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

40

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CITATIONS
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1,183

Scholarly Papers (40)

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 20,572 (106)
Citation 71

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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: 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 4,898 (1,388)
Citation 8

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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 8
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dynamic corporate finance, structural empirical methods, dynamic capital structure models

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 2,697 (3,995)
Citation 19

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Cash, agency conflicts, structural estimation

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
Downloads 2,529 (4,440)
Citation 37

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

5.

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, University of Georgia - Department of Banking and Finance and University of Michigan, Stephen M. Ross School of Business
Downloads 1,826 (7,759)

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Dynamic Tradeoff Theory

6.

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
Downloads 1,561 (10,008)

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Financial constraints, textual analysis, market efficiency

7.

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 1,540 (10,223)
Citation 19

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Measurement Error, Investment, Minimum Distance, GMM

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 1,394 (12,033)
Citation 154

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Financial Constraints, Stock Returns, Undiversifiable Risk

9.

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 1,331 (12,949)
Citation 1

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Collateral, Taxes, Leverage, Limited Commitment, Structural Estimation

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 1,316 (13,186)

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Dynamic Corporate Finance

11.
Downloads 1,255 ( 14,156)
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 1,230 (14,333)
Citation 4

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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 25 (478,028)
Citation 4

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12.

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 1,181 (15,581)

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

13.

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 1,084 (17,728)
Citation 181

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Capital structure, taxes, dynamic model, indirect inference

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 1,041 (18,451)
Citation 222

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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

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15.

The Misallocation of Finance

Ross School of Business Paper No. 1295
Number of pages: 86 Posted: 08 Dec 2015 Last Revised: 15 Aug 2018
Toni M. Whited and Jake Zhao
University of Michigan, Stephen M. Ross School of Business and Peking University - HSBC School of Business
Downloads 1,036 (18,933)

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misallocation, cross-sectional efficiency, capital structure

16.

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 969 (20,988)
Citation 28

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Conglomerate discount, refocussing, investment, endogeneity, measurement error

17.

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 963 (21,175)
Citation 15

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Investment, Regression Discontinuity, Threshold Events

18.

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 925 (22,463)
Citation 2

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

19.
Downloads 905 ( 23,168)
Citation 64

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, 张橹
Guanghua School of Management, Peking University, University of Michigan, Stephen M. Ross School of Business and Ohio State University - Fisher College of Business
Downloads 905 (22,765)
Citation 64

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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, 张橹
Guanghua School of Management, Peking University, University of Michigan, Stephen M. Ross School of Business and Ohio State University - Fisher College of Business

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

20.

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 764 (29,443)

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21.

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 741 (30,746)
Citation 63

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

22.

Labor and Capital Dynamics Under Financing Frictions

Number of pages: 60 Posted: 11 Oct 2016 Last Revised: 21 May 2018
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 728 (31,511)

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Labor and capital dynamics, Financing frictions, Wage bargaining

23.

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 724 (31,731)

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Identification, Causality, Natural Experiments, Structural Estimation

24.

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, Tulane University - A.B. Freeman School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 714 (32,319)
Citation 1

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delisting, investment, regression discontinuity design

25.

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 698 (33,336)
Citation 34

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Investment, stock market, market timing, measurement error

26.
Downloads 596 ( 41,176)
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 526 (47,739)
Citation 3

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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 70 (313,165)
Citation 3

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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 Illinois at Chicago - Department of Finance and University of Michigan, Stephen M. Ross School of Business
Downloads 393 (68,642)
Citation 6

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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 Illinois at Chicago - Department of Finance and University of Michigan, Stephen M. Ross School of Business
Downloads 165 (169,380)
Citation 6

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Investment, Regression Discontinuity, Endogeneity, Outliers

28.

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 508 (50,567)

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Capital reallocation; adverse selection; general equilibrium

29.

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 484 (53,681)
Citation 21

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

30.

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 471 (55,583)
Citation 5

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

31.

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 410 (65,836)
Citation 41

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32.
Downloads 322 ( 87,165)
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, 张橹
Guanghua School of Management, Peking University, University of Michigan, Stephen M. Ross School of Business and Ohio State University - Fisher College of Business
Downloads 287 (98,457)
Citation 2

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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, 张橹
Guanghua School of Management, Peking University, University of Michigan, Stephen M. Ross School of Business and Ohio State University - Fisher College of Business
Downloads 35 (428,383)
Citation 2

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33.

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 315 (89,291)
Citation 2

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Investment, indirect inference, finance constraints

34.

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 301 (93,944)
Citation 25
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35.

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 217 (131,692)
Citation 2

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

36.

Corporate Money Demand

Number of pages: 65 Posted: 19 Apr 2018 Last Revised: 15 Oct 2018
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 165 (169,202)

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Corporate Cash Holdings, Interest Rates, Debt Cost, Financial Frictions; Structural Estimation

37.

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 127 (209,641)
Citation 77

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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 78 (293,892)
Citation 72

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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

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39.

Information Distortion, R&D, and Growth

Posted: 21 Nov 2017
Boston University, University of Michigan, Stephen M. Ross School of Business and University of Chicago - Booth School of Business

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Information, disclosure, R&D, Growth

40.

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

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Monetary Policy Transmission, Banking Competition