Vidhan K. Goyal

HKUST

Clear Water Bay

Kowloon

Hong Kong

Hong Kong University of Science & Technology (HKUST) - Department of Finance

Professor

Clear Water Bay, Kowloon

Hong Kong

http://www.vidhangoyal.com

Hong Kong University of Science & Technology (HKUST) - Department of Finance

Clear Water Bay, Kowloon

Hong Kong

SCHOLARLY PAPERS

28

DOWNLOADS
Rank 264

SSRN RANKINGS

Top 264

in Total Papers Downloads

65,513

SSRN CITATIONS
Rank 1,414

SSRN RANKINGS

Top 1,414

in Total Papers Citations

453

CROSSREF CITATIONS

424

Scholarly Papers (28)

1.

Trade-Off and Pecking Order Theories of Debt

Number of pages: 85 Posted: 22 Feb 2005 Last Revised: 11 Dec 2007
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and HKUST
Downloads 18,844 (169)
Citation 94

Abstract:

Loading...

Capital structure, leverage, corporate financing, trade-off theory, pecking-order theory

2.

Capital Structure Decisions

Number of pages: 56 Posted: 28 May 2003
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and HKUST
Downloads 10,595 (529)
Citation 29

Abstract:

Loading...

Capital structure, pecking order theory, tradeoff theory, stakeholder co-investment

3.

Testing the Pecking Order Theory of Capital Structure

Number of pages: 53 Posted: 12 Dec 2000
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and HKUST
Downloads 8,271 (825)
Citation 88

Abstract:

Loading...

Pecking order theory, static tradeoff theory, capital structure, mean reversion.

4.

Capital Structure Decisions: Which Factors are Reliably Important?

Number of pages: 60 Posted: 24 Jul 2004 Last Revised: 11 Dec 2007
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and HKUST
Downloads 8,142 (842)
Citation 286

Abstract:

Loading...

Capital structure, pecking order, trade-off theory, market timing, multiple imputation

5.

Profits and Capital Structure

AFA 2009 San Francisco Meetings Paper
Number of pages: 42 Posted: 13 Mar 2008 Last Revised: 30 Jul 2014
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and HKUST
Downloads 3,676 (3,377)
Citation 10

Abstract:

Loading...

Capital structure, Trade-off theory, Profits, Agency theory, Leverage ratios

6.

The Investment Opportunity Set and its Proxy Variables

Number of pages: 42 Posted: 23 Jan 2002 Last Revised: 28 Sep 2008
Tim Adam and Vidhan K. Goyal
Humboldt University and HKUST
Downloads 2,863 (5,231)
Citation 40

Abstract:

Loading...

Proxy variables, investment opportunity set, growth opportunities, real options, market-to-book ratios, mining industry, financial constraints

7.

Corporate Leverage: How Much Do Managers Really Matter?

Number of pages: 42 Posted: 16 Mar 2007
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and HKUST
Downloads 2,176 (8,189)
Citation 20

Abstract:

Loading...

Capital structure, behavioral finance, executive compensation, CEO, CFO

8.
Downloads 2,123 ( 8,517)
Citation 117

Board Leadership Structure and CEO Turnover

Journal of Corporate Finance, Vol. 8, No. 1, 2002
Number of pages: 30 Posted: 14 Jun 2000 Last Revised: 29 Jul 2014
Vidhan K. Goyal and Chul W. Park
HKUST and The University of Hong Kong - School of Business
Downloads 2,005 (9,173)
Citation 6

Abstract:

Loading...

Corporate governance; Leadership structure; CEO duties; CEO turnover; sensitivity to firm performance

Board Leadership Structure and CEO Turnover

Journal of Corporate Finance, Vol. 8, No. 1, January 2002
Number of pages: 30 Posted: 31 Mar 2002 Last Revised: 25 Jul 2014
Vidhan K. Goyal and Chul W. Park
HKUST and The University of Hong Kong - School of Business
Downloads 118 (286,176)
Citation 13

Abstract:

Loading...

Corporate governance; Leadership structure; CEO duties; CEO turnover; sensitivity to firm performance

Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan

Number of pages: 47 Posted: 13 Feb 2013
Vidhan K. Goyal and Takeshi Yamada
HKUST and Australian National University (ANU)
Downloads 1,695 (12,024)
Citation 4

Abstract:

Loading...

Investment, financial constraints, asset price shocks, lending channel, Japan

Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan

Journal of Business, Vol. 77, pp. 175-199, 2004
Number of pages: 54 Posted: 26 Apr 2003 Last Revised: 08 Nov 2017
Vidhan K. Goyal and Takeshi Yamada
HKUST and Australian National University (ANU)
Downloads 33 (555,532)
Citation 12

Abstract:

Loading...

Investment, financial constraints, asset price bubble, Japan

10.

On the Patterns and Wealth Effects of Vertical Mergers

Number of pages: 36 Posted: 10 Jan 2002
Joseph P. H. Fan and Vidhan K. Goyal
The Chinese University of Hong Kong (CUHK) - School of Accountancy and HKUST
Downloads 1,192 (21,161)
Citation 39

Abstract:

Loading...

Mergers and Acquisitions, Vertical mergers

11.

The Effect of Market Conditions on Capital Structure Adjustment

Number of pages: 13 Posted: 09 Dec 2003
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and HKUST
Downloads 1,139 (22,655)
Citation 11

Abstract:

Loading...

Capital Structure, Market timing, trade-off, leverage adjustment

12.

Creditor Rights, Enforcement, and Bank Loans

Number of pages: 53 Posted: 08 Aug 2003 Last Revised: 28 Sep 2008
Kee-Hong Bae and Vidhan K. Goyal
York University - Schulich School of Business and HKUST
Downloads 831 (35,481)
Citation 59

Abstract:

Loading...

property rights, creditor rights, law, enforcement, investor protection, loan spreads, syndicate structure

13.

The Pecking Order Theory of Capital Structure: Where Do We Stand?

Oxford Research Encyclopedia of Economics and Finance
Number of pages: 42 Posted: 14 Mar 2020 Last Revised: 25 Mar 2021
Murray Z. Frank, Vidhan K. Goyal and Tao Shen
University of Minnesota, HKUST and Tsinghua University
Downloads 645 (50,050)
Citation 2

Abstract:

Loading...

pecking order, net equity issues, net debt issues, financing deficit

14.

Provision of Management Incentives in Bankrupt Firms

Number of pages: 47 Posted: 17 Jul 2012 Last Revised: 26 Dec 2015
Vidhan K. Goyal and Wei Wang
HKUST and Queen's University - Smith School of Business
Downloads 604 (54,410)
Citation 7

Abstract:

Loading...

key employee retention plans, incentive contract, Chapter 11, compensation, retention bonuses, credito control, human capital

15.

Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes

Journal of Financial and Quantitative Analysis (JFQA), Vol. 48, Issue 3, pp 789-817, 2013
Number of pages: 66 Posted: 19 Mar 2009 Last Revised: 24 Jul 2014
Vidhan K. Goyal and Wei Wang
HKUST and Queen's University - Smith School of Business
Downloads 534 (63,448)
Citation 4

Abstract:

Loading...

Debt Maturity, Debt Issuance, Default Risk, Signaling, Timing, Distance-to-Default, Asset Volatility

16.

The Profits-Leverage Puzzle Revisited

Number of pages: 53 Posted: 17 Jun 2011 Last Revised: 23 Jul 2014
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and HKUST
Downloads 501 (68,709)
Citation 12

Abstract:

Loading...

Capital structure, Trade-off theory, Profits, Agency theory, Leverage ratios

17.

Active Asset Markets, Divestitures and Divisional Cross-Subsidization

Number of pages: 33 Posted: 16 May 2000
Sudipto Dasgupta, Vidhan K. Goyal and Guofu Tan
Chinese University of Hong Kong, ABFER, CEPR, and ECGI, HKUST and University of Southern California - Department of Economics
Downloads 383 (94,511)
Citation 2

Abstract:

Loading...

18.

Index Creation, Information, and External Finance

Number of pages: 68 Posted: 30 Oct 2017 Last Revised: 27 Apr 2021
Vidhan K. Goyal, Daniel Urban and Wenting Zhao
HKUST, Erasmus University Rotterdam (EUR) - Department of Business Economics and Technische Universität München (TUM)
Downloads 239 (156,058)

Abstract:

Loading...

index membership, leverage, debt supply, cost of debt, capital structure

19.

Equity Market Liberalization and Corporate Governance

Journal of Corporate Finance, Vol. 16, No. 5, 2010
Number of pages: 43 Posted: 03 Sep 2010 Last Revised: 25 Jul 2014
Kee-Hong Bae and Vidhan K. Goyal
York University - Schulich School of Business and HKUST
Downloads 232 (160,584)
Citation 5

Abstract:

Loading...

equity market liberalization, risk sharing, cost of capital, corporate governance

20.

Compensation Differences and Merger Outcomes

Number of pages: 50 Posted: 11 Oct 2014 Last Revised: 22 Apr 2018
Vidhan K. Goyal and Zilong Zhang
HKUST and City University of Hong Kong
Downloads 220 (168,982)

Abstract:

Loading...

CEO compensation, Mergers and acquisitions, Post-merger integration

21.

Capital Market Access and Cash Flow Allocation During the Financial Crisis

Number of pages: 55 Posted: 03 Feb 2016 Last Revised: 09 Sep 2016
David Florysiak and Vidhan K. Goyal
University of Southern Denmark and HKUST
Downloads 200 (184,784)

Abstract:

Loading...

Investment policies, financing policies, private firms, cash flow allocation, capital market access, financial crisis

22.

Growth Opportunities and Corporate Debt Policy: The Case of the U.S. Defense Industry

Journal of Financial Economics, Vol. 64, No. 1, April 2002
Number of pages: 41 Posted: 10 Jun 2002 Last Revised: 25 Jul 2014
Vidhan K. Goyal, Kenneth Lehn and Stanko Racic
HKUST, University of Pittsburgh - Finance Group and University of Pittsburgh - Katz Graduate School of Business
Downloads 132 (262,107)
Citation 2

Abstract:

Loading...

Growth opportunities, debt policy, maturity structure, defense industry

23.

Corporate Leverage in Emerging Asia

BIS Paper No. 91c
Number of pages: 30 Posted: 29 Apr 2017
Vidhan K. Goyal and Frank Packer
HKUST and Bank for International Settlements (BIS)
Downloads 109 (301,036)

Abstract:

Loading...

corporate finance, capital structure, leverage

24.

Friends in Court

Number of pages: 60 Posted: 18 Aug 2020 Last Revised: 19 Jun 2021
Vidhan K. Goyal, Joshua Madsen and Wei Wang
HKUST, University of Minnesota - Twin Cities - Carlson School of Management and Queen's University - Smith School of Business
Downloads 75 (383,069)

Abstract:

Loading...

Chapter 11, social networks, lawyers, corporate bankruptcy, law firms

Banking Relationships and Creditor Rights

Forthcoming, Quarterly Journal of Finance, Vol. 9. No. 4, 2019
Number of pages: 40 Posted: 25 Oct 2019
HKUST, London Business School and National University of Singapore - Department of Finance
Downloads 22 (628,203)

Abstract:

Loading...

banking relationships, creditor rights, liquidation bias, arm’s length creditors

Banking Relationships and Creditor Rights

Number of pages: 48 Posted: 22 Apr 2019
HKUST, London Business School and National University of Singapore - Department of Finance
Downloads 17 (665,909)

Abstract:

Loading...

banking relationships, creditor rights, liquidation bias, arm's length creditors

26.

Comments on 'Corporate Bond Use in Asia and the United States'

BIS Paper No. 102l
Number of pages: 3 Posted: 22 May 2019
Vidhan K. Goyal
HKUST
Downloads 16 (650,184)

Abstract:

Loading...

27.

Capital Market Access and Financing of Private Firms

International Review of Finance, Vol. 11, Issue 2, pp. 155-179, 2011
Number of pages: 25 Posted: 12 Jun 2011
Vidhan K. Goyal, Alessandro Nova and Laura Zanetti
HKUST, affiliation not provided to SSRN and Bocconi University - Department of Finance
Downloads 4 (741,644)
Citation 1
  • Add to Cart

Abstract:

Loading...

28.

Investor Myopia and CEO Turnover

International Review of Finance, Vol. 19, Issue 4, pp. 759-786, 2019
Number of pages: 28 Posted: 26 May 2020
Vidhan K. Goyal and Angie Low
HKUST and Nanyang Technological University - Division of Banking & Finance
Downloads 0 (787,981)
  • Add to Cart

Abstract:

Loading...