuk
The Case Against Board Veto in Corporate Takeovers

w9070 Reena Aggarwal
Nagpurnanand R. Prabhala
Manju Puri

Institutional Allocation In Initial Public Offerings: Empirical Evidence

w9068 Lucian Arye Bebchuk
Jesse M. Fried
David I. Walker

Managerial Power and Rent Extraction in the Design of Executive Compensation

w9059 Brian J. Hall
Thomas A. Knox

Managing Option Fragility

w9049 Owen A. Lamont
Evaluating Value Weighting: Corporate Events and Market Timing

w9032 Peter MacKay
Gordon M. Phillips

Is There an Optimal Industry Financial Structure?

w9009 Boyan Jovanovic
Serguey Braguinsky

Bidder Discounts and Target Premia in Takeovers

w9001 Denis Gromb
David Scharfstein

Entrepreneurship in Equilibrium

w8989 Henry Hansmann
Daniel Kessler
Mark McClellan

Ownership Form and Trapped Capital in the Hospital Industry

w8974 Lucian Arye Bebchuk
John C. Coates IV
Guhan Subramanian

The Powerful Antitakeover Force of Staggered Boards: Theory, Evidence and Policy

w8954 Michael R. Darby
Lynne G. Zucker

Going Public When You Can in Biotechnology

w8921 Edward L. Glaeser
The Governance of Not-For-Profit Firms

w8877 Mark J. Garmaise
Tobias J. Moskowitz

Confronting Information Asymmetries: Evidence from Real Estate Markets

w8874 Mark J. Garmaise
Tobias J. Moskowitz

Informal Financial Networks: Theory and Evidence

w8866 Mihir A. Desai
The Corporate Profit Base, Tax Sheltering Activity, and the Changing Nature of Employee Compensation

w8848 Rafael La Porta
Florencio Lopez-de-Silane
Guillermo Zamarripa

Related Lending

w8776 Mike Burkart
Fausto Panunzi
Andrei Shleifer

Family Firms

w8773 Bronwyn H. Hall
The Financing of Research and Development

w8764 Steven N. Kaplan
Per Stromberg

Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses

w8763 Robert Parrino
Allen M. Poteshman
Michael S. Weisbach

Measuring Investment Distortions when Risk-Averse Managers Decide Whether to Undertake Risky Projects

w8750 Malcolm Baker
Jeremy C. Stein
Jeffrey Wurgler

When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms

w8719 Ravi Jagannathan
Iwan Meier

Do We Need CAPM for Capital Budgeting?

w8711 Alexander Dyck
Luigi Zingales

Private Benefits of Control: An International Comparison

w8703 Lucian Arye Bebchuk
Assaf Hamdani

Optimal Defaults for Corporate Law Evolution

w8698 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Dividend Policy inside the Firm


2001
w8694 Randall S. Kroszner
Philip E. Strahan

Throwing Good Money After Bad? Board Connections and Conflicts in Bank Lending

w8678 John R. Graham
Campbell R. Harvey

Expectations of Equity Risk Premia, Volatility and Asymmetry from a Corporate Finance Perspective

w8661 Lucian Arye Bebchuk
Jesse M. Fried
David I. Walker

Executive Compensation in America: Optimal Contracting or Extraction of Rents?

w8652 Arturo Bris
Ivo Welch

The Optimal Concentration of Creditors

w8633 Lucian Bebchuk
Oliver Hart

Takeover bids vs. Proxy Fights in Contests for Corporate Control

w8586 Michelle Lowry
G. William Schwert

Biases in the IPO Pricing Process

w8538 Craig Doidge
G. Andrew Karolyi
Rene M. Stulz

Why are Foreign Firms Listed in the U.S. Worth More?

w8507 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Repatriation Taxes and Dividend Distortions

w8486 William M. Gentry
Deen Kemsley
Christopher J. Mayer

Dividend Taxes and Share Prices: Evidence from Real Estate Investment Trusts

w8452 Campbell R. Harvey
Karl V. Lins
Andrew H. Roper

The Effect of Capital Structure When Expected Agency Costs are Extreme

w8449 Paul A. Gompers
Joy L. Ishii
Andrew Metrick

Corporate Governance and Equity Prices

w8439 Andrei Shleifer
Robert W. Vishny

Stock Market Driven Acquisitions

w8438 Ann E. Harrison
Margaret S. McMillan

Does Direct Foreign Investment Affect Domestic Firms' Credit Constraints?

w8399 Edward J. Kane
Using Deferred Compensation to Strengthen the Ethicsof Financial Regulation

w8388 Lucian Arye Bebchuk
Ex Ante Costs of Violating Absolute Priority in Bankruptcy

w8367 Luis Garicano
Tano Santos

Referrals

w8286 Oliver Hart
Norms and the Theory of the Firm

w8285 Oliver Hart
Financial Contracting

w8276 Lucian Arye Bebchuk
Jesse M. Fried

A New Approach to Valuing Secured Claims in Bankruptcy

w8222 Rene M. Stulz
Rohan Williamson

Culture, Openness, and Finance

w8220 Bengt Holmstrom
Steven N. Kaplan

Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s

w8203 Alan J. Auerbach
Taxation and Corporate Financial Policy

w8202 Steven N. Kaplan
Per Stromberg

Venture Capitalists As Principals: Contracting, Screening, and Monitoring

w8201 Leslie Eldenburg
Benjamin E. Hermalin
Michael S. Weisbach
Marta Wosinska

Hospital Governance, Performance Objectives, and Organizational Form

w8178 Raghuram G. Rajan
Luigi Zingales

The Great Reversals: The Politics of Financial Development in the 20th Century

w8177 Raghuram G. Rajan
Luigi Zingales

The Influence of the Financial Revolution on the Nature of Firms

w8164 William A. Reese
Jr.
Michael S. Weisbach

Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings

w8161 Benjamin E. Hermalin
Michael S. Weisbach

Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature

w8148 Lucian Arye Bebchuk
Allen Ferrell

A New Approach to Takeover Law and Regulatory Competition

w8093 Artyom Durnev
Randall Morck
Bernard Yeung

Does Firm-specific Information in Stock Prices Guide Capital Allocation?

w8089 Lucian Arye Bebchuk
David I. Walker

The Overlooked Corporate Finance Problems of a Microsoft Breakup


2000
w7974 Andrei Shleifer
Daniel Wolfenson

Investor Protection and Equity Markets

w7958 Raghuram G. Rajan
Luigi Zingales

The Governance of the New Enterprise

w7952 Marianne Bertrand
Paras Mehta
Sendhil Mullainathan

Ferreting Out Tunneling: An Application to Indian Business Groups

w7945 Gary Gorton
Frank Schmid

Class Struggle Inside the Firm: A Study of German Codetermination

w7935 Michelle Lowry
G. William Schwert

IPO Market Cycles: Bubbles or Sequential Learning?

w7921 Oliver Hart
Different Approaches to Bankruptcy

w7873 Frederik P. Schlingemann
Rene M. Stulz
Ralph A. Walkling

Asset Liquidity and Segment Divestitures

w7842 Nancy L. Rose
Catherine Wolfram

Regulating Executive Pay: Using the Tax Code to Influence CEO Compensation

w7821 Alan J. Auerbach
Kevin A. Hassett

On the Marginal Source of Investment Funds

w7808 Hyun-Han Shin
Rene M. Stulz

Firm Value, Risk, and Growth Opportunities

w7803 Owen Lamont
Christopher Polk

Does Diversification Destroy Value? Evidence From Industry Shocks

w7794 John DiNardo
Kevin F. Hallock

When Unions "Mattered": Assessing the Impact of Strikes on Financial Markets: 1925-1937

w5462 Steven M. Fazzari
R. Glenn Hubbard
Bruce C. Petersen

Financing Constraints and Corporate Investment: Response to Kaplan and Zingales

w7232 Lucian Arye Bebchuk
Allen Ferrell

Federalism and Takeover Law: The Race to Protect Managers from Takeovers