Murillo Campello

Cornell University - Samuel Curtis Johnson Graduate School of Management

Lewis H. Durland Professor of Finance

114 East Avenue

369 Sage Hall

Ithaca, NY 14853

United States

http://www.johnson.cornell.edu/Faculty-And-Research/Profile.aspx?id=mnc35

National Bureau of Economic Research (NBER)

Research Associate

1050 Massachusetts Avenue

Cambridge, MA 02138

SCHOLARLY PAPERS

60

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47,324

SSRN CITATIONS
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SSRN RANKINGS

Top 164

in Total Papers Citations

1,567

CROSSREF CITATIONS

2,385

Ideas:
“  Corporate Finance and Banking  ”

Scholarly Papers (60)

The Real Effects of Financial Constraints: Evidence from a Financial Crisis

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 38 Posted: 22 Dec 2008 Last Revised: 26 Dec 2009
Murillo Campello, John R. Graham and Campbell R. Harvey
Cornell University - Samuel Curtis Johnson Graduate School of Management, Duke University and Duke University - Fuqua School of Business
Downloads 3,563 (4,302)
Citation 94

Abstract:

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Financial crisis, financing constraints, investment spending, liquidity management, matching estimators

The Real Effects of Financial Constraints: Evidence from a Financial Crisis

AFA 2010 Atlanta Meetings Paper
Number of pages: 51 Posted: 11 Mar 2009
Murillo Campello, John R. Graham and Campbell R. Harvey
Cornell University - Samuel Curtis Johnson Graduate School of Management, Duke University and Duke University - Fuqua School of Business
Downloads 614 (61,201)
Citation 12

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Financial crisis, financing constraints, investment spending, liquidity management, matching estimators

The Real Effects of Financial Constraints: Evidence from a Financial Crisis

NBER Working Paper No. w15552
Number of pages: 38 Posted: 08 Dec 2009 Last Revised: 01 Jul 2022
Murillo Campello, John R. Graham and Campbell R. Harvey
Cornell University - Samuel Curtis Johnson Graduate School of Management, Duke University and Duke University - Fuqua School of Business
Downloads 105 (353,167)

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Downloads 3,300 ( 5,036)
Citation 321

The Cash Flow Sensitivity of Cash

Number of pages: 34 Posted: 23 May 2003
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and Ohio State University (OSU) - Department of Finance
Downloads 3,300 (4,944)
Citation 321

Abstract:

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Cash flow sensitivity of cash, financial constraints, cash policy, macroeconomic innovations

The Cash Flow Sensitivity of Cash

AFA 2004 San Diego Meetings
Posted: 24 Jul 2003
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and Ohio State University (OSU) - Department of Finance

Abstract:

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Cash flow sensitivity of cash, financial constraints, cash policy, macroeconomic innovations

3.

Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions

Twelfth Annual Utah Winter Finance Conference
Number of pages: 26 Posted: 29 Jan 2002
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 2,527 (7,744)
Citation 36

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investment, cash-flow, investment-cash flow sensitivities, financial constraints, credit rationing

Liquidity Management and Corporate Investment During a Financial Crisis

Number of pages: 48 Posted: 07 Aug 2009 Last Revised: 21 Nov 2010
Cornell University - Samuel Curtis Johnson Graduate School of Management, Syracuse University - Whitman School of Management - Finance Department; James D. Kuhn Center for Real Estate, Duke University and Duke University - Fuqua School of Business
Downloads 2,110 (10,144)
Citation 56

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Financial crisis, liquidity management, investment spending, credit lines, drawdown activity, cash savings

Liquidity Management and Corporate Investment During a Financial Crisis

NBER Working Paper No. w16309
Number of pages: 45 Posted: 30 Aug 2010 Last Revised: 25 Jul 2022
Cornell University - Samuel Curtis Johnson Graduate School of Management, Syracuse University - Whitman School of Management - Finance Department; James D. Kuhn Center for Real Estate, Duke University and Duke University - Fuqua School of Business
Downloads 115 (331,307)
Citation 1

Abstract:

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Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

London Business School IFA Working Paper Series
Number of pages: 50 Posted: 19 Jan 2005
University of Illinois at Urbana-Champaign, ProfessorNew York University - Leonard N. Stern School of Business and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,674 (14,738)
Citation 2

Abstract:

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Risk management, financing frictions, investment, cash savings, debt capacity

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

NBER Working Paper No. w11391
Number of pages: 55 Posted: 06 Jul 2005 Last Revised: 16 Feb 2022
ProfessorNew York University - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 79 (422,514)
Citation 35

Abstract:

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Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Number of pages: 52 Posted: 26 May 2005
ProfessorNew York University - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 22 (707,092)
Citation 22
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Cash holdings, debt policies, hedging, financing constraints, risk management

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Journal of Financial Intermediation, Forthcoming
Posted: 30 Apr 2007
ProfessorNew York University - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management

Abstract:

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Risk management, financing frictions, investment, cash policy, debt capacity

6.

Debt Financing: Does it Boost or Hurt Firm Performance in Product Markets?

Number of pages: 42 Posted: 21 Apr 2005
Murillo Campello
Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,618 (15,785)
Citation 15

Abstract:

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Capital structure, product market competition, industry concentration, endogeneity, GMM

Financial Constraints, Asset Tangibility, and Corporate Investment

AFA 2005 Philadelphia Meetings, Forthcoming
Number of pages: 45 Posted: 31 Aug 2004
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,509 (17,247)
Citation 6

Abstract:

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Investment-cash flow sensitivities, asset tangibility, financial constraints, credit multiplier, errors-in-variables, GMM

Financial Constraints, Asset Tangibility, and Corporate Investment

NBER Working Paper No. w12087
Number of pages: 37 Posted: 11 May 2006 Last Revised: 13 Jul 2022
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 89 (393,115)
Citation 51

Abstract:

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Financial Constraints, Asset Tangibility, and Corporate Investment

Review of Financial Studies, Vol. 20, Issue 5, pp. 1429-1460, 2007
Posted: 25 Jun 2008
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management

Abstract:

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G31

8.
Downloads 1,467 ( 18,296)
Citation 50

Expected Returns, Yield Spreads, and Asset Pricing Tests

Simon School Working Paper No. FR 04-04, AFA 2005 Philadelphia Meetings
Number of pages: 48 Posted: 12 Dec 2004
Murillo Campello, Long Chen, Long Chen and Lu Zhang
Cornell University - Samuel Curtis Johnson Graduate School of Management, Cheung Kong Graduate School of BusinessLuohan Academy and Ohio State University - Fisher College of Business
Downloads 1,165 (25,379)
Citation 7

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Expected Returns, Risk Factors, Systematic Risk, Yield Spreads

Expected Returns, Yield Spreads, and Asset Pricing Tests

Review of Financial Studies, Forthcoming
Number of pages: 52 Posted: 07 Nov 2007
Murillo Campello, Long Chen, Long Chen and Lu Zhang
Cornell University - Samuel Curtis Johnson Graduate School of Management, Cheung Kong Graduate School of BusinessLuohan Academy and Ohio State University - Fisher College of Business
Downloads 237 (179,781)

Abstract:

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Expected returns, risk factors, systematic risk, yield spreads

Expected Returns, Yield Spreads, and Asset Pricing Tests

NBER Working Paper No. w11323
Number of pages: 41 Posted: 13 Jun 2005 Last Revised: 11 Jun 2022
Murillo Campello, Long Chen, Long Chen and Lu Zhang
Cornell University - Samuel Curtis Johnson Graduate School of Management, Cheung Kong Graduate School of BusinessLuohan Academy and Ohio State University - Fisher College of Business
Downloads 65 (470,414)
Citation 2

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Expected Returns, Yield Spreads, and Asset Pricing Tests

The Review of Financial Studies, Vol. 21, Issue 3, pp. 1297-1338, 2008
Posted: 02 Jul 2008
Murillo Campello
Cornell University - Samuel Curtis Johnson Graduate School of Management

Abstract:

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Capital Structure and Product Markets Interactions: Evidence from Business Cycles

Number of pages: 32 Posted: 02 Mar 2000
Murillo Campello
Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,339 (20,625)
Citation 13

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Capital Structure and Product Markets Interactions: Evidence from Business Cycles

Posted: 11 Apr 2002
Murillo Campello
Cornell University - Samuel Curtis Johnson Graduate School of Management

Abstract:

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Corporate Financial and Investment Policies when Future Financing is Not Frictionless

Charles A. Dice Center Working Paper No. 2008-16 and Fisher College of Business Working Paper No. 2008-03-015
Number of pages: 37 Posted: 15 Nov 2006 Last Revised: 27 Sep 2010
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and Ohio State University (OSU) - Department of Finance
Downloads 1,158 (25,625)
Citation 2

Abstract:

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financial constraints, types of investment, capital budgeting, risk shifting

Corporate Financial and Investment Policies When Future Financing is Not Frictionless

NBER Working Paper No. w12773
Number of pages: 41 Posted: 23 Dec 2006 Last Revised: 28 May 2022
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and Ohio State University (OSU) - Department of Finance
Downloads 73 (442,045)
Citation 15

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11.

Customer Concentration and Loan Contract Terms

Journal of Financial Economics, Forthcoming
Number of pages: 65 Posted: 29 May 2014 Last Revised: 13 Aug 2016
Murillo Campello and Janet Gao
Cornell University - Samuel Curtis Johnson Graduate School of Management and McDonough School of Business
Downloads 1,209 (24,476)
Citation 26

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Customer Concentration, Bank Loans, Contract Terms, Financial Distress, Instrumental Variables, Fixed Effects

12.
Downloads 1,134 ( 26,794)

Who Herds?

University of Illinois Working Paper, AFA 2006 Boston Meetings Paper
Number of pages: 35 Posted: 18 Mar 2005
Dan Bernhardt, Murillo Campello and Edward Kutsoati
University of Illinois at Urbana-Champaign - Department of Economics, Cornell University - Samuel Curtis Johnson Graduate School of Management and Tufts University - Department of Economics
Downloads 1,134 (26,411)
Citation 29

Abstract:

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Who Herds?

Journal of Financial Economics, Forthcoming
Posted: 06 Mar 2006
Dan Bernhardt, Murillo Campello and Edward Kutsoati
University of Illinois at Urbana-Champaign - Department of Economics, Cornell University - Samuel Curtis Johnson Graduate School of Management and Tufts University - Department of Economics

Abstract:

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Earnings forecasting, Financial analysts, Herding, Econometric test, Contrarian behavior

13.
Downloads 1,113 ( 27,602)
Citation 11

Liquidity Mergers

Journal of Financial Economics (JFE), Forthcoming, AFA 2010 Atlanta Meetings Paper
Number of pages: 66 Posted: 18 Mar 2009 Last Revised: 14 Feb 2012
Heitor Almeida, Murillo Campello and Dirk Hackbarth
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and Boston University - Department of Finance & Economics
Downloads 1,076 (28,498)
Citation 11

Abstract:

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Mergers and acquisitions, credit lines, cash, asset specificity, financial distress

Liquidity Mergers

NBER Working Paper No. w16724
Number of pages: 67 Posted: 31 Jan 2011 Last Revised: 14 Mar 2021
Heitor Almeida, Murillo Campello and Dirk Hackbarth
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and Boston University - Department of Finance & Economics
Downloads 37 (601,397)
Citation 1

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Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

Number of pages: 50 Posted: 17 May 2009 Last Revised: 15 Sep 2011
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Illinois at Urbana-Champaign and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 906 (36,400)
Citation 17

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Financial crisis, debt maturity, matching estimators, investment spending, financing constraints

Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

NBER Working Paper No. w14990
Number of pages: 36 Posted: 26 May 2009 Last Revised: 18 Jun 2022
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Illinois at Urbana-Champaign and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 136 (294,228)
Citation 15

Abstract:

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Asset Tangibility and Firm Performance Under External Financing: Evidence from Product Markets

Number of pages: 41 Posted: 21 Mar 2007
Murillo Campello
Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,022 (31,167)
Citation 4

Abstract:

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Product markets, asset tangibility, external financing, moral hazard, endogeneity

16.

Real Assets and Capital Structure

Number of pages: 51 Posted: 02 Mar 2010 Last Revised: 10 Sep 2013
Murillo Campello and Erasmo Giambona
Cornell University - Samuel Curtis Johnson Graduate School of Management and Syracuse University - Whitman School of Management - Finance Department; James D. Kuhn Center for Real Estate
Downloads 1,009 (31,731)
Citation 13

Abstract:

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Asset tangibility, capital structure, credit frictions, instrumental variables, asset demand

17.

Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returns

Journal of Money, Credit, and Banking, Forthcoming
Number of pages: 22 Posted: 19 Mar 2005 Last Revised: 18 Feb 2010
Murillo Campello, Long Chen and Long Chen
Cornell University - Samuel Curtis Johnson Graduate School of Management and Cheung Kong Graduate School of BusinessLuohan Academy
Downloads 990 (32,573)
Citation 1

Abstract:

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Financial constraints, equity returns, credit spreads, systematic risk, macroeconomic shocks

The Real and Financial Implications of Corporate Hedging

Number of pages: 49 Posted: 29 Jan 2010
Murillo Campello, Chen Lin, Yue Ma and Hong Zou
Cornell University - Samuel Curtis Johnson Graduate School of Management, The University of Hong Kong - Faculty of Business and Economics, City University of Hong Kong (CityU) - Department of Economics & Finance and Lingnan University, Department of Finance and Insurance
Downloads 628 (59,432)
Citation 4

Abstract:

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Hedging, risk management, financing terms, investment spending, instrumental variables

The Real and Financial Implications of Corporate Hedging

Forthcoming, Journal of Finance
Number of pages: 42 Posted: 17 Mar 2010 Last Revised: 02 Jan 2011
Murillo Campello, Chen Lin, Yue Ma and Hong Zou
Cornell University - Samuel Curtis Johnson Graduate School of Management, The University of Hong Kong - Faculty of Business and Economics, City University of Hong Kong (CityU) - Department of Economics & Finance and The University of Hong Kong - Faculty of Business and Economics
Downloads 300 (141,711)
Citation 13

Abstract:

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Hedging, risk management, financing terms, investment spending, instrumental variables

The Real and Financial Implications of Corporate Hedging

NBER Working Paper No. w16622
Number of pages: 35 Posted: 27 Dec 2010 Last Revised: 03 Jun 2022
Murillo Campello, Chen Lin, Yue Ma and Hong Zou
Cornell University - Samuel Curtis Johnson Graduate School of Management, The University of Hong Kong - Faculty of Business and Economics, City University of Hong Kong (CityU) - Department of Economics & Finance and The University of Hong Kong - Faculty of Business and Economics
Downloads 52 (524,176)

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Financing Frictions and the Substitution Between Internal and External Funds

AFA 2008 New Orleans Meetings Paper
Number of pages: 36 Posted: 19 Mar 2007 Last Revised: 23 Apr 2008
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 971 (33,514)
Citation 8

Abstract:

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Capital structure, external financing, pecking order, financial constraints, investment, GMM, business cycles

20.

Product Market Performance, Switching Costs, and Liquidation Values: The Real Effects of Financial Leverage

AFA 2007 Chicago Meetings Paper
Number of pages: 43 Posted: 19 Mar 2005
Murillo Campello and Zsuzsanna Fluck
Cornell University - Samuel Curtis Johnson Graduate School of Management and Michigan State University - Department of Finance
Downloads 970 (33,555)
Citation 19

Abstract:

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Leverage, product market competition, switching costs, asset liquidation, endogeneity, business cycles

21.

The Dynamics of Earnings Forecast Management

University of Illinois Working Paper
Number of pages: 32 Posted: 26 Mar 2003
Dan Bernhardt and Murillo Campello
University of Illinois at Urbana-Champaign - Department of Economics and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 965 (33,778)
Citation 9

Abstract:

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Analysts consensus, forecast errors, earnings management

22.

The Long-Term Cost of the Financial Crisis

Number of pages: 6 Posted: 12 Mar 2009
Murillo Campello, John R. Graham and Campbell R. Harvey
Cornell University - Samuel Curtis Johnson Graduate School of Management, Duke University and Duke University - Fuqua School of Business
Downloads 904 (37,054)
Citation 3

Abstract:

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Financial crisis, financing constraints, investment spending, liquidity management, matching estimators

23.

The Financial Accelerator: Evidence from International Housing Markets

AFA 2007 Chicago Meetings Paper
Number of pages: 32 Posted: 18 Mar 2006
Heitor Almeida, Crocker H. Liu and Murillo Campello
University of Illinois at Urbana-Champaign, Arizona State University and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 863 (39,564)
Citation 34

Abstract:

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financial accelerator, housing prices, collateral constraint, income constraint, credit multiplier

Internal Capital Markets in Financial Conglomerates: Evidence from Small Bank Responses to Monetary Policy

Number of pages: 42 Posted: 25 Nov 2001
Murillo Campello
Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 862 (39,056)
Citation 64

Abstract:

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Internal Capital Markets, Financial Constraints, Financial Institutions, Monetary Policy

Internal Capital Markets in Financial Conglomerates: Evidence from Small Bank Responses to Monetary Policy

Posted: 01 Jan 2002
Murillo Campello
Cornell University - Samuel Curtis Johnson Graduate School of Management

Abstract:

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Internal Capital Markets, Financial Constraints, Financial Institutions, Monetary Policy

25.

Analyst Compensation and Forecast Bias

Tufts University, Department of Economics Working Paper No. 99-09
Number of pages: 27 Posted: 20 Sep 1999
Dan Bernhardt, Murillo Campello and Edward Kutsoati
University of Illinois at Urbana-Champaign - Department of Economics, Cornell University - Samuel Curtis Johnson Graduate School of Management and Tufts University - Department of Economics
Downloads 832 (41,547)
Citation 5

Abstract:

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26.

Investment Risk, CDS Insurance, and Firm Financing

European Economic Review, Forthcoming
Number of pages: 24 Posted: 28 Feb 2011 Last Revised: 12 Mar 2020
Murillo Campello and Rafael Matta
Cornell University - Samuel Curtis Johnson Graduate School of Management and SKEMA Business School - Université Côte d'Azur
Downloads 701 (52,241)
Citation 21

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CDS, Empty Creditors, Bankruptcy, Financing Efficiency, Regulation

Bankruptcy and the Cost of Organized Labor: Evidence from Union Elections

Kelley School of Business Research Paper No. 15-61 (First version: July 2015)
Number of pages: 57 Posted: 21 Aug 2015 Last Revised: 26 Mar 2016
Murillo Campello, Janet Gao, Jiaping Qiu and Yue Zhang
Cornell University - Samuel Curtis Johnson Graduate School of Management, McDonough School of Business, McMaster University - Michael G. DeGroote School of Business and McMaster University
Downloads 655 (56,295)
Citation 5

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Unionization, Bond Values, Regression Discontinuity Design, Bankruptcy Costs

Bankruptcy and the Cost of Organized Labor: Evidence from Union Elections

NBER Working Paper No. w23869
Number of pages: 70 Posted: 02 Oct 2017 Last Revised: 21 Mar 2022
Murillo Campello, Janet Gao, Jiaping Qiu and Yue Zhang
Cornell University - Samuel Curtis Johnson Graduate School of Management, McDonough School of Business, McMaster University - Michael G. DeGroote School of Business and Université catholique de Louvain - Louvain Finance and CORE
Downloads 34 (619,487)
Citation 7

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Do Stock Prices Influence Corporate Decisions? Evidence from the Technology Bubble

Number of pages: 42 Posted: 13 Mar 2006
Murillo Campello and John R. Graham
Cornell University - Samuel Curtis Johnson Graduate School of Management and Duke University
Downloads 588 (64,670)

Abstract:

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Stock markets, real investment, bubbles, financial constraints, endogeneity

Do Stock Prices Influence Corporate Decisions? Evidence from the Technology Bubble

NBER Working Paper No. w13640
Number of pages: 48 Posted: 30 Nov 2007 Last Revised: 10 Apr 2022
Murillo Campello and John R. Graham
Cornell University - Samuel Curtis Johnson Graduate School of Management and Duke University
Downloads 69 (455,952)
Citation 12

Abstract:

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29.
Downloads 648 ( 57,813)
Citation 7

The Firm-Level Credit Multiplier

Journal of Financial Intermediation, Forthcoming, EFA 2008 Athens Meetings Paper
Number of pages: 50 Posted: 29 Feb 2012
Murillo Campello and Dirk Hackbarth
Cornell University - Samuel Curtis Johnson Graduate School of Management and Boston University - Department of Finance & Economics
Downloads 621 (60,305)

Abstract:

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Credit Multiplier, Capital Structure, Financing Constraints, Investment, Real Options

The Firm-Level Credit Multiplier

NBER Working Paper No. w17805
Number of pages: 51 Posted: 03 Feb 2012 Last Revised: 25 Feb 2022
Murillo Campello and Dirk Hackbarth
Cornell University - Samuel Curtis Johnson Graduate School of Management and Boston University - Department of Finance & Economics
Downloads 27 (667,261)
Citation 1

Abstract:

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Firm Balance Sheets and Monetary Policy Transmission

Journal of Monetary Economics, Forthcoming
Number of pages: 41 Posted: 28 Jan 2006
Adam B. Ashcraft and Murillo Campello
Federal Reserve Bank of New York and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 610 (62,468)
Citation 7

Abstract:

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Firm Financial Constraints, Monetary Policy, Balance Sheet Channel, Financial Conglomerates, Internal Capital Markets

31.

Renegotiation Frictions and Financial Distress Resolution: Evidence from CDS Spreads

Number of pages: 67 Posted: 29 Mar 2015 Last Revised: 15 Apr 2019
Murillo Campello, Tomislav Ladika and Rafael Matta
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Amsterdam and SKEMA Business School - Université Côte d'Azur
Downloads 604 (51,906)

Abstract:

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Loan renegotiation, taxes, bankruptcy, credit default swaps, credit access.

Corporate Liquidity Management: A Conceptual Framework and Survey

Fisher College of Business Working Paper No. 2013-03-15, Charles A. Dice Center Working Paper No. 2013-15
Number of pages: 46 Posted: 06 Oct 2013
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Kentucky and Ohio State University (OSU) - Department of Finance
Downloads 547 (70,903)
Citation 1

Abstract:

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Liquidity, Cash, Financial Constraints, Financial Crisis

Corporate Liquidity Management: A Conceptual Framework and Survey

NBER Working Paper No. w19502
Number of pages: 46 Posted: 05 Oct 2013 Last Revised: 16 Apr 2022
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Kentucky and Ohio State University (OSU) - Department of Finance
Downloads 43 (568,210)
Citation 15

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Corporate Liquidity Management: A Conceptual Framework and Survey

Annual Review of Financial Economics, Vol. 6, pp. 135-162, 2014
Posted: 25 Nov 2014
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Kentucky and Ohio State University (OSU) - Department of Finance

Abstract:

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Corporate Hiring under COVID-19: Financial Constraints and the Nature of New Jobs

Number of pages: 81 Posted: 11 May 2020 Last Revised: 04 Aug 2022
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Pittsburgh - Katz Graduate School of Business and Tulane University, A.B. Freeman School of Business, Department of Finance
Downloads 464 (86,854)
Citation 3

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Covid-19, Machine learning, Corporate hiring, Human capital, Financial constraints, Work from home

Corporate Hiring Under Covid-19: Labor Market Concentration, Downskilling, and Income Inequality

NBER Working Paper No. w27208
Number of pages: 46 Posted: 26 May 2020 Last Revised: 07 May 2022
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Pittsburgh - Katz Graduate School of Business and Tulane University, A.B. Freeman School of Business, Department of Finance
Downloads 90 (390,447)
Citation 2

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Access to Liquidity and Corporate Investment in Europe During the Financial Crisis

Number of pages: 38 Posted: 25 Nov 2010 Last Revised: 23 Aug 2011
Cornell University - Samuel Curtis Johnson Graduate School of Management, Syracuse University - Whitman School of Management - Finance Department; James D. Kuhn Center for Real Estate, Duke University and Duke University - Fuqua School of Business
Downloads 504 (79,321)
Citation 18

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Financial Crisis, Investment Spending, Lines of Credit

35.
Downloads 476 ( 84,955)
Citation 2

Corporate Flexibility in a Time of Crisis

Number of pages: 79 Posted: 04 Feb 2021 Last Revised: 15 Mar 2022
John W. Barry, Murillo Campello, John R. Graham and Yueran Ma
Duke University, Cornell University - Samuel Curtis Johnson Graduate School of Management, Duke University and University of Chicago - Booth School of Business
Downloads 458 (88,182)
Citation 2

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corporate planning; corporate flexibility; corporate decision-making; COVID-19; automation; work from home; remote work; pandemic; crisis; investment; employment

Corporate Flexibility in a Time of Crisis

NBER Working Paper No. w29746
Number of pages: 80 Posted: 25 Feb 2022 Last Revised: 15 Apr 2022
John W. Barry, Murillo Campello, John R. Graham and Yueran Ma
Duke University, Cornell University - Samuel Curtis Johnson Graduate School of Management, Duke University and University of Chicago - Booth School of Business
Downloads 18 (741,336)

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36.

Personal Taxes and Firm Skill Hiring: Evidence from 27 Million Job Postings

Kelley School of Business Research Paper No. 19-35
Number of pages: 55 Posted: 02 Jul 2019 Last Revised: 23 Mar 2021
Murillo Campello, Janet Gao and Qiping Xu
Cornell University - Samuel Curtis Johnson Graduate School of Management, McDonough School of Business and University of Illinois Urbana Champaign
Downloads 462 (88,090)
Citation 1

Abstract:

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State personal income taxes, Skilled labor, Human capital, Firm organizational form

37.

Credit Risk and the Life Cycle of Callable Bonds: Implications for Real Corporate Decisions

Swedish House of Finance Research Paper No. 18-16
Number of pages: 51 Posted: 17 Dec 2018 Last Revised: 26 Apr 2022
Bo Becker, Murillo Campello, Viktor Thell and Dong Yan
Stockholm School of Economics, Cornell University - Samuel Curtis Johnson Graduate School of Management, Swedish FSA and Stockholm School of Economics
Downloads 442 (92,680)
Citation 3

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Callable bonds, Credit risk, Debt overhang, Investment decisions.

38.

Exporting Uncertainty: The Impact of Brexit on Corporate America

Journal of Financial and Quantitative Analysis (JFQA)
Number of pages: 80 Posted: 30 Nov 2017 Last Revised: 11 May 2021
Cornell University - Samuel Curtis Johnson Graduate School of Management, Warrington College of Business, University of Florida, Purdue University - Krannert School of Management and University of Pittsburgh - Katz Graduate School of Business
Downloads 435 (94,441)
Citation 1

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Brexit, Political Uncertainty, International Spillovers, Investment, Labor

Access to Collateral and the Democratization of Credit: France's Reform of the Napoleonic Code

Journal of Finance, Forthcoming
Number of pages: 101 Posted: 11 Feb 2016 Last Revised: 25 May 2019
Kevin Aretz, Murillo Campello and Maria‐Teresa Marchica
Alliance Manchester Business School, Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Manchester - Alliance Manchester Business School
Downloads 292 (145,766)
Citation 5

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Security Laws, Contractibility, Collateral, Capital Structure, Bank Loans, Welfare

Access to Collateral and the Democratization of Credit: France's Reform of the Napoleonic Code

Paris December 2016 Finance Meeting EUROFIDAI - AFFI
Number of pages: 51 Posted: 27 May 2016
Kevin Aretz, Murillo Campello and Maria‐Teresa Marchica
Alliance Manchester Business School, Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Manchester - Alliance Manchester Business School
Downloads 105 (353,167)
Citation 2

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Security Laws, Contractibility, Collateral, Capital Structure, Bank Loans, Welfare

40.

Policy Heterogeneity in Empirical Corporate Finance

Number of pages: 56 Posted: 14 Apr 2013 Last Revised: 17 Dec 2014
Murillo Campello, Antonio F. Galvao and Ted Juhl
Cornell University - Samuel Curtis Johnson Graduate School of Management, Michigan State University and University of Kansas - Department of Economics
Downloads 368 (114,424)
Citation 3

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fixed effects, estimation, slope heterogeneity

41.

How Are Venture Capitalists Rewarded? The Economics of Venture Capital Partnerships

Number of pages: 43 Posted: 16 Mar 2010 Last Revised: 13 Jan 2015
Murillo Campello and Rafael Matta
Cornell University - Samuel Curtis Johnson Graduate School of Management and SKEMA Business School - Université Côte d'Azur
Downloads 347 (122,103)
Citation 3

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Venture capitalists, project screening, capital markets efficiency, model calibration

42.
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Citation 10

Measurement Errors in Investment Equations

Number of pages: 52 Posted: 23 Mar 2010 Last Revised: 06 Apr 2010
Heitor Almeida, Murillo Campello and Antonio F. Galvao
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Illinois at Urbana-Champaign - Department of Economics
Downloads 265 (161,059)
Citation 10

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Investment equations, measurement error, Monte Carlo simulations, instrumental variables, GMM

Measurement Errors in Investment Equations

NBER Working Paper No. w15951
Number of pages: 55 Posted: 03 May 2010 Last Revised: 03 Aug 2022
Heitor Almeida, Murillo Campello and Antonio F. Galvao
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Illinois at Urbana-Champaign - Department of Economics
Downloads 42 (573,542)

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Is the Stock Market Just a Side Show? Evidence from a Structural Reform

Number of pages: 57 Posted: 05 Nov 2011
Murillo Campello, Rafael P. Ribas and Albert Y. Wang
Cornell University - Samuel Curtis Johnson Graduate School of Management, Boise State University - College of Business & Economics and Auburn University - Department of Finance
Downloads 281 (151,671)
Citation 11

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Is the Stock Market Just a Side Show? Evidence from a Structural Reform

NBER Working Paper No. w20121
Number of pages: 75 Posted: 19 May 2014 Last Revised: 25 Jun 2022
Murillo Campello, Rafael P. Ribas and Albert Y. Wang
Cornell University - Samuel Curtis Johnson Graduate School of Management, Boise State University - College of Business & Economics and Auburn University - Department of Finance
Downloads 21 (715,450)
Citation 1

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Aggregate Risk and the Choice between Cash and Lines of Credit

Journal of Finance, Forthcoming
Number of pages: 85 Posted: 01 Aug 2012
ProfessorNew York University - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 233 (182,724)

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bank lines of credit, cash holdings, liquidity management, systematic risk, loan spreads, loan

Aggregate Risk and the Choice between Cash and Lines of Credit

NBER Working Paper No. w16122
Number of pages: 48 Posted: 29 Jun 2010 Last Revised: 22 Jul 2022
ProfessorNew York University - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 62 (482,037)
Citation 9

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Aggregate Risk and the Choice between Cash and Lines of Credit

CEPR Discussion Paper No. DP8913
Number of pages: 67 Posted: 04 Apr 2012
ProfessorNew York University - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
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Citation 24
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asset beta, bank lines of credit, cash holdings, liquidity management, loan maturity, loan spreads, systemic risk

45.

Whistleblowers on the Board? The Role of Independent Directors in Cartel Prosecutions

Number of pages: 47 Posted: 12 Oct 2015
Murillo Campello, Daniel Ferrés and Gaizka Ormazabal
Cornell University - Samuel Curtis Johnson Graduate School of Management, Universidad de Montevideo and University of Navarra, IESE Business School
Downloads 275 (155,671)
Citation 1

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Cartel Prosecution, Antitrust Policy, Leniency Programs, Independent Directors, Reputational Costs, Heckman Selection Test

46.

The Cash Flow Sensitivity of Cash: Replication, Extension, and Robustness

Fisher College of Business Working Paper No. 2021-03-002, Charles A. Dice Center Working Paper No. 2021-02
Number of pages: 17 Posted: 27 Jan 2021
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and Ohio State University (OSU) - Department of Finance
Downloads 271 (158,106)

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Cash Flow Sensitivity of Cash, Financial Constraints, Cash Savings

47.

Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity

Forthcoming, Review of Financial Studies
Number of pages: 45 Posted: 22 Nov 2013 Last Revised: 16 Nov 2015
Murillo Campello and Mauricio Larrain
Cornell University - Samuel Curtis Johnson Graduate School of Management and Columbia University
Downloads 239 (178,838)

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Contractibility, collateral, capital structure, credit availability, real activity

48.

Does Stock Manipulation Distort Corporate Investment? The Role of Short Selling Costs and Share Repurchases

Number of pages: 63 Posted: 29 Sep 2020 Last Revised: 25 Nov 2020
Murillo Campello, Rafael Matta and Pedro A. C. Saffi
Cornell University - Samuel Curtis Johnson Graduate School of Management, SKEMA Business School - Université Côte d'Azur and University of Cambridge - Judge Business School
Downloads 229 (186,231)
Citation 1

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Short selling costs, stock manipulation, informed trading, corporate investment, share repurchases

49.

More on the Performance of Higher Order Moment Estimators in Investment Equations

Number of pages: 41 Posted: 07 Oct 2010
Heitor Almeida, Murillo Campello and Antonio F. Galvao
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Illinois at Urbana-Champaign - Department of Economics
Downloads 208 (203,918)
Citation 4

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Investment equations, measurement error, Monte Carlo simulations, instrumental variables, GMM

Delayed Creative Destruction: How Uncertainty Shapes Corporate Assets

Number of pages: 69 Posted: 06 Jul 2021
Murillo Campello, Gaurav Kankanhalli and Hyunseob Kim
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Pittsburgh - Katz Graduate School of Business and Federal Reserve Bank of Chicago
Downloads 135 (294,228)

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Uncertainty, capital allocation, productivity, technology, investment, disinvestment

Delayed Creative Destruction: How Uncertainty Shapes Corporate Assets

NBER Working Paper No. w28971
Number of pages: 70 Posted: 28 Jun 2021 Last Revised: 18 Nov 2021
Murillo Campello, Gaurav Kankanhalli and Hyunseob Kim
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Pittsburgh and Federal Reserve Bank of Chicago
Downloads 7 (850,941)
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51.

Borrowers' Financial Constraints and the Transmission of Monetary Policy: Evidence from Financial Conglomerates

FRB of New York Staff Report No. 153
Number of pages: 41 Posted: 31 Jul 2006
Adam B. Ashcraft and Murillo Campello
Federal Reserve Bank of New York and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 125 (310,485)
Citation 7

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balance sheet channel, internal capital markets

52.

Corporate Demand for Liquidity

NBER Working Paper No. w9253
Number of pages: 44 Posted: 04 Oct 2002 Last Revised: 15 Apr 2022
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, Cornell University - Samuel Curtis Johnson Graduate School of Management and Ohio State University (OSU) - Department of Finance
Downloads 121 (317,999)

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53.

Real Assets and Capital Structure

NBER Working Paper No. w18147
Number of pages: 51 Posted: 16 Jun 2012 Last Revised: 03 Aug 2022
Murillo Campello and Erasmo Giambona
Cornell University - Samuel Curtis Johnson Graduate School of Management and Syracuse University - Whitman School of Management - Finance Department; James D. Kuhn Center for Real Estate
Downloads 51 (519,712)
Citation 13

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54.

Exporting Uncertainty: The Impact of Brexit on Corporate America

NBER Working Paper No. w26714
Number of pages: 66 Posted: 03 Feb 2020 Last Revised: 30 Jun 2022
Cornell University - Samuel Curtis Johnson Graduate School of Management, Warrington College of Business, University of Florida, Purdue University - Krannert School of Management and University of Pittsburgh - Katz Graduate School of Business
Downloads 22 (685,763)

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55.

Enlarging the Contracting Space: Collateral Menus, Access to Credit, and Economic Activity

NBER Working Paper No. w21690
Number of pages: 44 Posted: 02 Nov 2015 Last Revised: 08 Apr 2022
Murillo Campello and Mauricio Larrain
Cornell University - Samuel Curtis Johnson Graduate School of Management and Columbia University
Downloads 21 (693,481)
Citation 6

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56.

Whistleblowers on the Board? The Role of Independent

CEPR Discussion Paper No. DP12143
Number of pages: 50 Posted: 18 Jul 2017
Murillo Campello, Daniel Ferrés and Gaizka Ormazabal
Cornell University - Samuel Curtis Johnson Graduate School of Management, Universidad de Montevideo and University of Navarra, IESE Business School
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Cartel Prosecution; Antitrust Policy; Leniency Programs; Independent Directors;

57.

Credit Risk and the Life Cycle of Callable Bonds: Implications for Corporate Financing and Investing

CEPR Discussion Paper No. DP16239
Number of pages: 44 Posted: 14 Jul 2021
Bo Becker, Murillo Campello, Viktor Thell and Dong Yan
Stockholm School of Economics, Cornell University - Samuel Curtis Johnson Graduate School of Management, Swedish FSA and Stockholm School of Economics
Downloads 1 (889,430)
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58.

CARE/CEASA Roundtable on: Liquidity and Capital Management

Journal of Applied Corporate Finance, Vol. 24, Issue 1, pp. 42-59, 2012
Number of pages: 20 Posted: 25 Mar 2012
Columbia University - Columbia Business School, Cornell University - Samuel Curtis Johnson Graduate School of Management, University of North Carolina at Chapel Hill and London Business School
Downloads 1 (889,430)

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59.

Do Real Estate Values Boost Corporate Borrowing? Evidence from Contract-Level Data

Posted: 28 Dec 2020
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Florida, University of Pittsburgh - Katz Graduate School of Business and Penn State Smeal College of Business

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Collateral, capital structure, corporate real estate, investment, asset risk

60.

The Rise of the Equity Lending Market: Implications for Corporate Policies

Posted: 15 Dec 2015 Last Revised: 14 Nov 2020
Murillo Campello, Rafael Matta and Pedro A. C. Saffi
Cornell University - Samuel Curtis Johnson Graduate School of Management, SKEMA Business School - Université Côte d'Azur and University of Cambridge - Judge Business School

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Equity lending markets, short sales, corporate policies, share repurchases, investment, savings, trading frictions