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About the Author(s)

René M. Stulz

René M. Stulz is the Everett D. Reese Chair of Banking and Monetary Economics and director of the Dice Center for Research in Financial Economics at The Ohio State University. His research has touched many areas of financial economics, but especially areas in corporate finance and international finance. His most cited papers concern the benefits and costs of corporate diversification, capital structure theory, financial contagion across borders, the theory of corporate risk management, the valuation of cross-listed firms, the empirical determinants of the home bias, the shareholder wealth impact of corporate acquisitions, and the determinants of cash holdings by firms.

Stulz was the editor of the Journal of Finance for 12 years. He is a past president of the American Finance Association and of the Western Finance Association, and a fellow of the American Finance Association, the European Corporate Governance Institute, the Financial Management Association, and the Wharton Financial Institutions Center. At the NBER, he is a research associate in the Asset Pricing and Corporate Finance Programs and leads the Risk of Financial Institutions Working Group with Mark Carey. He chairs the Scientific Council of the Swiss Finance Institute.

He obtained his PhD from the Massachusetts Institute of Technology. He has also taught at the Massachusetts Institute of Technology, the University of Chicago, and the University of Rochester. He was awarded a Marvin Bower Fellowship from the Harvard Business School and a Doctorat Honoris Causa from the University of Neuchâtel.

Endnotes

1. The figure is from C. Doidge, K. M. Kahle, G. A. Karolyi, and R. M. Stulz, "Eclipse of the Public Corporation or Eclipse of the Public Markets?," NBER Working Paper 24265, January 2018, and Journal of Applied Corporate Finance, 30(1), 2018, pp. 8–16.   Go to ⤴︎
2. For a detailed analysis of the evolution in listings, see C. Doidge, G. A. Karolyi, and R. M. Stulz, "The U.S. Listing Gap," NBER Working Paper 21181, May 2015, and published as "The U.S. Listing Gap," Journal of Financial Economics, 123(3), 2017, pp. 464–87.   Go to ⤴︎
3. The econometric model of the listing gap is presented in C. Doidge, G. A. Karolyi, and R. M. Stulz, "The U.S. Listing Gap," NBER Working Paper 21181, May 2015, and published as "The U.S. Listing Gap," Journal of Financial Economics, 123(3), 2017, pp. 464–87.   Go to ⤴︎
4. R. Porta, F. López-de-Silanes, A. Shleifer, and R. Vishny, "Legal Determinants of External Finance," Journal of Finance, 52(3), 2012, pp. 1131–50.   Go to ⤴︎
5. For a detailed analysis of the evolution of IPOs around the world, C. Doidge, G. A. Karolyi, and R. M. Stulz, "The U.S. Left Behind: The Rise of IPO Activity around the World," NBER Working Paper 16916, March 2011, and published as "The U.S. Left Behind? Financial Globalization and the Rise of IPOs Outside the U.S.," Journal of Financial Economics, 110(3), 2013, pp. 546–73.   Go to ⤴︎
6. K. M. Kahle and R. M. Stulz, "Is the U.S. Public Corporation in Trouble?" NBER Working Paper 22857, November 2016, and Journal of Economic Perspectives, 31(3), 2017, pp. 67–88.   Go to ⤴︎
7. The comparison between public and private firms can only be made using the number of employees. See C. Doidge, G.. A. Karolyi, and R. M. Stulz, "The U.S. Listing Gap," NBER Working Paper 21181, May 2015, and published as "The U.S. Listing Gap," Journal of Financial Economics, 123(3), 2017, pp. 464–87.   Go to ⤴︎
8. For dividends, see H. DeAngelo, L. DeAngelo, and R. M. Stulz, "Dividend Policy, Agency Costs, and Earned Equity," NBER Working Paper 10599, July 2004; also published as "Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-cycle Theory," Journal of Financial Economics, 81(2), 2006, pp. 227–54; for payouts and investment, see C. Loderer, R. M. Stulz, and U. Waelchli, "Limited Managerial Attention and Corporate Aging," NBER Working Paper 19428, September 2013, and published as "Firm Rigidities and the Decline in Growth Opportunities," Management Science, 63(9), 2016, pp. 3000–20.   Go to ⤴︎
9. K. M. Kahle and R. M. Stulz, "Is the U.S. Public Corporation in Trouble?" NBER Working Paper 22857, November 2016, and Journal of Economic Perspectives, 31(3), 2017, pp. 67–88.   Go to ⤴︎
10. T. W. Bates, K. M. Kahle, and R. M. Stulz, "Why Do U.S. Firms Hold So Much More Cash Than They Used To?" NBER Working Paper 12534, September 2006, and Journal of Finance, 64(5), 2009, pp. 1985–2021.   Go to ⤴︎
11. S. Bartram, G. Brown, and R. M. Stulz, "Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?" NBER Working Paper 14931, April 2009, and published as "Why Are U.S. Stocks More Volatile?" Journal of Finance, 67(4), 2012, pp. 1329-70.   Go to ⤴︎
12. L. Pinkowitz, R. M. Stulz, and R. Williamson, "Multinationals and the High Cash Holdings Puzzle," NBER Working Paper 18120, June 2012, and published as "Do U.S. Firms Hold More Cash than Foreign Firms Do?" The Review of Financial Studies, 29(2), 2016, pp. 309–48.   Go to ⤴︎
13. K. M. Kahle and R. M. Stulz, "Is the U.S. Public Corporation in Trouble?" NBER Working Paper 22857, November 2016, and Journal of Economic Perspectives, 31(3), 2017, pp. 67–88.   Go to ⤴︎
14. D. Lee, S. Shin, and R. M. Stulz, "Why Does Capital No Longer Flow More to the Industries with the Best Growth Opportunities?" NBER Working Paper w22924, December 2016.   Go to ⤴︎
15. S. M. Bartram, G. W. Brown, and R. M. Stulz, "Why Has Idiosyncratic Risk Been Historically Low in Recent Years?" NBER Working Paper 24270, January 2018. Go to ⤴︎

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