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Research

PROJECTS AND WORKING PAPERS

“Security Issue Timing: What Do Managers Know, and When Do They Know It?” (with D. Jenter and K. Lewellen), September 2009. Forthcoming, Journal of Finance.

“Why Do Mutual Fund Advisory Contracts Change? Fund versus Family Influences” (with J. Wu), March 2010. Forthcoming, Journal of Finance.

“Discount Rates and Corporate Investment” (with S.P. Kothari and J. Lewellen)

 “Momentum Profits, Factor Pricing,  and Macroeconomic Risk” (with L. Liu and L. Zhang), September 2006.

  “Assessing Mutual Fund Performance:  A Monograph” (with S.P. Kothari), July 2001, commissioned  by the Association for Investment Management Research (AIMR).

 “Private versus Public Debt: Evidence from Firms that Replace Bank Loans with Risky Public Debt”(with S. Gilson), April 2001.

 

PUBLISHED WORK 

“The Econometrics of Event Studies” (with S.P. Kothari), invited lead chapter for Handbook in Empirical Corporate Finance (North-Holland), B. Espen Eckbo, Editor, 2007.

 “Stock Returns, Aggregate Earnings Surprises, and Behavioral Finance” (with S.P. Kothari and J. Lewellen), Journal of Financial Economics,March 2006.

  “Evaluating Mutual Fund Performance” (with S.P. Kothari),  Journal of Finance, October 2001.

 “Aggregate Price Effects of Institutional Trading:  A Study of Mutual Fund Flow and Market Returns” (with R. Edelen), Journal of Financial Economics, February 2001.

 “Measuring Long-Horizon Security Price Performance” (with S.P. Kothari), Journal of Financial Economics, April 1997. JFE All-Star Award.

 “Stealth Trading and Volatility:  Which Trades Move Prices?”  (with M. Barclay), Journal of Financial Economics, December 1993.

 “Private Information, Trading Volume, and Stock Return Variances” (with M. Barclay and R. Litzenberger),Review of Financial Studies, 1990. Reprinted in Japanese Financial Market Research, edited by W. Ziemba, W. Bailey, and Y. Hamao (North-Holland:  Amsterdam, 1991).

 Symposium on the Distribution of Power Among Corporate Managers, Shareholders, and Directors (Editor, with M. Jensen), Journal of Financial Economics, January/March 1988.

 “The Distribution of Power Among Corporate Managers, Shareholders, and Directors” (with M. Jensen), Journal of Financial Economics, January/March 1988. Reprinted in M. Jensen, A Theory of the Firm: Governance, Residual Claims and Organizational Forms (Harvard University Press), 2000.

 “Stock Prices and Top Management Changes” (with R. Watts and K. Wruck), Journal of Financial Economics, January/March 1988. JFE All-Star award.

 “Stock Market Reaction to Management Incentive Plan Adoption:  Overview,” Journal of Accounting and Economics, April 1985.

 “Using Daily Stock Returns:  The Case of Event Studies” (with S. Brown), Journal of Financial Economics, March 1985. JFE All-Star award. Reprinted in Financial Econometrics, edited by Andrew Lo (Elgar Publishing), 2007.

 “On Corporate Governance:  A Study of Proxy Contests” (with P. Dodd), Journal of Financial Economics, April 1983. JFE All-Star award.

 “Measuring Security Price Performance” (with S. Brown), Journal of Financial Economics, September 1980. Reprinted in Empirical Research in Capital Markets, edited by C.W. Smith and G.W. Schwert, (McGraw-Hill:  New York), 1992. Reprinted in Empirical Corporate Finance, edited by M.J. Brennan, (Elgar Publishing), 2000. JFE All-Star award.

 “On Financial Contracting:  An Analysis of Bond Covenants” (with C.W. Smith), Journal of Financial Economics, June 1979. Excerpted in Economics of Corporation Law and Securities Regulation, edited by R. Posner and K. Scott (Little, Brown:  Boston) 1980. Reprinted in The Modern Theory of Corporate Finance, edited by M. Jensen and C.W. Smith (McGraw-Hill:  New York) 1984. Excerpted in Corporate Finance Cases and Materials edited by M.A. Chirelstein and V. Brudney (Foundation Press), 1987. Reprinted in The Modern Theory of Corporate Finance, edited by C.W. Smith (McGraw-Hill:  New York) 1990. Reprinted in The Economics of Accounting Policy Choice, edited by R. Ball and C.W. Smith (McGraw-Hill:  New York), 1992. Excerpted in Economic Foundations of Corporate Law edited by R. Romano (Oxford University Press) 1993, 2^nd edition Foundation Press 2010. Reprinted in Studies in Financial Institutions:  Commercial Banks, edited by C. James and C.W. Smith (McGraw-Hill:  New York) 1993. Reprinted in The Debt Market, edited by Stephen Ross (Elgar Publishing), 1997. Reprinted in Classics in Corporate Law and Economics, edited by Jonathan R. Macey (Elgar Publishing), 2008. JFE All-Star award.

“Bankruptcy, Secured Debt, and Optimal Capital Structure:  Comment” (with C.W. Smith), Journal of Finance, March 1979.

 Book Review of Financial Crises:  Institutions and Markets in a Fragile Environment, edited by Edward Altman and Arnold Sametz, Journal of Finance, March 1978.

 “Indexation, The Risk-Free Asset, and Capital Market Equilibrium” (with J. Siegel), Journal of Finance, September 1977.

 “Bankruptcy, Absolute Priority, and the Pricing of Risky Debt Claims,” Journal of Financial Economics, May 1977.

 “Bankruptcy Costs:  Some Evidence,” Journal of Finance, May 1977. Reprinted in The Modern Theory of Corporate Finance, edited by C.W. Smith.