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

61

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Top 144

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3,014

CROSSREF CITATIONS

2,388

Ideas:
“  Corporate Finance and Banking  ”

Scholarly Papers (61)

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 3,628 (5,341)
Citation 194

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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 641 (71,112)
Citation 13

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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 2023
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 120 (395,667)

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2.
Downloads 3,650 ( 5,397)
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 3,650 (5,287)
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 2,641 (8,994)
Citation 38

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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 2,162 (12,177)
Citation 40

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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: 26 Jul 2023
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 140 (351,259)
Citation 50

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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, New York University (NYU) - Leonard N. Stern School of Business and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1,717 (17,554)
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: 18 Aug 2022
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 101 (449,033)
Citation 85

Abstract:

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

Number of pages: 52 Posted: 26 May 2005
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 23 (877,875)
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
New York University (NYU) - 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

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 1,579 (19,934)
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 123 (388,294)
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

7.

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 1,671 (18,618)
Citation 41

Abstract:

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

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 1,198 (30,120)
Citation 6

Abstract:

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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 256 (203,837)

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 Dec 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 98 (458,351)
Citation 8

Abstract:

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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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G12, E44

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 1,373 (24,637)
Citation 13

Abstract:

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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 1,201 (30,018)
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: 27 Nov 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 104 (439,608)
Citation 31

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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 1,283 (27,691)
Citation 26

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

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 1,013 (38,316)
Citation 11

Abstract:

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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 Dec 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 160 (314,477)
Citation 75

Abstract:

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13.
Downloads 1,161 (32,054)
Citation 28

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 - Questrom School of Business
Downloads 1,105 (33,825)
Citation 9

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: 13 Mar 2023
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 - Questrom School of Business
Downloads 56 (634,452)
Citation 20

Abstract:

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Downloads 1,160 (32,054)

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 1,160 (31,602)
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

15.

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 1,120 (33,695)
Citation 6

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 1,069 (36,014)
Citation 15

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

17.
Downloads 1,068 (36,066)
Citation 85

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 657 (68,849)
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 346 (148,715)
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 2023
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 65 (587,745)

Abstract:

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18.

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 1,023 (38,359)
Citation 19

Abstract:

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

19.

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 1,022 (38,413)
Citation 1

Abstract:

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

20.

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 998 (39,720)
Citation 8

Abstract:

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Capital structure, external financing, pecking order, financial constraints, investment, GMM, 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 983 (40,574)
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 921 (44,414)
Citation 3

Abstract:

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

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 885 (46,258)
Citation 92

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

24.

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 884 (46,997)
Citation 34

Abstract:

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

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 858 (48,972)
Citation 5

Abstract:

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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 705 (62,985)
Citation 6

Abstract:

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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: 22 Mar 2023
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 54 (645,680)
Citation 7

Abstract:

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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 739 (60,338)
Citation 25

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CDS, Empty Creditors, Bankruptcy, Financing Efficiency, Regulation

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 649 (69,944)
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 2023
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 82 (513,867)
Citation 15

Abstract:

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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

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 87 Posted: 11 May 2020 Last Revised: 27 Dec 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 602 (76,882)
Citation 4

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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: 06 May 2023
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 118 (400,591)
Citation 2

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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 615 (74,878)

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 81 (517,828)
Citation 12

Abstract:

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31.
Downloads 690 (65,524)
Citation 12

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 - Questrom School of Business
Downloads 646 (70,406)

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 2023
Murillo Campello and Dirk Hackbarth
Cornell University - Samuel Curtis Johnson Graduate School of Management and Boston University - Questrom School of Business
Downloads 44 (707,864)
Citation 1

Abstract:

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32.

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 658 (70,057)
Citation 1

Abstract:

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

33.

Credit Risk, Debt Overhang, and the Life Cycle of Callable Bonds

Swedish House of Finance Research Paper No. 18-16
Number of pages: 63 Posted: 17 Dec 2018 Last Revised: 20 Oct 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 Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)
Downloads 648 (71,043)
Citation 3

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

34.

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 631 (73,489)
Citation 8

Abstract:

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

35.

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 630 (51,906)

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

36.
Downloads 588 (80,342)
Citation 1

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 552 (85,941)
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: 12 Apr 2023
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 36 (766,043)

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37.

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 526 (92,156)
Citation 19

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Financial Crisis, Investment Spending, Lines of Credit

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: 24 Dec 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 478 (103,512)

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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 The University of Manchester - Alliance Manchester Business School
Downloads 325 (159,602)
Citation 5

Abstract:

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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 The University of Manchester - Alliance Manchester Business School
Downloads 141 (349,301)
Citation 2

Abstract:

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

40.

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 445 (112,603)

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Cash Flow Sensitivity of Cash, Financial Constraints, Cash Savings

41.

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 386 (132,778)
Citation 3

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fixed effects, estimation, slope heterogeneity

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 307 (168,982)
Citation 7

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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 2023
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 56 (639,963)
Citation 1

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43.

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 361 (142,997)
Citation 3

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

44.
Downloads 350 (148,369)
Citation 17

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 285 (182,770)
Citation 7

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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: 01 Feb 2023
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 65 (592,581)

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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
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 252 (207,038)

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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 2023
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 79 (525,743)
Citation 47

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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
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 1 (1,089,509)
Citation 19
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asset beta, bank lines of credit, cash holdings, liquidity management, loan maturity, loan spreads, systemic risk

46.

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 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 312 (167,202)
Citation 1

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

47.

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 296 (176,618)
Citation 1

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

Corporate Decision-Making under Uncertainty: Review and Future Research Directions

Number of pages: 60 Posted: 14 Dec 2022
Murillo Campello and Gaurav Kankanhalli
Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Pittsburgh - Katz Graduate School of Business
Downloads 259 (201,400)

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Uncertainty, irreversibility, real options, investment, disinvestment, innovation

Corporate Decision-Making Under Uncertainty: Review and Future Research Directions

NBER Working Paper No. w30733
Number of pages: 61 Posted: 12 Dec 2022 Last Revised: 24 Jun 2023
Murillo Campello and Gaurav Kankanhalli
Cornell University - Samuel Curtis Johnson Graduate School of Management and University of Pittsburgh
Downloads 20 (907,363)
Citation 4
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49.

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 266 (197,027)

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

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 236 (220,785)

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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: 27 Feb 2023
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 23 (877,875)

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51.

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 234 (223,421)
Citation 4

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

52.

Corporate Demand for Liquidity

NBER Working Paper No. w9253
Number of pages: 44 Posted: 04 Oct 2002 Last Revised: 15 Oct 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 163 (309,362)

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53.

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 144 (342,749)
Citation 7

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balance sheet channel, internal capital markets

54.

A Data-Driven-Robust-Control Approach to Corporate Finance and AI-Guided Managerial Actions

Number of pages: 14 Posted: 31 Oct 2023
Murillo Campello, Lin William Cong and Luofeng Zhou
Cornell University - Samuel Curtis Johnson Graduate School of Management, Cornell University - Samuel Curtis Johnson Graduate School of Management and New York University (NYU) - Leonard N. Stern School of Business
Downloads 71 (552,475)

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Artificial Intelligence, Big Data, Offline Reinforcement Learning

55.

Real Assets and Capital Structure

NBER Working Paper No. w18147
Number of pages: 51 Posted: 16 Jun 2012 Last Revised: 01 Feb 2023
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 61 (597,583)
Citation 34

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56.

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 2023
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 46 (679,170)
Citation 5

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57.

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 2023
Murillo Campello and Mauricio Larrain
Cornell University - Samuel Curtis Johnson Graduate School of Management and Columbia University
Downloads 36 (746,049)
Citation 6

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58.

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 Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)
Downloads 3 (1,031,510)
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59.

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
Downloads 2 (1,038,183)
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Cartel Prosecution; Antitrust Policy; Leniency Programs; Independent Directors;

60.

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

61.

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 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