Stanley C. and Joan J. Golder Chair in Corporate Finance
University of Illinois
National Bureau of Economic Research
Do Firms Hedge During Distress?, with Kristine Hankins and Ryan Williams, working paper.
Understanding the Credit Multiplier: The Working Capital Channel, with Daniel Carvalho and Taehyun Kim. Working paper.
The Effect of Obamacare on Firm Employment and Performance, with Ruidi Huang, Ping Liu, and Yuhai Xuan. Working paper.
More Cash, Less Innovation: The Effect of the American Jobs Creation Act on Patent Value, with Po-Hsuan Hsu, Dongmei Li, and Kevin Tseng. Working paper.
Is it Time to Get Rid of Earnings-per-Share, forthcoming, Review of Corporate Financial Studies.
Credit Lines and the Liquidity Insurance Channel , with Viral Acharya, Filippo Ippolito and Ander Perez-Orive. Forthcoming, Journal of Money, Credit and Banking.
Bank Lines of Credit as Contingent Liquidity: Covenant Violations and their Implications , with Viral Acharya, Filippo Ippolito and Ander Perez-Orive. Forthcoming, Journal of Financial Intermediation.
Risk Management with Supply Contracts, with Kristine Hankins and Ryan Williams, Review of Financial Studies 30, p. 4179-4215
The Real Effects of Credit Ratings: The Sovereign Ceiling Channel, with Igor Cunha, Miguel Ferreira and Felipe Restrepo. Journal of Finance 72, Issue 1 Pages 249–290.
The Real Effects of Share Repurchases, Journal of Financial Economics 119, p 168-185, with Slava Fos and Mathias Kronlund.
Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis, with Chang-Soo Kim and Hwanki Brian Kim. Journal of Finance 70, p. 2539 - 2586
Corporate Liquidity Management: A Conceptual Framework and Survey, with Murillo Campello, Igor Cunha and Michael Weisbach. Annual Review of Financial Economics 6, p.135-162.
Credit Lines as Monitored Liquidity Insurance: Theory and Evidence, with Viral Acharya, Filippo Ippolito and Ander Perez. Journal of Financial Economics 112, p. 287-319.
Aggregate Risk and the Choice Between Cash and Lines of Credit, with Viral Acharya and Murillo Campello. Journal of Finance, October 2013.
Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis , with Murillo Campello, Bruno Laranjeira, and Scott Weisbenner. Critical Finance Review 2012, Vol 1, p. 3-58.
Liquidity Mergers, with Dirk Hackbarth and Murillo Campello. Journal of Financial Economics, 2011, vol 102, p. 526-558.
The Structure and Formation of Business Groups: Evidence from Korean Chaebols, with Sang Yong Park, Marti Subrahmanyam, and Daniel Wolfenzon. Journal of Financial Economics, 2011, vol 99, p. 447-475.
Corporate Financial and Investment Policies when Future Financing is not Frictionless, with Murillo Campello and Michael Weisbach. Journal of Corporate Finance, 2011, vol 17, p. 675-693.
Measurement Errors in Investment Equations, with Murillo Campello and Antonio Galvao, Review of Financial Studies, 2010, 23, p. 3279-3382.
Financing Frictions and the Substitution Between Internal and External Funds, with Murillo Campello, 2010, Journal of Financial and Quantitative Analysis, vol 45, p. 589-622.
Understanding the Relationship Between Founder-CEOs and Corporate Performance, with Renee Adams and Daniel Ferreira, 2009, Journal of Empirical Finance 16, p. 136-150.
Estimating Risk-Adjusted Costs of Financial Distress, with Thomas Philippon, Journal of Applied Corporate Finance, Fall 2008, 105-111.
Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies, with Viral Acharya and Murillo Campello, Journal of Financial Intermediation, 2007, 16: 515-554.
The Risk-Adjusted Cost of Financial Distress, with Thomas Philippon, Journal of Finance, December 2007.
Financial Constraints, Asset Tangibility and Corporate Investment, with Murillo Campello, Review of Financial Studies, 2007 (20), 1429-1460.
A Theory of Pyramidal Ownership and Family Business Groups, with Daniel Wolfenzon, 2006, Journal of Finance 61, p. 2637-2681.
The Financial Accelerator: Evidence from International Housing Markets, with Murillo Campello and Crocker Liu, 2006, Review of Finance 10, p.1-32
Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets, with Daniel Wolfenzon, 2006, Journal of Financial Economics 79, p. 99-144.
Powerful CEOs and Their Impact on Corporate Performance, with Renee Adams and Daniel Ferreira, 2005, Review of Financial Studies 18: 1403-1432.
The Effect of External Finance on the Equilibrium Allocation of Capital, with Daniel Wolfenzon, 2005, Journal of Financial Economics 75, 133-164
The Cash Flow Sensitivity of Cash, with Murillo Campello and Michael Weisbach, 2004, Journal of Finance 59, p. 1777-1804
Optimal State-Dependent Rules, Credibility and Inflation Inertia, with Marco Bonomo, Journal of Monetary Economics 49, p. 1317-1336, October 2002
Democracy and the Variability of Economic Performance, with Daniel Ferreira, Economics and Politics 14, p. 225-257, November 2002