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Publications "Endogeneity in
Empirical Corporate Finance," forthcoming in George Constantinides,
Milton Harris, and Rene Stulz, eds. Handbook of the Economics of Finance Volume 2, Elsevier.
(with Michael R. Roberts).
"Treating Measurement Error in Tobin's q," September 2011, forthcoming, Review of Financial Studies. (with Tim Erickson)
"Threshold
Events and Identification: A Study of Cash Shortfalls," July 2011, forthcoming, Journal of Finance. (with Tor-Erik Bakke)
"Shareholder-Manager
Disagreement and Corporate Investment,
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Review of Finance 15 (2011): 277-300. (with Anjan V. Thakor)
"Capital
Structure Dynamics and Transitory Debt," Journal of Financial Economics 99 (2011): 235–261. (with
Harry DeAngelo and Linda DeAngelo, lead article)
"Which
Firms Follow the Market? An Analysis of Corporate Investment Decisions,"Review of Financial Studies 23 (2010): 1941–1980. (with Tor-Erik
Bakke)
Investment-Based Expected Stock Returns,"
Journal of Political Economy 117 (2009): 1105-1139. (with Laura
Xiaolei Liu and Lu Zhang, formerly titled “Regularities”)
Gauss Data and Programs for the GMM Estimation
"The
Corporate Propensity to Save," Journal of Finance 64 (2009):
1729-1766. (with Leigh A. Riddick)
Online Appendices
"What Can Cash Shortfalls and Windfalls Tell Us About
Finance Constraints?," in
Giorgio Calcagnini and Enrico Saltari (eds.) The Economics of Imperfect
Markets, Springer, New York, 2010.
"How Costly is External Financing? Evidence from a
Structural Estimation," Journal
of Finance. 62 (2007): 1705-1745. (with Christopher Hennessy) Winner of the 2007 Brattle Prize for
Distinguished Paper in Corporate Finance in the Journal of Finance.
"Spin-offs, Divestitures, and Conglomerate Investment,"
Review of Financial Studies 20 (2007): 557-595. (with Gonul Colak)
"Testing Q Theory with Financing Frictions,"
Journal of Financial Economics 83 (2007): 691-717 (with Christopher
Hennessy and Amnon Levy)
"On the Accuracy of Different Measures of Q,"
Financial Management 35 (2006): 5-33. (with Timothy Erickson, lead
article)
"External Finance Constraints and the Intertemporal Pattern
of Intermittent Investment," Journal of Financial
Economics 81 (2006): 467-502. (lead article)
Financial Constraints Risk," Review
of Financial Studies 19 (2006): 531-559. (with Guojun Wu)
"Proxy Quality Thresholds: Theory and Applications."
Finance Research Letters 2 (2005): 131-151 (with Timothy Erickson)
"Debt Dynamics," Journal of
Finance 60 (2005): 1129-1165. (with Christopher Hennessy) Winner of the
2005 Brattle Prize for Outstanding Paper in Corporate Finance in the Journal
of Finance.
"Two-Step GMM Estimation of the Errors-in-Variables Model
using High-Order Moments," Econometric Theory
18 (2002): 776-799. (with Timothy Erickson)
"Is It Inefficient Investment that Causes the
Diversification Discount?" Journal of Finance
56 (2001): 1667-92. (Nominated for the Brattle Prize)
"Fixed Costs of Adjustment, Coordination, and Industry
Investment," Review of Economics and Statistics
83 (2001): 628-637. (with Joanne Doyle)
"Measurement Error and the Relationship between Investment
and q," Journal of Political Economy 108
(2000): 1027-57. (with Timothy Erickson) Also, Erratum,
Journal of Political Economy
118 (2010): 1252-57.
"Why
Do Investment Euler Equations Fail?" Journal of Business and Economic
Statistics, 16 (1998): 469-478.
"The
Effect of Uncertainty on Investment: Some Stylized Facts," Journal of
Money, Credit, and Banking 28 (1996): 64-83. (with John V. Leahy)
"Internal
Finance and Firm Investment," Journal of Money, Credit, and Banking
27 (1995): 683-701. (with R. Glenn Hubbard and Anil K. Kashyap)
"Problems
with Identifying Adjustment Costs from Regressions of Investment on Q,"
Economics Letters 46 (1994): 339-344.
"Debt,
Liquidity Constraints, and Corporate Investment: Evidence from Panel
Data," Journal of Finance 47 (1992): 1425-1460.
"Investment
and Financial Asset Accumulation," Journal of Financial
Intermediation 1 (1991): 307-334.
"U.S.
Corporate Leverage: Developments in 1987 and 1988," Brookings Papers
on Economic Activity 1 (1990): 255-278. (with Ben S. Bernanke and John Y.
Campbell)
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