Todd T. Milbourn

Washington University in Saint Louis - Olin Business School

Hubert C. and Dorothy R. Moog Professor of Finance and Senior Associate Dean of Faculty & Research

1 Brookings Drive

Campus Box 1133

St. Louis, MO 63130-4899

United States

http://www.olin.wustl.edu/faculty/milbourn/

SCHOLARLY PAPERS

36

DOWNLOADS
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Top 2,440

in Total Papers Downloads

25,165

SSRN CITATIONS
Rank 1,380

SSRN RANKINGS

Top 1,380

in Total Papers Citations

808

CROSSREF CITATIONS

409

Scholarly Papers (36)

1.

Does Corporate Performance Determine Capital Structure and Dividend Policy?

Number of pages: 53 Posted: 22 Mar 2005
Michael W. Faulkender, Anjan V. Thakor and Todd T. Milbourn
University of Maryland - Robert H. Smith School of Business, Washington University in St. Louis - John M. Olin Business School and Washington University in Saint Louis - Olin Business School
Downloads 5,425 (3,024)
Citation 8

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Capital Structure, Dividend Policy, Disagreement

2.

CEO Compensation and Corporate Risk: Evidence from a Natural Experiment

Journal of Accounting & Economics (JAE), 2013, 56(2-3), pp. 79-101., AFA 2012 Chicago Meetings Paper
Number of pages: 57 Posted: 02 Dec 2010 Last Revised: 17 Jun 2014
Todd A. Gormley, David A. Matsa and Todd T. Milbourn
Washington University in St. Louis, Northwestern University - Kellogg School of Management and Washington University in Saint Louis - Olin Business School
Downloads 2,508 (10,772)
Citation 40

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legal liability, regulatory risk, tail risk, stock options, compensation, managerial incentives

3.
Downloads 1,682 (20,279)
Citation 179

How Did Increased Competition Affect Credit Ratings?

Harvard Business School Finance Working Paper No. 09-051
Number of pages: 49 Posted: 06 Oct 2008 Last Revised: 25 Sep 2010
Bo Becker and Todd T. Milbourn
Stockholm School of Economics and Washington University in Saint Louis - Olin Business School
Downloads 1,442 (25,173)
Citation 76

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Credit ratings, competition and reputation, information quality

How Did Increased Competition Affect Credit Ratings?

NBER Working Paper No. w16404
Number of pages: 49 Posted: 04 Oct 2010 Last Revised: 29 Apr 2023
Bo Becker and Todd T. Milbourn
Stockholm School of Economics and Washington University in Saint Louis - Olin Business School
Downloads 240 (237,439)

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4.

Expansion of Banking Scale and Scope: Don't Banks Know the Value of Focus?

London Business School WP No. LBS-IFA 275-1998
Number of pages: 29 Posted: 13 Aug 1998
Arnoud W. A. Boot, Anjan V. Thakor and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School, Washington University in St. Louis - John M. Olin Business School and Washington University in Saint Louis - Olin Business School
Downloads 1,297 (29,962)
Citation 7

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5.

Do Stock Prices Incorporate the Potential Dilution of Employee Stock Options?

Number of pages: 37 Posted: 17 Apr 2001
Gerald T. Garvey and Todd T. Milbourn
Blackrock and Washington University in Saint Louis - Olin Business School
Downloads 1,088 (38,577)
Citation 16

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Employee stock options, dilution, market efficiency

6.

The Executive Compensation Puzzle: Theory and Evidence

Number of pages: 43 Posted: 20 Jun 1998
Todd T. Milbourn
Washington University in Saint Louis - Olin Business School
Downloads 948 (46,825)
Citation 2

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7.

Product Market Peers and Relative Performance Evaluation

The Accounting Review, Vol. 96 (4), pp. 341–366, July 2021
Number of pages: 57 Posted: 19 Jul 2015 Last Revised: 09 Nov 2021
Simon Business School, University of RochesterUniversity of Rochester - Simon Business School, Washington University in Saint Louis - Olin Business School, University of Amsterdam and Purdue University
Downloads 944 (47,081)
Citation 11

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Product market peers, relative performance evaluation, CEO compensation, and forced CEO turnover

8.

Compensation Goals and Firm Performance

Number of pages: 61 Posted: 09 May 2014 Last Revised: 16 Jul 2015
Tulane University - A.B. Freeman School of Business, Arizona State University (ASU) - Finance Department, Washington University in St. Louis - John M. Olin Business School and Washington University in Saint Louis - Olin Business School
Downloads 928 (48,252)
Citation 49

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9.
Downloads 926 (48,387)
Citation 149

Credit Ratings as Coordination Mechanisms

Number of pages: 43 Posted: 03 Aug 2004
Arnoud W. A. Boot, Todd T. Milbourn and Anjolein Schmeits
University of Amsterdam - Amsterdam Business School, Washington University in Saint Louis - Olin Business School and New York University (NYU) - Leonard N. Stern School of Business
Downloads 900 (49,572)
Citation 18

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Credit Ratings as Coordination Mechanisms

Number of pages: 33 Posted: 23 May 2002
Arnoud W. A. Boot and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School and Washington University in Saint Louis - Olin Business School
Downloads 26 (930,646)
Citation 29
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Credit ratings, multiple equilibria, coordination

10.

The Optimal Duration of Executive Compensation: Theory and Evidence

AFA 2012 Chicago Meetings Paper
Number of pages: 43 Posted: 10 Aug 2010 Last Revised: 09 Jan 2013
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School, Pennsylvania State University - Smeal College of Business and Washington University in St. Louis - John M. Olin Business School
Downloads 863 (53,311)
Citation 12

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Executive Compensation, Vesting, Duration, Managerial Myopia, Corporate Governance

11.

Asymmetric Benchmarking in Compensation: Executives are Paid for (Good) Luck But Not Punished for Bad

Number of pages: 39 Posted: 12 May 2003
Gerald T. Garvey and Todd T. Milbourn
Blackrock and Washington University in Saint Louis - Olin Business School
Downloads 779 (61,288)
Citation 33

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Compensation, Benchmarking

12.

The Role of Stock Liquidity in Executive Compensation

The Accounting Review, Forthcoming
Number of pages: 42 Posted: 25 Sep 2009 Last Revised: 24 Jul 2011
Simon Business School, University of RochesterUniversity of Rochester - Simon Business School and Washington University in Saint Louis - Olin Business School
Downloads 702 (70,129)
Citation 5

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Compensation, stock liquidity, stock price informativeness, optimal contracting, pay for performance

13.

Which Skills Matter in the Market for CEOs? Evidence from Pay for CEO Credentials

Number of pages: 63 Posted: 30 Oct 2010 Last Revised: 02 Apr 2015
Antonio Falato, Dan Li and Todd T. Milbourn
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Washington University in Saint Louis - Olin Business School
Downloads 697 (70,784)
Citation 60

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CEO pay, CEO labor market, CEO turnover

14.

Duration of Executive Compensation

Journal of Finance, Forthcoming
Number of pages: 50 Posted: 09 Jan 2013
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School, Pennsylvania State University - Smeal College of Business and Washington University in St. Louis - John M. Olin Business School
Downloads 661 (75,779)
Citation 66

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executive compensation, vesting, duration, managerial myopia, corporate governance

15.

The Effect of Auditor Expertise on Executive Compensation

Number of pages: 53 Posted: 07 Nov 2011 Last Revised: 11 Jan 2012
Simon Business School, University of RochesterUniversity of Rochester - Simon Business School and Washington University in Saint Louis - Olin Business School
Downloads 470 (115,532)
Citation 8

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Executive compensation, auditor expertise, earnings management, accounting fraud

16.

Why Do Firms Use Equity-based Pay? Managerial Compensation and Stock Price Informativeness

Fisher College of Business Working Paper No. 2019-03-012, Charles A. Dice Center Working Paper No. 2019-12
Number of pages: 52 Posted: 28 Feb 2018 Last Revised: 03 May 2019
Tulane University - A.B. Freeman School of Business, Blackrock, Washington University in Saint Louis - Olin Business School and Lancaster University
Downloads 466 (116,766)
Citation 1

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Executive compensation, Equity-based pay, Stock price informativeness

17.

CEO Equity Incentives and Financial Misreporting: The Role of Auditor Expertise

Accounting Review, Forthcoming
Number of pages: 51 Posted: 06 Jun 2014
Simon Business School, University of RochesterUniversity of Rochester - Simon Business School and Washington University in Saint Louis - Olin Business School
Downloads 461 (118,226)
Citation 14

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CEO compensation, financial misreporting, accounting fraud, auditor expertise, auditing

18.

Managerial Career Concerns and Project Cycle Time in Capital Budgeting

Number of pages: 29 Posted: 26 Feb 1999
Todd T. Milbourn, Anjan V. Thakor and Richard L. Shockley
Washington University in Saint Louis - Olin Business School, Washington University in St. Louis - John M. Olin Business School and Indiana University - Kelley School of Business - Department of Finance
Downloads 438 (125,610)

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19.

Market-Indexed Executive Compensation: Strictly for the Young

Number of pages: 28 Posted: 06 Jun 2001
Gerald T. Garvey and Todd T. Milbourn
Blackrock and Washington University in Saint Louis - Olin Business School
Downloads 407 (136,688)
Citation 2

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Executive Compensation, Risk, Relative Performance Evaluation

20.

Do Informative Stock Prices Simplify Executive Compensation?

Fisher College of Business Working Paper No. 2019-03-007, Charles A. Dice Center Working Paper No.2019-07
Number of pages: 50 Posted: 15 Mar 2019 Last Revised: 03 Dec 2020
Tulane University - A.B. Freeman School of Business, Blackrock, Washington University in Saint Louis - Olin Business School and Lancaster University
Downloads 368 (153,070)
Citation 2

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Compensation complexity, Stock price informativeness, Market monitoring, Proxy statements, Textual analysis

21.

Financial Misreporting and Executive Compensation: The Qui Tam Statute

Number of pages: 53 Posted: 10 Feb 2010 Last Revised: 26 Jul 2010
Simon Business School, University of RochesterUniversity of Rochester - Simon Business School and Washington University in Saint Louis - Olin Business School
Downloads 352 (160,734)
Citation 3

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CEO compensation, CFO compensation, accounting fraud, SOX, earnings management, financial reporting, equity incentives

22.

Sunflower Management and Capital Budgeting

Tinbergen Institute Working Paper No. 2002-059/2
Number of pages: 39 Posted: 12 Nov 2002
Arnoud W. A. Boot, Anjan V. Thakor and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School, Washington University in St. Louis - John M. Olin Business School and Washington University in Saint Louis - Olin Business School
Downloads 344 (164,764)
Citation 2

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Capital budgeting

23.

Dividend yield, dividend payers and cross-sectional return prediction

Number of pages: 54 Posted: 01 Dec 2023 Last Revised: 18 Feb 2024
College of Business, Korea Advanced Institute of Science and Technology (KAIST), Indiana University - Kelley School of Business, Washington University in St. Louis - John M. Olin Business School and Washington University in Saint Louis - Olin Business School
Downloads 340 (166,809)

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dividends, information environment, signaling

24.

Strategic Flexibility and the Optimality of Pay for Luck

Number of pages: 45 Posted: 08 Sep 2007 Last Revised: 17 Sep 2009
Radhakrishnan Gopalan, Todd T. Milbourn and Fenghua Song
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School and Pennsylvania State University - Smeal College of Business
Downloads 330 (172,234)
Citation 4

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CEO Compensation, Strategy, Pay for Luck, Corporate Governance

25.

Killing the Bearer of Ill Tidings: A Theory of Consensus-Provision Moral Hazard

IFA Working Paper 274-1998
Number of pages: 42 Posted: 26 Feb 1999
Arnoud W. A. Boot, Anjan V. Thakor and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School, Washington University in St. Louis - John M. Olin Business School and Washington University in Saint Louis - Olin Business School
Downloads 323 (176,262)
Citation 3

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26.

Corporate Investment Under the Cloud of Litigation

Fisher College of Business Working Paper No. 2018-03-18, Charles A. Dice Center Working Paper No. 2018-18
Number of pages: 50 Posted: 11 Sep 2018 Last Revised: 07 Dec 2023
Tulane University - A.B. Freeman School of Business, Indiana University - Kelley School of Business, Washington University in Saint Louis - Olin Business School and Lancaster University
Downloads 240 (238,467)
Citation 6

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Legal risk, Investment efficiency, Over-investment

27.

Evolution of Organizational Scale and Scope

Tinbergen Institute Working Paper No. 2002-060/2
Number of pages: 37 Posted: 11 Nov 2002
Arnoud W. A. Boot, Anjan V. Thakor and Todd T. Milbourn
University of Amsterdam - Amsterdam Business School, Washington University in St. Louis - John M. Olin Business School and Washington University in Saint Louis - Olin Business School
Downloads 234 (244,402)

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Organizational scale and scope

28.

Strategic Flexibility and the Optimality of Pay for Sector Performance

Review of Financial Studies, Forthcoming
Number of pages: 47 Posted: 21 Sep 2009
Radhakrishnan Gopalan, Todd T. Milbourn and Fenghua Song
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School and Pennsylvania State University - Smeal College of Business
Downloads 232 (246,351)
Citation 8

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29.

Prestige, Intrafirm Tournaments and Failure Aversion in Corporate Decisions

Working Paper No. 99-003
Number of pages: 29 Posted: 20 Aug 1999
Todd T. Milbourn, Anjan V. Thakor and Richard L. Shockley
Washington University in Saint Louis - Olin Business School, Washington University in St. Louis - John M. Olin Business School and Indiana University - Kelley School of Business - Department of Finance
Downloads 192 (293,474)
Citation 2

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30.

CEO Pay and the Market for CEOs

FEDS Working Paper No. 2012-39
Number of pages: 67 Posted: 18 Dec 2012
Antonio Falato, Todd T. Milbourn and Dan Li
Board of Governors of the Federal Reserve System, Washington University in Saint Louis - Olin Business School and Board of Governors of the Federal Reserve System
Downloads 153
Citation 8

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Determinants of CEO pay, CEO labor market

31.

Does the Religious Affiliation of Directors’ Tertiary Institutions Matter for the Outcomes of their Active Board Oversight?

Number of pages: 98 Posted: 17 Mar 2021 Last Revised: 10 Jul 2023
Todd T. Milbourn and Kingsley Wabara
Washington University in Saint Louis - Olin Business School and Indiana University - Kelley School of Business
Downloads 139 (385,853)

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Religious affiliation, director attribute, corporate purpose, firm value, strategic long-term investments, board committees, board monitoring, board oversight, executive incentives, CEO compensation, earnings management, educational experience, behavioral corporate finance

32.

What Will it Do for My EPS? An Unflattering But Powerful Motive for Mergers

Number of pages: 53 Posted: 06 Jun 2010 Last Revised: 06 Jan 2014
Gerald T. Garvey, Todd T. Milbourn and Kangzhen Xie
Blackrock, Washington University in Saint Louis - Olin Business School and Seton Hall University, Stillman School of Business
Downloads 130 (406,679)
Citation 5

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33.

How Well Do Investors Process (More Subtle) Information? The Case of Employee Stock Options

Number of pages: 38 Posted: 20 Mar 2007 Last Revised: 04 Dec 2008
Jian Cai, Gerald T. Garvey and Todd T. Milbourn
Washington University in St. Louis, Blackrock and Washington University in Saint Louis - Olin Business School
Downloads 98 (499,527)
Citation 1

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Stock options, dilution, limited attention, information disclosure

34.

The Value Sphere: The Corporate Executives' Handbook for Creating and Retaining Shareholder Wealth (4th Edition)

J. Boquist, T. Milbourn, A. Thakor, THE VALUE SPHERE: THE CORPORATE EXECUTIVES' HANDBOOK FOR CREATING AND RETAINING SHAREHOLDER WEALTH, World Scientific, 2009
Posted: 08 Sep 2009 Last Revised: 11 May 2014
John Boquist, Todd T. Milbourn and Anjan V. Thakor
Indiana University - Kelley School of Business - Department of Finance, Washington University in Saint Louis - Olin Business School and Washington University in St. Louis - John M. Olin Business School

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Growth Strategy, Corporate Finance, Mergers and Acquisitions, Value Creation, Capital Budgeting

35.

Incentive Compensation When Executives Can Hedge the Market: Evidence of Relative Performance Evaluation in the Cross Section

Posted: 03 Jan 2004
Gerald T. Garvey and Todd T. Milbourn
Blackrock and Washington University in Saint Louis - Olin Business School

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36.

Managerial Career Concerns and Investments in Information

Posted: 23 May 2001
Todd T. Milbourn, Anjan V. Thakor and Richard L. Shockley
Washington University in Saint Louis - Olin Business School, Washington University in St. Louis - John M. Olin Business School and Indiana University - Kelley School of Business - Department of Finance

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