Author Page for Toni M. Whited

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

The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Michigan, Stephen M. Ross School of Business

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Citation 299

Abstract:

2.

Dynamic Models and Structural Estimation in Corporate Finance

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Citation 112

2

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: 19 Nov 2017

Ilya A. Strebulaev and Toni M. Whited

Stanford University - Graduate School of Business and University of Michigan, Stephen M. Ross School of Business

Downloads 7,176 (1,635)

Citation 46

Abstract:

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

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Citation 60

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Abstract:

3.

Agency Conflicts and Cash: Estimates from a Dynamic Model

Journal of Finance, Forthcoming

Number of pages: 70 Posted: 19 Nov 2009 Last Revised: 19 Nov 2017

Boris Nikolov and Toni M. Whited

University of Lausanne and University of Michigan, Stephen M. Ross School of Business

Downloads 3,116 (6,765)

Citation 97

Abstract:

4.

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

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Citation 45

Abstract:

5.

Are Financial Constraints Priced? Evidence from Textual Analysis

Simon School Working Paper No. FR 14-11

Number of pages: 88 Posted: 11 May 2014 Last Revised: 06 Nov 2017

Matthias M. M. Buehlmaier and Toni M. Whited

The University of Hong Kong and University of Michigan, Stephen M. Ross School of Business

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Citation 22

Abstract:

6.

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

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Citation 36

2

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

Number of pages: 90 Posted: 09 Oct 2017 Last Revised: 01 Jun 2020

Yifei Wang, Toni M. Whited, Yufeng Wu and Kairong Xiao

University of Michigan, Department of Finance, University of Michigan, Stephen M. Ross School of Business, Ohio State University (OSU) and Columbia University - Columbia Business School

Downloads 2,270 (10,897)

Citation 28

Abstract:

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

NBER Working Paper No. w27258

Number of pages: 91 Posted: 02 Jun 2020 Last Revised: 25 Jun 2023

Yifei Wang, Toni M. Whited, Yufeng Wu and Kairong Xiao

University of Michigan, Department of Finance, University of Michigan, Stephen M. Ross School of Business, Ohio State University (OSU) and Columbia University - Columbia Business School

Downloads 41 (707,874)

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

Central European University (CEU), University of Georgia - Department of Banking and Finance and University of Michigan, Stephen M. Ross School of Business

Downloads 2,189 (11,796)

Citation 17

Abstract:

8.

The Misallocation of Finance

Ross School of Business Paper No. 1295, Journal of Finance, Forthcoming

Number of pages: 84 Posted: 08 Dec 2015 Last Revised: 11 Mar 2021

Toni M. Whited and Jake Zhao

University of Michigan, Stephen M. Ross School of Business and Peking University - HSBC School of Business

Downloads 2,161 (12,034)

Citation 6

Abstract:

9.

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 1,968 (13,982)

Citation 103

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10.

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, Board of Governors of the Federal Reserve System and University of Michigan, Stephen M. Ross School of Business

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Citation 29

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11.

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 1,792 (16,150)

Citation 38

Abstract:

12.

Will Central Bank Digital Currency Disintermediate Banks?

Number of pages: 58 Posted: 19 May 2022 Last Revised: 13 Jun 2023

Toni M. Whited, Yufeng Wu and Kairong Xiao

University of Michigan, Stephen M. Ross School of Business, Ohio State University (OSU) and Columbia University - Columbia Business School

Downloads 1,710 (17,412)

Citation 2

Abstract:

13.

Collateral, Taxes, and Leverage

Number of pages: 60 Posted: 27 Nov 2013 Last Revised: 20 May 2019

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 Ohio State University (OSU)

Downloads 1,658 (18,246)

Citation 18

Abstract:

14.

Equity Market Misvaluation, Financing, and Investment

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Citation 45

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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 1,512 (20,630)

Citation 14

Abstract:

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 74 (531,584)

Citation 8

Abstract:

15.

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 1,585 (19,513)

Citation 3

Abstract:

16.

Taxes Depress Corporate Borrowing: Evidence from Private Firms

Number of pages: 76 Posted: 18 Sep 2020 Last Revised: 10 Jun 2022

Ivan Ivanov, Luke Pettit and Toni M. Whited

Federal Reserve Bank of Chicago, US Senate and University of Michigan, Stephen M. Ross School of Business

Downloads 1,547 (20,300)

Citation 5

Abstract:

17.

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 1,304 (26,173)

Citation 93

Abstract:

18.

Measurement Error and the Relationship between Investment and Q

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2

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 1,281 (26,415)

Citation 171

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:

19.

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

Board of Governors of the Federal Reserve System and University of Michigan, Stephen M. Ross School of Business

Downloads 1,247 (27,974)

Citation 1

Abstract:

20.

Identification Is Not Causality, and Vice Versa

Number of pages: 27 Posted: 09 Aug 2017

R. Jay Kahn and Toni M. Whited

Board of Governors of the Federal Reserve System and University of Michigan, Stephen M. Ross School of Business

Downloads 1,204 (29,457)

Citation 10

Abstract:

21.

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 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 1,174 (30,582)

Citation 41

Abstract:

22.

Investment-Based Expected Stock Returns

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Citation 71

2

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 1,174 (30,107)

Citation 71

Abstract:

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:

23.

Labor and Capital Dynamics Under Financing Frictions

Number of pages: 60 Posted: 11 Oct 2016 Last Revised: 23 Aug 2022

Ryan Michaels, T. Beau Page and Toni M. Whited

University of Rochester - Department of Economics, Government of the United States of America - Office of the Comptroller of the Currency (OCC) and University of Michigan, Stephen M. Ross School of Business

Downloads 1,106 (33,256)

Citation 20

Abstract:

24.

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

University of Sussex and University of Michigan, Stephen M. Ross School of Business

Downloads 1,095 (33,710)

Citation 13

Abstract:

25.

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 Illinois at Chicago - Department of Finance and University of Michigan, Stephen M. Ross School of Business

Downloads 1,069 (34,880)

Citation 20

Abstract:

26.

Information versus Investment

The Review of Financial Studies, Forthcoming, Chicago Booth Research Paper No. 19-02, Fama-Miller Working Paper

Number of pages: 74 Posted: 21 Nov 2017 Last Revised: 31 Aug 2022

Stephen Terry, Toni M. Whited and Anastasia A. Zakolyukina

Boston University, University of Michigan, Stephen M. Ross School of Business and University of Chicago - Booth School of Business

Downloads 991 (38,853)

Citation 5

Abstract:

27.

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 923 (42,939)

Citation 76

Abstract:

28.

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 Illinois at Chicago - Department of Finance and University of Michigan, Stephen M. Ross School of Business

Downloads 848 (48,266)

Citation 108

Abstract:

29.

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 Illinois at Chicago - Department of Finance, Syracuse University - Whitman School of Management and University of Michigan, Stephen M. Ross School of Business

Downloads 843 (48,658)

Citation 3

Abstract:

30.

Corporate Money Demand

Number of pages: 59 Posted: 19 Apr 2018 Last Revised: 26 May 2020

Xiaodan Gao, Toni M. Whited and Na Zhang

National University of Singapore, University of Michigan, Stephen M. Ross School of Business and Fudan University - Department of Finance

Downloads 759 (56,045)

Citation 3

Abstract:

31.

Macroeconomic Implications of Agglomeration

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Citation 18

2

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 655 (67,112)

Citation 2

Abstract:

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 91 (468,306)

Citation 11

Abstract:

32.

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 626 (72,007)

Citation 10

Abstract:

33.

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

Downloads 616 (73,501)

Citation 6

2

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 Illinois at Chicago - Department of Finance and University of Michigan, Stephen M. Ross School of Business

Downloads 419 (116,273)

Citation 7

Abstract:

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 Illinois at Chicago - Department of Finance and University of Michigan, Stephen M. Ross School of Business

Downloads 197 (254,777)

Citation 2

Abstract:

34.

Identifying the Heterogeneous Impact of Highly Anticipated Events: Evidence from the Tax Cuts and Jobs Act

Number of pages: 44 Posted: 17 Mar 2021 Last Revised: 01 Jul 2022

Paul Borochin, Murat Alp Celik, Xu Tian and Toni M. Whited

University of Florida - Department of Finance, Insurance and Real Estate, University of Toronto - Department of Economics, University of Georgia - Terry College of Business - Department of Finance and University of Michigan, Stephen M. Ross School of Business

Downloads 578 (79,561)

Abstract:

35.

Relative Performance Evaluation and Strategic Competition

Number of pages: 63 Posted: 26 Nov 2018 Last Revised: 08 Nov 2021

Li He, Toni M. Whited and Ran Guo

Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM), University of Michigan, Stephen M. Ross School of Business and China-ASEAN Institution of Financial Cooperation

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Citation 1

Abstract:

36.

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 552 (84,314)

Citation 3

Abstract:

37.

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 531 (88,419)

Citation 2

Abstract:

38.

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 468 (103,074)

Citation 39

Abstract:

39.

Regularities

Downloads 385 (129,368)

Citation 1

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 317 (158,785)

Citation 1

Abstract:

Regularities

NBER Working Paper No. w13024

Number of pages: 59 Posted: 14 Apr 2007 Last Revised: 04 Aug 2022

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 68 (557,730)

Abstract:

40.

Integrating Structural and Reduced-Form Methods in Empirical Finance

Number of pages: 24 Posted: 17 May 2022

Toni M. Whited

University of Michigan, Stephen M. Ross School of Business

Downloads 378 (132,138)

Abstract:

41.

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 346 (145,626)

Citation 1

Abstract:

42.

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 314 (161,465)

Citation 6

Abstract:

43.

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 248 (205,423)

Citation 1

Abstract:

44.

Invent, Buy, or Both?

Number of pages: 50 Posted: 31 Jan 2022

Felipe Cortes, Tiantian Gu and Toni M. Whited

D'Amore-McKim School of Business-Northeastern University, D’Amore-McKim School of Business, Northeastern University and University of Michigan, Stephen M. Ross School of Business

Downloads 192 (261,206)

Abstract:

45.

Internal Finance and Firm Investment

NBER Working Paper No. w4392

Number of pages: 38 Posted: 31 May 2004 Last Revised: 02 Jan 2022

R. Glenn Hubbard, Anil K. Kashyap and Toni M. Whited

Columbia University - Columbia Business School, Finance, University of Chicago, Booth School of Business and University of Michigan, Stephen M. Ross School of Business

Downloads 177 (282,105)

Citation 3

Abstract:

46.

The Effect of Uncertainty on Investment: Some Stylized Facts

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Citation 86

2

The Effect of Uncertainty on Investment: Some Stylized Facts

NBER Working Paper No. w4986

Number of pages: 31 Posted: 14 Jul 2000 Last Revised: 18 Aug 2022

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 140 (341,887)

Citation 6

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:

47.

Information Versus Investment

NBER Working Paper No. w29636

Number of pages: 74 Posted: 10 Jan 2022 Last Revised: 24 Jun 2023

Stephen Terry, Toni M. Whited and Anastasia A. Zakolyukina

Boston University, University of Michigan, Stephen M. Ross School of Business and University of Chicago - Booth School of Business

Downloads 6 (983,641)

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Toni M. Whited

University of Michigan, Stephen M. Ross School of Business

National Bureau of Economic Research

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Scholarly Papers (47)

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Dynamic Models and Structural Estimation in Corporate Finance

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Information Versus Investment

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