Toni M. Whited

University of Michigan, Stephen M. Ross School of Business

701 Tappan Street

Ann Arbor, MI MI 48109

United States

National Bureau of Economic Research

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

38

DOWNLOADS
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Top 212

in Total Papers Downloads

51,272

CITATIONS
Rank 369

SSRN RANKINGS

Top 369

in Total Papers Citations

1,178

Scholarly Papers (38)

1.

Endogeneity in Empirical Corporate Finance

Simon School Working Paper No. FR 11-29
Number of pages: 97 Posted: 28 Jan 2011 Last Revised: 06 Oct 2012
Michael R. Roberts and Toni M. Whited
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Michigan, Stephen M. Ross School of Business
Downloads 12,264 (98)
Citation 73

Abstract:

Instrumental Variables, Difference-in-Differences Estimators,Regression Discontinuity Designs, Matching Estimators, Measurement Error

Dynamic Models and Structural Estimation in Corporate Finance

Final pre-publication version, published in Foundations and Trends in Finance 6 (2012), 1-163.
Number of pages: 159 Posted: 25 Jun 2012 Last Revised: 10 Jan 2014
Ilya A. Strebulaev and Toni M. Whited
Stanford University - Graduate School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 4,367 (1,434)
Citation 7

Abstract:

Dynamic Corporate Finance, Structural Estimation

Dynamic Models and Structural Estimation in Corporate Finance

Foundations and Trends in Finance, Vol. 6, Nos. 1-2, 2011
Number of pages: 173 Posted: 23 May 2013
Ilya A. Strebulaev and Toni M. Whited
Stanford University - Graduate School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 0
Citation 7
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Abstract:

dynamic corporate finance, structural empirical methods, dynamic capital structure models

3.

Capital Structure Dynamics and Transitory Debt

Number of pages: 61 Posted: 04 Sep 2008 Last Revised: 08 Sep 2010
Harry DeAngelo, Linda DeAngelo and Toni M. Whited
University of Southern California - Marshall School of Business - Finance and Business Economics Department, University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of Michigan, Stephen M. Ross School of Business
Downloads 2,268 (4,041)
Citation 36

Abstract:

capital structure, leverage dynamics, target leverage, transitory debt, financial flexibility

4.

Agency Conflicts and Cash: Estimates from a Dynamic Model

Journal of Finance, Forthcoming
Number of pages: 70 Posted: 19 Nov 2009 Last Revised: 16 Oct 2013
Boris Nikolov and Toni M. Whited
University of Lausanne and University of Michigan, Stephen M. Ross School of Business
Downloads 2,089 (3,857)
Citation 18

Abstract:

Cash, agency conflicts, structural estimation

5.

Treating Measurement Error in Tobin’s Q

Simon School Working Paper No. FR 10-27
Number of pages: 59 Posted: 23 Aug 2010 Last Revised: 24 Oct 2011
Timothy Erickson and Toni M. Whited
U.S. Department of Labor - Bureau of Labor Statistics and University of Michigan, Stephen M. Ross School of Business
Downloads 1,262 (9,646)
Citation 18

Abstract:

Measurement Error, Investment, Minimum Distance, GMM

6.
Downloads 1,139 ( 14,451)
Citation 4

Equity Market Misvaluation, Financing, and Investment

Number of pages: 60 Posted: 06 Sep 2012 Last Revised: 07 Nov 2014
Missaka Warusawitharana and Toni M. Whited
Board of Governors of the Federal Reserve System and University of Michigan, Stephen M. Ross School of Business
Downloads 1,135 (14,219)
Citation 4

Abstract:

equity misvaluation, financing, investment

Equity Market Misvaluation, Financing, and Investment

FEDS Working Paper No. 2013-78
Number of pages: 53 Posted: 31 May 2017
Missaka Warusawitharana and Toni M. Whited
Board of Governors of the Federal Reserve System and University of Michigan, Stephen M. Ross School of Business
Downloads 4 (557,727)
Citation 4

Abstract:

7.

Refinancing, Profitability, and Capital Structure

Number of pages: 52 Posted: 04 Nov 2012 Last Revised: 26 Oct 2015
Andras Danis, Daniel A. Rettl and Toni M. Whited
Georgia Institute of Technology - Scheller College of Business, Humboldt University of Berlin - School of Business and Economics and University of Michigan, Stephen M. Ross School of Business
Downloads 1,122 (7,752)

Abstract:

Dynamic Tradeoff Theory

8.

Financial Constraints Risk

Number of pages: 42 Posted: 23 Jun 2003 Last Revised: 05 Feb 2012
Toni M. Whited and Guojun Wu
University of Michigan, Stephen M. Ross School of Business and University of Houston
Downloads 1,085 (11,903)
Citation 153

Abstract:

Financial Constraints, Stock Returns, Undiversifiable Risk

Measurement Error and the Relationship between Investment and q

Number of pages: 31 Posted: 31 Oct 2000
Timothy Erickson and Toni M. Whited
U.S. Department of Labor - Bureau of Labor Statistics and University of Michigan, Stephen M. Ross School of Business
Downloads 914 (19,747)
Citation 221

Abstract:

Measurement Error and the Relationship between Investment and q

Posted: 22 Sep 2001
Timothy Erickson and Toni M. Whited
U.S. Department of Labor - Bureau of Labor Statistics and University of Michigan, Stephen M. Ross School of Business

Abstract:

10.

Dynamic Corporate Finance is Useful: A Comment on Welch

Number of pages: 21 Posted: 30 Dec 2012 Last Revised: 14 Apr 2014
Ilya A. Strebulaev and Toni M. Whited
Stanford University - Graduate School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 912 (12,769)

Abstract:

Dynamic Corporate Finance

11.

Estimating and Testing Dynamic Corporate Finance Models

Number of pages: 55 Posted: 17 Mar 2012 Last Revised: 07 Jul 2017
Santiago Bazdresch, R. Jay Kahn and Toni M. Whited
Banco de México, University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 901 (20,563)

Abstract:

dynamic models of capital structure, policy function, value function, model evaluation, Monte Carlo

12.

Debt Dynamics

Number of pages: 62 Posted: 21 Jul 2003
Chris Hennessy and Toni M. Whited
London Business School and University of Michigan, Stephen M. Ross School of Business
Downloads 863 (16,733)
Citation 180

Abstract:

Capital structure, taxes, dynamic model, indirect inference

13.
Downloads 848 ( 22,482)
Citation 65

Investment-Based Expected Stock Returns

Journal of Political Economy, Forthcoming, Simon School Working Paper No. FR 10-03
Number of pages: 36 Posted: 16 Oct 2009
Laura Xiaolei Liu, Toni M. Whited and Lu Zhang
Guanghua School of Management, Peking University, University of Michigan, Stephen M. Ross School of Business and Ohio State University - Fisher College of Business
Downloads 848 (22,109)
Citation 65

Abstract:

q-theory, the cross-section of expected returns, investment-based asset pricing, stock return volatility, structural estimation

Investment-Based Expected Stock Returns

Journal of Political Economy, Vol. 117, No. 6, pp. 1105-1139, 2009
Posted: 18 Dec 2009
Laura Xiaolei Liu, Toni M. Whited and Lu Zhang
Guanghua School of Management, Peking University, University of Michigan, Stephen M. Ross School of Business and Ohio State University - Fisher College of Business

Abstract:

q-theory, the cross-section of expected returns, investment-based asset pricing, stock return volatility, structural estimation

14.

Spin-Offs, Divestitures, and Conglomerate Investment

Number of pages: 57 Posted: 04 Mar 2005 Last Revised: 23 Nov 2009
Gonul Colak and Toni M. Whited
Hanken School of Economics and University of Michigan, Stephen M. Ross School of Business
Downloads 838 (20,250)
Citation 28

Abstract:

Conglomerate discount, refocussing, investment, endogeneity, measurement error

15.

Threshold Events and Identification: A Study of Cash Shortfalls

Journal of Finance, Forthcoming
Number of pages: 43 Posted: 28 May 2010 Last Revised: 28 Nov 2011
Tor-Erik Bakke and Toni M. Whited
University of Oklahoma - Division of Finance and University of Michigan, Stephen M. Ross School of Business
Downloads 812 (19,992)
Citation 14

Abstract:

Investment, Regression Discontinuity, Threshold Events

16.

Which Firms Follow the Market? An Analysis of Corporate Investment Decisions

AFA 2007 Chicago Meetings Paper
Number of pages: 52 Posted: 19 Mar 2006
Tor-Erik Bakke and Toni M. Whited
University of Oklahoma - Division of Finance and University of Michigan, Stephen M. Ross School of Business
Downloads 604 (31,351)
Citation 34

Abstract:

Investment, stock market, market timing, measurement error

17.

The Corporate Propensity to Save

Number of pages: 53 Posted: 07 Nov 2006 Last Revised: 05 Feb 2012
Leigh A. Riddick and Toni M. Whited
American University - Kogod School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 573 (30,044)
Citation 62

Abstract:

Corporate saving, cash, investment, costly external finance, uncertainty

18.
Downloads 559 ( 39,908)
Citation 3

Macroeconomic Implications of Agglomeration

Simon School Working Paper No. FR 10-12
Number of pages: 39 Posted: 10 Jan 2010 Last Revised: 12 Nov 2011
Morris A. Davis, Jonas D. M. Fisher and Toni M. Whited
Rutgers Business School, Federal Reserve Bank of Chicago - Economic Research Department and University of Michigan, Stephen M. Ross School of Business
Downloads 490 (46,603)
Citation 3

Abstract:

Balanced Growth, Economic Growth, Productivity, Externalities, Increasing Returns, Agglomeration, Density

Macroeconomic Implications of Agglomeration

Number of pages: 45 Posted: 17 Jan 2010 Last Revised: 17 Dec 2011
Morris A. Davis, Jonas D. M. Fisher and Toni M. Whited
Rutgers Business School, Federal Reserve Bank of Chicago - Economic Research Department and University of Michigan, Stephen M. Ross School of Business
Downloads 69 (287,489)
Citation 3

Abstract:

Balanced Growth, Economic Growth, Productivity, Externalities, Agglomeration

What Gives? A Study of Firms' Reactions to Cash Shortfalls

Number of pages: 42 Posted: 02 Nov 2008 Last Revised: 09 Nov 2008
Tor-Erik Bakke and Toni M. Whited
University of Oklahoma - Division of Finance and University of Michigan, Stephen M. Ross School of Business
Downloads 392 (61,524)
Citation 6

Abstract:

investment, finance constraints, regression discontinuity, outliers

What Gives? A Study of Firms' Reactions to Cash Shortfalls

EFA 2009 Bergen Meetings Paper
Number of pages: 42 Posted: 10 Jan 2009
Tor-Erik Bakke and Toni M. Whited
University of Oklahoma - Division of Finance and University of Michigan, Stephen M. Ross School of Business
Downloads 162 (155,591)
Citation 6

Abstract:

Investment, Regression Discontinuity, Endogeneity, Outliers

20.

Collateral, Taxes, and Leverage

Number of pages: 58 Posted: 27 Nov 2013 Last Revised: 24 Sep 2015
Shaojin Li, Toni M. Whited and Yufeng Wu
Shanghai University of Finance and Economics - School of Finance, University of Michigan, Stephen M. Ross School of Business and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 534 (14,417)

Abstract:

Collateral, Taxes, Leverage, Limited Commitment, Structural Estimation

21.

The Real Effects of Delisting: Evidence from a Regression Discontinuity Design

Number of pages: 20 Posted: 24 Dec 2010 Last Revised: 05 Jul 2012
Tor-Erik Bakke, Candace Jens and Toni M. Whited
University of Oklahoma - Division of Finance, Tulane University - A.B. Freeman School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 529 (31,672)
Citation 1

Abstract:

delisting, investment, regression discontinuity design

22.

Minimum Distance Estimation of the Errors-In-Variables Model Using Linear Cumulant Equations

Number of pages: 31 Posted: 03 Feb 2013 Last Revised: 06 Dec 2015
Timothy Erickson, Colin H. Jiang and Toni M. Whited
U.S. Department of Labor - Bureau of Labor Statistics, University of Chicago - Booth School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 516 (23,323)
Citation 2

Abstract:

errors-in-variables, higher cumulants, investment, leverage

23.

On the Information Content of Different Measures of Q

Number of pages: 37 Posted: 16 Aug 2001
Toni M. Whited and Timothy Erickson
University of Michigan, Stephen M. Ross School of Business and U.S. Department of Labor - Bureau of Labor Statistics
Downloads 462 (48,501)
Citation 21

Abstract:

Tobin's q, investment, measurement-error bias, high order moments

24.

Shareholder-Manager Disagreement, Animal Spirits, and Corporate Investment

Number of pages: 54 Posted: 16 Aug 2006
Toni M. Whited and Anjan V. Thakor
University of Michigan, Stephen M. Ross School of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 425 (52,092)
Citation 5

Abstract:

Disagreement, Investment, Stock Price, Financial Flexibility, Managerial Entrenchment

25.

Are Financial Constraints Priced? Evidence from Textual Analysis

Simon School Working Paper No. FR 14-11
Number of pages: 96 Posted: 11 May 2014 Last Revised: 06 Mar 2017
Matthias M. M. Buehlmaier and Toni M. Whited
The University of Hong Kong and University of Michigan, Stephen M. Ross School of Business
Downloads 396 (17,660)

Abstract:

Financial constraints, textual analysis, market efficiency

26.
Downloads 319 ( 78,856)
Citation 2

Regularities

AFA 2007 Chicago Meetings Paper, Ross School of Business Paper No. 1071
Number of pages: 59 Posted: 21 Mar 2006
Laura Xiaolei Liu, Toni M. Whited and Lu Zhang
Guanghua School of Management, Peking University, University of Michigan, Stephen M. Ross School of Business and Ohio State University - Fisher College of Business
Downloads 286 (88,739)
Citation 2

Abstract:

Anomalies, Tobin's Q, time-varying expected returns, rational expectations

Regularities

NBER Working Paper No. w13024
Number of pages: 59 Posted: 14 Apr 2007 Last Revised: 04 Aug 2010
Laura Xiaolei Liu, Toni M. Whited and Lu Zhang
Guanghua School of Management, Peking University, University of Michigan, Stephen M. Ross School of Business and Ohio State University - Fisher College of Business
Downloads 33 (400,354)
Citation 2

Abstract:

27.

External Finance Constraints and the Intertemporal Pattern of Intermittent Investment

AFA 2003 Washington, DC Meetings
Number of pages: 51 Posted: 30 Sep 2002 Last Revised: 05 Feb 2012
Toni M. Whited
University of Michigan, Stephen M. Ross School of Business
Downloads 315 (64,802)
Citation 41

Abstract:

28.

On the Accuracy of Different Measures of q

Financial Management, Vol. 35, No. 3, Autumn 2006
Number of pages: 30 Posted: 19 Oct 2006
Timothy Erickson and Toni M. Whited
U.S. Department of Labor - Bureau of Labor Statistics and University of Michigan, Stephen M. Ross School of Business
Downloads 299 (84,501)
Citation 25
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Abstract:

29.

Beyond Investment-Cash Flow Sensitivities: Using Indirect Inference to Estimate Costs of External Funds

EFA 2005 Moscow Meetings Paper
Number of pages: 44 Posted: 02 Mar 2005
Chris Hennessy and Toni M. Whited
London Business School and University of Michigan, Stephen M. Ross School of Business
Downloads 299 (80,550)
Citation 2

Abstract:

Investment, indirect inference, finance constraints

30.

Investment-Cash Flow Sensitivity and Proxy Quality Thresholds

Number of pages: 44 Posted: 13 Mar 2003
Toni M. Whited and Timothy Erickson
University of Michigan, Stephen M. Ross School of Business and U.S. Department of Labor - Bureau of Labor Statistics
Downloads 207 (119,902)
Citation 1

Abstract:

external finance constraints, investment, errors-in-variables, coefficient sign, prior information

31.

Capital Reallocation and Adverse Selection

Simon Business School Working Paper No. FR 14-16
Number of pages: 65 Posted: 17 Jul 2014 Last Revised: 06 Mar 2015
Shaojin Li and Toni M. Whited
Shanghai University of Finance and Economics - School of Finance and University of Michigan, Stephen M. Ross School of Business
Downloads 197 (53,359)

Abstract:

Capital reallocation; adverse selection; general equilibrium

32.

Internal Finance and Firm Investment

NBER Working Paper No. w4392
Number of pages: 38 Posted: 31 May 2004 Last Revised: 19 Jul 2010
R. Glenn Hubbard, Anil K. Kashyap and Toni M. Whited
Columbia Business School - Finance and Economics, University of Chicago, Booth School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 117 (192,338)
Citation 78

Abstract:

The Effect of Uncertainty on Investment: Some Stylized Facts

NBER Working Paper No. w4986
Number of pages: 31 Posted: 14 Jul 2000 Last Revised: 19 Aug 2010
John V. Leahy and Toni M. Whited
New York University (NYU) - Department of Economics and University of Michigan, Stephen M. Ross School of Business
Downloads 74 (276,108)
Citation 72

Abstract:

The Effect of Uncertainty on Investment: Some Stylized Facts

JOURNAL OF MONEY, CREDIT, AND BANKING, Vol 28 No 1, February 1995
Posted: 25 Jul 1998
John V. Leahy and Toni M. Whited
New York University (NYU) - Department of Economics and University of Michigan, Stephen M. Ross School of Business

Abstract:

34.

Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation

Posted: 09 Oct 2017
Yifei Wang, Toni M. Whited, Yufeng Wu and Kairong Xiao
University of Michigan at Ann Arbor - Finance, University of Michigan, Stephen M. Ross School of Business, University of Illinois at Urbana-Champaign - Department of Finance and Columbia University

Abstract:

Monetary Policy Transmission, Banking Competition

35.

Identification Is Not Causality, and Vice Versa

Number of pages: 27 Posted: 09 Aug 2017
R. Jay Kahn and Toni M. Whited
University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 0 (148,327)

Abstract:

36.

Labor and Capital Dynamics Under Financing Frictions

Number of pages: 60 Posted: 11 Oct 2016
Ryan Michaels, T. Beau Page and Toni M. Whited
University of Rochester - Department of Economics, Tulane University - Finance & Economics and University of Michigan, Stephen M. Ross School of Business
Downloads 0 (51,774)

Abstract:

wage bargaining, financial frictions, factor demand

37.

Identification with Models and Exogenous Data Variation

Forthcoming, Foundations and Trends in Accounting, Ross School of Business Paper No. 1323
Number of pages: 12 Posted: 02 Jul 2016 Last Revised: 11 Oct 2016
R. Jay Kahn and Toni M. Whited
University of Michigan, Stephen M. Ross School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 0 (40,640)

Abstract:

Identification, Causality, Natural Experiments, Structural Estimation

38.

The Misallocation of Finance

Ross School of Business Paper No. 1295
Number of pages: 55 Posted: 08 Dec 2015 Last Revised: 27 May 2017
Toni M. Whited and Jake Zhao
University of Michigan, Stephen M. Ross School of Business and Peking University - HSBC Business School
Downloads 0 (25,753)

Abstract:

misallocation, cross-sectional efficiency, capital structure