Toni M. Whited List of Articles Citing my Publications Outside ...

Toni M. Whited
List of Published Articles and Books Citing my Publications
Outside Citations
Note: This list reflects my current knowledge. The sources are the ISI Web of Knowledge, Scopus, Google
Books, and Google Scholar. It is arranged by publication, by date and contains 2069 appearances of my
articles in the reference sections of published works. This list does not include self-citations either by me or
by my co-authors.
“U.S. Corporate Leverage: Developments in 1987 and 1988,” Brookings Papers on Economic
Activity 1 (1990), 255-278. (with Ben S. Bernanke and John Y. Campbell)
1. Jessen, J. and Frederik, F.F. “Debt Ratios of Danish Companies: An International Comparison,”
Nationalokonomisk Tidssdrift 129 (1991), 216-235.
2. Gertner, R. and Scharfstein, D. “A Theory of Workouts and the Effects of Reorganization Law,”
Journal of Finance 46 (1991) 1189-1222.
3. Hoshi, T., Kashyap A. and Scharfstein, D. “The Role of Banks in Reducing the Costs of Financial
Distress in Japan,” Journal of Financial Economics 27 (1991), 67-88.
4. Hu, H.T.C. “New Financial Productgs, the Modern Process of Financial Innovation, and the Puzzle of
Shareholder Welfare,” Texas Law Review 69 (1991), 1273-1317.
5. Warshawsky, M. “Is There a Corporate Debt Crisis” in R.G. Hubbard, ed. Financial Markets and
Financial Crises (1991) Chicago: University of Chicago Press, for the N.B.E.R.
6. Friedman, Benjamin. “Views on the Likelihood of Financial Crisis,” in Martin Feldstein, ed. Reducing
the Risk of Economic Crisis (1991), Chicago: University of Chicago Press
7. Cheung, Y.W. and Ng, L.K. “Stock Price Dynamics and Firm Size: An Empirical Investigation,”
Journal of Finance 47 (1992), 1985-1997.
8. Seth, R. “Corporate Leverage and the Business Cycle,” Contemporary Policy 10 (1992), 65-80.
9. Blair, Margaret M. and Girish Uppal. The Deal Decade Handbook (1993) Washington, DC, Brookings
Institution Press.
10. Blair Margaret M. The Deal Decade: What Takeovers and Leveraged Buyouts Mean for Corporate
Governance (1993) Washington, DC, Brookings Institution Press.
11. Kaplan S.N., and Stein, J.C. “The Evolution of Buyout Pricing and Financial Structure in the 1980’s,”
Quarterly Journal of Economics 108 (1993), 313-357.
12. Kaplan S.N., and Stein, J.C. “The Evolution of Buyout Pricing and Financial Structure (Or, What
Went Wrong) in the 1980s,” Journal of Applied Corporate Finance (1993), 72-88.
13. Opler, T.C. “Controlling Financial Distress Costs in Leveraged Buyouts with Financial Innovations,”
Financial Management 22 (1993), 79-90.
14. Perry G.L., and Schultze, C.L. “Was this Recession Different Are They all Different” Brookings
Papers on Economic Activity 1 (1993), 145-f211.
15. McKenzie, Richard B. What Went Right in the 1980s, (1994), Pacific Research Institute for Public
Policy.

16. Pryor, F.L. and Sulcove, E. “A Note on Volatility,” Journal of Post Keynesian Economics 17 (1995),
525-544.
17. Rajan, R.G. and Zingales, L. “What Do We Know about Capital Structure Some Evidence from
International Data,” Journal of Finance 50 (1995), 1421-1460.
18. Pryor, Frederic L. Economic Evolution and Structure: The Impact of Complexity on the U.S. Economic
System (1995) Cambridge, U.K. Cambridge University Press.
19. Posner Richard A., Jagdeep S. Bhandari, and Lawrence A. Weiss. Corporate Bankruptcy: Economic
and Legal Perspectives (1996) Cambridge, U.K.: Cambridge University Press.
20. Sweeney, R.J., Warga, A.D., and Winters, D. “The Market Value of Debt, Market Versus Book Value
of Debt, and Returns to Assets,” Financial Management 26 (1997), 5-23.
21. Andrade, G. and Kaplan, S.N. “How Costly is Financial (not Economic) Distress Evidence from
Highly Leveraged Transactions that became Distressed,” Journal of Finance 53 (1998), 1443-1493.
22. Ndikumana, L. “Debt service, financing constraints, and fixed investment: evidence from panel data,”
Journal of Post Keynesian Economics 21 (1999), 455-478.
23. Fama, E.F. and French, K.R. “The Corporate Cost of Capital and the Return on Corporate Investment,”
Journal of Finance 54 (1999), 1939-1967.
24. Stanca, L., Delli Gatti, D., and Gallegati, M. “Financial Fragility, Heterogeneous Agents, and Aggregate
Fluctuations: Evidence from a Panel of U.S. Firms,” Applied Financial Economics 9 (1999).
25. Stanca, L. and Gallegati, M. “The Dynamic Relation between Financial Positions and Investment:
Evidence from Company Account Data,” Industrial and Corporate Change 8 (1999), 551-72.
26. Mishkin, R. The Economics of Money, Banking, and Financial Markets (1999) Boston: Addison-
Wesley.
27. Brenner, R, “The World Economy at the Turn of the Millennium: Toward Boom or Crisis,” Review
of International Political Economy 8 (2001), 6-44.
28. Gomes, J. F., “Financing Investment,” American Economic Review 91 (2001), 1263-1285.
29. Nolan, D., “Capital Structure and Short-Term Decisions,” Oxford Economic Papers 54 (2002), 470-489.
30. Strebulaev, I. “Do Tests of Capital Structure Mean What They Say” Journal of Finance 62 (2007),
1747-1787.
31. Bayraktar, N. “Investment, Alternative Measures of Fundamentals and Revenue Indicators,” International
Journal of Revenue Management 3 (2009), 148-178.
32. Pawlina, Grzegorz, “Underinvestment, Capital Structure and Strategic Debt Restructuring,” Journal
of Corporate Finance 16 (2010), 679-702.
33. Lemmon, Michael and Michael R. Roberts. “The Response of Corporate Financing and Investment to
Changes in the Supply of Credit,” Journal of Financial and Quantitative Analysis 45 (2010), 555-587.
34. Casagrande, E.E. and A. Sartoris, “Investment and financing: A study on Brazilian capital markets
[Investimento e financiamento: Um enfoque sobre empresas de capital aberto,” Revista de Economia
Contemporanea 15 (2011), 512-536.
35. Seth, Rama, in “Patterns of corporate leverage in selected industrialized countries,” Managerial Finance
in the Corporate Economy, ed. Dilip K. Ghosh and Shahriar Khaksari, Routledge, 2013.
36. Desai, Chintal, Gregory Elliehausen, and Edward C. Lawrence, On the County-Level Credit Outcome
Beta, Journal of Financial Services Research 45 (2014), 201-218.

“Investment and Financial Asset Accumulation,” Journal of Financial Intermediation 1 (1991),
307-334.
1. Gertler, M. and Gilchrist, S. “The Role of Credit Market Imperfections in the Monetary Transmission
Mechanism: Arguments and Evidence,” Scandinavian Journal of Economics 95 (1993), 43-64.
2. Friedman, B.M., and Kuttner, K.N. “Economic Activity and the Short-Term Credit Markets–An Analysis
of Prices and Quantities,” Brookings Papers on Economic Activity 2 (1993), 193-283.
3. Jog, V. and Schaller, H. “Finance Constraints and Asset Pricing,” Journal of Empirical Finance 1
(1994), 193-209.
4. Worthinton, P. “Investment, Cash Flow, and Sunk Costs,” Journal of Industrial Economics 43 (1995),
49-61.
5. Mills, Karen, Steven Morling, and Warren Tease. “Balance Sheet Restructuring and Investment,” The
Australian Economic Review 27 (1994), 83-100.
6. Mills, Karen, Steven Morling, and Warren Tease. “The Influence of Financial Factors on Corporate
Investment,” The Australian Economic Review 28 (1995), 50-64.
7. Bernanke B., Gertler M., Gilchrist, S. “The Financial Accelerator and the Flight to Quality,” Review
of Economics and Statistics 78 (1996), 1-15.
8. Ng Serena, and Schaller, Huntley. “The Risky Spread, Investment, and Monetary Policy Transmission:
Evidence on the Role of Asymmetric Information,” Review of Economics and Statistics 78 (1996), 375-
383.
9. López Iturriaga, F.J. and V.A. Palenzuela. “Determinantes Financieros de la Inversion en Existencias,”
Revista Espanola de Financiacion y Contabilidad 27 (1997), 343-386.
10. López Iturriaga, F.J.,“More on the Credit Channel of Monetary Policy Transmission: An International
Comparison,” Applied Financial Economics 10 (2000), 423-434.
11. Erard, B. and Schaller, H. “Acquisitions and Investment,” Economica 69 (2002), 391-441.
12. Florio, A. “The Asymmetric Effects of Monetary Policy in a Matching Model with a Balance Sheet
Channel,” Journal of Macroeconomics 28 (2006), 375-391.
13. Wintoki, M. Babajide, James S. Linck, and Jeffry M. Netter, “Endogeneity and the Dynamics of
Internal Corporate Governance,” Journal of Financial Economics105 (2012), 581-606.
14. Peltonen, Tuomas, Ricardo Sousa, and Isabel Vansteenkiste, “Investment in emerging market economies,”
Empirical Economics 43 (2012), 97-119.
“Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data,” Journal
of Finance 47 (1992), 1425-1460.
1. Hoshi, T., Kashyap, A., and Scharfstein, D. “Bank Monitoring and Investment: Evidence from the
Changing Structure of Japanese Corporate Banking Relationships,” in R.G. Hubbard, ed. Asymmetric
Information, Corporate Finance, and Investment (1990) Chicago: University of Chicago Press, for the
N.B.E.R.
2. Mackie-Mason, J. “Do Taxes Affect Corporate Financing Decisions” Journal of Finance 45 (1990),
1471-1493.
3. Mackie-Mason, J. “Do Firms Care who Provides their Financing,” in R.G. Hubbard, ed. Asymmetric
Information, Corporate Finance, and Investment (1990) Chicago: University of Chicago Press, for the
N.B.E.R.

4. Gertler, M., Hubbard, R.G., and Kashyap, A. “Interest Rate Spreads and Investment Fluctuations,”
in R.G. Hubbard, ed. Financial Markets and Financial Crises (1991) Chicago: University of Chicago
Press, for the N.B.E.R.
5. Hoshi, T., Kashyap A., and Scharfstein, D. “Corporate Structure, Liquidity, and Investment: Evidence
from Japanese Panel Data,” Quarterly Journal of Economics 106 (1991), 33-60.
6. Hubbard, R.G., and Kashyap, A. “Internal Net worth and the Investment Process: An Application to
U.S. Agriculture,” Journal of Political Economy 100 (1992), 506-534.
7. Chirinko, R. “Business Fixed Investment Spending: Modeling Strategies, Empirical Results, and Policy
Implications,” Journal of Economic Literature 31 (1993) 1875-1911.
8. Fazzari, S. and Petersen, B. “Working Capital and Fixed Investment: New Evidence on Financing
Constraints,” RAND Journal of Economics 24 (1993), 328-342.
9. Gertler, M. and Gilchrist, S. “The Role of Credit Market Imperfections in the Monetary Transmission
Mechanism: Arguments and Evidence,” Scandinavian Journal of Economics 95 (1993), 43-64.
10. Moore, R.R. “Asymmetric Information, Repeated Lending, and Capital Structure,” Journal of Money,
Credit, and Banking 25 (1993), 393-409.
11. Carpenter, R.E., Fazzari, S. and Petersen, B. “Inventory Investment, Internal-Finance Fluctuations,
and the Business Cycle,” Brookings Papers on Economic Activity 2 (1994) 75-138.
12. Gertler, M. and Gilchrist, S. “Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing
Firms,” Quarterly Journal of Economics 109 (1994) 309-340.
13. Jog, V. and Schaller, H. “Finance Constraints and Asset Pricing,” Journal of Empirical Finance 1
(1994), 193-209.
14. Ogawa, K., Saito, M., and Tokutsu, I., “The Flow-of-Funds Equations of Japanese Nonfinancial Firms,”
Journal of Japanese and International Economics 8 (1994), 72-105.
15. Vanees, H, “Liquidity and Business Investment–Evidence from Dutch Panel Data,” Journal of Macroeconomics
16 (1994), 613-627.
16. Vogt, S.C. “The Cash Flow Investment Relationship–Evidence from Uunited-States Manufacturing
Firms,” Financial Management 23 (1994), 3-20.
17. Worthinton, P. “Investment, Cash Flow, and Sunk Costs,” Journal of Industrial Economics 43 (1995),
49-61.
18. Oliner, S., Rudebusch, G., and Sichel, D. “New and Old Models of Business Investment: A Comparison
of Forecasting Performance,” Journal of Money, Credit, and Banking 27 (1995), 806-826.
19. Carpenter, Robert E. “Finance Constraints or Free Cash Flow A New Look at the Life Cycle Model
of the Firm,” Empirica 22 (1995), 185-209.
20. Gilchrist S., Himmelberg, C.P. “Evidence on the Role of Cash Flow for Investment,” Journal of Monetary
Economics 36 (1995), 541-572.
21. Calem, O.S. and Rizzo, J.A. “Financing Constraints and Iinvestment: New Evidence from Hospital
Industry Data,” Journal of Money, Credit, and Banking 27 (1995), 1002-1014.
22. Brito, P. and Mello, A.S. “Financial Constraints and Firm Post-Entry Performance,” International
Journal of Industrial Organization 13 (1995), 543-565.
23. Sakellaris, P. “Investment under Uncertain Market Conditions,” Review of Economics and Statistics
77 (1995), 455-469.

24. Calomiris, C.W. and Hubbard, R.G. “Internal Finance and Investment–Evidence from the Undistributed-
Profits-Tax of 1936-37,” Journal of Business 68 (1995), 443-482.
25. Oliner, S., Rudebusch, G., and Sichel, D. “New and Old Models of Business Investment–A Comparison
of Forecasting Performance,” Journal of Money, Credit, and Banking 27 (1995), 806-826.
26. Chirinko, R.S. and Schaller, H. “Why does Liquidity Matter in Investment Equations” Journal of
Money, Credit, and Banking 27 (1995), 527-548.
27. Bhagat, S. and Welch, I. “Corporate Research-and-Development Investments–International Comparisons,”
Journal of Accounting and Economics 19 (1995), 443-470.
28. Faroque, A. and Tonthat, T. “Financing Constraints and Firm Heterogeneity in Investment Behavior–
An Application of Nonnested Tests,” Applied Economics 27 (1995), 317-326.
29. Bernanke B., Gertler M., Gilchrist, S. “The Financial Accelerator and the Flight to Quality,” Review
of Economics and Statistics 78 (1996), 1-15.
30. Chapman, D.R., Junor, C.W., and Stegman, T.R. “Cash Flow Constraints and Firms’ Investment
Behaviour Applied Economics 28 (1996), 1037-1044.
31. Kahle, K.M. and Walkling, R.A. “The Impact of Industry Classifications on Financial Research Journal
of Financial and Quantitative Analysis 31 (1996), 309-335.
32. Schiantarelli, F. “Financial Constraints and Investment: Methodological Issues and International Evidence,”
Oxford Review of Economic Policy 12 (1996), 70-89.
33. Stohs, M.H. and Mauer, D.C. “The Determinants of Corporate Debt Maturity Structure,” Journal of
Business 69 (1996), 279-312.
34. Ogawa, K., Kitasaka, S., and Yamaoka, H. “Borrowing Constraints and the Role of Land Asset in
Japanese Corporate Investment Decision,” Journal of the Japanese and International Economies 10
(1996), 122-149.
35. Oliner, S.D., Rudebusch, G.D., and Sichel, D. “The Lucas Critique Revisited–Assessing the Stability
of Empirical Euler Equations for Investment,” Journal of Econometrics 70 (1996), 291-316.
36. Lang, L., Ofek, E., and Stulz, R.M. “Leverage, Investment, and Firm Growth,” Journal of Financial
Economics 40 (1996), 3-29.
37. Ng S., and Schaller, H. “The Risky Spread, Investment, and Monetary Policy Transmission: Evidence
on the Role of Asymmetric Information,” Review of Economics and Statistics 78 (1996), 375-383.
38. Jaramillo, F., Schiantarelli, F., and Weiss, A. “Capital Market Imperfections before and after Financial
Liberalization: An Euler Equation Approach to Panel Data for Ecuadorian Firms,” Journal of
Development Economics 51 (1996), 367-386.
39. Dhawan, R. and Gerdes, G. “Estimating Technological Change Using a Stochastic Frontier Production
Function Framework: Evidence from U.S. Firm-Level Data,” Journal of Productivity Analysis 8 (1997),
431-446.
40. Vilasuso, J.R. “The Relationship between Cash Flow and Investment in the United States at Business
Cycle Frequencies,” Applied Economics 29 (1997), 1283-1293.
41. Levine, R. “Financial Development and Economic Growth: Views and Agenda,” Journal of Economic
Literature 35 (1997), 688-726.
42. Hsiao, C. and Tahmiscioglu, A.K. A panel analysis of liquidity constraints and firm investment Journal
of the American Statistical Association 92 (1997), 455-465.
43. Kiyotaki, N. and Moore, J., “Credit Cycles,” Journal of Political Economy 105 (1997), 211-248.

44. Scaramozzino, P., “Investment Irreversibility and Finance Constraints,” Oxford Bulletin of Economics
and Statistics 59 (1997), 89-108.
45. Kaplan, S.N. and Zingales, L. Do Investment-Cash Flow Sensitivities Provide Useful Measures of
Financing Constraints Quarterly Journal of Economics 112 (1997), 169-215.
46. Lamont, O. “Cash Flow and Investment: Evidence from Internal Capital Markets,” Journal of Finance
52 (1997), 83-109.
47. Vogt, S.C. “Cash flow and Capital Spending: Evidence from Capital Expenditure Announcements,”
Financial Management 26 (1997), 44-57.
48. Benjamin, C. and Phimister, E. “Transaction Costs, Farm Finance and Investment,” European Review
of Agricultural Economics 24 (1997), 453-466.
49. Barnett, S.A. and Sakellaris, P. “Nonlinear Response of Firm Investment to Q: Testing a Model of
Convex and Non-Cconvex Adjustment Costs,” Journal of Monetary Economics 42 (1998), 261-288.
50. Bierlen R. and Featherstone, A.M. “Fundamental Q, Cash Flow, and Investment: Evidence from Farm
Panel Data,” Review of Economics and Statistics 80 (1998), 427-435.
51. Hu, X.Q. and Schiantarelli, F. “Investment and Capital Market Imperfections: A Switching Regression
Approach Using U.S. Firm Panel Data,” Review of Economics and Statistics 80 (1998), 466-479.
52. Chatelain, J.B. “Investment and Consolidation of Firms Financial Structure,” Revue Economique 49
(1998), 1023-1041.
53. Chatelain, J.B. “Investment Facing Credit Rationing,” Manchester School of Economic and Social
Studies 66 (1998), 102-115.
54. Kadapakkam, P.R., Kumar, P.C., and Riddick, L.A. “The Impact of Cash Flows and Firm Size on
Investment: The International Evidence,” Journal of Banking and Finance 22 (1998), 293-320.
55. Barran, F. and Peeters, M. “Internal Finance and Corporate Investment: Belgian Evidence with Panel
Data Economic Modelling 15 (1998), 67-89.
56. Medina, J.P. and Valdes, G.R., “Flujo de Caja y Decisiones de Inversion en Chile: Evidencia de
Sociedades Anonimas Abiertas,” Cuadernos de Economía 106 (1998), 301-323.
57. Hadlock, C.J. “Ownership, Liquidity, and Investment,” RAND Journal of Economics 29 (1998), 487-
508.
58. Hermes, N. and Lensink, R. “Banking Reform and the Financing of Firm Investment: An Empirical
Analysis of the Chilean Experience, 1983-92,” Journal of Development Studies 34 (1998), 27-43.
59. Hubbard, R.G. “Capital-Market Imperfections and Investment,” Journal of Economic Literature 36
(1998), 193-225.
60. Ogawa, K. and Suzuki, K. “Land Value and Ccorporate Investment: Evidence from Japanese Panel
Data,” Journal of the Japanese and International Economies 12 (1998), 232-249.
61. Funke, M., Maurer, W., and Siddiqui, S. “The Employment-Financing Nexus: Evidence from a Panel
of West German Firms,” Small Business Economics 11 (1998), 225-235.
62. Estrada, A. and J. Valles, “Investment and Financial Structure in Spanish Manufacturing Firms,”
Investigaciones Economicas 22 (1998), 337-359.
63. Kim, C.S., Mauer D.C., and Sherman A.E, “The Determinants of Corporate Liquidity: Theory and
Evidence,” Journal of Financial and Quantitative Analysis 33 (1998), 335-359.
64. Kong, M. “Stock Market Development, Liquidity Constraint and Investment: A Case of Korean Jaebol
and Non-Jaebol Manufacturing Firms in the 1980s,” Asian Economic Journal 12 (1998), 1-22.

65. Uctum, M. “Why Have Corporate Profits Declined An International Comparison,” Review of International
Economics 6 (1998), 234-251.
66. Fohlin, C. “Relationship Banking, Liquidity, and Investment in the German Industrialization,” Journal
of Finance 53 (1998), 1737-1758.
67. Strong, N. “Discussion of Does the Pecking Order Hypothesis Explain the Dividend Payout Ratios of
Firms in the UK,” Journal of Business Finance and Accounting 25 (1998), 1157-1161.
68. Bernanke Ben, Gertler Mark, and Gilchrist, Simon. “The Financial Accelerator in a Quantitative Business
Cycle Framework,” in John B. Taylor and Michael Woodford, eds. Handbook of Macroeconomics
Volume 1C (1998) Amsterdam: North Holland.
69. Ees, H. van, H. Garretsen, L. de Haan and E. Sterken, “Investment and Debt Constraints: Evidence
from Dutch Panel Data,” In S.Brakman, et al (eds.), Market Behaviour and Macroeconomic Modelling
MacMillan (1998), 159-183.
70. Gilchrist, Simon and Himmelberg, Charles. “Investment: Fundamentals and Finance,” N.B.E.R.
Macroeconomics Annual 13 (1998), 223-262.
71. Glass, A.J. “International Rivalry in Advancing Products,” Review of International Economics.6
(1998), 252-265.
72. Funke, M., Maurer, W., Siddiqui, S. and Strulik, H. “The Employment-Financing Nexus: Evidence
from a Panel of West German Firms,” Small Business Economics 11 (1998), 225-235.
73. Garcia-Marco T., “Liquidez, Costes Financieros e Inversión de las Empresas Españolas: un Análisis
Empírico,” Revista Española de Economía 15 (1998), 463-486.
74. Kim, J. “The Relaxation of Financing Constraints by the Initial Public Offering of Small Manufacturing
Firms,” Small Business Economics 12 (1999), 191-202.
75. Stanca, L. and Gallegati, M. “The Dynamic Relation between Financial Positions and Investment:
Evidence from Company Account Data,” Industrial and Corporate Change 8 (1999), 551-72.
76. Guariglia, A. “The Effects of Financial Constraints on Inventory Investment: Evidence from a Panel
of U.K. Firms,” Economica 66 (1999), 43-62.
77. Barnett, Steven.A. and Sakellaris, P., “A New Look at Firm Market Value, Investment, and Adjustment
Costs,” Review of Economics and Statistics 81 (1999), 250-260.
78. Uctum, M. and Viana, S. “Decline in the U.S. Profit Rate: A Sectoral Analysis,” Applied Economics
31 (1999), 1641-1652.
79. Garcia-Marco T. and Ocana C. “The Effect of Bank Monitoring on the Investment Behavior of Spanish
Firms,” Journal of Banking and Finance 23 (1999), 1579-1603.
80. Diebold, Francis X. and Glenn D. Rudebusch. Business Cycles (1999), Princeton: Princeton University
Press.
81. Funke, M., Maurer, W., and Strulik, H. “Capital Structure and Labour Demand: Investigations using
German Micro Data,” Oxford Bulletin of Economics and Statistics 61 (1999), 199.
82. Hubbard, R.G. and Palia, D. “A Reexamination of the Conglomerate Merger Wave in the 1960’s: An
Internal Capital Markets View,” Journal of Finance 54 (1999),1131-1152.
83. Casey, M., Anderson, D.C., Mesak, H.I. and Dickens, R.N. “Examining the Impact of the 1986 Tax
Reform Act on Corporate Dividend Policy: A New Methodology,” The Financial Review 34 (1999),
33-46.

84. Cleary, S. “The Relationship Between Firm Investment and Financial Status,” Journal of Finance 54
(1999), 673-692.
85. Lundgren, T. and Sjostrom, M., “A Dynamic Factor Demand Model for the Swedish Pulp Industry,”
Journal of Forest Economics 5 (1999), 1-23.
86. Shyam-Sunder, L. and Myers, S.C. “Testing Static Tradeoff against Pecking order Models of Capital
Structure,” Journal of Financial Economics 51 (1999), 219-244.
87. Chen, G.M. and Merville, L.J. “An Analysis of the Underreported Magnitude of the Total Indirect
Costs of Financial Distress,” Review of Quantitative Finance and Accounting 13 (1999), 277-293.
88. Kwon, E. “Factor Demands, Effective Discount Rates, and Liquidity Constraints in the Retail Trade
Firm,” Economic Inquiry 38 (2000), 304-319.
89. Haushalter, G.D. “Financing Policy, Basis Risk, and Corporate Hedging: Evidence from Oil and Gas
Producers,” Journal of Finance 55 (2000), 107-152
90. Fazzari, Steven M., Hubbard, R. Glenn, and Petersen, Bruce C. “Investment-Cash Flow Sensitivities
are Useful: A Comment on Kaplan and Zingales,” Quarterly Journal of Economics 115 (2000), 695-705.
91. Casey, K.M. and Dickens, R.N. “The Effects of Tax and Regulatory Changes on Commercial Bank
Ddividend Policy,” Quarterly Review of Economics and Finance 40 (2000), 279-293.
92. Grossl, I. and Stahlecker, P. “Financing Conditions and Merchandise Supply–An Overview of Financing
Methods and their Implications for Monetary Policy,” Jahrbucher fur Nationalokonomie und Statistik
220 (2000), 223-250.
93. Guariglia, A. “Inventory Investment and Capital Market Imperfections: A Generalization of the Linear
Quadratic Inventory Model,” Oxford Bulletin of Economic Statistics 62 (2000), 223
94. Chatelain, J.B. “Explicit Lagrange Multiplier for Firms Facing a Debt Ceiling Constraint,” Economics
Letters 67 (2000), 153-158.
95. Ozkan, A. “An empirical analysis of corporate debt maturity structure,” European Financial Management
6 (2000), 197-212.
96. Balke, N.S. “Credit and Economic Activity: Credit Regimes and Nonlinear Propagation of Shocks,”
Review of Economics and Statistics 82 (2000), 344-349.
97. Yang, C.C., Lin, C.J. and Lu, Y.C. “Investment Strategy, Dividend Policy and Financial Constraints
of the Firm,” Review of Pacific Basin Financial Markets and Policies 3 (2000), 235-267.
98. Harhoff, D. “Are There Financing Constraints for R&D and Investment in German Manufacturing
Firms,” The Economics and Econometrics of Innovation (2000) Boston, Dordrecht and London:
Kluwer Academic, 399-434.
99. Millet-Reyes, B. “The Deregulation of Capital Markets in France,” Journal of Multinational Financial
Management 10 (2000), 109-132.
100. Lensink, R. and Sterken, E. “Capital Market Imperfections, Uncertainty and Corporate Investment in
the Czech Republic,” Economics of Planning 33 (2000), 53-70.
101. Behr, A. and Bellgardt, E. “Investment Behaviour and Liquidity Constraints–A Sensitivity Analysis,”
Jahrbucher fur Nationalokonomie und Statistik 220 (2000), 257-283.
102. Cleary, S. “The sensitivity of Canadian corporate investment to liquidity,” Canadian Journal of Administrative
Sciences 17 (2000), 217-232.
103. Barry, P.J., Bierlen, R.W. and Sotomayor, N.L. “Financial structure of farm businesses under imperfect
capital markets,” American Journal of Agricultural Economics 82 (2000), 920-933.

104. Schiantarelli, F. and Sembenelli, A. “Form of Ownership and Financial Constraints:Panel Data Evidence
From Flow of Funds and Investment Equations,” Empirica 27 (2000), 175-192.
105. Lopez Iturriaga, F.J. “More on the credit channel of monetary policy transmission: an international
comparison,” Applied Financial Economics 10 (2000), 423-434.
106. Allen, D.E. “Spare Debt Capacity: Company Practices in Australia, Britain and Japan,” Australian
Journal of Management 25 (2000), 299-326.
107. Tahmiscioglu A.K., “Intertemporal Variation in Financial Constraints on Investment: A Time-Varying
Parameter Approach using Panel Data,” Journal of Business and Economic Statistics 19 (2001), 153-
165.
108. Chatelain J.B. and Teurlai, J.C., “Pitfalls in Investment Euler Equations,” Economic Modeling 18
(2001), 159-179.
109. Warner, E.J., and Georges C. “The credit channel of monetary policy transmission: Evidence from
stock returns,” Economic Inquiry 39 (2001), 74-85.
110. Vicente-Lorente, J.D. “Specificity and opacity as resource-based determinants of capital structure:
Evidence for Spanish manufacturing firms” Strategic Management Journal 22 (2001), 157-177.
111. Dhawan, R. “Firm size and productivity differential: theory and evidence from a panel of US firms,”
Journal of Economic Behavior and Organizations 44 (2001), 269-293.
112. Peyer, U.C. and Shivdasani, A. “Leverage and internal capital markets: evidence from leveraged
recapitalizations,” Journal of Financial Economics 59 (2001), 477-515.
113. Chirinko, R.S. and Schaller, H. “Business fixed investment and ‘bubbles:’ The Japanese case,” American
Economic Review 91 (2001), 663-680.
114. Saltari, E. and Travaglini, G. “Financial constraints and investment decisions,” Scottish Journal of
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299. Guariglia, Alessandra and Simona Mateut. “Inventory Investment, Global Engagement, and Financial
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319. Li, Shuhun May, “Costly External Finance, Reallocation, and Aggregate Productivity,” Journal of
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324. Lee, E. and R. Powel, “Excess cash holdings and shareholder value,” Accounting and Finance 51 (2011),
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326. Voutsinas, Konstantinos, and Richard A. Werner, “Credit Supply and Corporate Capital Structure:
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327. Minetti, Raoul, and Susan Chun Zhu, “Credit Constraints and Firm Export: Microeconomic Evidence
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328. Li, Dongmei, “Financial Constraints, R&D Investment, and Stock Returns, Review of Financial Studies
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330. Krasniqi, Besnik A. and Isa Mustafa, “Financing Constraints and Small Firm Investment Behaviour,”
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332. Coulibaly, Brahima and Jonathan Millar, “Investment Dynamics in the Aftermath of the Asian Financial
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336. Liu, Qiao and Alan Siu, “Institutions and Corporate Investment: Evidence from Investment-Implied
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337. Liu, Yixin and David C. Mauer, “Corporate Cash Holdings and CEO Compensation Incentives,”
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338. Baños-Caballero, Sonia, Pedro García-Teruel, and Pedro Martínez-Solano, “How does Working Capital
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339. Bolton, Patrick, Hui Chen, and Neng Wang, “A Unified Theory of Tobin’s q, Corporate Investment,
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340. Lin, Chen, Yue Ma, and Yuhai Xuan, “Ownership Structure and Financial Constraints: Evidence from
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343. Lin, Hsiang-Chun Michael and Hong Bo, “State-Ownership and Financial Constraints on Investment
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344. Abubakr, Saeed and Franco Esposito, “Bank Concentration and Financial Constraints on Firm Investment
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345. Addessi, William and Enrico Saltari, “The Perverse Effect of Debt Tax Benefits on Firm Investment
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346. Afonso, O., S. Monteiro, and M. Thompson, “A Growth Model for the Quadruple Helix,” Journal of
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349. Chou, Ting-Kai and Jia-Chi Cheng, “Credit Ratings and Excess Value of Diversification,” Journal of
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350. Giroud, Xavier, Holger M. Mueller, Alex Stomper, and Arne Westerkamp, “Snow and Leverage,”
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351. Tseng, T.-Y., “Will China’s Split Share Structure Reform Mitigate Agency Problems” Journal of
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352. Bas, Maria, and Antoine Berthou, “The decision to import capital goods in India: Firms’ financial
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353. Camara, O., “Capital Structure Adjustment Speed and Macroeconomic Conditions: U.S MNCs and
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354. Chiu, Y.-C., C.-W Liang, and Y. Wang, “Corporate Financing Decisions on Research and Development
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355. Bianco, Magda, Maria Elena Bontempi, Roberto Golinelli and Giuseppe Parigi, “Family firms’ investments,
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356. Saeed, Abubakr and Olusegun Vincent, “Bank Concentration and Firm Investment: Empirical Evidence
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357. Sanches-Vidal, Javier and Juan Francisco Martin-Ugedo, “Are the implications of the financial growth
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358. Keshtkar, R., H. Valipour, and A. Javanmard, “Determinants of corporate capital structure under
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359. Fang, Yiwei, Bill Francis, Iftekhar Hasan, Haizhi Wang, Product Market Relationships and Cost of
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360. Shibata, T. and M. Nishihara, “Investment Timing under Debt Issuance Constraint,” Journal of Banking
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361. Faulkender, Michael and Mitchell Petersen, “Investment and Capital Constraints: Repatriations Under
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362. Silva, Filipe and Carlos Carreira,“Do Financial Constraints threat the Innovation Process Evidence
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364. Chou, Ting-Kai, “Informqation Content of Credit Ratings in Pricing of Future Earnings,” Review of
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366. Ding, Sai, Alessandra Guariglia, and John Knight, “Investment and Financing Constraints in China:
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378. He, J., Mao, X., Rui, O.M., Zha, X., “Business groups in China,” Journal of Corporate Finance 22
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390. Cheng, Beiting, Ioannis Ioannou, and George Serafeim, “Corporate social responsibility and access to
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398. Mizobata, Hirokazu, “What determines the Japanese firm investments: real or financial” Applied
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399. Casey, Eddie and Conor M. O’Toole, “Bank lending constraints, trade credit and alternative financing
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410. Brown, James R. and Bruce C. Petersen, “Which Investments Do Firms Protect Liquidity Management
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412. Romero-Jordán, Desiderio, María Jesús Delgado-Rodríguez, Inmaculada Álvarez-Ayuso, and Sonia de
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417. Giroud, Xavier and Holger Mueller, “Capital and Labor Reallocation within Firms,” Journal of Finance,
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88. Akdoğu, E. and MacKay, P. “Investment and Competition,” Journal of Financial and Quantitative
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144. Hosono, Kaoru, Masaki Hotei, and Chie Umezaki, “External Finance Constraints and the Timing of
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160. Eberly, Janice, Sergio Rebelo, and Nicolas Vincent, “What Explains the Lagged Investment Effect,”
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161. Gopalan,Radhakrishnan, Ohad Kadan, and Mikhail Pevzner, “Asset Liquidity and Stock Liquidity,”
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163. Faulkender, Michael and Mitchell Petersen, “Investment and Capital Constraints: Repatriations Under
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167. Becker, Bo, Marcus Jacob and Martin Jacob, “Payout Taxes and the Allocation of Investment,” Journal
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225. Claessens, Stijn, Kenichi Ueda, and Yishay Yafeh, “Institutions and Financial Frictions: Estimating
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146. Hornstein, Abigail S. and Zachary Nguyen, “Is More Less Propensity to diversify via M&A and
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5. Dittmar, A. and Thakor, A. “Why do Firms Issue Equity,” Journal of Finance 62 (2007), 1-54.
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28. Mahajan, A. and S. Tartaroglu, “Equity Market Timing and Capital Structure: International Evidence,”
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34. Yang, Liu. “The Real Determinants of Asset Sales,” Journal of Finance 63 (2008), 2231-2262.
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71. Décamps, J.-P., T. Mariotti, J.-C. Rochet, and S. Villeneuve, “Free Cash Flow, Issuance Costs, and
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72. Palkar, Darshana D. and Niranjan Tripathy, “Seasoned Equity Offerings: Stock Market Liquidity and
Duration of the Completion Cycle,” Managerial Finance 37 (2011), 380-405.
73. Bhamra, Harjoat S., Lars-Alexander Kuehn, and Ilya Strebulaev, “The Aggregate Dynamics of Capital
Structure and Macroeconomic Risk,” Review of Financial Studies 23 (2011), 4187-4241.
74. Fedele, A., P.M. Panteghini, and S. Vergalli, “Optimal Investment and Financial Strategies under
Tax-Rate Uncertainty,” German Economic Review 12 (2011), pp. 438-468.
75. Gourio, François and Jianjun Miao, “Transitional Dynamics of Dividend and Capital Gains Tax Cuts,”
Review of Economic Dynamics 14 (2011), 368-383.

76. Gryglewicz, Sebastian, “A Theory of Corporate Financial Decisions with Liquidity and Solvency Concerns,”
Journal of Financial Economics 99 (2011), 365-384.
77. Bolton, Patrick, Hui Chen, and Neng Wang, “A Unified Theory of Tobin’s q, Corporate Investment,
Financing, and Risk Management,” Journal of Finance 66 (2011), 1545-1578.
78. Boot, Arnoud W.A. and Anjan V. Thakor, “Managerial Autonomy, Allocation of Control Rights, and
Optimal Capital Structure,” Review of Financial Studies 24 (2011), 3434-3485.
79. Leary, Mark and Roni Michaely, “Why Firms Smooth Dividends: Empirical Evidence,” Review of
Financial Studies 24 (2011), 3197-3249.
80. Bhagat, Sanjai, Brian Bolton, and Ajay Subramanian, “Manager Characteristics and Capital Structure:
Theory and Evidence, Journal of Financial and Quantiative Analysis 46 (2011), 1581-1627.
81. Öztekin, Özde and Mark J. Flannery, “Institutional Determinants of Capital Structure Adjustment
Speeds,” Journal of Financial Economics 103 (2012), 88-112.
82. Altı, Aydoğan and Johan Sulaeman, “When do High Stock Returns Trigger Equity Issues” Journal
of Financial Economics 103 (2012), 61-87.
83. Coles, Jeffrey L., Michael L. Lemmon, and Felix Meshke, “Structural Models and Endogeneity in
Corporate Finance: The Link Between Managerial Ownership and Corporate Performance,” Journal
of Financial Economics 103 (2012), 149-168.
84. Rauh, Joshua D. and Amir Sufi, “Explaining Corporate Capital Structure: Product Markets, Leases,
and Asset Similarity,” Review of Finance 16 (2012), 115-155.
85. Kouki, Mondher, “Capital Structure Determinants: New Evidence from French Panel Data,” International
Journal of Business and Management 7 (2012), 214-229.
86. Hovakimian, Armen, Ayla Kayhan, and Sheridan Titman, “Are Corporate Default Probabilities Consistent
with the Static Trade-off Theory” Review of Financial Studies 25 (2012), 315-340.
87. Morellec, Erwan, Boris Nikolov, and Norman Schürhoff, “Corporate Governance and Capital Structure
Dynamics,” Journal of Finance 67 (2012), 803-848.
88. De Maeseneire, Wouter, and Samantha Brinkhuis, “ What Drives Leverage in Leveraged Buyouts
An Analysis of European Leveraged Buyouts’ Capital Structure, Accounting and Finance 52 (2012),
155-182.
89. Faulkender, Michael, Mark J. Flannery, Kristine Watson Hankins, and Jason M. Smith, “Cash Flows
and Leverage Adjustments,” Journal of Financial Economics 103 (2012), 632-646.
90. Lin, Xiaoji, “Endogenous Technological Progress and the Cross Section of Stock Returns,” Journal of
Financial Economics 103 (2012), 411-427.
91. Lo, C.F., and C.H. Hui, “A Simple Analytical Model for Dynamics of Time-Varying Target Leverage
Ratios,” European Physical Journal B, 85 (2012), art. no. 102
92. Jermann, Urban and Vincenzo Quadrini, “Macroeconomic Effects of Financial Shocks,” American
Economic Review 102 (2012), 238-27.
93. Noe, Thomas H. and Michael J. Rebello, “Optimal Corporate Governance and Compensation in a
Dynamic World, Review of Financial Studies 25 (2012) 480-521.
94. Panteghini, P.M., “Corporate Debt, Hybrid Securities, and the Effective Tax Rate,” Journal of Public
Economic Theory, 14 (2012), 161-186.
95. Anderson, Ronald W. and Andrew Carverhill, “Liquidity and Capital Structure, Review of Financial
Studies 25 (2012) ,797-837.

96. Covas, Francisco and Wouter J. Den Haan, “The Role of Debt and Equity Finance Over the Business
Cycle,” Economic Journal 122 (2012), 1262-1286.
97. Wang, Cong Wang, Neng Wang, and Jinqiang Yang, “A Unified Model of Entrepreneurship Dynamics,”
Journal of Financial Economics 106 (2012), 1-23.
98. Bontempi, Elenaand Roberto Bolinelli, “The Effect of Neglecting the Slope Parameters’ Heterogeneity
on Dynamic Models of Corporate Capital Structure,” Quantitative Finance 12 (2012), 1733-1751.
99. Ozdagli, Ali K., “Financial Leverage, Corporate Investment, and Stock Returns,” Review of Financial
Studies 25 (2012),1033-1069.
100. Dang, Viet Anh, Minjoo Kim, and Yongcheol Shin, “Asymmetric Capital Structure Adjustments: New
Evidence from Dynamic Panel Threshold Models,” Journal of Empirical Finance 19 (2012), 465-482.
101. Croce, Maximilliano M., Howard Kung, Thien Thanh Binh Nguyen, and Lukas Schmid, “Fiscal Policies
and Asset Prices,” Review of Financial Studies 25 (2012), 2635-2672.
102. Graham, John R.“Do Taxes Affect Corporate Decisions A Review,” Handbook of the Economics of
Finance, Elsevier (2012), 123-210.
103. Welch, Ivo, “A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure
Research and Beyond,” Critical Finance Review 2 (2012), 131-172.
104. Coskun, Metin and Gülsah Kulalı, “Comparative Due Diligence Analysis of Debt Capacity and Cost
of Debt: Companies in Euro Area versus Companies in Turkey,” Journal of Business, Economics, and
Finance 1 (2012), 52-69.
105. Bolton, Patrick Hui Chen. and Neng Wang, “Market Timing, Investment, and Risk Management,”
Journal of Financial Economics 109 (2013), 40-62.
106. Taylor, Lucian A.,“CEO Wage Dynamics: Estimates from a Learning Model,” Journal of Financial
Economics 108 (2013), 79-98.
107. Viet, Dang A., “Testing Capital Structure Theories using Error Correction Models: Evidence from the
UK, France and Germany,” Applied Economics 45 (2013), 171-190.
108. Lambrecht, Bart M. and Grzegorz Pawlina, “A Theory of Net Debt and Transferable Human Capital,”
Review of Finance 17 (2013), 321-368.
109. Spiegel, Matthew and Heather Tookes, “Dynamic Competition, Valuation and Merger Activity,” Journal
of Finance 68 (2013), 125-172.
110. Shibata, T. and M. Nishihara, “The effects of external financing costs on investment timing and sizing
decisions,” Journal of Banking and Finance 37 (2013), 1160-1175.
111. Agarwal, Ashwini and David Matsa, “Labor Unemployment Risk and Corporate Financing Decisions,”
Journal of Financial Economics 108 (2013), 449-470.
112. Chan, H.W.H., Y. Lu, and H.F. Zhang, “The effect of financial constraints, investment policy, product
market competition and corporate governance on the value of cash holdings, Accounting and Finance
53 (2013), 339-366.
113. Kisser, Michael, “The Real Option Value of Cash,” Review of Finance 17 (2013), 1649-1697.
114. Korteweg, Arthur, “Markov Chain Monte Carlo Methods in Corporate Finance” (In: P. Damien, P.
Dellaportas, N.Polson, and D. Stephens (Eds.), MCMC and Hierarchical Models. Oxford University
Press, 2013.
115. Bazdresch, Santiago, “The role of non-convex costs in firms’ investment and financial dynamics,”
Journal of Economic Dynamics and Control 37 (2013), 929-950.

116. Chen, Dar-Hsin Chun-Da Chen, Jianguo Chen, and Yu-Fang Huang, Panel data analyses of the pecking
order theory and the market timing theory of capital structure in Taiwan, International Review of
Economics and Finance 27 (2013), 1-13.
117. Bessler, W., Drobetz, W., Haller, R., Meier, I., “The international zero-leverage phenomenon,” Journal
of Corporate Finance 23, (2013), 196-221.
118. Warusawitharana, Missaka, “The Expected Real Return to Equity,” Journal of Economic Dynamics
and Control 37 (2013), 1929-1946.
119. Massa, Massimo, Ayako Yasuda, and Lei Zhang, “Supply Uncertainty of the Bond Investor Base and
the Leverage of the Firm,” Journal of Financial Economics 110 (2013), 185-214.
120. Byoun, Soku, and Zhaoxia Xu, “Why Do Some Firms Go Debt Free” Asia-Pacific Journal of Financial
Studies 42 (2013), 1-38.
121. Matvos, Gregor, Estimating the Benefits of Contractual Completeness, Review of Financial Studies 26
(2013), 2798-2844.
122. Chen, Po-Yuan, “Revisiting Uncertain Investment and Financing Decisions using Entry Probability,”
Journal of Applied Finance and Banking 3 (2013) 179-194.
123. Yang, Baozhong, “Dynamic Capital Structure with Heterogeneous Beliefs and Market Timing,” Journal
of Corporate Finance 22 (2013), 254-277.
124. Bachmann, Rüdiger and Christian Bayer, “‘Wait-and-See’ Business Cycles,” Journal of Monetary
Economics 60 (2013), 704-719.
125. Strebulaev, Ilya A. and Baozhong Yang, “The fZero-Leverage Firms,” Journal of Financial Economics
109 (2013), 1-23.
126. Bachmann, Ruediger Ricardo J. Caballero, and Eduardo M. R. A. Engel, “Aggregate Implications of
Lumpy Investment: New Evidence and a DSGE Model,” American Economic Journal-Macroeconomics
5 (2013), 29-67.
127. Odeleye, A.T., “Corporate financing and efficiency of indigenous energy firms in Nigeria: A literature
review,” International Journal of Energy Economics and Policy 4 (2014), 53-64.
128. Cho, M., “The effect of capital gains taxation on small business transfers and start-ups,” Economic
Modelling 36 (2014), 447-454.
129. Caglayan, M., and A. Rashid, “The response of firms’ leverage to risk: Evidence from uk public versus
nonpublic manufacturing firms,” Economic Inquiry 52 (2014), 341-363.
130. Belo, Frederico, Xiaoji Lin, and Maria Ana Vitorino, “Brand Capital and Firm Value,” Review of
Economic Dynamics 17 (2014), 150-169.
131. Gamba, Andrea, and Alexander J. Triantis, “Corporate risk management: Integrating liquidity, hedging,
and operating policies,” Management Science 60 (2014), 246-264.
132. Piao, Z.-F. and L. Zhang, “Financing decision, dynamic investment and enterprise property value:
Evidence from Chinese listed companies in manufacturing,” Journal of Applied Sciences 13 (2014),
5318-5326.
133. DeVaro, Jed and Scott Fung, “Public bailouts, executive compensation and retention: A structural
analysis,” Journal of Empirical Finance 26, (2014), 131-149.
134. Katagiri, Mitsuru, A Macroeconomic Approach to Corporate Capital Structure, Journal of Monetary
Economics 66 (2014), 79-94.

135. André Getzmann, Sebastian Lang and Klaus Spremann, “Target Capital Structure and Adjustment
Speed in Asia,” Asia-Pacific Journal of Financial Studies 43 (2014), 1-30.
136. Lopez-Gracia, Jose and Francisco Sogorb-Mira. “Sensitivity of external resources to cash flow under
financial constraints, International Business Review 23 (2014), 920-930.
137. Arellano, Cristina, Yan Bai, and Jing Zhang, “Firm Dynamics and Financial Development,” Journal
of Monetary Economics, forthcoming.
138. Boyd, John H., and Abu M. Jalal, “A New Measure of Financial Development: Theory Leads Measurement,”
Journal of Development Economics, forthcoming.
139. Chang, Chuang-Chang, Jun-Biao Lin, Chun-Chieh Yang, “The effect of stochastic interest rates on a
firm’s capital structure under a generalized model,” Review of Quantitative Finance and Accounting,
forthcoming.
140. DeAngelo, Harry and Richard Roll, “How Stable are Corporate Capital Structures” Journal of
Finance, forthcoming.
141. De Nicolò, Gianni, Andrea Gamba, and Marcella Lucchetta, “Microprudential Regulation in a Dynamic
Model of Banking,” Review of Financial Studies, forthcoming.
142.
İmrohoroğlu, Ayşe and Şelale Tüzel, “Firm-Level Productivity, Risk, and Return, Management Science,
forthcoming.
143. Köksal, Bülent and Cüneyt Orman, “Determinants of capital structure: evidence from a major developing
economy,” Small Business Economics, forthcoming.
144. Kang, Ari Choi, Richard Lowery, and Malcolm Wardlaw, “The Costs of Closing Failed Banks: A
Structural Estimation of Regulatory Incentives,” Review of Financial Studies, forthcoming.
145. Karpavičius, Sigitas, “The cost of capital and optimal financing policy in a dynamic setting,” Journal
of Banking and Finance 48 (2014), 42-56.
“Proxy Quality Thresholds,” Finance Research Letters 2 (2005), 131-151.
Erickson)
(with Timothy
1. Eisfeldt, A. and A Rampini, “New or Used Investment with Credit Constraints,” Journal of Monetary
Economics 54 (2007), 2656-2681.
2. Chava, S. and Roberts, M. “How does Financing Impact Investment The Role of Debt Covenant
Violations,” Journal of Finance 63 (2008), 2085-2121.
3. Warusawitharana, Missaka, “Corporate Asset Purchases and Sales: Theory and Evidence,” Journal of
Financial Economics 87 (2008), 471-497.
4. Riddiough, Timothy J. and Zhonghua Wu. “Financial Constraints, Liquidity Management, and Investment,”
Real Estate Economics 37 (2009), 447-481.
5. Baum, C., A. Stephan, and O. Talavera. “On the Sensitivity of Firms’ Investment to Cash Flow and
Uncertainty,” Oxford Economic Papers 62 (2010), 286-306.
6. Lemmon, Michael and Michael R. Roberts. “The Response of Corporate Financing and Investment to
Changes in the Supply of Credit,” Journal of Financial and Quantitative Analysis 45 (2010), 555-587.
7. Julio, Brandon and Youngsuk Yook, “Political Uncertainty and Corporate Investment Cycles,” Journal
of Finance 67 (2012), 45-84.
8. Gormley, Todd A. and David A. Matsa, “Common Errors: How to (and Not to) Control for Unobserved
Heterogeneity,” Review of Financial Studies 27 (2014), 617-661.

“Financial Constraints Risk,” Review of Financial Studies 19 (2006), 531-559. (with Guojun
Wu)
1. Gomes, J., Yaron, A. and Zhang, L. “Asset Pricing Implications of Firms’ Financing Constraints,”
Review of Financial Studies 19 (2006), 1321-1356.
2. Dasgupta, S., Sengupta, K. “Corporate Liquidity, Investment and Financial Constraints: Implications
from a Multi-Period Model,” Journal of Financial Intermediation 16 (2007), 151-174.
3. Wang, T. Financial Constraints and the Risk-Return Relation, Economics Bulletin 7(12) (2007).
4. Eisfeldt, A. and A Rampini, “New or Used Investment with Credit Constraints,” Journal of Monetary
Economics 54 (2007), 2656-2681.
5. Musso, P. and Schiavo, S. “The Impact of Financial Constraints on Firm Survival and Growth,” Journal
of Evolutionary Economics 18 (2008), 135-149.
6. Chava, S. and Roberts, M. “How does Financing Impact Investment The Role of Debt Covenant
Violations,” Journal of Finance 63 (2008), 2085-2121.
7. Li, Y., and L. Huang. “Financial Constraints and Systematic Risk: Theory and Evidence from China,”
International Conference on Management Science and Engineering 15th Annual Conference Proceedings,
ICMSE (2008), 1113-1119.
8. Hahn, Jaehoon and Hangyong Lee, “Financial Constraints, Debt Capacity, and the Cross-section of
Stock Returns,” Journal of Finance 64 (2009), 891-921.
9. Franzoni, Francesco, “Underinvestment Vs. Overinvestment: Evidence From Price Reactions To Pension
Contributions,” Journal of Financial Economics 92 (2009), 491-518.
10. Livdan, Dmitry, Horacio Sapriza, and Lu Zhang.“Financially Constrained Stock Returns,” Journal of
Finance 64 (2009), 1827-1862.
11. Schaller, Huntely and Robert Chirinko, “The Irreversibility Premium,” Journal of Monetary Economics
56 (2009), 390-408.
12. Babenko, Ilona and Yuri Tserlukevich. “Analyzing the Tax Benefits from Employee Stock Options,”
Journal of Finance 64 (2009), 1797-1825
13. Fahlenbrach, Rudiger and Stulz, Rene M. “Managerial Ownership Dynamics and Firm Value,” Journal
of Financial Economics 92 (2009), 342-361.
14. Huang, Dayong and Fang Wang. “Cash, Investments and Asset Returns,” Journal of Banking and
Finance 33 (2009), 2301-2311.
15. Riddiough, Timothy J. and Zhonghua Wu. “Financial Constraints, Liquidity Management, and Investment,”
Real Estate Economics 37 (2009), 447-481.
16. Xie, Feixue. “Managerial Flexibility, Uncertainty, and Corporate Investment: The Real Options Effect,”
International Review of Economics and Finance 18 (2009), 643-655.
17. George, Thomas J. and Chuan-Yang Hwang, “A Resolution of the Distress Risk and Leverage Puzzles
in the Cross Section of Stock Returns,” Journal of Financial Economics 96 (2010), 56-79.
18. Gomes, Joan and Lucas Schmid. “Levered Returns,” Journal of Finance 65 (2010), 467-494.
19. Bellone, Flora, Patrick Musso, Lionel Nesta, and Stefano Schiavo, “Financial Constraints and Firm
Export Behaviour,” World Economy 33 (2010), 347-373.
20. Bharath, S.T. and A.K.Dittmar, “Why Do Firms Use Private Equity to Opt Out of Public Markets
Review of Financial Studies 23 (2010), 1771-1818.

21. Kang, Qiang; Liu, Qiao and Qi, Rong. “The Sarbanes-Oxley Act and Corporate Investment: A
Structural Assessment,” Journal of Financial Economics 96 (2010), 291-305.
22. Duchin, Ran; Ozbas, Oguzhan and Sensoy, Berk, “Costly External Finance, Corporate Investment,
and the Subprime Mortgage Credit Crisis,” Journal of Financial Economics 97 (2010), 418-435.
23. Ferrando Annalisa and Rozalia Pal. “Financing Constraints and Firms’ Cash Policy in the Euro Area,”
The European Journal of Finance 2 (2010), 153-171.
24. Hadlock, Charles and Joshua Pierce. “New Evidence on Measuring Financial Constraints: Moving
Beyond the KZ Index,” Review of Financial Studies 23 (2010), 1909-1940.
25. Duchin, Ran, “Cash Holdings and Corporate Diversification,” Journal of Finance 65 (2010), 955-992.
26. Chan, Howard, Xin Chang, Robert Faff, and George Wong, “Financial Constraints and Stock Returns–
Evidence from Australia,” Pacific-Basin Finance Journal 18 (2010), 306-318.
27. Beatty, Anne, W. Scott Liao, and Joseph Weber, “The Effect of Private Information and Monitoring
on the Role of Accounting Quality in Investment Decisions,” Contemporary Accounting Research 27
(2010), 17+.
28. Bellone, Flora, Patrick Musso, Lionel Nesta, and Stefano Schiavo, “Financial Constraints and Firm
Export Behaviour,” The World Economy 33 (2010), 347-373.
29. van Binsbergen, Jules H., John R. Graham, and Jie Yang, “The Cost of Debt,” Journal of Finance 65
(2010), 2089-2136.
30. Li, Dongmei and Lu Zhang, “Does Q-theory with Investment Frictions Explain Anomalies in the
Cross-Section of Returns,” Journal of Financial Economics 98 (2010), 297-314.
31. Campello, Murillo and Long Chen, “Are Financial Constraints Priced Evidence from Firm Fundamentals
and Stock Returns,” Journal of Money, Credit and Banking 42 (2010), 1185-1198.
32. Czarnitzki, D. and H. Hottenrott, “Financial Constraints: Routine versus Cutting Edge R&D Investment,”
Journal of Economics and Management Strategy 20 (2011), 121-157.
33. Babenko, Ilona, Michael Lemmon, and Yuri Tserlukevich, “Financing Real Investment with Employee
Stock Options,” Journal of Finance 66 (2011), 981-1009.
34. Cai, J. and Z. Zhang, “Leverage Change, Debt Overhang, and Stock Prices,” Journal of Corporate
Finance, 17 (2011), 391-402.
35. Guariglia, Alessandra, Xiaoxuan Liu, and Lina Song, “Internal Finance and Growth: Microeconometric
Evidence on Chinese Firms,” Journal of Development Economics 96 (2011), 79-94.
36. Crisóstomo, Vicente Lima, Félix Javier López-Iturriaga, and Eleuterio Vallelado, “ Financial Constraints
for Innovation in Brazil,” Latin American Business Review 12 (2011), 165-185.
37. Tong, Hui and Shang-Jin Wei, “The Composition Matters: Capital Inflows and Liquidity Crunch
During a Global Economic Crisis, Review of Financial Studies 24 (2011), 2023-2052.
38. Luo, Mi, “A Bright Side of Financial Constraints in Cash Management,” Journal of Corporate Finance
17 (2011), 1430-1444.
39. Li, Dongmei, “Financial Constraints, R&D Investment, and Stock Returns, Review of Financial Studies
24 (2011), 2974-3007..
40. Maksimovic, Vojislav, Gordon Phillips, and N.R. Prabhala, “Post-Merger Restructuring and the
Boundaries of the Firm, Journal of Financial Economics 102 (2011), 317-343.
41. Lin, Chen, Yue Ma, and Yuhai Xuan, “Ownership Structure and Financial Constraints: Evidence from
a Structural Estimation, Journal of Financial Economics 102 (2011), 416-431.

42. Carow, K.A., E.J. Kane, and R.P. Narayanan, “Safety-net Losses from Abandoning Glass-Steagall
Restrictions,” Journal of Money, Credit and Banking 43 (2011), 1371-1398.
43. D’Espallier, B., J. Huybrechts, and F.J.L. Iturriaga, “Analyzing Firm-Varying Investment-Cash Flow
Sensitivities and Cash-Cash Flow Sensitivities: A Bayesian Approach,” Revista Espanola de Financiacion
y Contabilidad 40 (2011), 439-467.
44. Koussis, Nicos and Spiros H. Martzoukos, “Investment options with debt-financing constraints,” European
Journal of Finance (2011), 1-19.
45. Hope, Ole-Kristian, Wayne Thomas, and Dushyantkumar Vyas, “Financial credibility, ownership, and
financing constraints in private firms,” Journal of International Business Studies (2011) 42, 935-957.
46. Christensen, H.B. and Nikolaev, V.V., “Capital Versus Performance Covenants in Debt Contracts,”
Journal of Accounting Research, 50 (2012), 75-116..
47. Liu, Qiao and Alan Siu, “Institutions and Corporate Investment: Evidence from Investment-Implied
Return on Capital in China,” Journal of Financial and Quantitative Analysis 46 (2011), 1831-1863.
48. Kim, Jinhoo and Soo Cheong (Shawn) Jang, “Do Hotel REIT Companies Face Investment Constraints
A Comparison with C-Corporation Hotel Companies,” International Journal of Hospitality Management
31 (2012), 573-578.
49. Cheung, William, Keith S.K. Lam, and Lewis H.K. Tam, “Blockholding and Market Reactions to
Equity Offerings in China,” Pacific-Basin Finance Journal 20 (2012), 459-482.
50. Couch, Robert and Wei Wu, “Private Investment and Public Equity Returns,” Journal of Economics
and Business 64 (2012), 160-184.
51. Panousi, Vasia and Dimitris Papanikolaou, “Investment, Idiosyncratic Risk, and Ownership,” Journal
of Finance 67 (2012), 1113-1148.
52. Ozdagli, Ali K., “Financial Leverage, Corporate Investment, and Stock Returns,” Review of Financial
Studies 25 (2012),1033-1069.
53. Calomiris, Charles W., Inessa Love, and María Soledad Martínez Pería, “Stock Returns’ Sensitivities
to Crisis Shocks: Evidence from Developed and Emerging Markets,” Journal of International Money
and Finance 31 (2012), 743-765.
54. Chen, Sheng-Syan and Yanzhi Wang, “Financial Constraints and Share Repurchases,” Journal of
Financial Economics 105 (2012), 311-331.
55. Bao, Dichu, Kam C. Chan, and Weining Zhang, “Asymmetric Cash Flow Sensitivity of Cash Holdings,”
Journal of Corporate Finance 18 (2012), 690-700.
56. Mizen, Paul and Serafeim Tsoukas, “The response of the external finance premium in Asian corporate
bond markets to financial characteristics, financial constraints and two financial crises,” Journal of
Banking and Finance 36 (2012), 3048-3059.
57. Fresard, Laurent and Thierry Foucault, “Cross-Listing, Investment Sensitivity to Stock Price and the
Learning Hypothesis,” Review of Financial Studies 25 (2012), 3305-3350.
58. Faulkender, Michael and Mitchell Petersen, “Investment and Capital Constraints: Repatriations Under
the American Jobs Creation Act,” Review of Financial Studies 25 (2012), 3351-3388.
59. Bertoni, Fabio, María Alejandra Ferrer and José Martí, “The different roles played by venture capital
and private equity investors on the investment activity of their portfolio firms,” Small Business
Economics 40 (2013), 607-633.
60. Phan, Hieu V. and Shantaram P. Hegde, “Pension Contributions and Firm Performance: Evidence
from Frozen Defined Benefit Plans,” Financial Management 42 (2013), 373-411.

61. Molinari, Massimo, “Joint analysis of the non-linear debt-growth nexus and cash-flow sensitivity: New
evidence from Italy,” Structural Change and Economic Dynamics 24 (2013), 34-44.
62. Xu, Nianhang, Xinzhong Xu, and Qingbo Yuan, “Political Connections, Financing Friction, and Corporate
Investment: Evidence from Chinese Listed Family Firms,” European Financial Management 19
(2013), 675-702
63. Ding, Sai, Alessandra Guariglia, and John Knight, “Investment and Financing Constraints in China:
Does Working Capital Management Make a Difference” Journal of Banking and Finance 37 (2013),
1490-1507.
64. Lin, Huidan and Daniel Paravisini, “The Effect of Financing Constraints on Risk,” Review of Finance
17 (2013), 229-259.
65. Hau, Harald and Sandy Lau,“The Real Effects of Stock Underpricing,” Journal of Financial Economics
108 (2013), 392-408.
66. Brisker, Eric R., Gönül Colak, and David R. Peterson, “Changes in cash holdings around the S&P 500
additions,” Journal of Banking and Finance 37 (2013), 1787-1807.
67. Chen, Y.-S., and I.-J Chen, “The impact of labor unions on investment-cash flow sensitivity,” Journal
of Banking and Finance 37 (2013), 2408-2418.
68. Xiao, Gang, “Legal shareholder protection and corporate R&D investment,” Journal of Corporate
Finance 23 (2013), 240-266.
69. Byun, H.-Y., Choi, S., Hwang, L.-S., Kim, R.G., “Business group affiliation, ownership structure, and
the cost of debt,” Journal of Corporate Finance 23, (2013), 311-331.
70. Hann, R.N., Ogneva, M., Ozbas, O., “Corporate diversification and the cost of capital,” Journal of
Finance 68 (2013), 1961-1999.
71. Chen, K., Song, Z., “Financial frictions on capital allocation: A transmission mechanism of TFP
fluctuations,” Journal of Monetary Economics 60 (2013), 683-703.
72. Badertscher, Brad, Nemit Shroff, and Hal White, “Externalities of Public Firm Presence: Evidence
from Private Firms’ Investment Decisions,” Journal of Financial Economics 109 (2013), 682-706.
73. Massa, Massimo and Lei Zhang, “Monetary policy and regional availability of debt financing,” Journal
of Monetary Economics 60 (2013), 439-458.
74. Garcia-Appendini, Emilia and Judit Montoriol-Garriga, “Firms as liquidity providers: Evidence from
the 2007-2008 financial crisis,” Journal of Financial Economics 109 (2013), 272-291.
75. Kurt, D., Hulland, J., “Aggressive marketing strategy following equity offerings and firm value: The
role of relative strategic flexibility,” Journal of Marketing 77 (2013), 57-74.
76. Poulsen, M., Faff, R., Gray, S., “Financial inflexibility and the value premium,” International Review
of Finance 13 (2013), 327-344.
77. Behr, P., Norden, L., Noth, F., “Financial constraints of private firms and bank lending behavior,”
Journal of Banking and Finance 37 (2013), 3472-3485.
78. Demirguc-Kunt, A., Detragiache, E., Merrouche, O., “Bank capital: Lessons from the financial crisis,”
Journal of Money, Credit and Banking 45 (2013), 1147-1164.
79. He, J., Mao, X., Rui, O.M., Zha, X., “Business groups in China,” Journal of Corporate Finance 22
(2013), 166-192.
80. Moyen, N., Platikanov, S., “Corporate investments and learning,” Review of Finance 17 (2013),1437-
1488.

81. Isyuk, Varvara, “Financial versus demand shocks in stock price returns of U.S. non-financial firms in
the crisis of 2007,” International Economics 133 (2013), 29-49.
82. Crisóstomo, V.L., F.J. López-Iturriaga, and E. Vallelado González, “Nonfinancial companies as large
shareholders alleviate financial constraints of Brazilian firm,” Emerging Markets Review18 (2014),
62-77.
83. de Almeida, Juliano Ribeiro and William Eid Jr., “Access to finance, working capital management and
company value: Evidences from Brazilian companies listed on BM&FBOVESPA,” Journal of Business
Research 67 (2014), 924-934.
84. Banos-Caballero, Sonia, Pedro J. Garcia-Teruel, Pedro Martínez-Solano, “Working capital management,
corporate performance, and financial constraints,” Journal of Business Research 67 (2014),
332-338.
85. Smith Jason, “Does the market matter for more than investment” Journal of Empirical Finance 25
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86. Lockhart, G. Brandon, “Credit lines and leverage adjustment,” Journal of Corporate Finance 25 (2014),
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87. Liu, Y., D. C. Mauer, and Y. Zhang, “Firm cash holdings and CEO inside debt,” Journal of Banking
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88. Bottazzi, G., A. Secchi, and F. Tamagni, F., “Financial constraints and firm dynamics,” Small Business
Economics 42 (2014), 99-116.
89. Crisóstomo, V.L., F.J. López-Iturriaga, and E. Vallelado González, “Financial constraints for investment
in Brazil,” International Journal of Managerial Finance 10 (2014), 73-92.
90. Rosenzweig, S., and D. Mazursky, “Constraints of internally and externally derived knowledge and the
innovativeness of technological output: The case of the United States,” Journal of Product Innovation
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91. Gochoco-Bautista, M.S., N.R. Sotocinal, and J. Wang, “Corporate Investments in Asian Markets:
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92. Liao, R.C., “What drives corporate minority acquisitions around the world The case for financial
constraints,” Journal of Corporate Finance 26 (2014), 78-95.
93. Maio, P., “Another look at the stock return response to monetary policy actions,” Review of Finance
18 (2014), 321-371.
94. Popov, Alexander, “Credit Constraints and Investment in Human Capital: Training Evidence from
Transition Economies,” Journal of Financial Intermediation 23 (2014), 76-100.
95. Leary, Mark T. and Michael R. Roberts, “Do Peer Firms Affect Corporate Financial Policy,” Journal
of Finance 69 (2014), 139-178.
96. Garcia-Feijoo, Luis and Gerald R. Jensen, “The Monetary Environment and Long-run Reversals in
Stock Returns,” Journal of Financial Research 37 (2014), 3-26.
97. Yen, Ju-Fang, Yan-Shing Chen, Chih-Yung Lin, and Chih-Hong Tsai, “Can political and business
connections alleviate financial constraints” Applied Economics Letters 21 (2014), 550-555.
98. Casey, Eddie and Conor M. O’Toole, “Bank lending constraints, trade credit and alternative financing
during the financial crisis: Evidence from European SMEs,” Journal of Corporate Finance 27 (2014),
173-193.

99. Yung, Kenneth, Nadia Nafar, Creditor rights and corporate cash holdings: International evidence,
International Review of Economics and Finance 33 (2014), 111-127.
100. Charoewong, Charlie, Beng Soon Chong, and Yung Chiang Yang, “Asset Liquidity and Stock Liquidity:
International Evidence,” Journal of Bisiness Finance and Accounting 41 (2014), 435-468.
101. Tsai, Ying-Ju, Yi-Pei Chen, Chi-Ling Lin, and Jung-Hua Hung, “The effect of banking system reform
on investment-cash flow sensitivity: Evidence from China,” Journal of Banking and Finance 46 (2014),
166-176.
102. Mancusi, Maria Luisa, andAndrea Vezzulli, “R&D and credit rationing in SMEs, Economic Inquiry 52
(2014), 1153-1172.
103. Gambacorta, Leonardo and Paolo Emilio Mistrulli, “Bank Heterogeneity and Interest Rate Setting:
What Lessons Have We Learned since Lehman Brothers Journal of Money, Credit, and Banking 46
(2014), 753-778.
104. Casalin, Fabrizio and Enzo Dia, “Adjustment Costs, Financial Frictions and Aggregate Investment,”
Journal of Economics and Business 75 (2014), 60-79.
105. Succurro, M., and L. Mannarino, “The impact of financial structure on firms probability of bankruptcy:
A comparison across western Europe convergence regions,” Regional and Sectoral Economic Studies
14 (2014), 81-94.
106. Devos, Erik and Shofiqur Rahman, “Location and Lease Intensity,” Journal of Corporate Finance 29
(2014), 20-36.
107. Bartoloni, Eleonora and Maurizio Baussola,” Financial Performance in Manufacturing Firms: A Comparison
Between Parametric and Non-Parametric Approaches,” Business Economics 49 (2014), 32-45.
108. Lee, Edward, Norman Strong, Zhenmei (Judy) Zhu, Did the value premium survive the subprime credit
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109. Dang, Viet Anh, Minjoo Kim, and Yongcheol Shin, Asymmetric adjustment toward optimal capital
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110. Qiu, Jiangping and Chi Wan, “Technology Spillovers and Corporate Cash Holdings,” Journal of Financial
Economics, forthcoming.
111. Erel, Isil, Yeejin Jang, and Michael Weisbach, “Do Acquisitions Relieve Target Firms’ Financial Constraints”
Journal of Finance, forthcoming.
112. Banos-Caballero, Sonia, Pedro J. Garcia-Teruel, Pedro Martínez-Solano, “The speed of adjustment in
working capital requirement,” European Journal of Finance, forthcoming.
113. D’Espallier, Bert, Jolien Huybrechts, and Frederiek Schoubben, “Why do firms save cash from cash
flows evidence from firm-level estimation of cash-cash flow sensitivities,” Accounting and Finance,
forthcoming.
114. Yang, Yi, V.K. Narayanan, and Donna M. De Carolis, “The relationship between portfolio diversification
and firm value: The evidence from corporate venture capital activity,” Strategic Management
Journal, forthcoming.
115. Giroud, Xavier and Holger Mueller, “Capital and Labor Reallocation within Firms,” Journal of Finance,
forthcoming.
116. Chang, Xin, Kangkang Fu, Angie Low, and Wenrui Zhang, “Non-executive Employee Stock Options
and Corporate Innovation,” Journal of Financial Economics, forthcoming.
117. Volkov, Nikanor I. and Garrett C. Smith, “Corporate diversification and firm value during economic
downturns, ”The Quarterly Review of Economics and Finance, forthcoming.

118. Rapp, Marc Steffen, Thomas Schmid, Daniel Urban, “The Value of Financial Flexibility and Corporate
Financial Policy,” Journal of Corporate Finance, forthcoming.
119. Hu, Conghui and Yu-Jane Liu, “Valuing Diversity: CEOs’ Career Experiences and Corporate Investment,”
Journal of Corporate Finance, forthcoming.
120. Boubaker, Sabri, Imen Derouiche, and Meziane Lasfer, “Geographic location, excess control rights,
and cash holdings,” International Review of Financial Analysis, forthcoming.
121. Chen, Tao, Jarrad Harford, Chen Lin, “Do analysts matter for governance Evidence from natural
experiments,” Journal of Financial Economics, forthcoming.
122. Qiu, Jiaping and Chi Wan, “Technology spillovers and corporate cash holdings,” Journal of Financial
Economics, forthcoming.
123. Sun, Zhenzhen and Yaping Wang, 11Corporate precautionary savings: Evidence from the recent financial
crisis,” Quarterly Review of Economics and Finance, forthcoming.
124. Chang, Xin, Sudipto Dasgupta, George Wong, and Jiaquan Yao, “Cash-Flow Sensitivities and the
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“External Finance Constraints and the Intertemporal Pattern of Intermittent Investment,”
Journal of Financial Economics 81 (2006), 467-502.
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3. Siegel, J. “Can foreign firms bond themselves effectively by renting U.S. securities laws,” Journal of
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4. Roberts, M. and Leary, M.T. “Do Firms Rebalance Their Capital Structures,” Journal of Finance 60
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5. Cummins, J., Hassett, K. and Oliner, S. “Investment Behavior, Observable Expectations, and Internal
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8. Warusawitharana, Missaka, “Corporate Asset Purchases and Sales: Theory and Evidence,” Journal of
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10. Akdoğu, E. and MacKay, P. “Investment and Competition,” Journal of Financial and Quantitative
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13. Bayer, C. “On the Interaction of Financial Frictions and Fixed Capital Adjustment Costs: Evidence
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21. Creedy, J. and N. Gemmell, “Modeling Responses to Profit Taxation over the Economic Cycle: The
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22. Almeida, Heitor, Murillo Campello, and Antonio Galvao, “Measurement Errors in Investment Equations,”
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23. Coad, Alex, “Neoclassical vs Evolutionary Theories of Financial Constraints: Critique and Prospectus,”
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24. Henriques, Irene, and Perry Sadorsky, “The Effect of Oil Price Volatility on Strategic Investment,”
Energy Economics 33 (2011), 79-87.
25. Çolak, G. and H. Günay, H. “Strategic Waiting in the IPO Markets,” Journal of Corporate Finance
17 (2011), 555-583.
26. Butler, Alexander W. and Jess Cornaggia, “Does Access to External Finance Improve Productivity
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27. Pindado, Julio, Ignacio Requejo, and Chabela de la Torre, “Family Control and Investment-Cash
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28. Hirth, Stefan and Marc Viswanatha, “Financing Constraints, Cash-Flow Risk, and Corporate Investment,”
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29. Morellec, Erwan and Norman Schürhoff, “Corporate Investment and Financing under Asymmetric
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30. Billett, Matthew T., Jon A. Garfinkel, and Yi Jiang, “The Influence of Governance on Investment:
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31. Huynh, Kim P., Robert J. Petrunia, BS Marcel Voia, “Duration of New Firms: the Role of Startup
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32. Hertzel, Michael G., Mark R. Huson, and Robert Parrino, “Public Market Staging: The Timing of
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34. Grullon, Gustavo, Evgeny Lyandres, and Alexei Zhdanov, “Real Options, Volatility, and Stock Returns,”
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35. Dudley, Evan, “Capital Structure and Large Investment Projects, Journal of Corporate Finance 18
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38. Natividad, Gabriel, “Financial Capacity and Discontinuous Investment: Evidence from Emerging Market
Multibusiness Firms,” Review of Financial Studies 26 (2013), 2375-2410.
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40. Ozmel, Umit, David T. Robinson, and Toby E. Stuart, “Strategic alliances, venture capital, and exit
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41. Caggese, Andrea and Vicente Cuñat, Financing constraints, firm dynamics, export decisions, and
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42. Badertscher, Brad, Nemit Shroff, and Hal White, “Externalities of Public Firm Presence: Evidence
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43. Hosono, Kaoru, Masaki Hotei, and Chie Umezaki, “External Finance Constraints and the Timing of
Investment Spikes,” Public Policy Review 9 (2013), 365-404.
44. Crisóstomo, V.L., F.J. López-Iturriaga, and E. Vallelado González, “Nonfinancial companies as large
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45. Almeida, Heitor, Murillo Campello, and Antonio Galvao, “Assessing the Performance of Different Estimators
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46. Bottazzi, G., A. Secchi, and F. Tamagni, F., “Financial constraints and firm dynamics,” Small Business
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47. Mariotti, Sergio, Lucia Piscitello and Stefano Elia, “Local Externalities and Ownership Choices in
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48. Matvos, Gregor and Amit Seru, “Resource Allocation within Firms and Financial Market Dislocation:
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49. Feng, Xunan and Anders C. Johansson, “Escaping Political Extraction: Political Participation, Institutions,
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50. Mansour, Walid, “Information asymmetry and financing constraints in GCC,” Journal of Economic
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51. De Beule, Filip, Stefano Elia, and Lucia Piscitello,“ Entry and access to competencies abroad: Emerging
market firms versus advanced market firms,” Journal of International Management 20(2014), 137-152.

52. D’Espallier, Bert, Jolien Huybrechts, and Frederiek Schoubben, “Why do firms save cash from cash
flows evidence from firm-level estimation of cash-cash flow sensitivities,” Accounting and Finance,
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53. Chang, Xin, Sudipto Dasgupta, George Wong, and Jiaquan Yao, “Cash-Flow Sensitivities and the
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“On the Accuracy of Different Measures of Q,” Financial Management 35 (2006), 5-33. (with
Timothy Erickson)
1. Hennessy, C. A. “Tobin’s Q, Debt Overhang, and Investment,” Journal of Finance 59 (2004), 1717-
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2. Gruca, T.S. and Rego, L.L. “Customer satisfaction, cash flow, and shareholder value,” Journal of
Marketing 69 (2005), 115-130.
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4. Cleary, S., Povel, P. and Raith, M. “The U-Shaped Investment Curve: Theory and Evidence,” Journal
of Financial and Quantitative Analysis 42 (2007), 1-39.
5. Mura, R. “Firm Performance: Do Non-Executive Directors Have Minds of their Own Evidence from
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6. Zaharia, C. N. Tudorescu, I Zaharia, and G. Zaharia. “Corporate Growth Opportunities, Ownership
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7. Warusawitharana, Missaka, “Corporate Asset Purchases and Sales: Theory and Evidence,” Journal of
Financial Economics 87 (2008), 471-497.
8. Adam, T. and V.K. Goyal, “The Investment Opportunity Set and its Proxy Variables,” Journal of
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9. Hassett, Kevin A. and Kathryn Newmark. “Taxation and Business Behavior: A Review of the Recent
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10. Khansa, L. and D. Liginlal, “Access Granted: The Imperative of Innovation and Standardization
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12. Huang, Roger D. and Cheng-Yi Shiu, “Local Effects of Foreign Ownership in an Emerging Financial
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13. Philippon, Thomas, The Bond Market’s Q, Quarterly Journal of Economics 124 (2009), 1011-1056.
14. Huang, Rongbing and Gabriel G. Ramirez, “Speed of Issuance, Lender Specialization, and the Rise of
the 144A Debt Market,” Financial Management 39 (2010), 643-673.
15. Jacquier, Eric, Sheridan Titman, and Atakan Yalçın, “Predicting Systematic Risk: Implications from
Growth Options,” Journal of Empirical Finance 17 (2010), 991-1005.
16. George, Rejie, Rezaul Kabir, and Jing Qian, “Investment-Cash Flow Sensitivity and Financing Constraints:
New Evidence from Indian Business Group Firms,” Journal of Multinational Financial Management
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17. Hazlett, Thomas W. and Dennis L. Weisman, “Market Power in US Broadband Services,” Review of
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18. Konchitchki, Yaniv and Daniel E. O’Leary, “Event Study Methodologies in Information Systems,”
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19. Masulis, Ronald W., Cong Wang, and Fei Xie, “Globalizing the Boardroom–The Effects of Foreign
Directors on Corporate Governance and Firm Performance, Journal of Accounting and Economics 53
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20. Mykhayliv, Dariya and Klaus G. Zauner, “Investment Behavior and Ownership Structures in Ukraine:
Soft Budget Constraints, Government Ownership and Private Benefits of Control,” Journal of Comparative
Economics 41 (2013), 265-278.
21. Phan, Hieu V. and Shantaram P. Hegde, “Pension Contributions and Firm Performance: Evidence
from Frozen Defined Benefit Plans,” Financial Management 42 (2013), 373-411.
22. James S. Ang, Gregory L. Nagel (2013), The Real Asset Anomaly: A Critical Long View of Capital
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23. Gallegati, Marco and James B. Ramsey, “Bond vs stock market’s Q: Testing for stability across frequencies
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24. Mykhayliv, Dariya and Klaus G. Zauner, “Investment Behaviour, Corporate Control, and Private
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25. O’Toole, Conor M, Carol Newman, and Thia Hennessy, “Financing Constraints and Agricultural Investment:
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26. Casalin, Fabrizio and Enzo Dia, “Adjustment Costs, Financial Frictions and Aggregate Investment,”
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4. Aggarwal, R.K. and A.A. Samwick, “Empire-Builders and Shirkers: Investment, Firm Performance,
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5. Baldenius, T. “Ownership, Incentives, and the Hold-up Problem,” RAND Journal of Economics 37
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6. Caggese, A. “Testing financing constraints on firm investment using variable capital,” Journal of Financial
Economics 86 (2007), 683-723.
7. Warusawitharana, Missaka, “Corporate Asset Purchases and Sales: Theory and Evidence,” Journal of
Financial Economics 87 (2008), 471-497.
8. Laux, Volker. “On the Value of Iinfluence Activities for Capital Budgeting,” Journal of Economic
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9. Pichler, P., A. Stomper, and C. Zulehner. Why Leverage Affects Pricing,” Review of Financial Studies
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10. Caggese, Andrea and Vicente Cuñat, “Financing Constraints and Fixed-Term Employment Contracts,”
The Economic Journal 118 (2008), 2013-2046.
11. Chava, S. and Roberts, M. “How does Financing Impact Investment The Role of Debt Covenant
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12. Yaman, D. “Financial Constraints and Security Issuance,” International Journal of Revenue Management
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13. Bayraktar, N. “Investment, Alternative Measures of Fundamentals and Revenue Indicators,” International
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14. Livdan, Dmitry, Horacio Sapriza, and Lu Zhang.“Financially Constrained Stock Returns,” Journal of
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15. Philippon, Thomas, The Bond Market’s Q, Quarterly Journal of Economics 124 (2009), 1011-1056.
16. Riddiough, Timothy J. and Zhonghua Wu. “Financial Constraints, Liquidity Management, and Investment,”
Real Estate Economics 37 (2009), 447-481.
17. Bokpin, G.A. and J.M. Onumah, “An Empirical Analysis of the Determinants of Corporate Investment
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18. Wu, J., L. Zhang, and X.F. Zhang, “The Q-Theory Approach to Understanding the Accrual Anomaly,”
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19. Hobdari, Bersant , Derek C Jones, and Niels Mygind, “Corporate Governance, Firm Size and Liquidity
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20. Frieden, B. Roy and Raymond J. Hawkins, “Asymmetric Information and Economics,” Physica A:
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21. Pawlina, G., “Underinvestment, Capital Structure and Strategic Debt Restructuring,” Journal of Corporate
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22. Hess, K., A. Gunasekarage, and M. Hovey, “State-Dominant and Non-State-Dominant Ownership
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23. Nishihara, M. and T. Shibata. “Interactions between Preemptive Competition and a Financing Constraint,”
Journal of Economics and Management Strategy 19 (2010), 1013-1042.
24. Almeida, H. M. Campello and M. Weisbach. “Corporate Financial and Investment Policies when
Future Financing is not Frictionless,” Journal of Corporate Finance 17 (2011), 675-693.
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Financing, and Risk Management,” Journal of Finance 66 (2011), 1545-1578.
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27. Bustamante, Maria Cecilia, “The Dynamics of Going Public,” Review of Finance (2012), 577-618.
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30. Elkamhi, Redouane, Jan Ericsson, and Christopher A. Parsons, The Cost and Timing of Financial
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32. Lambrecht, Bart M. and Grzegorz Pawlina, “A Theory of Net Debt and Transferable Human Capital,”
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constraints,” Journal of the European Economic Association 11 (2013), 112-136.
34. Shibata, T. and M. Nishihara, “The effects of external financing costs on investment timing and sizing
decisions,” Journal of Banking and Finance 37 (2013), 1160-1175.
35. Mykhayliv, Dariya and Klaus G. Zauner, “Investment Behavior and Ownership Structures in Ukraine:
Soft Budget Constraints, Government Ownership and Private Benefits of Control,” Journal of Comparative
Economics 41 (2013), 265-278.
36. Alderson, Michael J.and Neil L. Seitz, “Pension Policy and the Value of Corporate-Level Investment,”
Financial Management 43 (2013), 413-440.
37. Gantchev, Nikolay, “The Costs of Shareholder Activism: Evidence from a Sequential Decision Model,”
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38. de Almeida, Juliano Ribeiro and William Eid Jr., “Access to finance, working capital management and
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39. Crisóstomo, V.L., F.J. López-Iturriaga, and E. Vallelado González, “Nonfinancial companies as large
shareholders alleviate financial constraints of Brazilian firm,” Emerging Markets Review18 (2014),
62-77.
40. Crisóstomo, V.L., F.J. López-Iturriaga, and E. Vallelado González, “Financial constraints for investment
in Brazil,” International Journal of Managerial Finance 10 (2014), 73-92.
41. Claessens, Stijn, Kenichi Ueda, and Yishay Yafeh, “Institutions and Financial Frictions: Estimating
with Structural Restrictions on Firm Value and Investment,” Journal of Development Economics 110
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42. Bayraktar, Nihal, “Fixed Investment/Fundamental Sensitivities under Financial Constraints,” Journal
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43. Lewellen, Jonathan and Katharina Lewellen, “Investment and cashflow: New evidence,” Journal of
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1. Cummins, J., Hassett, K. and Oliner, S. “Investment Behavior, Observable Expectations, and Internal
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3. Almeida, H. and Campello, M. “Financial Constraints, Asset Tangibility, and Corporate Investment,”
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4. Caggese, A. “Testing financing constraints on firm investment using variable capital,” Journal of Financial
Economics 86 (2007), 683-723.

5. Di Guilmi, C., M. Gallegati, and S. Landini. “Economic Dynamics with Financial Fragility and
Mean-Field Interaction: A Model,” Physica A: Statistical Mechanics and its Applications 387 (2008),
3852-3861.
6. Gamba, A., G.A. Sick, and C. Aranda León. “Investment Under Uncertainty, Debt and Taxes,”
Economic Notes 37 (2008), 31-58.
7. Lemmon Michael, Roberts, Michael, and Jaime Zender, “Back to the Beginning: Persistence and the
Cross-Section of Corporate Capital Structure,” Journal of Finance 63 (2008), 1575-1608.
8. Caggese, Andrea and Vicente Cuñat, “Financing Constraints and Fixed-Term Employment Contracts,”
The Economic Journal 118 (2008), 2013-2046.
9. Gamba, Andrea and Alexander Triantis. The Value of Financial Flexibility, Journal of Finance 63
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10. Tserlukevich, Yuri, “Can Real Options Explain Financing Behavior,” Journal of Financial Economics
89 (2008), 232-252.
11. Hassett, Kevin A. and Kathryn Newmark. “Taxation and Business Behavior: A Review of the Recent
Literature,” in John W. Diamond and George R. Zodrow, eds. Fundamental Tax Reform: Issues,
Choices, and Implications (2008) Cambridge, MIT Press.
12. Brown, James R. Steven M. Fazzari, and Bruce C. Petersen, “Financing Innovation and Growth: Cash
Flow, External Equity, and the 1990s R&D Boom,” Journal of Finance 64 (2009), 151-185.
13. Franzoni, Francesco, “Underinvestment Vs. Overinvestment: Evidence From Price Reactions To Pension
Contributions,” Journal of Financial Economics 92 (2009), 491-518.
14. Livdan, Dmitry, Horacio Sapriza, and Lu Zhang.“Financially Constrained Stock Returns,” Journal of
Finance 64 (2009), 1827-1862.
15. Chirinko, Robert and Huntley Schaller, “The Irreversibility Premium,” Journal of Monetary Economics
56 (2009), 390-408.
16. Livdan, Dmitry, Erica X. N. Li, and Lu Zhang. “Anomalies,” Review of Financial Studies 22 (2009),
4301-4334.
17. Liu, Tingjun and Christine A. Parlour. “Hedging and Competition,” Journal of Financial Economics
94 (2009), 492-507.
18. Roberts, Michael R. and Amir Sufi, “Financial Contracting: A Survey of Empirical Research and
Future Directions,” Annual Review of Financial Economics 1 (2009), 207-226.
19. Kato Mika, “The Role of Investment Efficiency in the Industry Life Cycle,” Industrial and Corporate
Change 19 (2010), 273-294.
20. Gomes, Joan and Lucas Schmid. “Levered Returns,” Journal of Finance 65 (2010), 467-494.
21. Hadlock, Charles and Joshua Pierce. “New Evidence on Measuring Financial Constraints: Moving
Beyond the KZ Index,” Review of Financial Studies 23 (2010), 1909-1940.
22. Baum, C., A. Stephan, and O. Talavera. “On the Sensitivity of Firms’ Investment to Cash Flow and
Uncertainty,” Oxford Economic Papers 62 (2010), 286-306.
23. Gorbenko, Alexander S. and Ilya A. Strebulaev, 2010, “Temporary vs Permanent Shocks: Explaining
Corporate Financial Policies,” Review of Financial Studies 23 (2010), 2591-2647.
24. Chichti, Jamel E. and Walid Mansour, Is the Investment-Cash Flow Sensitivity Still Useful to Gauge
Financing Constraints International Journal of Economic Policy in Emerging Economies 3 (2010),
71-84.

25. Hirth, S. and M. Uhrig-Homburg, “Investment Timing when External Financing is Costly,” Journal of
Business Finance and Accounting 37 (2010) 929-949.
26. Carlson, Murray D. and Ali Lazrak. “Leverage Choice and Credit Spread when Managers Risk Shift,”
Journal of Finance 65 (2010), 2323-2362.
27. DePamphilis, Donald, Mergers, Acquisitions, and Other Restructuring Activities, Fifth Edition: An
Integrated Approach to Process, Tools, Cases, and Solutions, Academic Press, 2010, 2012.
28. Nishihara, M. and T. Shibata. “Interactions between Preemptive Competition and a Financing Constraint,”
Journal of Economics and Management Strategy 19 (2010), 1013-1042.
29. Li, Dongmei and Lu Zhang, “Does Q-theory with Investment Frictions Explain Anomalies in the
Cross-Section of Returns,” Journal of Financial Economics 98 (2010), 297-314.
30. Taylor, Lucian, “Why Are CEOs Rarely Fired Evidence from Structural Estimation,” Journal of
Finance 65 (2010), 2051-2087.
31. Hanlon, Michelle and Shane Heitzman, “A Review of Tax Research,” Journal of Accounting and Economics
50 (2010), 127-178.
32. Gourio, François and Jianjun Miao. “Firm Heterogeneity and the Long-Run Effects of Dividend Tax
Reform,” American Economic Journal: Macroeconomics 2 (2010), 131-168.
33. Bhamra, Harjoat S., Lars-Alexander Kuehn, and Ilya Strebulaev, “The Aggregate Dynamics of Capital
Structure and Macroeconomic Risk,” Review of Financial Studies 23 (2011), 4187-4241.
34. Morellec, Erwan and Norman Schürhoff, “Corporate Investment and Financing under Asymmetric
Information,” Journal of Financial Economics 99 (2011), 235-261.
35. Lustig, Hanno, Chad Syverson, Stijn Van Nieuwerburgh, “Technological Change and the Growing
Inequality in Managerial Compensation,” Journal of Financial Economics 99 (2011), 601-627.
36. Lin, Chen, Yue Ma, and Yuhai Xuan, “Ownership Structure and Financial Constraints: Evidence from
a Structural Estimation, Journal of Financial Economics 102 (2011), 416-431.
37. Bolton, Patrick, Hui Chen, and Neng Wang, “A Unified Theory of Tobin’s q, Corporate Investment,
Financing, and Risk Management,” Journal of Finance 66 (2011), 1545-1578.
38. Décamps, J.-P., T. Mariotti, J.-C. Rochet, and S. Villeneuve, “Free Cash Flow, Issuance Costs, and
Stock Prices,” Journal of Finance 66 (2011), 1501-1544.
39. Luo, Mi, “A Bright Side of Financial Constraints in Cash Management,” Journal of Corporate Finance
17 (2011), 1430-1444.
40. Chirinko, R.S. and H. Schaller, “Fundamentals, Misvaluation, and Business Investment,” Journal of
Money, Credit and Banking 43 (2011), 1423-1442.
41. Luo, Mi, “A Bright Side of Financial Constraints in Cash Management,” Journal of Corporate Finance
17 (2011), 1430-1444.
42. Bhamra, Harjoat S., Adlai J. Fisher, and Lars-Alexander Kuehn, “Monetary Policy and Corporate
Default,” Journal of Monetary Economics 58 (2011), 480-494.
43. DePamphilis, Donald M., Mergers, Acquisitions, and Other Restructuring Activities (Sixth Edition),
Academic Press, San Diego, 2012.
44. Chen, Huafeng and Shaojun Chen, “Investment-Cash Flow Sensitivity Cannot Be a Good Measure of
Financial Constraints: Evidence from the Time Series,” Journal of Financial Economics 103 (2012),
393-410.

45. Coles, Jeffrey L., Michael L. Lemmon, and Felix Meshke, “Structural Models and Endogeneity in
Corporate Finance: The Link Between Managerial Ownership and Corporate Performance,” Journal
of Financial Economics 103 (2012), 149-168.
46. Elkamhi, Redouane, Jan Ericsson, and Christopher A. Parsons, The Cost and Timing of Financial
Distress, Journal of Financial Economics 105 (2012), 62-81.
47. Lin, Xiaoji, “Endogenous Technological Progress and the Cross Section of Stock Returns,” Journal of
Financial Economics 103 (2012), 411-427.
48. Berman, Oded, Nima Sanajian, and Hossein Abouee-Mehrizi, “Do Shareholders Really Prefer Their
Executives to Maximize the Equity Value A Newsvendor Case,” Decision Sciences 43 (2012), 395-436.
49. Morellec, Erwan, Boris Nikolov, and Norman Schürhoff, “Corporate Governance and Capital Structure
Dynamics,” Journal of Finance 67 (2012), 803-848.
50. Wang, Cong Wang, Neng Wang, and Jinqiang Yang, “A Unified Model of Entrepreneurship Dynamics,”
Journal of Financial Economics 106 (2012), 1-23.
51. Hackbarth, Dirk and David C. Mauer, Optimal Priority Structure, Capital Structure, and Investment,
Review of Financial Studies (2012), 748-796.
52. DeMarzo, Peter, Zhiguo He, Michael Fishman, and Neng Wang, “Dynamic Agency and the q Theory
of Investment,” Journal of Finance 67 (2012), 2295-2340.
53. Saltari, E. and G. Travaglini, “A note on optimal capital stock and financing constraints,” Economic
Modelling 29 (2012), 1177-1180.
54. Croce, Maximilliano M., Howard Kung, Thien Thanh Binh Nguyen, and Lukas Schmid, “Fiscal Policies
and Asset Prices,” Review of Financial Studies 25 (2012), 2635-2672.
55. Arellano, Cristina, Yan Bai, and Jing Zhang, “Firm Dynamics and Financial Development,” Journal
of Monetary Economics 59 (2012), 533-549.
56. Shibata, T. and M. Nishihara, “Investment Timing under Debt Issuance Constraint,” Journal of Banking
and Finance 36 (2012), 981-991.
57. Ciliberto, Federico and Carola Schenone, “Are the Bankrupt Skies the Friendliest” Journal of Corporate
Finance 18 (2012), 1217-1231.
58. Dong, Lingxiu and Brian Tomlin, “Managing Disruption Risk: The Interplay between Operations and
Insurance,” Management Science 58 (2012), 1898-1915.
59. Davydenko, Sergei A., Ilya A. Strebulaev, and Xiaofe Zhao, “A Market-Based Study of the Cost of
Default,” Review of Financial Studies 25 (2012), 2959-2999.
60. Berman, Oded Berman, Nima Sanajian, and Hossein Abouee-Mehrizi, “Do Shareholders Really Prefer
Their Executives to Maximize the Equity Value A Newsvendor Case,” Decision Sciences 43 (2012),
395-436.
61. Covas, Francisco and Wouter J. Den Haan, “The Role of Debt and Equity Finance Over the Business
Cycle,” Economic Journal 122 (2012), 1262-1286.
62. Radasa, Sonja and Ljiljana Bozic, “Overcoming Failure: Abandonments and Delays of Innovation
Projects in SMEs,” Industry and Innovation 19 (2012), 649-669.
63. Shibata, T. and M. Nishihara, “The effects of external financing costs on investment timing and sizing
decisions,” Journal of Banking and Finance 37 (2013), 1160-1175.
64. Obreja, I. “Book-to-market equity, financial leverage, and the cross-section of stock returns,” Review
of Financial Studies 26 (2013), 1146-1189.

65. Repullo, R., and J. Suarez, “The procyclical effects of bank capital regulation,” Review of Financial
Studies 26 (2013), 452-490.
66. Spiegel, Matthew and Heather Tookes, “Dynamic Competition, Valuation and Merger Activity, Journal
of Finance 68 (2013), 125-172.
67. Korteweg, Arthur, “Markov Chain Monte Carlo Methods in Corporate Finance” (In: P. Damien, P.
Dellaportas, N.Polson, and D. Stephens (Eds.), MCMC and Hierarchical Models. Oxford University
Press, 2013.
68. Bolton, Patrick Hui Chen. and Neng Wang, “Market Timing, Investment, and Risk Management,”
Journal of Financial Economics 109 (2013), 40-62.
69. Taylor, Lucian A.,“CEO Wage Dynamics: Estimates from a Learning Model,” Journal of Financial
Economics 108 (2013), 79-98.
70. Kisser, Michael, “The Real Option Value of Cash,” Review of Finance 17 (2013), 1649-1697.
71. Bazdresch, Santiago, “The role of non-convex costs in firms’ investment and financial dynamics,”
Journal of Economic Dynamics and Control 37 (2013), 929-950.
72. Pérez-González, F., Yun, H., “Risk management and firm value: Evidence from weather derivatives,”
Journal of Finance 68 (2013), 2143-2176.
73. Warusawitharana, Missaka, “The Expected Real Return to Equity,” Journal of Economic Dynamics
and Control 37 (2013), 1929-1946.
74. Moyen, N., Platikanov, S., “Corporate investments and learning,” Review of Finance 17 (2013),1437-
1488.
75. Mukherjee, T. and W. Wang, “Capital structure deviation and speed of adjustment,” Financial Review
48 (2013), 597-615.
76. Chiarella, Carl , Roberto Dieci and He Xue-Zhong, “Time-varying beta: a boundedly rational equilibrium
approach,” Journal of Evolutionary Economics 23 (2013), 609-639.
77. Welch, Ivo, “A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure
Research and Beyond,” Critical Finance Review 2 (2013), 131-172.
78. Mahmudi, Hamed and Michael Pavlin, “Corporate Payout Policy, Cash Savings, and the Cost of
Consistency: Evidence from a Structural Estimation,” Financial Management 42 (2013), 843-874.
79. Belo, Frederico, Chen Xue, and Lu Zhang, “A Supply Approach to Valuation,” Review of Financial
Studies 36 (2013), 3029-3067.
80. Matvos, Gregor, Estimating the Benefits of Contractual Completeness, Review of Financial Studies 26
(2013), 2798-2844.
81. Vitorino, Maria Ana, “Understanding the effect of advertising on stock returns and firm value: Theory
and evidence from a structural model,” Management Science 60 (2014), 227-245.
82. Cheng, Beiting, Ioannis Ioannou, and George Serafeim, “Corporate social responsibility and access to
finance,” Strategic Management Journal 35 (2014), 1-23.
83. Liu, Y., D. C. Mauer, and Y. Zhang, “Firm cash holdings and CEO inside debt,” Journal of Banking
and Finance 42 (2014), 83-100.
84. Petrosky-Nadeau, Nicolas, “Credit, vacancies and unemployment fluctuations,” Review of Economic
Dynamics 17 (2014), 191-205.
85. Lockhart, G. Brandon, “Credit lines and leverage adjustment,” Journal of Corporate Finance 25 (2014),
274-288.

86. Alti, Aydogan and Paul C. Tetlock, “Biased Beliefs, Asset Prices, and Investment: A Structural
Approach, Journal of Finance 69 (2014), 325-361.
87. Murto, P. and M. Terviö, “Exit options and dividend policy under liquidity constraints,” International
Economic Review 55 (2014), 197-221.
88. Schroth, Enrique, Gustavo Suarez, and Lucian A. Taylor, “Dynamic Debt Runs and Financial Fragility:
Evidence from the 2007 ABCP Crisis,” Journal of Financial Economics 112 (2014), 164-189.
89. Popov, Alexander, “Credit Constraints and Investment in Human Capital: Training Evidence from
Transition Economies,” Journal of Financial Intermediation 23 (2014), 76-100.
90. Elyasiani, Elyas, Loretta J. Mester, and Michael S. Pagano, “Large Capital Infusions, Investor Reactions,
and the Return and Risk-Performance of Financial Institutions over the Business Cycle,” Journal
of Financial Stability 11 (2014), 62-81.
91. DeVaro, Jed and Scott Fung, “Public bailouts, executive compensation and retention: A structural
analysis,” Journal of Empirical Finance 26, (2014), 131-149.
92. André Getzmann, Sebastian Lang, and Klaus Spremann, “Target Capital Structure and Adjustment
Speed in Asia,” Asia-Pacific Journal of Financial Studies 43 (2014), 1-30.
93. Bayraktar, Nihal, “Fixed Investment/Fundamental Sensitivities under Financial Constraints,” Journal
of Economics and Business 75 (2014), 25-59.
94. Arnold, Marc, “Managerial cash use, default, and corporate financial policies,” Journal of Corporate
Finance 27 (2014), 305-325.
95. Mansour, Walid, “Information asymmetry and financing constraints in GCC,” Journal of Economic
Asymmetries 11 (2014), 19-29.
96. Mancusi, Maria Luisa, andAndrea Vezzulli, “R&D and credit rationing in SMEs, Economic Inquiry 52
(2014), 1153-1172.
97. Dagher, Jihad C., “Sudden Stups, Output Drops, and Credit Collapses,” Macroeconomic Dynamics 18
(2014), 812-837.
98. Bach, Laurent, “Are Small Businesses Worthy of Financial Aid Evidence from a French Targeted
Credit Program,” Review of Finance 18 (2014), 877-919.
99. Meisenzahl, Ralf R. “Verifying the state of financing constraints: Evidence from U.S. business credit
contracts,” Journal of Economic Dynamics and Control, forthcoming.
100. Glover, Brent, “The Expected Cost of Default,” Journal of Financial Economics, forthcoming.
101. De Nicolò, Gianni, Andrea Gamba, and Marcella Lucchetta, “Microprudential Regulation in a Dynamic
Model of Banking,” Review of Financial Studies 27 (2014), 2097-2138.
102. Amaya, Diego, Genviève Gauthier and Thomas-Olivier Léautier, “Dynamic Risk Management: Investment,
Capital Structure, and Hedging in the Presence of Financial Frictions,” Journal of Risk and
Insurance, forthcoming.
103. Wu, Guiying Laura, “Investment Frictions and the Aggregate Output Loss in China,” Oxford Bulletin
of Economics and Statistics, forthcoming.
104. Kang, Ari Choi, Richard Lowery, and Malcolm Wardlaw, “The Costs of Closing Failed Banks: A
Structural Estimation of Regulatory Incentives,” Review of Financial Studies, forthcoming.

“Spin-offs, Divestitures, and Conglomerate Investment,” Review of Financial Studies 20 (2007),
557-595. (with Gönül Çolak)
1. Villalonga B. “Does Diversification Cause the ‘Diversification Discount,” Financial Management 33
(2004), 5-27.
2. Li, K. and N. Prabhala. “Self-Selection Models,” in B.E. Eckbo, ed. Handbook of Empirical Corporate
Finance (2007) Amsterdam, North-Holland.
3. Eckbo, B. Espen and Karin S. Thorburn, “Corporate Restructuring: Breakups and LBOs,” in B.E.
Eckbo, ed. Handbook of Empirical Corporate Finance (2007) Amsterdam, North-Holland.
4. Maksimovic, V. and Phillips, G. “Conglomerate Firms and Internal Capital Markets,” in B.E. Eckbo,
ed. Handbook of Empirical Corporate Finance (2007) Amsterdam, North-Holland.
5. Ahn, S. and Walker, M. D. “Corporate Governance and the Spinoff Decision,” Journal of Corporate
Finance 13 (2007), 76-93.
6. Warusawitharana, Missaka, “Corporate Asset Purchases and Sales: Theory and Evidence,” Journal of
Financial Economics 87 (2008), 471-497.
7. Lai, B., Zhang, Q., Zhang, T., and Zheng, F. “The Application of DEA to the Evaluation of Performance
of Corporate Divestiture,” Proceedings of International Conference on Risk Management and
Engineering Management, (2008), 547-552.
8. Moschieri, Caterina and Johanna Mair. “Research on Corporate Divestures: A Synthesis,” Journal of
Management and Organization 14 (2008), 399-422.
9. Alderson, M.J. and B.L. Betker. “Were Internal Capital Markets Affected by the ‘Perfect’ Pension
Storm,” Journal of Corporate Finance 15 (2009), 257-271.
10. Malmendier, Ulrike and Geoffrey Tate, “Superstar CEOs,” Quarterly Journal of Economics 124 (2009),
1593-1638.
11. Chemmanur, Thomas J., Bradford D. Jordan, Mark H Liu, and Qun Wu. “Antitakeover Provisions in
Corporate Spin-offs,” Journal of Banking and Finance 34 (2010), 813-824.
12. DePamphilis, Donald, Mergers, Acquisitions, and Other Restructuring Activities, Fifth Edition: An
Integrated Approach to Process, Tools, Cases, and Solutions, Academic Press, 2010, 2012.
13. Almeida, Heitor, Murillo Campello, and Antonio Galvao, “Measurement Errors in Investment Equations,”
Review of Financial Studies 23 (2010), 3279-3328.
14. Yung, C. and J.F. Zender, “Moral Hazard, Asymmetric Information and IPO Lockups,” Journal of
Corporate Finance 16 (2011) 320-332.
15. Jackson, Scott B., Theodore C. Rodgers, and Brad Tuttle, “The Effect of Depreciation Method Choice
on Asset Selling Prices,” Accounting, Organizations and Society 35 (2010), 757-774.
16. Jain, Bharat A., Omesh Kini, and Jaideep Shenoy, “Vertical Divestitures through Equity Carve-outs
and Spin-offs: A Product Markets Perspective,” Journal of Financial Economics 100 (2011), 594-615.
17. Jackowics, Krzysztof and Oskar Kowalewski, “Divestments in Banking. Preliminary Evidence on the
Role of External Factors, Contemporary Economics 5 (2012), 30-41.
18. Denis, David J. “Financial Flexibility and Corporate Liquidity,” Journal of Corporate Finance 17
(2011), 667-674.
19. Praet, A., “Voluntary Firm Restructuring: Why do Firms Sell or Liquidate their Subsidiaries” Annals
of Finance (2011), 449-476.

20. Chen, Sheng-Syan, and I-Ju Chen, “Inefficient Investment and the Diversification Discount: Evidence
from Corporate Asset Purchases,” Journal of Business Finance and Accounting, 38 (2011), 887-914.
21. Julio, Brandon and Youngsuk Yook, “Political Uncertainty and Corporate Investment Cycles,” Journal
of Finance 67 (2012), 45-84.
22. Wiley, Jonathan, Brandon Cline, Xudong, and Tian Tang, “Valuation Effects for Asset Sales,” Journal
of Financial Services Research (2012) 1-18.
23. DePamphilis, Donald M., Mergers, Acquisitions, and Other Restructuring Activities (Sixth Edition),
Academic Press, San Diego, 2012.
24. Fracassi, Cesare and Geoffrey Tate, “External Networking and Internal Firm Governance,” Journal of
Finance 67 (2012), 153-194.
25. Madura, Jeff and Maryna Murdock, “How and why corporate divestitures affect risk,” Applied Financial
Economics 22 (2012), 1919-1929.
26. Wu, Brian, Opportunity costs, industry dynamics, and corporate diversification: Evidence from the
cardiovascular medical device industry, 1976-2004,” Strategic Management Journal 34 (2013), 1265-
1287.
27. Duchin, Ran and Denis Soysura, “Divisional Managers and Internal Capital Markets,” Journal of
Finance 68 (2013), 387-429.
28. Erdorf, S., T. Hartmann-Wendels, N. Heinrichs, and M. Matz, “Corporate diversification and firm
value: A survey of recent literature,” Financial Markets and Portfolio Management 27 (2013), 187-
215.
29. Almeida, Heitor, Murillo Campello, and Antonio Galvao, “Assessing the Performance of Different Estimators
that Deal with Measurement Error in Linear Models,” in the Handbook of Financial Econometrics
and Statistics, Cheng-Few Lee, ed, Springer, 2014.
30. Matvos, Gregor and Amit Seru, “Resource Allocation within Firms and Financial Market Dislocation:
Evidence from Diversified Conglomerates,” Review of Financial Studies 27 (2014), 1143-1189.
31. Cline, Brandon N., Jacqueline L. Garner, and Adam S. Yore, “Exploitation of the Internal Capital
Market and the Avoidance of Outside Monitoring,” Journal of Corporate Finance 25 (2014), 234-250.
32. Tanaka, T., “Gender diversity in the boards and the pricing of publicly traded corporate debt: Evidence
from Japan,” Applied Financial Economics 24 (2014), 247-258.
33. Chen, I-Ju, “Financial Crisis and the Dynamics of Corporate Governance: Evidence from Taiwan’s
Listed Firms,” International Review of Economics and Finance 32 (2014), 2-28.
34. Chemmanur, Thomas J., Karthik Krishnan, and Debarshi K. Nandy, The Effects of Corporate Spin-offs
on Productivity, Journal of Corporate Finance 27 (2014), 72-98.
35. Huang, Sheng, Managerial Expertise, Corporate Decisions and Firm Value: Evidence from Corporate
Refocusing, Journal of Financial Intermediation 23 (2014), 348-375.
36. Feldman, Emilie .R. “Legacy divestitures: Motives and implications,” Organization Science 25 (2014),
815-832.
37. Chen, Sheng-Syan, Yong-Chin Liu, and I-Ju Chen, “Long-Run Stock Performance and Its Determinants
for Asset Buyers,” Journal of Business Finance and Accounting, forthcoming.
38. Li, Xiao Yang, “Productivity, restructuring, and the gains from takeovers,” Journal of Financial Economics,
forthcoming.

39. Tanaka, Takanori, “Corporate governance and the cost of public debt financing: Evidence from Japan,
Journal of the Japanese and International Economies, forthcoming.
40. Tanaka, Takanori, “Gender diversity in the boards and the pricing of publicly traded corporate debt:
evidence from Japan,” Applied Financial Economics, forthcoming.
“The Corporate Propensity to Save,” Journal of Finance 64 (2009), 1729-1766. (with Leigh
Riddick)
1. Bates, Thomas W., Kathleen M. Kahle, and René M. Stulz. “Why do U.S. firms hold so much more
cash than they used to” Journal of Finance 64 (2009), 1985-2021.
2. Huang, Dayong and Fang Wang. “Cash, Investments and Asset Returns,” Journal of Banking and
Finance 33 (2009), 2301-2311.
3. Eisfeldt, Andrea and Adriano Rampini. “Leasing, Ability to Repossess, and Debt Capacity,” Review
of Financial Studies 22 (2009), 1621-1657.
4. Korinek, Anton, and Joseph E. Stiglitz. “Dividend Taxation and Intertemporal Tax Arbitrage,” Journal
of Public Economics 93 (2009), 142-159.
5. Lins, Karl, Henri Servaes, and Peter Tufano, “What Drives Corporate Liquidity An International
Survey of Cash Holdings and Lines of Credit,” Journal of Financial Economics 98 (2010), 160-176.
6. Almeida, Heitor, Murillo Campello, and Antonio Galvao, “Measurement Errors in Investment Equations,”
Review of Financial Studies 23 (2010), 3279-3328.
7. Simutin, Mikhail, “Excess Cash and Stock Returns,” Financial Management 39 (2010), 11-97-1222.
8. Kusnadi, Yuanto and K.C. John Wei, “The Determinants of Corporate Cash Management Policies:
Evidence from around the World,” Journal of Corporate Finance 17 (2011), 725-740.
9. Almeida, H. M. Campello and M. Weisbach. “Corporate Financial and Investment Policies when
Future Financing is not Frictionless,” Journal of Corporate Finance 17 (2011), 675-693.
10. Gryglewicz, Sebastian, “A Theory of Corporate Financial Decisions with Liquidity and Solvency Concerns,”
Journal of Financial Economics 99 (2011), 365-384.
11. Kim, Jiyoung, Hyunjoon Kim, and David Woods, “Determinants of Corporate Cash-Holding Levels:
An Empirical Examination of the Restaurant Industry,” International Journal of Hospitality Management
30 (2011), 568-574.
12. Cunha, M.R.,B.M. Lambrecht, and G. Pawlina, “Household Liquidity and Incremental Financing Decisions:
Theory and Evidence,” Journal of Business Finance and Accounting 38 (2011), 1016-1052.
13. Bolton, Patrick, Hui Chen, and Neng Wang, “A Unified Theory of Tobin’s q, Corporate Investment,
Financing, and Risk Management,” Journal of Finance 66 (2011), 1545-1578.
14. D’Espallier, B., J. Huybrechts, and F.J.L. Iturriaga, “Analyzing Firm-Varying Investment-Cash Flow
Sensitivities and Cash-Cash Flow Sensitivities: A Bayesian Approach,” Revista Espanola de Financiacion
y Contabilidad 40 (2011), 439-467.
15. Cunha, M.R., B.M. Lambrecht, and G. Pawlina, Household Liquidity and Incremental Financing Decisions:
Theory and Evidence,” Journal of Business Finance and Accounting 38 (2011), 1016-1052.
16. Cunha, M. Ricardo, Bart M. Lambrecht, and Grzegorz Pawlina“Household Liquidity and Incremental
Financing Decisions: Theory and Evidence,” Journal of Business Finance and Accounting 38 (2011),
1016-1052.

17. Dasgupta, Sudipto, Thomas H. Noe and Zhen Wang, “Where Did All the Dollars Go The Effect
of Cash Flows on Capital and Asset Structure,” Journal of Financial and Quantitative Analysis 46
(2011), 1259-1294.
18. Coles, Jeffrey L., Michael L. Lemmon, and Felix Meshke, “Structural Models and Endogeneity in
Corporate Finance: The Link Between Managerial Ownership and Corporate Performance,” Journal
of Financial Economics 103 (2012), 149-168.
19. Palazzo, Bernardino, “Cash Holdings, Risk, and Expected Returns,” Journal of Financial Economics
104 (2012), 162-185.
20. Fresard, Laurent, “Cash Savings and Stock Price Informativeness,” Review of Finance 16 (2012),
985-1012.
21. Anderson, Ronald W. and Andrew Carverhill, “Liquidity and Capital Structure,” Review of Financial
Studies 25 (2012), 797-837.
22. Iskandar-Datta, Mai E., and Yonghong Jia, “Cross-Country Analysis of Secular Cash Trends,” Journal
of Banking and Finance 36 (2012), pp. 898-912.
23. Wang, Cong Wang, Neng Wang, and Jinqiang Yang, “A Unified Model of Entrepreneurship Dynamics,”
Journal of Financial Economics 106 (2012), 1-23.
24. Bao, Dichu, Kam C. Chan, and Weining Zhang, “Asymmetric Cash Flow Sensitivity of Cash Holdings,”
Journal of Corporate Finance 18 (2012), 690-700.
25. Hertzel, Michael G., Mark R. Huson, and Robert Parrino, “Public Market Staging: The Timing of
Capital Infusions in Newly Public Firms, Journal of Financial Economics, 106 (2012) 72-90.
26. Lin, Huidan and Daniel Paravisini, “The Effect of Financing Constraints on Risk,” Review of Finance
17 (2013), 229-259.
27. Anagnostopoulou, S.C., “Cash holdings: Determining factors and impact on future operating performance
for listed versus unlisted firms,” Review of Pacific Basin Financial Markets and Policies 16
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39. Hoberg, G. G. Phillips, N Prabhala, “The Product market threats, payouts, and financial flexibility,”
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41. Matvos, Gregor and Amit Seru, “Resource Allocation within Firms and Financial Market Dislocation:
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44. Arnold, Marc, “Managerial cash use, default, and corporate financial policies,” Journal of Corporate
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49. Erel, Isil, Yeejin Jang, and Michael Weisbach, “Do Acquisitions Relieve Target Firms’ Financial Constraints”
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50. D’Espallier, Bert, Jolien Huybrechts, and Frederiek Schoubben, “Why do firms save cash from cash
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51. Sun, Zhenzhen and Yaping Wang, 11Corporate precautionary savings: Evidence from the recent financial
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6. Cooper, Ilan, and Richard Priestley, “Real Investment and Risk Dynamics,” Journal of Financial
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8. Cochrane, John, “Discount Rates,” Journal of Finance 66 (2011), 1047-1108.
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10. Liu, Qiao and A. Siu, “Institutions and Corporate Investment: Evidence from Investment-Implied
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11. Loughran, Timothy and Jay W. Wellman, “New Evidence on the Relation between the Enterprise
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12. Lam, F.Y. Eric C. and K.C. John Wei, “Limits to Arbitrage, Investment Frictions, and the Asset
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14. Da, Zhi, Re-Jin Guo, and Ravi Jagannathan, CAPM for Estimating the Cost of Equity Capital:
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15. Belo, Frederico and Xiaoji Lin, “The Inventory Growth Spread,” Review of Financial Studies 25 (2012),
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17. Couch, R. and W. Wu, “Private Investment and Public Equity Returns,” Journal of Economics and
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20. Hirshleifer, D., P.-H. Hsu, and D. Li, “Innovative efficiency and stock returns,” Journal of Financial
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24. Yang, Fan, “Investment Shocks and the Commodity Basis Spread,” Journal of Financial Economics
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26. Hammami, Y., Lindahl, A. “Estimating and testing beta pricing models on industries,” Journal of
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27. Shu, T., “Institutional investor participation and stock market anomalies,” Journal of Business Finance
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29. Trecroci, Carmine, “How Do Alphas and Betas Move Uncertainty, Learning and Time Variation in
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31. Walkshausl, C. and S. Lobe, “The Alternative Three-Factor Model: An Alternative beyond US Markets”
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32. Alti, Aydogan and Paul C. Tetlock, “Biased Beliefs, Asset Prices, and Investment: A Structural
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33. Mariano Massimiliano Croce, Long-Run Productivity Risk: A New Hope for Production-Based Asset
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34. Huang, Lin and Zijun Wang, Is the Investment Factor a Proxy for Time-Varying Investment Opportunities
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35. Kogan, Leonid and Dimitris Papanikolaou, “Growth opportunities, technology shocks, and asset
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36. Huang, Yuan, F.Y. Eric C. Lam, and K.C. John Wei, “The Q-theory Explanation for the External
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37. Koijen, Ralph S.J., “The Cross-Section of Managerial Ability, Incentives, and Risk Preferences,” Journal
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38. Lou, Dong, “Attracting Investor Attention through Advertising,” Review of Financial Studies 27
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40. Huang, Dayong and Fang Wang. “Cash, Investments and Asset Returns,” Journal of Banking and
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6. Langberg, N. and K. Sivaramakrishnan, “Voluntary Disclosures and Analyst Feedback,” Journal of
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11. Chirinko, R.S. and H. Schaller, “Fundamentals, Misvaluation, and Business Investment,” Journal of
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13. Alimov, Azizjon and Wayne Mikkelson, “Does Favorable Investor Sentiment Lead to Costly Decisions
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14. Khanna, Naveen, and Richmond D. Mathews, “Doing battle with short sellers: The conflicted role of
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15. Iatridis, George Emmanuel Voluntary IFRS disclosures: evidence from the transition from UK GAAP
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17. Hau, Harald and Sandy Lau,“The Real Effects of Stock Underpricing,” Journal of Financial Economics
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18. Xiao, G., “Legal shareholder protection and corporate R&D investment,” Journal of Corporate Finance
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20. Cheng, Beiting, Ioannis Ioannou, and George Serafeim, “Corporate social responsibility and access to
finance,” Strategic Management Journal 35 (2014), 1-23.
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23. Betton, Sandra, B. Espen Eckbo, Rex Thompson, and Karin S. Thorburn, “Merger Negotiations with
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5. Uysal, Vahap B., “Deviation from the Target Capital Structure and Acquisition Choices,” Journal of
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6. Bolton, Patrick, Hui Chen, and Neng Wang, “A Unified Theory of Tobin’s q, Corporate Investment,
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7. Leary, Mark and Roni Michaely, “Why Firms Smooth Dividends: Empirical Evidence,” Review of
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8. Faulkender, Michael, Mark J. Flannery, Kristine Watson Hankins, and Jason M. Smith, “Cash Flows
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12. Chang, Kiyoung, Jung Bum Wee and Ha-Chin Yi, “Does National Culture Influence the Firm’s Choice
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14. Kisser, Michael, “The Real Option Value of Cash,” Review of Finance 17 (2013), 1649-1697.
15. Garmaise, Mark J. “The Attractions and Perils of Flexible Mortgage Lending,” Review of Financial
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16. Matvos, Gregor, Estimating the Benefits of Contractual Completeness, Review of Financial Studies 26
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17. Welch, Ivo, “A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure
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19. Bessler, W., Drobetz, W., Haller, R., Meier, I., “The international zero-leverage phenomenon,” Journal
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20. Yang, Baozhong, “Dynamic Capital Structure with Heterogeneous Beliefs and Market Timing,” Journal
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21. Hedayatzadeh, S.H.-A., “The relationship between capital structure and corporate performance of
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22. Lee, Cheng-Few and Nan-Ting Kuo, “Effects of ultimate ownership structure and corporate tax on
capital structures: Evidence from Taiwan,” International Review of Economics and Finance 29 (2014),
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23. Lockhart, G. Brandon, “Credit lines and leverage adjustment,” Journal of Corporate Finance 25 (2014),
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24. Schroth, Enrique, Gustavo Suarez, and Lucian A. Taylor, “Dynamic Debt Runs and Financial Fragility:
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25. Ebrahim, M. Shahid, Sourafel Girma, M. Eskandar Shah, and Jonathan Williams, “Dynamic capital
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26. Katagiri, Mitsuru, A Macroeconomic Approach to Corporate Capital Structure, Journal of Monetary
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27. Elsas, Raif, Mark J. Flannery,and Jon A. Garfinkel, “Financing Major Investments: Information about
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28. Bliss, Barbara, Yingmei Cheng, and David J. Denis, “Corporate Payout, Cash Retention, and the Supply
of Credit: Evidence from the 2008-09 Credit Crisis,” Journal of Financial Economics, forthcoming.
29. Rapp, Marc Steffen, Thomas Schmid, Daniel Urban, “The Value of Financial Flexibility and Corporate
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“Endogeneity in Empirical Corporate Finance” Handbook of the Economics of Finance, 2012.
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2. Coles, Jeffrey L., Michael L. Lemmon, and Felix Meshke, “Structural Models and Endogeneity in
Corporate Finance: The Link Between Managerial Ownership and Corporate Performance,” Journal
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3. Kini, O. and R. Williams, “Tournament Incentives, Firm Risk, and Corporate Policies,” Journal of
Financial Economics 103 (2012), 350-376.
4. Reeb, D., M. Sakakibara, and I.P. Mahmood, “From the Editors: Endogeneity in International Business
Research,” Journal of International Business Studies, 43 (2012), 211-218.
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Internal Corporate Governance,” Journal of Financial Economics 105 (2012), 581-606.
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8. Boubakri, Narjess, Omrane Guedhami, Dev Mishra, and Walid Saffar, “Political Connections and the
Cost of Equity Capital, ” Journal of Corporate Finance 18 (2012), 433-450.
9. Nini, Greg, David C. Smith, and Amir Sufi, “Creditor Control Rights, Corporate Governance, and
Firm Value,” Review of Financial Studies 25 (2012), 1713-1761.
10. Paananen, M., A. Renders, A., and K.M. Shima, “The Amendment of IAS 39: Determinants of
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11. Easterwood, John C., Özgür Ş. İnce, and Charu G. Raheja, “The Evolution of Boards and CEOs
following Performance Declines,” Journal of Corporate Finance 18 (2012), 727-744.
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Selling firms to private equity versus strategic acquirers,” Journal of Corporate Finance 18 (2012),
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13. Davydenko, Sergei A., Ilya A. Strebulaev, and Xiaofe Zhao, “A Market-Based Study of the Cost of
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15. Fresard, Laurent and Thierry Foucault, “Cross-Listing, Investment Sensitivity to Stock Price and the
Learning Hypothesis,” Review of Financial Studies 25 (2012), 3305-3350.
16. Flannery, Mark J. and Kristine Watson Hankins, “Estimating dynamic panel models in corporate
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17. Chung, Y. Peter, Hyun Seung Na, and Richard Smith, “How important is capital structure policy to
firm survival” Journal of Corporate Finance 22 (2013), 83-103.
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19. Field, Laura, Michelle Lowry, and Anahit Mkrtchyan, “Are busy boards detrimental,” Journal of
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20. Deng,Xin, Jun-koo Kang, and Buen Sin Low, “Corporate social responsibility and stakeholder value
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22. Leach, J. Chris, Nathalie Moyen, Jing Yang, “On the strategic use of debt and capacity in rapidly
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23. Ahn, Seoungpil, Keshab Shrestha, “The differential effects of classified boards on firm value,” Journal
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24. Zheng, Xiaolan, Sakok El Ghoul, Omrane Guedhami, and Chuck C. Y. Kwok, “Collectivism and
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25. Saretto, Alessio and Heath E. Tookes, “Corporate Leverage, Debt Maturity, and Credit Supply: The
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27. Tanaka, T., “Gender diversity in the boards and the pricing of publicly traded corporate debt: Evidence
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28. Henderson, Brian J. and Bo Zhao, “More Than Meets The Eye: Convertible Bond Issuers’ Concurrent
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29. Loon,Yee Cheng, and Zhaodong Ken Zhong, “The impact of central clearing on counterparty risk,
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30. Xu, Nianhang, Xiaorong Li, Qingbo Yuan, and Kam C. Chan, “Excess Perks and Stock Price Crash
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31. Alderson, Michael J., Naresh Bansal, and Brian L. Betker, “CEO Turnover and the Reduction of Price
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34. Kim, Jeong-Bon andTieMei Li, “Multinationals’ Offshore Operations, Tax Avoidance, and Firm-
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35. Chen Jun and Tao-Hsien Dolly King, “Corporate hedging and the cost of debt,” Journal of Corporate
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37. Minutti-Meza, Miguel, Issues in Examining the Effects of Auditor Litigation on Audit Fees, Journal
of Accounting Research 52 (2014), 341–356.
38. Lee, Edwards, Norman Strong and Zhenmei Zhu, “Did Regulation Fair Disclosure, SOX, and Other
Analyst Regulations Reduce Security Mispricing” Journal of Accounting Research 52 (2014), 733-774.
39. McClean R. David, and Mengxin Zhao, “The business cycle, investor sentiment, and costly external
finance, Journal of Finance 69 (2014), 1377–1409.
40. Li, Zhichuan Frank “Mutual Monitoring and Corporate Governance,” Journal of Banking and Finance
45 (2014), 255-269.
41. Lee, Chien-Chiang, Mei-Ping Chen, and Chi-Hung Chang, “Industry co-movement and cross-listing:
Do home country factors matter” Japan and the World Economy 32 (2014), 96-110.
42. Dass, Nishant, Omesh Kini, Vikram Nanda, Bunyamin Onal, and Jun Wang, “Board Expertise: Do
Directors from Related Industries Help Bridge the Information Gap” Review of Financial Studies 27
(2014), 1533-1592.
43. Bris, Arturo, Yrjö Koskinen, and Mattias Nilsson, “The euro and corporate financing before the crisis,”
Journal of Financial Economics 114 (2014) 554-575.
44. Mishra, Dev R., “The dark side of CEO ability: CEO general managerial skills and cost of equity
capital,” Journal of Corporate Finance 29 (2014), 390-409.
45. Dehaan, Ed, Frank Hodge, and Terry Shevlin, “Does Voluntary Adoption of a Clawback Provision
Improve Financial Reporting Quality” Contemporary Accounting Research, forthcoming.
46. Morikawa, Masayuki, “Productivity and survival of family firms in Japan,” Journal of Economics and
Business, forthcoming.

47. Irani, Rustom M. and David Oesch, “Monitoring and corporate disclosure: Evidence from a natural
experiment,” Journal of Financial Economics, forthcoming.
48. Ferri, Fabrizio, and David A. Maber, “Say on Pay Votes and CEO Compensation: Evidence from the
UK,” Review of Finance, forthcoming.
49. Munisi, Gibson, Trond Randøy, “Corporate governance and company performance across Sub-Saharan
African countries,” Journal of Economics and Business, forthcoming.
50. Frijns, Bart, Aaron Gilbert, and Alireza Tourani-Rad, “Do Criminal Sanctions Deter Insider Trading”
The Financial Review, forthcoming.
51. Pungulescu, Crina, “Real effects of financial market integration: does lower home bias lead to welfare
benefits,” European Journal of Finance, forthcoming.
52. Gassen, Joachim, “Causal inference in empirical archival financial accounting research, Accounting,
Organizations and Society, forthcoming.
53. Pownall, Grace, Maria Vulcheva, and Xue Wang, “The Ability of Global Stock Exchange Mechanisms
to Mitigate Home Bias: Evidence from Euronext,” Management Science, forthcoming.
54. Boone, Audra L. and J. Harold Mulherin, “Who monitors the monitor The use of special committees
by target firms in corporate takeovers,” Journal of Corporate Finance, forthcoming.
55. Black, Bernard, Antonio Gledson de Carvalho, Vikramaditya Khanna, Woochan Kim, and Burcin
Yurtoglu, “Methods for multicountry studies of corporate governance: Evidence from the BRIKT
countries,” Journal of Econometrics, forthcoming.
56. Davydova, Yulia and Vladimir Sokolov, “The Real Effects of Financial Constraints: Evidence from a
Debt Subsidization Program Targeted at Strategic Firms,” Journal of Empirical Finance, forthcoming.
57. Yang Liuyong and Jingjing Zhang, “Political Connections, Government Intervention and Acquirer
Performance in Cross-border Mergers and Acquisitions: an Empirical Analysis Based on Chinese Acquirers,”
The World Economy, forthcoming.
58. Kwan, Amy, Ronald Masulis, and Thomas H. McInish, “Trading rules, competition for order flow and
market fragmentation, Journal of Financial Economics, forthcoming.
59. Pastor, Lubos, Robert F. Stambaugh, and Lucian Taylor, “Scale and Skill in Active Management,”
Journal of Financial Economics, forthcoming.
60. Sun, Zhenzhen and Yaping Wang, 11Corporate precautionary savings: Evidence from the recent financial
crisis,” Quarterly Review of Economics and Finance, forthcoming.
61. Schlueter, Tobias, Soenke Sievers, and Thomas Hartmann-Wendels, “Bank funding stability pricing
strategies and the guidance of depositors,” Journal of Banking and Finance, forthcoming.
“Dynamic Models and Structural Estimation in Corporate Finance” Foundations and Trends
in Finance 6 (2012), 1-163. (with Ilya A. Strebulaev)
1. Taylor, Lucian A.,“CEO Wage Dynamics: Estimates from a Learning Model,” Journal of Financial
Economics 108 (2013), 79-98.
2. Matvos, Gregor, Estimating the Benefits of Contractual Completeness, Review of Financial Studies 26
(2013), 2798-2844.
3. Schroth, Enrique, Gustavo Suarez, and Lucian A. Taylor, “Dynamic Debt Runs and Financial Fragility:
Evidence from the 2007 ABCP Crisis,” Journal of Financial Economics 112 (2014), 164-189.
4. Zhou, Qing, Robert Faff, and Karen Alpert, “Bias correction in the estimation of dynamic panel models
in corporate finance,” Journal of Corporate Finance 25 (2014), 494-513.

5. DeVaro, Jed and Scott Fung, “Public bailouts, executive compensation and retention: A structural
analysis,” Journal of Empirical Finance 26, (2014), 131-149.
6. Agarwal, Natasha, Chris Milner, and Alejandro Riaño, Credit constraints and spillovers from foreign
firms in China, Journal of Banking and Finance, forthcoming.
7. Elsas, Raif, Mark J. Flannery,and Jon A. Garfinkel, “Financing Major Investments: Information about
Capital Structure Decisions,” Review of Finance, forthcoming.
8. Glover, Brent, “The Expected Cost of Default,” Journal of Financial Economics, forthcoming.
9. Heider, Florian and Alexander Ljungqvist, “As Certain as Debt and Taxes: Estimating the Tax Sensitivity
of Leverage from State Tax Changes,” Journal of Financial Economics, forthcoming.
10. Kang, Ari Choi, Richard Lowery, and Malcolm Wardlaw, “The Costs of Closing Failed Banks: A
Structural Estimation of Regulatory Incentives,” Review of Financial Studies, forthcoming.
“Threshold Events and Identifcation: A Study of Cash Shortfalls .” Journal of Finance 68
(2012), 1083-1111. (with Tor-Erik Bakke)
1. Almeida, Heitor, Murillo Campello, and Antonio Galvao, “Measurement Errors in Investment Equations,”
Review of Financial Studies 23 (2010), 3279-3328.
2. Babenko, Ilona, Michael Lemmon, and Yuri Tserlukevich, “Financing Real Investment with Employee
Stock Options,” Journal of Finance 66 (2011), 981-1009.
3. Butler, Alexander W. and Jess Cornaggia. “Does Access to External Finance Improve Productivity
Evidence from a Natural Experiment,” Journal of Financial Economics 101 (2011), 666-683.
4. Butler, Alexander W., Jess Cornaggia, Gustavo Grullon, and James P. Weston. “Corporate Financing
Decisions, Managerial Market Timing, and Real Investment,” Journal of Financial Economics 101
(2011), 666-683.
5. Leary, M.T. and R. Michaely, “Determinants of Dividend Smoothing: Empirical Evidence,” Review of
Financial Studies 24 (2011), 3197-3249.
6. Phan, Hieu V. and Shantaram P. Hegde, “Pension Contributions and Firm Performance: Evidence
from Frozen Defined Benefit Plans,” Financial Management 42 (2013), 373-411.
7. Alderson, Michael J.and Neil L. f, “Pension Policy and the Value of Corporate-Level Investment,”
Financial Management 43 (2013), 413-440.
8. Natividad, Gabriel, “Financial Capacity and Discontinuous Investment: Evidence from Emerging Market
Multibusiness Firms,” Review of Financial Studies 26 (2013), 2375-2410.
9. Boissay, Frederic and Reint Gropp, “Payment Defaults and Interfirm Liquidity Provision,” Review of
Finance 17 (2013), 1853-1894.
10. McClean R. David, and Mengxin Zhao, “The business cycle, investor sentiment, and costly external
finance, Journal of Finance 69 (2014), 1377–1409.
11. Adelino, Manuel, Katharina Lewellen, and Anant K. Sundaram, “Investment decisions of not-forprofits:
Evidence from hospitals,” Journal of Finance, forthcoming.
12. Kwan, Amy, Ronald Masulis, and Thomas H. McInish, “Trading rules, competition for order flow and
market fragmentation, Journal of Financial Economics, forthcoming.

“Treating Measurement Error in Tobin’s q” Review of Financial Studies 25 (2012), 1286-1329.
(with Timothy Erickson)
1. Chen, Huafeng and Shaojun Chen, “Investment-Cash Flow Sensitivity Cannot Be a Good Measure of
Financial Constraints: Evidence from the Time Series,” Journal of Financial Economics 103 (2012),
393-410.
2. Panousi, Vasia and Dimitris Papanikolaou, “Investment, Idiosyncratic Risk, and Ownership,” Journal
of Finance 67 (2012), 1113-1148.
3. Firth, Michael, Paul H. Malatesta, Qingquan Xin, Liping Xu, “Corporate Investment, Government
Control, and Financing Channels: Evidence from China’s Listed Companies,” Journal of Corporate
Finance 18 (2012), 433-450.
4. Aslan, Hadiye and Praveen Kumar, “Strategic Ownership Structure and the Cost of Debt,” Review of
Financial Studies 25 (2012), 2257-2299.
5. Becker, Bo, Marcus Jacob and Martin Jacob, “Payout Taxes and the Allocation of Investment,” Journal
of Financial Economics 107 (2013), 1-24.
6. Moyen, N., Platikanov, S., “Corporate investments and learning,” Review of Finance 17 (2013),1437-
1488.
7. Badertscher, Brad, Nemit Shroff, and Hal White, “Externalities of Public Firm Presence: Evidence
from Private Firms’ Investment Decisions,” Journal of Financial Economics 109 (2013), 682-706.
8. Johnson, William C. and Aangho Yi, “How Do Founder CEOs Create Value” Asia-Pacific Journal
of Financial Studies 42 (2013), 777-812
9. Gormley, Todd A. and David A. Matsa, “Common Errors: How to (and Not to) Control for Unobserved
Heterogeneity,” Review of Financial Studies 27 (2014), 617-661.
10. Schroth, Enrique, Gustavo Suarez, and Lucian A. Taylor, “Dynamic Debt Runs and Financial Fragility:
Evidence from the 2007 ABCP Crisis,” Journal of Financial Economics 112 (2014), 164-189.
11. Foucault, Thierry, and Laurent Fresard, “Learning from peers’ stock prices and corporate investment”
Journal of Financial Economics 111 (2014), 554-577.
12. Brown, Alexander and Hwagyun Kim, “Do Individuals Have Preferences Used in Macro-Finance Models
An Experimental Investigation,” Management Science 60 (2014), 939-958.
13. Aslan, Hadiye and Praveen Kumar, “National Governance Bundles and Corporate Agency Costs: A
Cross-Country Analysis,” Corporate Governance: An International Review 22 (2014), 230–251.
14. Lewellen, Jonathan and Katharina Lewellen, “Investment and cashflow: New evidence,” Journal of
Financial and Quantitative Analysis, forthcoming.
15. Jovanovic, Boyan and Peter Rousseau, “Extensive and Intensive Investment over the Business Cycle,”
Journal of Political Economy 22 (2014), 863-908.
16. Chang, Xin, Sudipto Dasgupta, George Wong, and Jiaquan Yao, “Cash-Flow Sensitivities and the
Allocation of Internal Cash Flow,” Review of Financial Studies, forthcoming.
“The Real Effects of Market Liquidity: Causal Evidence from Delisting,” Finance Research
Letters 9 (2012), 183-193. (with Tor-Erik Bakke and Candace Jens)
1. Kerr, William R., Josh Lerner, and Antoinette Schoar, “The Consequences of Entrepreneurial Finance:
Evidence from Angel Financings,” Review of Financial Studies 27 (2014), 20-55.

“Dynamic Corporate Finance is Useful: A Comment on Welch,” Critical Finance Review 2
(2013), 173-191. (with Ilya A. Strebulaev)
1. Welch, Ivo, “A Critique of Recent Quantitative and Deep-Structure Modeling in Capital Structure
Research and Beyond,” Critical Finance Review 2 (2013), 131-172.
2. Zhou, Qing, Robert Faff, and Karen Alpert, “Bias correction in the estimation of dynamic panel models
in corporate finance,” Journal of Corporate Finance 25 (2014), 494-513.
“Macroeconomic Implications of Agglomeration” Econometrica 82 (2014), 731-764.
Morris Davis and Jonas D.M. Fisher)
(with
1. Behrens, Kristian and Frédéric Robert-Nicoud “Tempora mutantur: in search of a new testament for
NEG,” Journal of Economic Geography 11 (2011), 215-230.
2. Rozenfeld, H.D., D. Rybski, X. Gabaix, and H.A. Makse, “The Area and Population of Cities: New
Insights from a Different Perspective on Cities,” American Economic Review 101 (2011), 2205-2225.
3. Duranton, Gilles and Matthew A. Turner, “ Urban Growth and Transportation,” Review of Economic
Studies 79 (2012), 1407-1440.
4. Fu, Shihe and Stephen L. Ross, “Wage Premia in Employment Clusters: How Important Is Worker
Heterogeneity” Journal of Labor Economics 31 (2013), 271-304.
5. Duranton, Gilles and Diego Puga, The Growth of Cities, In: Philippe Aghion and Steven N. Durlauf,
Editor(s), Handbook of Economic Growth, Elsevier, 2014, Volume 2, 781-853.
“Agency Conflicts and Cash: Estimates from a Dynamic Model” (with Boris Nikolov)
1. Lin, Chen, Yue Ma, and Yuhai Xuan, “Ownership Structure and Financial Constraints: Evidence from
a Structural Estimation,” Journal of Financial Economics 102 (2011), 416-431.
2. Taylor, Lucian A.,“CEO Wage Dynamics: Estimates from a Learning Model,” Journal of Financial
Economics 108 (2013), 79-98.
3. Gao, Huasheng, Jarrad Harford, and Kai Li, “Determinants of corporate cash policy: Insights from
private firms,” Journal of Financial Economics 109 (2013), 623-639.
4. Mahmudi, Hamed and Michael Pavlin, “Corporate Payout Policy, Cash Savings, and the Cost of
Consistency: Evidence from a Structural Estimation,” Financial Management 42 (2014), 843-874.
5. Massa, Massimo and Alminas Zaldokas, “Investor base and corporate borrowing: Evidence from international
bonds,” Journal of International Economics 92 (2014), 95-110.
6. Humphery-Jenner, Mark, Takeover Defenses, Innovation, and Value-Creation: Evidence from Acquisition
Decisions, Strategic Management Journal 35 (2014), 668–690.
7. Arnold, Marc, “Managerial cash use, default, and corporate financial policies,” Journal of Corporate
Finance 27 (2014), 305-325.
8. Glover, Brent and Oliver Levine, “Uncertainty, Investment, and Managerial Incentive,” Journal of
Monetary Economics, forthcoming.
9. Glover, Brent, “The Expected Cost of Default,” Journal of Financial Economics, forthcoming.

“Equity Market Misvaluation, Finance, and Investment” (with Missaka Warusawitharana)
1. Belo, Frederico, Chen Xue, and Lu Zhang, “A Supply Approach to Valuation,” Review of Financial
Studies 36 (2013), 3029-3067.
2. Matvos, Gregor, Estimating the Benefits of Contractual Completeness, Review of Financial Studies 26
(2013), 2798-2844.
3. Alti, Aydogan and Paul C. Tetlock, “Biased Beliefs, Asset Prices, and Investment: A Structural
Approach, Journal of Finance 69 (2014), 325-361.
4. Maung, Min and Reza H. Chowdhury, “Is there a right time for corporate investment” Studies in
Economics and Finance, 31 (2014), 223-243.
Collateral, Taxes, and Leverage” (with Shaojin Li and Yufeng Wu)
1. Glover, Brent and Oliver Levine, “Uncertainty, Investment, and Managerial Incentive,” Journal of
Monetary Economics, forthcoming.