Hendrik Bessembinder

Arizona State University

Professor

PO Box 873906

Tempe, AZ 85207

United States

W.P. Carey School of Business

W. P. Carey School of Business

PO Box 873906

Tempe, AZ 85287-3906

United States

http://https://wpcarey.asu.edu/people/profile/2717225

SCHOLARLY PAPERS

50

DOWNLOADS
Rank 239

SSRN RANKINGS

Top 239

in Total Papers Downloads

68,171

SSRN CITATIONS
Rank 1,825

SSRN RANKINGS

Top 1,825

in Total Papers Citations

417

CROSSREF CITATIONS

281

Scholarly Papers (50)

1.

Do Stocks Outperform Treasury Bills?

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 53 Posted: 19 Jan 2017 Last Revised: 03 Jun 2018
Hendrik Bessembinder
Arizona State University
Downloads 32,796 (64)
Citation 41

Abstract:

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Long horizon returns, return skewness, stock market wealth creation

2.
Downloads 7,783 ( 893)
Citation 7

Do Global Stocks Outperform US Treasury Bills?

Number of pages: 85 Posted: 09 Jul 2019
Hendrik Bessembinder, Te-Feng Chen, Goeun Choi and K.C. John Wei
Arizona State University, Hong Kong Polytechnic University, Arizona State University (ASU) - Finance Department and Hong Kong Polytechnic University
Downloads 7,184 (1,026)
Citation 6

Abstract:

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Long-Term Shareholder Returns: Evidence from 64,000 Global Stocks

Number of pages: 101 Posted: 14 Oct 2020 Last Revised: 21 Oct 2020
Hendrik Bessembinder, Te-Feng Chen, Goeun Choi and K.C. John Wei
Arizona State University, Hong Kong Polytechnic University, Arizona State University (ASU) - Finance Department and Hong Kong Polytechnic University
Downloads 599 (53,656)
Citation 2

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Equilibrium Pricing and Optimal Hedging in Electricity Forward Markets

Number of pages: 39 Posted: 17 Feb 1999
Hendrik Bessembinder and Michael L. Lemmon
Arizona State University and University of Utah - Department of Finance
Downloads 2,472 (6,401)
Citation 24

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Equilibrium Pricing and Optimal Hedging in Electricity Forward Markets

Posted: 29 Nov 2003
Hendrik Bessembinder and Michael L. Lemmon
Arizona State University and University of Utah - Department of Finance

Abstract:

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4.

Wealth Creation in the U.S. Public Stock Markets 1926 to 2019

Number of pages: 23 Posted: 25 Feb 2020 Last Revised: 12 Nov 2020
Hendrik Bessembinder
Arizona State University
Downloads 2,393 (6,913)
Citation 4

Abstract:

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shareholder wealth, long horizon returns, stock market performance

5.
Downloads 1,786 ( 11,056)

Measuring Abnormal Bond Performance

Review of Financial Studies, Forthcoming
Number of pages: 53 Posted: 19 Jan 2005 Last Revised: 17 Jul 2008
Hendrik Bessembinder, Kathleen M. Kahle, William F. Maxwell and Danielle Xu
Arizona State University, University of Arizona - Department of Finance, Southern Methodist University (SMU) - Finance Department and Gonzaga University
Downloads 1,786 (10,847)
Citation 58

Abstract:

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event study, bond returns, TRACE

Measuring Abnormal Bond Performance

The Review of Financial Studies, Vol. 22, Issue 10, pp. 4219-4258, 2009
Posted: 28 Sep 2009
Hendrik Bessembinder, Kathleen M. Kahle, William F. Maxwell and Danielle Xu
Arizona State University, University of Arizona - Department of Finance, Southern Methodist University (SMU) - Finance Department and Gonzaga University

Abstract:

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G12, G14

6.

Is There a Term Structure of Futures Volatilities? Reevaluating the Samuelson Hypothesis

Number of pages: 28 Posted: 07 Nov 1996
Arizona State University, University of Delaware - Department of Finance, University of Minnesota - Twin Cities - Carlson School of Management and Wayne State University
Downloads 1,659 (12,461)
Citation 3

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7.

Capital Commitment and Illiquidity in Corporate Bonds

Journal of Finance, Forthcoming
Number of pages: 68 Posted: 22 Mar 2016 Last Revised: 29 Aug 2017
Arizona State University, Southern Methodist University (SMU) - Finance Department, Southern Methodist University (SMU) - Finance Department and Southern Methodist University (SMU) - Finance Department
Downloads 1,413 (16,026)
Citation 80

Abstract:

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Capital commitment, corporate bonds, dealer behavior, Dodd-Frank Act, financial crisis, liquidity, microstructure, transparency, TRACE, transaction costs

8.

Transparency and the Corporate Bond Market

Journal of Economic Perspectives, 2008
Number of pages: 30 Posted: 10 Jan 2008
William F. Maxwell and Hendrik Bessembinder
Southern Methodist University (SMU) - Finance Department and Arizona State University
Downloads 1,259 (19,113)
Citation 16

Abstract:

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corporate bonds, transparency, TRACE

Market Transparency, Liquidity Externalities, and Institutional Trading Costs in Corporate Bonds

AFA 2006 Boston Meetings, Forthcoming
Number of pages: 54 Posted: 08 Jan 2005
Hendrik Bessembinder, William F. Maxwell and Kumar Venkataraman
Arizona State University, Southern Methodist University (SMU) - Finance Department and Southern Methodist University (SMU) - Finance Department
Downloads 1,089 (23,311)
Citation 55

Abstract:

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transparency, corporate bonds, trace, microstructure,

Market Transparency, Liquidity Externalities, and Institutional Trading Costs in Corporate Bonds

Journal of Financial Economics, Forthcoming
Posted: 02 Nov 2005
Hendrik Bessembinder, William F. Maxwell and Kumar Venkataraman
Arizona State University, Southern Methodist University (SMU) - Finance Department and Southern Methodist University (SMU) - Finance Department

Abstract:

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Bonds, microstructure, transparency, liquidity externalities

10.

Liquidity Biases in Asset Pricing Tests

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 50 Posted: 17 Mar 2006 Last Revised: 17 Aug 2009
Elena N. Asparouhova, Hendrik Bessembinder and Ivalina Kalcheva
University of Utah - David Eccles School of Business, Arizona State University and University of Texas at San Antonio - Department of Finance
Downloads 1,017 (26,192)
Citation 4

Abstract:

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Bid-Ask Spreads, Liquidity, Asset Pricing, Beta Estimation

11.

Extreme Stock Market Performers, Part I: Expect Some Drawdowns

Number of pages: 13 Posted: 22 Jul 2020
Hendrik Bessembinder
Arizona State University
Downloads 1,006 (26,596)

Abstract:

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12.

Hidden Liquidity: An Analysis of Order Exposure Strategies in Electronic Stock Markets

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 53 Posted: 13 Jan 2007 Last Revised: 11 Feb 2009
Hendrik Bessembinder, Marios A. Panayides and Kumar Venkataraman
Arizona State University, University of Cyprus - Department of Accounting and Finance and Southern Methodist University (SMU) - Finance Department
Downloads 917 (30,395)
Citation 7

Abstract:

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Hidden Order, Order Exposure, Limit Order Book, Iceberg Order, Electronic Exchange

13.

Noisy Prices and Inference Regarding Returns

The Journal of Finance (JF), Forthcoming
Number of pages: 89 Posted: 29 Aug 2010 Last Revised: 10 Oct 2011
Elena N. Asparouhova, Hendrik Bessembinder and Ivalina Kalcheva
University of Utah - David Eccles School of Business, Arizona State University and University of Texas at San Antonio - Department of Finance
Downloads 831 (34,850)
Citation 19

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Microstructure Noise, Illiquidity, Asset Pricing, Return Premium

14.

Why Designate Market Makers? Affirmative Obligations and Market Quality

Number of pages: 66 Posted: 02 Feb 2012
Hendrik Bessembinder, Jia Hao and Michael L. Lemmon
Arizona State University, Babson College and University of Utah - Department of Finance
Downloads 716 (42,693)
Citation 8

Abstract:

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designated market maker, affirmative obligation, information asymmetry

15.

The 'Roll Yield' Myth

Financial Analysts Journal, Forthcoming
Number of pages: 26 Posted: 04 Aug 2017 Last Revised: 13 Feb 2018
Hendrik Bessembinder
Arizona State University
Downloads 680 (45,785)
Citation 1

Abstract:

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futures, commodities, roll yield

16.

Issues in Assessing Trade Execution Costs

Number of pages: 42 Posted: 21 Aug 2000
Hendrik Bessembinder
Arizona State University
Downloads 660 (47,698)
Citation 21

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Trade execution costs, dealer versus auction markets, trade reporting lags

17.

Extreme Stock Market Performers, Part II: Do Technology Stocks Dominate?

Number of pages: 15 Posted: 22 Jul 2020
Hendrik Bessembinder
Arizona State University
Downloads 644 (49,221)

Abstract:

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Long Horizon Returns, Shareholder Wealth, Technology Stocks

18.

Liquidity, Resiliency and Market Quality Around Predictable Trades: Theory and Evidence

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 67 Posted: 23 Mar 2012 Last Revised: 21 Oct 2015
Hendrik Bessembinder, Allen Carrion, Laura A. Tuttle and Kumar Venkataraman
Arizona State University, University of Memphis - Fogelman College of Business and Economics, U.S. Securities and Exchange Commission - Division of Economic and Risk Analysis and Southern Methodist University (SMU) - Finance Department
Downloads 604 (53,506)
Citation 37

Abstract:

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predatory trading, sunshine trading, trading costs, resiliency, ETFs, crude oil, energy, commodities, futures

19.

A Survey of the Microstructure of Fixed-Income Markets

Forthcoming, Journal of Financial and Quantitative Analysis
Number of pages: 67 Posted: 08 Jan 2019 Last Revised: 11 Feb 2019
Hendrik Bessembinder, Chester S. Spatt and Kumar Venkataraman
Arizona State University, Carnegie Mellon University - David A. Tepper School of Business and Southern Methodist University (SMU) - Finance Department
Downloads 599 (54,063)
Citation 11

Abstract:

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bond market; dealer networks; trading costs; market making; transparency

20.

Price-Time Priority, Order Routing, and Trade Execution Costs in Nyse-Listed Stocks

Number of pages: 40 Posted: 10 Jul 2001
Hendrik Bessembinder
Arizona State University
Downloads 571 (57,378)
Citation 5

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Trading Costs, Market Fragmentation, Time-Price Priority, Best Execution

21.

Characteristic-Based Benchmark Returns and Corporate Events

Forthcoming, Review of Financial Studies
Number of pages: 104 Posted: 12 Sep 2015 Last Revised: 07 Mar 2018
Hendrik Bessembinder, Michael J. Cooper and Feng Zhang
Arizona State University, University of Utah - David Eccles School of Business and University of Utah - Department of Finance
Downloads 569 (57,626)
Citation 12

Abstract:

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abnormal returns after corporate events, predicted returns, firm characteristics

22.

Predictable Corporate Distributions and Stock Returns

Review of Financial Studies, Forthcoming
Number of pages: 67 Posted: 01 Jul 2013 Last Revised: 25 Nov 2014
Hendrik Bessembinder and Feng Zhang
Arizona State University and University of Utah - Department of Finance
Downloads 547 (60,661)
Citation 5

Abstract:

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stock dividends, stock splits, special dividends, dividend increases, predictability, return anomaly

23.

Pricing and Gains from Trade in Competitive Electric Power Markets

Number of pages: 28 Posted: 03 Mar 1999
Hendrik Bessembinder and Michael L. Lemmon
Arizona State University and University of Utah - Department of Finance
Downloads 525 (63,709)

Abstract:

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24.

Firm Characteristics and Long-Run Stock Returns after Corporate Events

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 49 Posted: 03 Jul 2012 Last Revised: 06 Oct 2014
Hendrik Bessembinder and Feng Zhang
Arizona State University and University of Utah - Department of Finance
Downloads 478 (71,623)
Citation 16

Abstract:

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firm characteristics, long-run stock returns, BHARs, wealth relative, calendar time portfolio method, event study

25.

Market Making Contracts, Firm Value, and the IPO Decision

Journal of Finance, Forthcoming
Number of pages: 44 Posted: 17 Aug 2012 Last Revised: 18 Feb 2017
Hendrik Bessembinder, Jia Hao and Kuncheng (K.C.) Zheng
Arizona State University, Babson College and Northeastern University - D’Amore-McKim School of Business
Downloads 463 (74,476)
Citation 16

Abstract:

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designated market maker, affirmative obligation, information asymmetry, firm value

26.

Trading Activity and Transaction Costs in Structured Credit Products

Financial Analysts Journal, Vol. 69, No. 6, 2013
Number of pages: 26 Posted: 26 Nov 2012 Last Revised: 22 Feb 2014
Hendrik Bessembinder, William F. Maxwell and Kumar Venkataraman
Arizona State University, Southern Methodist University (SMU) - Finance Department and Southern Methodist University (SMU) - Finance Department
Downloads 444 (78,251)
Citation 12

Abstract:

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ABS, MBS, Structured Products, Transparency, mortgage-backed, asset-backed

Does an Electronic Stock Exchange Need an Upstairs Market?

Number of pages: 44 Posted: 14 Jan 2002
Kumar Venkataraman and Hendrik Bessembinder
Southern Methodist University (SMU) - Finance Department and Arizona State University
Downloads 427 (81,295)
Citation 19

Abstract:

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Upstairs market, Limit order book, Electronic exchange, Crossing rules

Does an Electronic Stock Exchange Need an Upstairs Market?

Posted: 28 Oct 2003
Kumar Venkataraman and Hendrik Bessembinder
Southern Methodist University (SMU) - Finance Department and Arizona State University

Abstract:

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Upstairs market, Limit order book, Electronic exchange, Crossing rules

28.

Extreme Stock Market Performers, Part IV: Can Observable Characteristics Forecast Outcomes?

Number of pages: 20 Posted: 22 Jul 2020
Hendrik Bessembinder
Arizona State University
Downloads 419 (83,842)

Abstract:

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Long Horizon Returns, Return Forecasts, Shareholder Wealth

29.

Trading Costs and Return Volatility: Evidence from Exchange Listings

Number of pages: 27 Posted: 02 Sep 1998
Hendrik Bessembinder
Arizona State University
Downloads 418 (84,068)
Citation 13

Abstract:

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30.

Trade Execution Costs on NASDAQ and the NYSE: A Post-Reform Comparison

Number of pages: 38 Posted: 02 Sep 1998
Hendrik Bessembinder
Arizona State University
Downloads 409 (86,238)
Citation 12

Abstract:

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31.

The Degree of Price Resolution and Equity Trading Costs

Number of pages: 37 Posted: 08 Oct 1996
Hendrik Bessembinder
Arizona State University
Downloads 400 (88,495)
Citation 3

Abstract:

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32.

Extreme Stock Market Performers, Part III: What are their Observable Characteristics?

Number of pages: 22 Posted: 22 Jul 2020
Hendrik Bessembinder
Arizona State University
Downloads 372 (96,225)

Abstract:

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Long Horizon Returns, Shareholder Wealth, Technology Stocks

33.

Frictional Costs of Fossil Fuel Divestment

Number of pages: 48 Posted: 05 Jun 2016
Hendrik Bessembinder
Arizona State University
Downloads 287 (127,766)
Citation 3

Abstract:

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34.

Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange

Northeastern U. D’Amore-McKim School of Business Research Paper No. 2899147
Number of pages: 43 Posted: 15 Jan 2017 Last Revised: 07 Jun 2019
Hendrik Bessembinder, Jia Hao and Kuncheng (K.C.) Zheng
Arizona State University, Babson College and Northeastern University - D’Amore-McKim School of Business
Downloads 272 (135,160)
Citation 4

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Designated Market Maker, Firm Value, Market Quality, Regression Discontinuity

35.

Return Horizon and Mutual Fund Performance

Number of pages: 63 Posted: 24 Mar 2020 Last Revised: 30 Apr 2021
Hendrik Bessembinder, Michael J. Cooper and Feng Zhang
Arizona State University, University of Utah - David Eccles School of Business and University of Utah - Department of Finance
Downloads 258 (142,641)
Citation 3

Abstract:

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36.

Endogenous Changes in the Minimum Tick: An Analysis of NASDAQ Securities Trading Near Ten Dollars

Number of pages: 37 Posted: 12 Nov 1997
Hendrik Bessembinder
Arizona State University
Downloads 247 (148,930)
Citation 12

Abstract:

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37.

Discounted-Cash-Flow Value Estimates are Optimistic when Assumptions are Not

Number of pages: 35 Posted: 05 Jun 2020
Hendrik Bessembinder
Arizona State University
Downloads 204 (178,603)

Abstract:

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Value Estimation, Discounted Cash Flow, Net Present Value, Bias

38.

Debt Financing and Risk Management

Number of pages: 57 Posted: 15 Jan 2021
Ilona Babenko, Hendrik Bessembinder and Yuri Tserlukevich
Arizona State University, Arizona State University and Arizona State University (ASU)
Downloads 143 (242,559)
Citation 1

Abstract:

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hedging, risk management, debt, covenants, credit boom

39.

Long Run Stock Returns after Corporate Events Revisited

Critical Finance Review, Forthcoming.
Number of pages: 20 Posted: 21 Dec 2017
Hendrik Bessembinder and Feng Zhang
Arizona State University and University of Utah - Department of Finance
Downloads 133 (256,900)
Citation 1

Abstract:

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American Depository Receipts: The Long-Term U.S. Investor Experience

Number of pages: 25 Posted: 15 Jan 2021
Hendrik Bessembinder, Te-Feng Chen, Goeun Choi and K.C. John Wei
Arizona State University, Hong Kong Polytechnic University, Arizona State University (ASU) - Finance Department and Hong Kong Polytechnic University
Downloads 55 (446,535)

Abstract:

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Chinese and Global ADRs: The U.S. Investor Experience

Financial Analysts Journal, Forthcoming
Number of pages: 26 Posted: 26 Jan 2021 Last Revised: 08 Apr 2021
Hendrik Bessembinder, Te-Feng Chen, Goeun Choi and K.C. John Wei
Arizona State University, Hong Kong Polytechnic University, Arizona State University (ASU) - Finance Department and Hong Kong Polytechnic University
Downloads 47 (479,133)

Abstract:

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41.

Discount Rate Uncertainty and Capital Investment

Number of pages: 56 Posted: 07 Dec 2020 Last Revised: 08 Jan 2021
Hendrik Bessembinder and Paul H. Décaire
Arizona State University and Arizona State University (ASU) - Finance Department
Downloads 95 (325,266)

Abstract:

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Capital Budgeting, Corporate Investment, Uncertainty, Discount Rate, Overinvestment

42.

Syndicate Structure, Primary Allocations, and Secondary Market Outcomes in Corporate Bond Offerings

SMU Cox School of Business Research Paper No. 20-04
Number of pages: 57 Posted: 13 Aug 2020 Last Revised: 15 Oct 2020
Arizona State University, Southern Methodist University (SMU) - Finance Department, Southern Methodist University (SMU) - Finance Department and Southern Methodist University (SMU) - Finance Department
Downloads 64 (408,402)

Abstract:

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Underwriting Syndicate; Primary Allocation; Overallocation; Price Stabilization; Corporate Bonds; UnderPricing; Liquidity

43.

Predictable ETF Order Flow and Market Quality

Posted: 08 Oct 2014 Last Revised: 21 May 2019
Hendrik Bessembinder
Arizona State University

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ETFs, Predictable Order Flow, Frontrunning, Volatility

44.

Tick Size, Spreads, and Liquidity: An Analysis of NASDAQ Securities Trading Near Ten Dollars

Posted: 30 Jun 2000
Hendrik Bessembinder
Arizona State University

Abstract:

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45.

Return Volatility, Cross-Sectional Dispersion, and Trading Activity in the Equity and Futures Markets

Posted: 14 Sep 1999
Hendrik Bessembinder, Kalok Chan and Paul J. Seguin
Arizona State University, CUHK Business School and University of Minnesota - Twin Cities - Carlson School of Management

Abstract:

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46.

Mean Reversion in Equilibrium Asset Prices: Evidence from the Futures Term Structure

Posted: 06 Sep 1999
Arizona State University, University of Delaware - Department of Finance, Wayne State University and University of Minnesota - Twin Cities - Carlson School of Management

Abstract:

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47.

Do the Profits from Technical Trading Rules Reflect Inefficiencies?

Posted: 10 Oct 1998
Hendrik Bessembinder and Kalok Chan
Arizona State University and CUHK Business School

Abstract:

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48.

Market Efficiency and the Returns to Technical Analysis

Financial Management, Vol 27, No 2
Posted: 21 Aug 1998
Hendrik Bessembinder and Kalok Chan
Arizona State University and CUHK Business School

Abstract:

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49.

A Cross-Exchange Comparison of Execution Costs and Information Flow for Nyse-Listed Stocks

Posted: 21 Feb 1997
Hendrik Bessembinder and Herbert M. Kaufman
Arizona State University and Arizona State University

Abstract:

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50.

A Comparison of Trade Execution Costs for NYSE and Nasdaq- Listed Stocks

Posted: 05 Feb 1997
Hendrik Bessembinder and Herbert M. Kaufman
Arizona State University and Arizona State University

Abstract:

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