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Research and Publications

Recent Publications

• 2013

• Bhattacharya, Utpal, Alexander Borisov, and Xiaoyun Yu
  “Firm Mortality and Natal Financial Care,” forthcoming Journal of Financial and Quantitative Analysis

• Chemmanur, Thomas and Xuan Tian
  “Communicating Private Information to the Equity Market before a Dividend Cut: An Empirical Analysis,” forthcoming Journal of Financial and Quantitative Analysis

• Fang, Vivian, Xuan Tian, and Sheri Tice
  “Does Stock Liquidity Enhance or Impede Firm Innovation?,” forthcoming Journal of Finance

• He, Jie and Xuan Tian
  “The Dark Side of Analyst Coverage: The Case of Innovation,” forthcoming Journal of Financial Economics

• Holden, Craig W. and Stacey Jacobsen
  “Liquidity Measurement Problems in Fast, Competitive Markets: Expensive and Cheap Solutions,” forthcoming Journal of Finance

• Hsu, Po-Hsuan, Xuan Tian, and Yan Xuan
  “Financial Development and Innovation: Cross-country Evidence,” forthcoming Journal of Financial Economics

• Gupta, Nandini
  “Selling the Family Silver to Pay the Grocer’s Bill? The Case of Privatization in India,” Reforms and Economic Transformation in India

• Zhang, Zhong
  “A Tale of Two Channels: Incorporating Private Information in Limit Order Market”

• Bhattacharya, Utpal, Jung Hoon Lee, and Veronika Krepely Pool
  “Conflicting Family Values in Mutual Fund Families,” Journal of Finance

• 2012

• Ellul, Andrew and Vijay Yerramilli
  “Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies,” forthcoming

• Faulkender, Michael and Jun Yang
  “Is Disclosure an Effective Cleansing Mecahnism? The dynamics of Compensation Peer Benchmarking,” forthcoming Review of Financial Studies

• Ongena, Steven, Alex Popov, and Gregory F. Udell
  “When the Cat’s Away the Mice Will Play: Does Regulation at Home Affect Bank Risk-taking Abroad,” forthcoming Journal of Financial Economics

• Celikyurt, Ugur, Merih Sevilir, and Anil Shivdasani
  “Venture Capitalists on Boards of Mature Public Firms,” forthcoming Review of Financial Studies

• Tian, Xuan and Tracy Wang
  “Tolerance for Failure and Corporate Innovation,” forthcoming Review of Financial Studies

• Bhattacharya, Utpal, Andreas Hackethal, Simon Kaesler, Benjamin Loos, and Steffen Meyer
  “Is Unbiased Financial Advice To Retail Investors Sufficient? Answers from a Large Field Study,” Review of Financial Studies

• Bhattacharya, Utpal, Craig W. Holden, and Stacey Jacobsen
  “Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers,” Management Science

• Bhattacharya, Utpal and Cassandra Marshall
  “Do They Do It For The Money?,” Journal of Corporate Finance

• Chemmanur, Thomas and Xuan Tian
  ““Preparing" the Equity Market for Adverse Corporate Events: A Theoretical Analysis of Firms Cutting Dividends,” Journal of Financial and Quantitative Analysis

• Pool, Veronika K. and Nick Bollen
  “Suspicious Patterns in Hedge Fund Returns and the Risk of Fraud”

• Pool, Veronika K., Noah Stoffman, and Scott Yonker
  “No Place Like Home: Familiarity in Mutual Fund Manager Portfolio Choice”

• Sevilir, Merih and Ye Cai
  “Board Connections and M&A Transactions,” Journal of Financial Economics

• Tian, Xuan
  “The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms,” Review of Finance

• 2011

• Holden, Craig W.
  Excel Modeling in Corporate Finance (Fourth Edition)

• Holden, Craig W.
  Excel Modeling in Investments (Fourth Edition)

• Xu, Dan (Danielle) and Xiaoyun Yu
  “IPOs and SEOs (in Chinese),” Volume of Finance, Frontiers of Western Research in the Humanities and Social Sciences

• Yu, Xiaoyun
  “Market Microstructure (in Chinese),” Volume of Finance, Frontiers of Western Research in the Humanities and Social Sciences

• Bhattacharya, Utpal and Neal Galpin
  “The Global Rise of the Value-Weighted Portfolio,” Journal of Financial and Quantitative Analysis

• Billings, M. and Robert Jennings
  “The Option Market’s Anticipation of Information Content in Earnings Announcements,” Review of Accounting Studies

• Boulton, Thomas J., Scott B. Smart, and Chad J. Zutter
  “Earnings Quality and International IPO Underpricing,” Accounting Review

• Dinc, I. Serdar and Nandini Gupta
  “The Decision to Privatize: Finance and Politics,” Journal of Finance

• Ellul, Andrew, Chotibhak Jotikasthira, and Christian Lundblad
  “Regulatory Pressure and Fire Sales in the Corporate Bond Market”

• Flannery, Mark J., Jon A. Garfinkel, and Matthew T. Billett
  “Frequent Issuers’ Influence on Long-Run Post-Issuance Returns,” Journal of Financial Economics

• Billett, Matthew T., Jon A. Garfinkel, and Yi Jiang
  “The Influence of Governance on Investment: Evidence from a Hazard Model,” Journal of Financial Economics

• Bhattacharya, Utpal, Craig Holden, and Stacey Jacobsen
  “Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers,” Management Science

• Sevilir, Merih and Paolo Fulghieri
  “Mergers, Spin-Offs and Employee Incentives,” Review of Financial Studies

• Tian, Xuan
  “The Causes and Consequences of Venture Capital Stage Financing,” Journal of Financial Economics

• Trzcinka, Charles, Stephen Horan, and Vahan Janjigian
  Forbes/CFA Investment Guide

• 2010

• Goplan, R., G. F. Udell, and V. Yerramilli
  ““Why Do Firms Form New Banking Relationships?” ,” forthcoming

• Boquist, John A., Todd T. Milbourn, and Anjan V. Thakor
  The Value Sphere: The Corporate Executives’ Handbook for Creating and Retaining Shareholder Wealth

• Trzcinka, Charles
  Forbes Stock Market Course

• Arnold, Tom and Richard Shockley
  “Real Options Analysis and the Assumptions of Corporate Finance: A Non-Technical Review,” Multinational Finance Journal

• Billett, Matthew T., Zhan Jiang, and Erik Lie
  “The Effect of Change-in-Control Covenants on Takeovers: Evidence from Leveraged Buyouts,” Journal of Corporate Finance

• Billett, Matthew T., David C. Mauer, and Yilei Zhang
  “Stockholder and Bondholder Wealth Effects of CEO Incentive Grants,” Financial Management

• Boquist, John, Anna N. Danielova, and Scott B. Smart
  “What Motivates Exchangeable Debt Offerings,” Journal of Corporate Finance

• Boulton, Thomas, Scott B. Smart, and Chad J. Zutter
  “Acquisition Activity and IPO Underpricing,” Financial Management

• Boulton, Thomas J., Scott B. Smart, and Chad J. Zutter
  “IPO Underpricing and International Corporate Governance,” Journal of International Business Studies

• Chang, Chun and Xiaoyun Yu
  “Informational Efficiency and Liquidity Premium as the Determinants of Capital Structure,” Journal of Financial and Quantitative Analysis

• Danielova, Anna N., Scott B. Smart, and John A. Boquist
  “What Motivates Exchangeable Debt Offerings?,” Journal of Corporate Finance

• Sevilir, Merih
  “Human Capital Investment, New Firm Creation and Venture Capital,” Journal of Financial Intermediation

• Sevilir, Merih, Anil Shivdasani, and Ugur Celikyurt
  “Going Public to Acquire? The Acquisition Motive in IPOs,” Journal of Financial Economics

• Sevilir, Merih, Anil Shivdasani, and Ugur Celikyurt
  “How an IPO Helps in M&A,” Journal of Applied Corporate Finance

• Stoffman, Noah, Amit Seru, and Tyler Shumway
  “Learning By Trading,” Review of Financial Studies

• Wang, Tracy, Andrew Winton, and Xiaoyun Yu
  “Corporate Fraud and Business Conditions: Evidence from IPOs,” Journal of Finance

• Baranchuk, Nina, Philip Dybvig, and Jun Yang
  “Renegotiation-Proof Contracting, Disclosure, and Incentives for Efficient Investment,” Journal of Economic Theory

• 2009

• Goldman, Eitan and P Fulghieri
  “The Design of Debt Contracts”

• Udell, Gregory F.
  “Innovation, Organizations and Small Business Lending,” The Changing Geography of Banking

• Udell, Gregory F., Lawrence S. Ritter, and William L. Silber
  Principles of Money, Banking and Financial Markets

• Bhattacharya, Utpal
  “Do Japanese CEOs Matter?,” Pacific-Basin Finance Journal

• Bhattacharya, Utpal, Neal Galpin, Rina Ray, and Xiaoyun Yu
  “The Role of the Media in the Internet IPO Bubble,” Journal of Financial and Quantitative Analysis

• Bhattacharya, Utpal and Hazem Daouk
  “When No Law is Better Than a Good Law?,” Review of Finance

• Bhattacharya, Utpal, Neal Galpin, Rina Ray, and Xiaoyun Yu
  “The Role of the Media in the Internet IPO Bubble,” Journal of Financial and Quantitative Analysis

• Billett, Matthew T., Lopo L. Rego, and Neil A. Morgan
  “Customer-Based Brand Equity and Firm Risk,” Journal of Marketing

• Carbo-Valverde, S., F. Rodriguez-Fernandez, and Gregory F. Udell
  “Bank Market Power and SME Financing Constraints,” Review of Finance

• Goyenko, Ruslan, Craig W. Holden, and Charles A. Trzcinka
  “Do Liquidity Measures Measure Liquidity? ,” Journal of Financial Economics

• Gupta, Nandini and Kathy Yuan
  “On the Growth Effect of Stock Market Liberalizations,” Review of Financial Studies

• Holden, Craig W.
  “New Low-Frequency Spread Measures,” Journal of Financial Markets

• Holden, Craig W. and Leonard L. Lundstrum
  “Costly Trading, Managerial Myopia, and Long-Term Investment ,” Journal of Empirical Finance

• Pool, Veronika K. and Nick Bollen
  “Do Hedge Fund Managers Misreport Returns? Evidence from the Pooled Distribution ,” Journal of Finance

• Sevilir, Merih and Paolo Fulghieri
  “Size and Focus of a Venture Capitalist’s Portfolio,” Review of Financial Studies

• Sevilir, Merih and Paolo Fulghieri
  “Organization and Financing of Innovation, and the Choice between Corporate and Independent Venture Capital,” Journal of Financial and Quantitative Analysis

• Udell, Gregory F.
  “Wall Street, Main Street, and a Credit Crunch: Thoughts on the Current Financial Crisis,” Business Horizons

• 2008

• Benveniste, Lawrence, Huijing Fu, Paul Seguin, and Xiaoyun Yu
  “On the Anticipation of IPO Underpricing: Evidence from Equity Carve-outs,” Journal of Corporate Finance

• Bhattacharya, Utpal and Xiaoyun Yu
  “The Causes and Consequences of Recent Financial Market Bubbles: An Introduction,” Review of Financial Studies

• Bhattacharya, Utpal and Peter Groznik
  “Melting Pot or Salad Bowl: Some Evidence from U.S. Investments Abroad,” Journal of Financial Markets

• Billett, Matthew T. and Yiming Qian
  “Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers,” Management Science

• Dhanaraj, Charles, Jing Li, and Richard Shockley
  “Joint Venture Evolution: Extending the Real Options Approach,” Managerial and Decision Economics

• Chari, Anusha and Nandini Gupta
  “Incumbents and Protectionism: The Political Economy of Foreign Entry Liberalization,” Journal of Financial Economics

• Gupta, Nandini
  “Privatization in South Asia,” Privatization: Successes and Failures

• Gupta, Nandini, John Ham, and Jan Svejnar
  “Priorities and Sequencing in Privatization: Theory and Evidence from the Czech Republic,” European Economic Review

• Holden, Craig W.
  Excel Modeling and Estimation in Corporate Finance, Third Edition

• Holden, Craig
  Excel Modeling and Estimation in Investments, Third Edition

• Holden, Craig W. and Pamela S. Stuerke
  “The Frequency of Financial Analysts’ Forecast Revisions: Theory and Evidence about Determinants of Demand for Predisclosure Information ,” Journal of Business Finance and Accounting

• Pool, Veronika K. and Nick Bollen
  “Conditional Return Smoothing in the Hedge Fund Industry,” Journal of Financial and Quantitative Analysis

• Pool, Veronika K., Hans Stoll, and Robert Whaley
  “Failure to Exercise Call Options: An Anomaly and a Trading Game,” Journal of Financial Markets

• Selmier II, W. Travis and Chang Hoon Oh
  “Expanding International Trade Beyond the RTA Border: the Case of ASEAN’s Economic Diplomacy,” Economics Letters

• Smart, Scott B., William Megginson, and Bernardo Bortolotti
  “The Rise of Accelerated Seasoned Equity Offerings,” Journal of Applied Corporate Finance

• Smart, Scott B., Ramabhadran S. Thirumalai, and Chad J. Zutter
  “What's in a vote? The short- and long-run impact of dual-class equity on IPO firm values,” Journal of Accounting and Economics

• Smart, Scott B. and Chad J. Zutter
  “Dual Class IPOs ARE Underpriced Less Severely,” Financial Review

• Udell, Gregory F.
  “What’s In a Relationship? The Case of Commercial Lending,” Business Horizons

• Udell, Gregory F., Hirofumi Uchida, and Wako Watanabe
  “Bank Size and Lending Relationships in Japan,” Journal of the Japanese and International Economies

• 2007

• Shockley, Richard L.
  An Applied Course in Real Options Valuation

• Battalio, R., Andrew Ellul, and Robert Jennings
  “Reputation Effects in Trading on the New York Stock Exchange,” Journal of Finance

• Battalio, R. and Robert Jennings
  “Competition to Provide Liquidity on the NYSE,” Business Horizons

• Bhattacharya, Utpal, Peter Groznik, and Bruce Haslem
  “Is CEO Certification of Earnings Numbers Value-Relevant?,” Journal of Empirical Finance

• Bhattacharya, Utpal, Neal Galpin, and Bruce Haslem
  “The Home Court Advantage in International Corporate Litigation,” Journal of Law and Economics

• Billett, Matthew T. and Hui Xue
  “Share Repurchases and the Need for External Finance,” Journal of Applied Corporate Finance

• Billett, Matthew T., Tao-Hsien Dolly King, and David C. Mauer
  “Growth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants,” Journal of Finance

• Billett, Matthew T. and Hui Xue
  “The Takeover Deterrent Effect of Open Market Share Repurchases,” Journal of Finance

• Boehmer, E., Robert Jennings, and L. Wei
  “Public Disclosure and Private Decisions: The Case of Equity Market Quality,” Review of Financial Studies

• Capozza, Dennis R. and Ryan Israelsen
  “Predictability in Equilibrium: The Price Dynamics of Real Estate Investment Trusts,” Real Estate Economics

• Battalio, Robert, Andrew Ellul, and Robert Jennings
  “Reputation Effects in Trading on the New York Stock Exchange,” Journal of Finance

• Ellul, Andrew, Craig W. Holden, Pankaj Jain, and Robert Jennings
  “Order Dynamics: Recent Evidence from the NYSE,” Journal of Empirical Finance

• Fisher, Jeffrey, David Geltner, and Henry Pollakowski
  “A Quarterly Transactions-Based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand,” Journal of Real Estate, Finance and Economics

• Kamma, Sreenivas, T. Chamberlain, J. Hill, and Y. Karam
  “Navigating the Jungle of Valuing Complex Capital Structures in Privately Held Companies: An Integrative Simulation Approach,” Journal of Business Valuation and Economic Loss Analysis

• Sartoris, William
  Dividend Clientele in Market for Utility Stocks

• Shockley, Richard L.
  “A Real Option in a Jet Engine Maintenance Contract,” Journal of Applied Corporate Finance

• Udell, Gregory F., Allen N. Berger, and Richard Rosen
  “Does Market Size Structure Affect Competition? The Case of Small Business Lending,” Journal of Banking and Finance