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7/29/2019 PhD Corporate Finance Empirical References 2010
http://slidepdf.com/reader/full/phd-corporate-finance-empirical-references-2010 1/25
Empirical Corporate Finance References
Professor Michael R. Roberts
INVESTMENT POLICY
Surveys
1. Hubbard, R. Glenn, 1999, Capital Market Imperfections and Investment,
Journal of Economic Literature 36, 193-225.
2. Stein, Jeremy, 2003, Agency, Information and Corporate Investment, Handbook of the Economics of Finance, Volume 1A, Eds. George M. Constantinides,
Milton Harris, and Rene M. Stulz, Elsevier, Amsterdam.
Macroeconomic Conditions and Investment
Financial Accelerator
3. Bernanke, Ben, and Mark Gertler, 1989, Agency Costs, Net Worth, andBusiness Fuctuations, American Economic Review 79, 14−31.
4. Bernanke, Ben, and Carla Lown, 1991, The Credit Crunch, Brookings Papers
on Economic Activity, 204–239.
5. Kashyap, Anil K., Owen A. Lamont and Jeremy C. Stein, 1994, CreditConditions and the Cyclical Behavior of Inventories, Quarterly Journal of Economics 109, 565−592.
6. Bernanke, Ben, and Mark Gertler, 1995, Inside the Black Box: the CreditChannel of Monetary Policy Transmission, Journal of Economic Perspectives 9,
27−48.
7. Cecchetti, S.G., 1995, Distinguishing Theories of the Monetary Transmission
Mechanism, Federal Reserve Bank of St. Louis Review 77, 83−97.
8. Peek, J., and E. Rosengren, 1995, The Capital Crunch: Neither a Borrower Nor aLender Be, Journal of Money, Credit and Banking 27, 625−638.
9. Bernanke, Ben, Mark Gertler and Simon Gilchrist, 1996, The FinancialAccelerator and the Fight to Quality, Review of Economic Studies 78, 1−15.
10. Kiyotaki, N., and John Moore, 1997, Credit Cycles, Journal of Political Economy 105, 211−248.
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11. Peek, J., and E. Rosengren, 1997, The International Transmission of Fnancial
Shocks: The Case of Japan, American Economic Review 87, 495−505.
12. Bernanke, B., M. Gertler and S. Gilchrist (1999), “The Financial Accelerator in
a Quantitative Business Cycle Framework”, in: J.B. Taylor and M. Woodford,eds., Handbook of Macroeconomics, Vol. 1C (Elsevier, Amsterdam).
Bank Lending Channel
13. Bernanke, Ben, and Alan Blinder, 1988, Credit, Money, and Aggregate
Demand, American Economic Review 78, 435−439.
14. Bernanke, Ben, and Alan Blinder, 1992, The Federal Funds Rate and the
Channels of Monetary Transmission, American Economic Review 82, 901−921.
15. Kashyap, Anil, Jeremy C. Stein and David Wilcox, 1993, Monetary Policy andCredit Conditions: Evidence from the Composition of External Finance,
American Economic Review 83, 78−98.
16. Kashyap, Anil, and Jeremy C. Stein, 1994, Monetary Policy and Bank Lending,
in: N.G. Mankiw, ed., Monetary Policy ( University of Chicago Press, Chicago).
17. Hubbard, R.Glenn, 1995, Is there a ‘Credit Channel’ for Monetary Policy?
Federal Reserve Bank of St. Louis Review 77, 63−77.
18. Kashyap, Anil, and Jeremy C. Stein, 1995, The Impact of Monetary Policy on
Bank Balance Sheets, Carnegie-Rochester Conference Series on Public Policy
42:151−195.
19. Ludvigson, Sidney, 1998, The Channel of Monetary Transmission to Demand:
Evidence from the Market for Automobile Credit, Journal of Money, Credit and Banking 30, 365−383.
20. Morgan, D., 1998, The Credit Effects of Monetary Policy: Evidence using Loan
Commitments, Journal of Money, Credit and Banking 30, 102−118.
21. Stein, Jeremy C., 1998, An Adverse-Selection Model of Bank Asset and
Liability Management with Implications for the Transmission of MonetaryPolicy, RAND Journal of Economics 29, 466−486.
22. Kashyap, Anil, and Jeremy C. Stein, 2000, What do a Million Observations onBanks Say About the Transmission of Monetary Policy? American Economic
Review 90, 407−428.
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23. Kishan, R., and T. Opiela, 2000, Bank Size, Bank Capital, and the Bank
Lending Channel, Journal of Money, Credit and Banking 32, 121−141.
The Stock Market and Investment
24. Barro, Robert J., 1990, The Stock Market and Investment”, Review of Financial
Studies 3, 115−131.
25. Morck, Randal, Andrei Shleifer, and Robert Vishny, 1990, The Stock Market
and Investment: Is the Market a Sideshow? Brookings Papers on Economic
Activity, 157–215.
26. Blanchard, Olivier J., C. Rhee and Lawrence H. Summers, 1993, The Stock
Market, Profit and Investment, Quarterly Journal of Economics 108, 115−136.
27. Baker, Malcolm, Jeremy C. Stein, and Jeffrey Wurgler, 2003, When Does theMarket Matter? Stock Prices and the Investment of Equity-Dependent Firms,
Quarterly Journal of Economics
28. Chen, Qi, Itay Goldstein, and Wei Jiang, 2007, Price informativeness and
investment sensitivity to stock prices, Review of Financial Studies 20, 619-650.
The Diversification Discount
29. Berger, P., and Eli Ofek, 1995, Diversification’s Effect on Frm Value, Journal of Financial Economics 37, 39−65.
30. Berger, P., and Eli Ofek, 1996, Bust-up Takeovers of Value-DestroyingDiversified Frms, Journal of Finance 51, 1175−1200.
31. Graham, John R., Michael L. Lemmon, and Jack Wolf, 2002, Does corporatediversification destroy value? Journal of Finance 57, 695-720.
32. Schoar, Antoinette, 2002, The effects of corporate diversification on
productivity, Journal of Finance 57, 2379-2403.
33. Villalonga, Belen, 2004, Diversification discount or premium? New Evidence
from BITS establishment level data, Journal of Finance 59, 479-506.
Financial Slack and Investment
Historical Evidence34. Meyer, J.R., and E. Kuh, 1957, The Investment Decision, Harvard University
Press, Cambridge, MA.
Internal Funds and Investment
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47. Kaplan, Stephen N. and Luigi Zingales, 1997, Do Investment-Cash Flow
Sensitivities Provide Useful Measures of Financing Constraints? Quarterly
Journal of Economics 112, 159−216.
48. Fazzari, Steven M., R. Glenn Hubbard, and Bruce C. Petersen, 2000,
Investment-Cash Flow Sensitivities are Useful: A Comment on Kaplan and Zingales, Quarterly Journal of Economics 115, 695-705.
49. Kaplan, Steven N., and Luigi Zingales, 2000, Investment-Cash Fow Sensitivities are not Valid Measures of Fnancing Constraints, Quarterly Journal of
Economics 115, 707−712.
50. Erickson, Timothy, and Toni Whited, 2000, Measurement Error and the Relationship Between Investment and q , Journal of Political Economy 108,
1027−1057.
51. Rauh, Joshua, 2006, Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans, Journal of Finance 61, 33-72.
Debt (Net Worth) and Investment
52. Mooradian, Robert, 1994, The Effect of Bankruptcy Protection on Investment:
Chapter 11 as a Screening Device, Journal of Finance 49, 1403-1430.
53. Bond, Stephen, and C. Meghir, 1994, Dynamic Investment Models and theFirm’s Financial Policy”, Review of Economic Studies 61, 197−222.
54. Lang, Larry H.P., Eli Ofek, and Rene Stulz, 1996, Leverage, Investment, andFirm Growth, Journal of Financial Economics 40, 3−30.
55. Froot, Kenneth, and P. O’Connell, 1997, On the Pricing of Intermediated Risks:Theory and Application to Catastrophe Reinsurance”, NBER Working Paper
6011 (NBER, Cambridge, MA).
56. Hennessy, Christopher, 2004, Tobin’s Q, Debt Overhand, and Investment, Journal of Finance
57. Chava, Sudheer, and Roberts, Michael R., 2007, How Does Financing Impact Investment? The Role of Debt Covenants, forthcoming, Journal of Finance.
58. Rauh, Joshua, 2007, The Effects of Financial Condition on Capital Investment and Financing: Evidence from Variation in Pension Fund Asset Performance,
Working Paper, University of Chicago.
Security Price Reactions to Investment
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A. A nice nontechnical survey of tradeoff, pecking order, and agency-based
theories of capital structure from one of the pioneers in the field.
68. Frank, Murray Z., and Vidhan Goyal, 2007, Tradeoff and Pecking Order
Theories of Debt, The Handbook of Empirical Corporate Finance, Ed. Espen
Eckbo, Elsevier, Amsterdam.A. A more detailed and up-to-date compliment to Myers survey by two good
empiricists.
69. Graham, John R., and Campbell Harvey, 2001, The Theory and Practice of
Corporate Finance: Evidence from the Field, Journal of Financial Economics
60, 187–243.
General Studies
Determinants of Leverage
70. Titman, Sheridan, and Roberto Wessels, 1988, The Determinants of Capital
Structure Choice, Journal of Finance 1-19.
71. Barclay, Michael, Clifford W. Smith, and Ross Watts, 1995, The Determinants
of Corporate Leverage and Dividend Policies, Journal of Applied Corporate
Finance 7, 4-19.
72. Rajan, Raghuram, and Luigi Zingales, 1995, What Do We Know About Capital Structure: Some Evidence from International Data, Journal of Finance 50, 1421-
1460.
73. Welch, Ivo, 2004, Capital Structure and Stock Returns, Journal of Political Economy 112, 106-131.
74. Faulkender, Michael, and Mitchell A. Petersen, 2006, Does the Source of
Capital Affect Capital Structure? Review of Financial Studies 19, pp-45-79.
75. Frank, Murray Z., and Vidhan K. Goyal, 2007, Capital structure decisions: Which factors are reliably important? Working Paper, University of Minnesota
and HKUST.
76. Lemmon, Michael L., Michael R. Roberts, and Jaime F. Zender, 2007, Back to
the Beginning: Persistence and the Cross-Section of Corporate Capital Structure,forthcoming Journal of Finance.
Determinants of Issuance Decisions
77. Taggart, Robert A. Jr., 1977, A Model of Corporate Financing Decisions,
Journal of Finance 32, 1467-1484.
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78. Marsh, Paul, 1982, The choice between equity and debt: An empirical study,
Journal of Finance 37, 121–144.
79. Jung, Kooyul, Yong-Cheol Kim, and Rene Stulz, 1996, Timing, Investment Opportunities, Managerial Discretion, and the Security Issue Decision, Journal
of Financial Economics 42, 159-185.
80. Hovakimian, Armen, Tim Opler, and Sheridan Titman, 2001, The Debt-Equity
Choice, Journal of Financial and Quantitative Analysis 36, 1–24.
Market Timing
81. Baker, Malcolm, and Jeff Wurgler, 2002, Market timing and capital structure, Journal of Finance 57, 1-32.
82. Alti, Aydogan, 2006, How Persistent is the Impact of Market Timing on Capital
Structure? Journal of Finance 61, 1681-1710.
Target Capital Structure & Rebalancing
83. Jalilvand, Abolhassan, and Robert S. Harris, 1984, Corporate Behavior in
Adjusting to Capital Structure and Dividend Targets: An Econometric Study, Journal of Finance 39, 127-145.
84. Leary, Mark T., and Michael R. Roberts, 2005, Do Firms Rebalance Their
Capital Structures? Journal of Finance 60, 2575-2619.
85. Flannery, Mark, and Kasturi Rangan, 2006, Partial Adjustment Towards Target Capital Structures, Journal of Financial Economics 79, 469–506.
86. Kayhan, Ayla, and Sheridan Titman, 2007, Firms’ Histories and Their Capital
Structures, Journal of Financial Economics 83, 1-32.
Taxes
87. Givoly, Dan, Carla Hayn, Aharon R. Ofer, and Oded Sarig, 1992, Taxes and
Capital Structure: Evidence from Firms’ Response to the Tax Reform Act of 1986, Review of Financial Studies 5, 331–355.
88. Fama, Eugene, and Kenneth R. French, 1998, Taxes, Financing Decisions and Firm Value, Journal of Finance 53, 819–843.
89. Graham, John, 2000, How big are the tax benefits of debt?, Journal of Finance
55, 1901-1941.
90. Graham, John, 2003, Taxes and Corporate Finance: A Review, Review of
Financial Studies 16, 1075-1129.
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91. Graham, John R., and A L. Tucker, 2006, Tax shelters and corporate debt
policy, Journal of Financial Economics 81, 563–594.
92. Lewellen, Jonathan, and Katerina Lewellen, 2006, Internal Equity, Taxes, and
Capital Structure, Working Paper, Dartmouth University.
Bankruptcy and Distress
93. Warner, Jerome B., 1977, Bankruptcy Costs: Some Evidence, Journal of
Finance 32, 337–347.
94. Haugen, Robert A., and Lemma W. Senbet, 1978, The Insignificance of
Bankruptcy Costs to the Theory of Optimal Capital Structure, Journal of
Finance 33, 383–393.
95. Franks, Julian, and Walter Torous, 1989, An Empirical Investigation of United States Firms in Reorganization, Journal of Finance 44, 747-769.
96. Gilson, Stuart, Kose John, and Larry Lang, 1990, Troubled Debt Restructurings:
An Empirical Study of Private Restructurings of Firms in Default, Journal of
Financial Economics 27, 315-353.
97. Weiss, Lawrence A., 1990, Bankruptcy Resolution: Direct Costs and Violation
of Priority of Claims, Journal of Financial Economics 27, 419-444.
98. Asquith, Paul, Robert Gertner, and David Scharfstein, 1994, Anatomy of
Financial Distress: An Examination of Junk-Bond Issuers, Quarterly Journal of Economics 109, 625-658.
99. Franks, Julian, and Walter Torous, A Comparison of Financial recontracting in
Distressed Exchanges and Chapter 11 Reorganizations, Journal of Financial Economics 35, 349-370.
100. Gilson, Stuart C., 1997, Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms, Journal of Finance 52, 161-196.
101. Andrade, Gregor, and Steven N. Kaplan, 1998, How Costly is Financial (Not
Economic) Distress? Evidence from Highly Leverage Transactions that Became Distressed, Journal of Finance 53, 1443-1493.
102. Pulvino, Todd, 1998, Do Asset Fire Sales Exist? An Empirical Investigation of Commercial Aircraft Transactions, Journal of Finance 53, 939-978.
103. Gilson, Stuart, Edith Hotchkiss, and Richard Ruback, 2000, Valuation of Bankrupt Firms, Review of Financial Studies 13, 43-74..
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Pecking Order (and Versus Tradeoff)
104. Shyam-Sunder, Lakshmi, and Stewart Myers, 2001, Testing Static Tradeoff
Against Pecking Order Models of Capital Structure, Journal of Financial
Economics 51, 219-244.
105. Chirinko, R., and A. Singha, 2000, Testing static trade-off against pecking order
models of capital structure: A critical comment, Journal of Financial Economics58, 417–425.
106. Fama, Euegene, and Kenneth R. French, 2002, Testing Trade-off and Pecking
Order Predictions about Dividends and Debt, Review of Financial Studies 15, 1– 33.
107. Frank, Murray and Vidham Goyal, 2003, Testing the pecking order theory of
capital structure, Journal of Financial Economics 67, 217-248.
108. Lemmon, Michael, and Jamie F. Zender, 2005, Debt Capacity and Tests of
Capital Structure Theories, Working Paper, University of Utah.
109. Fama, Eugene, and Kenneth R. French, 2005, Financing Decisions: Who Issues Stock?, Journal of Financial Economics 76, 549-582.
110. Leary, Mark T., and Michael R. Roberts, 2007, The Pecking Order, Debt
Capacity, and Information Asymmetry, Working Paper, The Wharton School.
Information Asymmetry
111. Chang, X., Sudipto Dasgupta, and Giles Hillary, 2006, Analyst Coverage and
Financing Decisions, Journal of Finance 61, 3009–3048.
112. Gomes, Armando, and Gordon Phillips, 2006, Private and Public Security
Issuance by Public Firms: The Role of Asymmetric Information, WorkingPaper, University of Maryland.
Agency Costs
113. Crutchley, C.E., and R.S. Hansen, 1989, A Test of the Agency Theory of Managerial Ownership, Corporate Leverage, and Corporate Dividends,
Financial Management 18, 36–46.
114. Roberts, Michael R. and Amir Sufi, 2009, Control rights and capital structure:
An empirical investigation, Journal of Finance 64, 1657-1695.
115. Barclay, Michael, Erwan Morellec, and Clifford W. Smith, 2006, On the Debt
Capacity of Growth Options, Journal of Business 79, 37-59.
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The Macroeconomy and Capital Structure
116. Korajczyk, Robert A., and Amnon Levy, 2003, Capital Structure Choice: Macroeconomic Conditions and Fnancial Constraints, Journal of Financial
Economics 68, 75–109.
117. Bernanke, Ben S., and John Y. Campbell, 1988, Is There a Corporate Debt
Crisis?, Brookings Papers on Economic Activity 1, 83-125.
Product Market Competition/Industry and Capital Structure
118. Chevalier, Judith, 1995, Do LBO Supermarkets Charge More? An Empirical
Analysis of the Effects of LBOs on Supermarket Pricing, Journal of Finance 50,
1095-1112.
119. Chevalier, Judith, 1995, Capital Structure and Product Market Competition: Empirical Evidence from the Supermarket Industry, American Economic Review
85, 415-435.
120. Phillips, Gordon, 1995, Increased Debt and Industry Product Markets: An
Empirical Analysis, Journal of Financial Economics 37, 189-238.
121. Campello, Murillo, 2003, Capital Structure and Product Markets Interactions:
Evidence from Business Cycles, Journal of Financial Economics 68, 353-378.
122. Mackay, Peter, and Gordon M. Phillips, 2005, How Does Industry Affect Firm
Fnancial Structure?, Review of Financial Studies 18, 1433–1466.
Low Leverage and Debt Conservatism
123. Minton, Bernadette A., and Karen H. Wruck, 2001, Financial Conservatism: Evidence on Capital Structure from Low Leverage Firms, University of Ohio
Working Paper No. 2001-6.
124. Lemmon, Michael L., and Jaime F. Zender, 2001, Looking Under the Lamppost: An Empirical Examination of the Determinants of Capital Structure, Working
Paper, University of Utah.
125. Molina, Carlos A., 2005, Are Firms Underleveraged? An Examination of the
Effect of Leverage on Default Probabilities, Journal of Finance 60, 1427–1459.
Security Price Implications of Financing Events
126. Masulis, Ronald W., 1980, The Effects of Capital Structure Change on Security
Prices: A study of Exchange Offers, Journal of Financial Economics 8, 139-
177.
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127. Masulis, Ronald W., 1980, Stock Repurchase by Tender Offer: An Analysis of
the Causes of Common Stock Price Changes, Journal of Finance 35, 305–319.
128. Masulis, Ronald W., and Ashok N. Korwar, 1986, Seasoned Equity Offerings: An Empirical Investigation, Journal of Financial Economics 15, 91–118.
129. Mikkelson, Wayne H., and Megan M. Partch, 1986, Valuation Effects of
Security Offerings and the Issuance Process, Journal of Financial Economics
15, 31–60.
130. Asquity, Paul, and Mullins, 1986, Equity Issues and Offering Dilution, Journal
of Financial Economics 15:61−89.
FINANCIAL CONTRACTING, SECURITY DESIGN & R ENEGOTIATION
Surveys
131. Roberts, Michael R and Amir Sufi, 2009, Financial contracting: A survey of empirical research and future directions, Andrew Lo and Robert Merton (eds.),
Annual Reviews vol. 1.
Collateral
132. John, Kose, Anthony Lynch, and Manju Puri, 2003, Credit ratings collateral, andloan characteristics: Implications for yield, Journal of Business 76, 371-409.
133. Benmech, Effi, Mark Garmaise, and Toby Moskowitz, 2005, Do liquidation
values affect financial contracts? Evidence from commercial loan contracts and
zonging regulation, Quarterly Journal of Economics 120, 1121-1154.
134. Benmech, Effi and Nittai Bergman, 2005, Collateral pricing, Journal of Finance
91, 339-360.
Renegotiation
135. Gilson, Stuart, 1990, Bankruptcy, boards, banks, and blockholders: Evidence on
changes in corporate ownership and control when firms default, Journal of Financial Economics 27, 355-387.
136. Roberts, Michael R, and Amir Sufi, 2009, Renegotiation of financial contracts:
Evidence from private credit agreements, Journal of Financial Economics 93,
159-184.
137. Benmelech, Effi and Nittai Bergman, 2008, Liquidation values and the
credibility of financial contract renegotiation: Evidence from US airlines,
Quarterly Journal of Economics 123, 1635-1677.
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FINANCIAL POLICY - LIQUIDITY
138. Opler, Timothy, Larry Pinkowitz, and Rene Stulz, 1999, The determinants and
implications of corporate cash holdings, Journal of Financial Economics 14,1059-1082.
139. Faulkender, Michael and Rong Wang, 2006, Corporate financial policy and thevalue of cash, Journal of Finance 61, 1957-1990.
140. Foley, C. Fritz, Jay Hartzell, Sheridan Titman, and Garry J. Twite, 2007, Why
do firms hold so much cash? A tax-based explanation, Journal of Financial Economics 86, 579-607.
141. Dittmar, Amy, and Jan Mahrt-Smith, 2007, Corporate governance and the value
of cash holdings, Journal of Financial Economics 83, 599-634.
142. Haushalter, David, Sandy Klasa, and William Maxwell, 2007, The influence of product market dynamics on the firm’s cash holdings and hedging behavior,
Journal of Financial Economics 84, 797-825.
143. Harford, Jarrad, Sattar Mansi, and William Maxwell, 2008, Corporate
governance and a firm’s cash holdings, Journal of Financial Economics 87,
535-555.
144. Riddick, Leigh A. and Toni M. Whited, 2008, The corporate propensity to save,
forthcoming Journal of Finance.
145. Sufi, Amir, 2009, Bank lines of credit in corporate finance: An empirical
analysis, Review of Financial Studies 22, 1057-1088.
146. Bates, Thomas, Kathleen M. Kahle, and Rene Stulz, 2010, Why do US firms
hold so much more cash than they used to? Forthcoming Journal of Finance.
FINANCIAL POLICY – PAYOUT POLICY
Foundation
147. Miller, Merton and Franco Modigliani, 1961, Dividend Policy,Growth and the Valuation of Shares, Journal of Business 34,411-433.
Surveys
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148. Allen, Franklin, and Roni Michael, 2003, Payout Policy, Handbook of the
Economics of Finance, Volume 1A, Eds. George M. Constantinides, Milton
Harris, and Rene M. Stulz, Elsevier, Amsterdam.
149. Brav, Alon, John R. Graham, Campbell Harvey and Roni Michaely, 2005,
Payout Policy in the 21st Century, Journal of Financial Economics 77, 483-527.
Smoothing
150. Lintner, John, 1956, Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes, AmericanEconomic Review 46, 97-113.
151. Fama, Eugene F. and Harvey Babiak, 1968, Dividend Policy: An Empirical Analysis, Journal of the American Statistical Association 63, 1132-1161.
Taxes
Static Models
152. Elton, Edward and Martin Gruber, 1970, Marginal Stockholders‘ Tax Rates and the Clientele Effect, Review of Economics andStatistics 52, 68-74.
The Role of Risk (These are more asset pricing studies of dividend yields.)
153. Black, Fischer, and Myron Scholes, 1974, The Effects of Dividend Yield and Dividend Policy on Common Stock Prices andReturns, Journal of Financial Economics, 1, 1-22.
154. Blume, Marshal E., Jean Crockett and Irwin Friend, 1974, StockOwnership in the United States: Characteristics and Trends,Survey of Current Business, 16-40.
155. Long, John B., 1977, Efficient Portfolio Choice with Differential Taxation of Dividend and Capital Gains, Journal of FinancialEconomics 5, 25-53.
156. Lewellen, Wilbur G., Kenneth L. Stanley, Ronald C. Lease andGary G. Schlarbaum, 1978, Some Direct Evidence on theDividend Clientele Phenomenon, Journal of Finance 33, 1385-1399.
157. Litzenberger, Robert and Krishna Ramaswamy, 1979, TheEffects of Personal Taxes and Dividends on Capital Asset Prices:
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180. Frank, Murray and Ravi Jagannathan, 1998, Why do stock pricesdrop by less than the value of the dividend? Evidence from acountry without taxes, Journal of Financial Economics 47, 161-188.
181. Green, Richard, and Kristian Rydqvist, 1999, Ex-day Behaviorwith Dividend Preference and Limitation to Short-TermArbitrage: The Case of Swedish Lottery Bonds, Journal of Financial Economics 53, 145-187.
182. Koski, Jennifer, and Roni Michaely, 2000, Prices, Liquidity andthe Information Content of Trades, Review of Financial Studies13, 659-696.
183. Graham, John R., Roni Michael, and Michael R. Roberts, 2003,Do Price Discreteness and Transaction Costs Affect Stock
Returns? Comparing Ex-Dividend Pricing Before and AfterDecimalization, Journal of Finance 58, 2611-2635.
Information/Signaling
Payout Policy and Future Earnings
184. Watts, Ross, 1973, The Information Content of Dividends, Journal of Business 46, 191-211.
185. Gonedes, Nicholas J., 1978, Corporate Signaling, External
Accounting, and Capital Market Equilibrium: Evidence onDividends, Income, and Extraordinary Items, Journal of Accounting Research 16, 26-79.
186. Brickley, James, 1983, Shareholders Wealth, InformationSignaling, and the Specially Designated Dividend: An EmpiricalStudy, Journal of Financial Economics 12, 187-209.
187. Penman, Stephen H., 1983, The Predictive Content of EarningsForecasts and Dividends, Journal of Finance 38, 1181-1199.
188. Eades, Ken, Pat Hess and Han E. Kim, 1984, On InterpretingSecurity Returns During the Ex-dividend Period, Journal of Financial Economics 13, 3-34.
189. Ofer, Aharon R. and Daniel R. Siegel, 1987, Corporate FinancialPolicy, Information, and Market Expectations: An EmpiricalInvestigation of Dividends, Journal of Finance 42, 889-911.
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190. DeAngelo, Harry, Linda DeAngelo, and Douglas Skinner, 1996,Reversal of Fortune, Dividend Signaling and the Disappearanceof Sustained Earnings Growth, Journal of Financial Economics40, 341-371.
191. Nissim, Doron, and Amir Ziv, 2001, Dividend changes and futureprofitability, Journal o f Finance 61, 2111-2134.
Payout Policy and Security Prices
192. Pettit, R. Richardson, 1972, Dividend Announcements, SecurityPerformance, and Capital Market Efficiency, Journal of Finance27, 993-1007.
A. Dividend increases (decreases) are met with priceincreases (decreases).
193. Charest, Guy, 1978, Dividend Information, Stock Returns andMarket Efficiency œ II, Journal of Financial Economics 6, 297-330.
A. Abnormal performance of 4% in the year leading up to adividend increase month and -12% for dividend decreasingfirms.
B. 4% abnormal return in 2 years after dividend increase and-8% for dividend decreasing firms.
194. Aharony, Joseph and Itzhak Swary, 1980, Quarterly DividendAnd Earnings Announcements and Stockholders‘ Returns: An
Empirical Analysis, Journal of Finance 35, 1-12.A. Dividend increases (decreases) are met with price
increases (decreases) even after controlling forcontemporaneous earnings announcements.
195. Asquith, Paul and David W. Mullins, Jr., 1983, The Impact Of Initiating Dividend Payments On Shareholders‘ Wealth, Journalof Business 56, 77-96.
A. 3.4% average excess return for dividend initiations.
196. Healy, Paul M. and Krishna G. Palepu, 1988, Earnings
Information Conveyed by Dividend Initiations and Omissions, Journal of Financial Economics 21, 149-176.
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198. Bernheim, Doug and Adam Wantz, 1995, A Tax-based Test of the Dividend Signaling Hypothesis, American Economic Review85, 532-551.
199. Michaely, Roni, Richard H. Thaler and Kent Womack, 1995, Price
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200. Amihud, Yakov and Maurizio Murgia, 1997, Dividends, taxes,and signaling: Evidence from Germany, Journal of Finance 52,397-408.
201. Benartzi, Shlomo, Roni Michaely and Richard Thaler, 1997, Dochanges in dividends signal the future or the past? Journal of Finance 52, 1007-1043.
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204. Handjinicolaou, George and Avner Kalay, 1984, Wealth
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205. Lang, Larry H. P. and Robert H. Litzenberger, 1989, DividendAnnouncements: Cash Flow Signaling vs. Free Cash FlowHypothesis, Journal of Financial Economics 24, 181-192.
206. DeAngelo, Harry and Linda DeAngelo, 1990, Dividend Policy andFinancial Distress: An Empirical Investigation of Troubled NYSEFirms, Journal of Finance 45, 1415-1431.
207. Christie, William and Vikram Nanda, 1994, Free Cash Flow,ShareholderValue, and the Undistributed Profits Tax of 1936 and 1937, Journal of Finance 49, 1727-1754.
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208. Yoon, Pyung S. and Laura Starks, 1995, Signaling, InvestmentOpportunities, and Dividend Announcements, Review of Financial Studies 8, 995-1018.
209. La Porta, Rafael, Florencio Lopez-De Silanes, Andrei Shleifer,
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213. Del Guercio, Diane, 1996, The Distorting Effect of the Prudent-Man Laws on Institutional Equity Investments, Journal of Financial Economics 40, 31-62.
214. Hubbard, Jeff and Roni Michaely, 1997, Do Investors Ignore
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215. Vermaelen, Theo, 1981, Common Stock Repurchases andMarket Signaling: An Empirical Study, Journal of FinancialEconomics 9, 138-183.
216. Barclay, Michael J. and Clifford W. Smith, Jr., 1988, CorporatePayout Policy: Cash Dividends versus Open-Market
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217. Comment, Robert and Gregg Jarrell, 1991, The Relative Powerof Dutch-Action and Fixed-Priced Self-Tender Offers and OpenMarket Share Repurchases, Journal of Finance 46, 1243-1271.
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230. Shliefer, Andrei and Robert Vishny, 1997, A survey of corporate governance,
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231. Barclay, Michael and Clifford Holderness, 1989, Private benefits from control
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232. Comment, Robert, and Gregg Jarrell, 1995, Corporate focus and stock returns,
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233. Comment, Robert and G. William Schwert, 1995, Poison or placebo? Evidence
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234. DeAngelo, Harry, and Linda DeAngelo, 1985, Managerial ownership of voting
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236. Denis, David and Jan Serrano, 1996, Active investors and management turnover
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237. Dodd, Peter, and Jerold B. Warner, 1983, On corporate governance: A study of
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238. Holderness, Clifford and Dennis Sheehan, 1988, The role of majority
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240. Jarrell, Gregg and Annette Poulsen, 1988, Dual-class recapitalizations asantitakeover mechanisms: The recent evidence, Journal of Financial Economics
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241. Kaplan, Steve, 1989, The effects of management buyouts on operating
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242. Kaplan, Steve, 1991, The staying power of leverage buyouts, Journal of
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243. Kaplan, Steve, 1994, Top executive rewards and firm performance: A
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244. Kaplan, Steve and Bernadette Minton, 1994, Appointments of outsiders to
Japanese boards: Determinants and implications for managers, Journal of Financial Economics 36, 225-257.
245. Lang, Larry and Rene Stutz, 1994, Tobin’s Q, corporate diversification, and firm
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246. Lease, Ronald, John McConnell, and Wayne Mikkelson, 1983, The marketvalue of control in publicly traded corporations, Journal of Financial Economics
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247. Lease, Ronald, John McConnell, and Wayne Mikkelson, 1984, The market
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248. Malatesta, Paul and Ralph Walkling, 1988, Poison pill securities: Stockholder
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249. Martin, Kenneth, and John McConnell, 1991, Corporate performance, corporate
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250. McConnell, John and Henri Servaes, 1990, Additional evidence on equity
ownership and corporate value, Journal of Financial Economics27, 595-612.
251. Morck, Randall, Andrei Shleifer, and Robert Vishny, 1988, Management
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252. Morck, Randall, Andrei Shleifer, and Robert Vishny, 1990, Do managerial
objectives drive bad acquisitions? Journal of Finance 45, 31-48.
253. Warner, Jerrold, Ron Watts, and Karen Wruck, 1988, Stock prices and top
management changes, Journal of Financial Economics 20, 461-492.
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264. Allayanis, George and Eli Ofek, 2001, Exhchange rate exposure, hedging, and
the use of foreighn currency derivatives, Journal of International Money and
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265. Geczy, Christopher, Bernadette A. Minton, and Catherine Schrand, 1997, Why
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266. Tufano, Peter, 1998, The determinants of stock price exposure: Financial
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