Ronald W. Masulis

University of New South Wales - Australian School of Business

Professor of Finance

Sydney, NSW 2052

Australia

European Corporate Governance Institute (ECGI)

Research Associate

c/o ECARES ULB CP 114

B-1050 Brussels

Belgium

Financial Research Network (FIRN)

C/- University of Queensland Business School

St Lucia, 4071 Brisbane

Queensland

Australia

http://www.firn.org.au

National University of Singapore (NUS) - Asian Bureau of Finance and Economic Research (ABFER)

BIZ 2 Storey 4, 04-05

1 Business Link

Singapore, 117592

Singapore

SCHOLARLY PAPERS

71

DOWNLOADS
Rank 121

SSRN RANKINGS

Top 121

in Total Papers Downloads

65,714

CITATIONS
Rank 138

SSRN RANKINGS

Top 138

in Total Papers Citations

2,155

Scholarly Papers (71)

1.

Security Offerings

HANDBOOK OF CORPORATE FINANCE: EMPIRICAL CORPORATE FINANCE, Vol. 1, B. E. Eckbo, ed., Chapter 6, pp. 233-373, Elsevier/North-Holland Handbook of Finance Series, 2007, Tuck School of Business Working Paper No. 2005-28
Number of pages: 168 Posted: 06 Dec 2005 Last Revised: 03 May 2009
B. Espen Eckbo, Ronald W. Masulis and Oyvind Norli
Tuck School of Business at Dartmouth, University of New South Wales - Australian School of Business and BI Norwegian Business School - Department of Financial Economics
Downloads 4,443 (1,202)
Citation 61

Abstract:

Security offering, IPO, SEO, debt offer, flotation method, underwriting, rights offer, private placement, shelf registration, adverse selection, announcement returns, long run performance

2.

Corporate Governance and Acquirer Returns

ECGI-Finance Working Paper No. 116/2006, Journal of Finance, Forthcoming
Number of pages: 63 Posted: 11 Apr 2005
Ronald W. Masulis, Cong Wang and Fei Xie
University of New South Wales - Australian School of Business, China Europe International Business School (CEIBS) and University of Delaware
Downloads 2,840 (2,779)
Citation 183

Abstract:

Corporate Governance, Anti-takeover Provisions, Takeover Protection, Market for Corporate Control, Acquisitions, Acquisition Profitability, Agency Problems

3.
Downloads 2,761 ( 3,295)
Citation 54

Agency Problems at Dual-Class Companies

Journal of Finance, Forthcoming, 3rd Annual Conference on Empirical Legal Studies Papers, ECGI - Finance Working Paper No. 209/2008
Number of pages: 49 Posted: 07 May 2008 Last Revised: 13 Jul 2008
Ronald W. Masulis, Cong Wang and Fei Xie
University of New South Wales - Australian School of Business, China Europe International Business School (CEIBS) and University of Delaware
Downloads 1,831 (6,500)
Citation 54

Abstract:

Dual class shares, dual class stock, agency costs, conflicts of interest, voting rights and cash flow rights divergence, acquisitions, announcement effects, empire building, executive compensation, CEO compensation, value of cash holdings, capital expenditures

Agency Problems at Dual-Class Companies

Number of pages: 48 Posted: 06 Feb 2007 Last Revised: 05 Jan 2008
Ronald W. Masulis, Cong Wang and Fei Xie
University of New South Wales - Australian School of Business, China Europe International Business School (CEIBS) and University of Delaware
Downloads 930 (19,252)
Citation 54

Abstract:

Dual class shares, dual class stock, agency costs, conflicts of interest, voting rights and cash flow rights wedge, acquisitions, announcement effects, empire building, executive compensation, CEO compensation, value of cash holdings, capital expenditures

4.

Venture Capital Reputation, Post-IPO Performance and Corporate Governance

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming, ECGI - Finance Working Paper No. 265/2009
Number of pages: 56 Posted: 22 Jun 2006 Last Revised: 08 Sep 2011
Case Western Reserve University - Department of Banking & Finance, US Securities & Exchange Commission, University of New South Wales - Australian School of Business and Department of Finance, University of Central Florida
Downloads 2,633 (3,003)
Citation 25

Abstract:

Venture capital, Reputation, Initial Public Offerings, Post-IPO long-run performance, Post-IPO VC shareholdings and directorships, Corporate governance

5.

The Choice of Payment Method in European Mergers & Acquisitions

Journal of Finance, Vol. 60, No. 3, pp. 1345-1388, 2005
Number of pages: 58 Posted: 06 Mar 2004 Last Revised: 30 Mar 2009
Mara Faccio and Ronald W. Masulis
Purdue University - Krannert School of Management and University of New South Wales - Australian School of Business
Downloads 2,607 (3,054)
Citation 61

Abstract:

Corporate finance, Corporate Governance, M&As

6.

Energy Shocks and Financial Markets

Journal of Futures Markets, Vol. 16, No. 1, pp. 1-27, 1996
Number of pages: 38 Posted: 16 May 2006
Roger D. Huang, Ronald W. Masulis and Hans R. Stoll
University of Notre Dame, University of New South Wales - Australian School of Business and Vanderbilt University - Finance
Downloads 2,274 (2,645)
Citation 27

Abstract:

Energy shocks, oil futures, oil price dynamics, stock price index dynamics, VAR model, return volatility

7.

Family Business Groups around the World: Financing Advantages, Control Motivations and Organizational Choices

Review of Financial Studies, Forthcoming, ECGI - Finance Working Paper No. 240/2009
Number of pages: 66 Posted: 24 Sep 2009 Last Revised: 08 May 2011
Ronald W. Masulis, Peter K. Pham and Jason Zein
University of New South Wales - Australian School of Business, Australian School of Business - University of New South Wales and UNSW Business School
Downloads 2,176 (3,986)
Citation 8

Abstract:

Business Groups, Firm Value, Ownership Structure, Family Firms

8.

Does Private Equity Create Wealth? The Effects of Private Equity and Derivatives on Corporate Governance

University of Chicago Law Review, Vol. 76, p. 219, 2009, Vanderbilt Law and Economics Research Paper No. 08-20, ECGI - Law Working Paper No. 113/2008, ECGI - Finance Working Paper No. 253/2009
Number of pages: 42 Posted: 13 Aug 2008 Last Revised: 24 Sep 2009
Ronald W. Masulis and Randall S. Thomas
University of New South Wales - Australian School of Business and Vanderbilt University - Law School
Downloads 2,038 (4,550)
Citation 7

Abstract:

private equity, corporate governance, contracts, trading, public corporations, subprime

9.

Seasoned Equity Offerings: A Survey

FINANCE (NORTH-HOLLAND, HANDBOOKS OF OPERATIONS RESEARCH AND MANAGEMENT SCIENCE), R. Jarrow, V. Maksimovic, W. Ziemba, eds., Ch. 31, pp. 1017-1072, 1995
Number of pages: 71 Posted: 12 Nov 2008
B. Espen Eckbo and Ronald W. Masulis
Tuck School of Business at Dartmouth and University of New South Wales - Australian School of Business
Downloads 1,615 (6,651)
Citation 64

Abstract:

Seasoned equity offering, SEO, flotation costs, flotation method choice, underwriting, firm commitment offers, best effort, rights offer, standby rights offer, quality certification, shareholder takeup, adverse selection, market timing, aggregate issue activity, market microstructure effects

10.

Political Connections and Corporate Bailouts

AFA 2006 Boston Meetings Paper, Journal of Finance, Vol. 61, No. 6, pp. 2597-2635, 2006
Number of pages: 44 Posted: 25 Mar 2005 Last Revised: 02 Nov 2010
Mara Faccio, Ronald W. Masulis and John J. McConnell
Purdue University - Krannert School of Management, University of New South Wales - Australian School of Business and Purdue University
Downloads 1,591 (6,639)
Citation 118

Abstract:

Political connections, cronism, bailouts

11.

The Valuation Effects of Stock Splits and Stock Dividends

Journal of Financial Economics (JFE), Vol. 13, No. 4, 1984
Number of pages: 36 Posted: 21 Jun 2007
Mark Grinblatt, Ronald W. Masulis and Sheridan Titman
University of California, Los Angeles (UCLA) - Finance Area, University of New South Wales - Australian School of Business and University of Texas at Austin - Department of Finance
Downloads 1,548 (7,161)
Citation 76

Abstract:

Stock splits, stock dividends, signalling, announcement effects, ex-date effects

12.

Shareholder Litigation in Mergers and Acquisitions

18 Journal of Corporate Finance 1248 (2012), AFA 2012 Chicago Meetings Paper, 6th Annual Conference on Empirical Legal Studies, Northwestern Univ Law School 2011, Georgetown Law and Economics Research Paper No. 11-23, Vanderbilt Law and Economics Research Paper No. 10-37
Number of pages: 57 Posted: 09 Dec 2010 Last Revised: 05 May 2017
Case Western Reserve University - Department of Banking & Finance, University of New South Wales - Australian School of Business, Vanderbilt University - Law School and Georgetown University Law Center
Downloads 1,448 (7,704)
Citation 7

Abstract:

M&A Offers, Announcement Period Return, Deal completion rates, Takeover premium, Delaware lawsuits, Federal lawsuits, Controlling Shareholder Squeeze-outs, Shareholder Class Action Lawsuits, Law firm reputation, Investment bank reputation, Selection bias control, Price Revision

13.

Are All Inside Directors the Same? Evidence from the External Directorship Market.

Journal of Finance, Forthcoming, ECGI - Finance Working Paper No. 241/2009, 3rd Annual Conference on Empirical Legal Studies Papers, AFA 2009 San Francisco Meetings Paper
Number of pages: 90 Posted: 22 Apr 2008 Last Revised: 04 Sep 2012
Ronald W. Masulis and Shawn Mobbs
University of New South Wales - Australian School of Business and University of Alabama - Culverhouse College of Commerce and Business Administration
Downloads 1,439 (8,850)
Citation 20

Abstract:

board of directors, inside directors, independent directors, corporate governance, manager entrenchment

14.

Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance

Journal of Accounting & Economics (JAE), Forthcoming, AFA 2011 Denver Meetings Paper, ECGI - Finance Working Paper No. 242/2009
Number of pages: 69 Posted: 19 Mar 2010 Last Revised: 08 Jan 2012
Ronald W. Masulis, Cong Wang and Fei Xie
University of New South Wales - Australian School of Business, China Europe International Business School (CEIBS) and University of Delaware
Downloads 1,429 (10,062)
Citation 23

Abstract:

Foreign Director, Board of Directors, Corporate Governance, Independent Director, Foreign Independent Director, Agency Costs, Board Monitoring, Cross-Border Acquisition, Earnings Restatement, Financial Misreporting, CEO Compensation, Board Attendance, Operating Performance, Tobin's Q

15.

Venture Capital Investments by IPO Underwriters: Certification, Alignment of Interest or Moral Hazard?

Number of pages: 44 Posted: 28 Jun 2004
Xi Li and Ronald W. Masulis
Hong Kong University of Science & Technology (HKUST) and University of New South Wales - Australian School of Business
Downloads 1,336 (10,557)
Citation 20

Abstract:

16.

Common Stock Offerings Across the Business Cycle: Theory and Evidence

Journal of Empirical Finance, Vol. 1, No. 1, pp. 3-31, June 1993 (Lead article, First issue)
Number of pages: 35 Posted: 19 May 2006
Hyuk Choe, Ronald W. Masulis and Vikram K. Nanda
Seoul National University - College of Business Administration, University of New South Wales - Australian School of Business and University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
Downloads 1,277 (10,040)
Citation 124

Abstract:

Seasoned equity offering, SEOs, common stock offers, business cycles, adverse selection, aggregate stock issuance activity

17.

Correlations in Price Changes and Volatility across International Stock Markets

Review of Financial Studies, Vol. 3, No. 2, pp. 281-307, 1990
Number of pages: 27 Posted: 28 Feb 2006
Yasushi Hamao, Ronald W. Masulis and Victor Ng
Center on Japanese Economy and Business, University of New South Wales - Australian School of Business and University of Michigan at Ann Arbor
Downloads 1,249 (10,015)
Citation 207

Abstract:

International Stock Markets, Price and Volatility Spillovers, London Stock Exchange, Tokyo Stock Exchange, New York Stock Exchange, GARCH Model

18.

Seasoned Equity Offerings: Quality of Accounting Information and Expected Flotation Costs

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 55 Posted: 17 Jul 2006 Last Revised: 18 Mar 2009
Gemma Lee and Ronald W. Masulis
Kyung Hee University and University of New South Wales - Australian School of Business
Downloads 1,191 (12,330)
Citation 28

Abstract:

Seasoned equity offering, SEO, stock offer, stock issue, asymmetric information, accounting information, accruals quality, Dechow and Dichev model, offer size, flotation costs, announcement effect, underwriting fees, gross spread, withdrawn offers, cancelled SEOs

19.

Optimal Capital Structure Under Corporate and Personal Taxation

Journal of Financial Economics, Vol. 8, No. 1, pp. 3-27, 1980
Number of pages: 27 Posted: 04 Oct 2009 Last Revised: 12 Oct 2009
Harry DeAngelo and Ronald W. Masulis
University of Southern California - Marshall School of Business - Finance and Business Economics Department and University of New South Wales - Australian School of Business
Downloads 1,179 (5,029)
Citation 257

Abstract:

Capital Structure, Corporate Taxes, Personal Taxes, Bankruptcy Costs, Non-debt Tax Shields, Leverage

20.

Seasoned Equity Offerings: An Empirical Investigation

Journal of Financial Economics, Vol. 15, No. 1/2, pp. 91-118, 1986
Number of pages: 45 Posted: 06 Feb 2007
Ashok N Korwar and Ronald W. Masulis
affiliation not provided to SSRN and University of New South Wales - Australian School of Business
Downloads 1,166 (11,691)
Citation 141

Abstract:

SEOs, seasoned equity offerings, stock offers, announcement effects, primary offers, secondary offers

21.

Do More Reputable Financial Institutions Reduce Earnings Management by IPO Issuers?

Journal of Corporate Finance, Forthcoming
Number of pages: 44 Posted: 24 Mar 2008 Last Revised: 31 Mar 2011
Gemma Lee and Ronald W. Masulis
Kyung Hee University and University of New South Wales - Australian School of Business
Downloads 1,004 (16,596)
Citation 6

Abstract:

Underwriting, Venture Capital, IPO, Earnings Management, Propensity Score Matching

22.

Adverse Selection and the Rights Offer Paradox

Journal of Financial Economics (JFE), Vol. 32, No. 3, pp. 293-332, 1992
Number of pages: 49 Posted: 19 Jun 2006
B. Espen Eckbo and Ronald W. Masulis
Tuck School of Business at Dartmouth and University of New South Wales - Australian School of Business
Downloads 920 (16,652)
Citation 84

Abstract:

Flotation method, seasoned common stock, SEO, stock offer, rights offer, adverse selection

23.

Venture Capital Conflicts of Interest: Evidence from Acquisitions of Venture Backed Firms

Journal of Financial and Quantitative Analysis (JFQA), 2011 (46), 395-430
Number of pages: 46 Posted: 29 Mar 2007 Last Revised: 15 Jan 2013
Ronald W. Masulis and Rajarishi Nahata
University of New South Wales - Australian School of Business and City University of New York, CUNY Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 827 (19,965)
Citation 12

Abstract:

Acquisitions, M&A, Venture Capital, Conflicts of Interest, Moral Hazard

The Supply of Corporate Directors and Board Independence

Review of Financial Studies 26(6), 1561-1605, ECGI - Finance Working Paper No. 315/2011
Number of pages: 61 Posted: 04 Aug 2011 Last Revised: 08 May 2013
Anzhela Knyazeva, Diana Knyazeva and Ronald W. Masulis
U.S. Securities and Exchange Commission, U.S. Securities and Exchange Commission (SEC) and University of New South Wales - Australian School of Business
Downloads 668 (30,977)
Citation 17

Abstract:

board of directors, board expertise, director labor market, location, firm value, firm performance, CEO compensation

Effects of Local Director Markets on Corporate Boards

AFA 2012 Chicago Meetings Paper
Number of pages: 83 Posted: 16 Mar 2011
Anzhela Knyazeva, Diana Knyazeva and Ronald W. Masulis
U.S. Securities and Exchange Commission, U.S. Securities and Exchange Commission (SEC) and University of New South Wales - Australian School of Business
Downloads 77 (269,740)
Citation 11

Abstract:

board of directors, director labor market, location

Local Director Talent and Board Composition

23rd Australasian Finance and Banking Conference 2010 Paper
Number of pages: 74 Posted: 15 Jul 2010 Last Revised: 25 Mar 2013
Anzhela Knyazeva, Diana Knyazeva and Ronald W. Masulis
U.S. Securities and Exchange Commission, U.S. Securities and Exchange Commission (SEC) and University of New South Wales - Australian School of Business
Downloads 74 (278,342)
Citation 7

Abstract:

board of directors, director labor market, location, firm value

25.

Independent Director Incentives: Where Do Talented Directors Spend Their Limited Time and Energy?

Journal of Financial Economics (JFE), Forthcoming, AFA 2013 San Diego Meetings Paper, ECGI - Finance Working Paper No. 355/2013
Number of pages: 55 Posted: 07 Mar 2012 Last Revised: 25 Nov 2013
Ronald W. Masulis and Shawn Mobbs
University of New South Wales - Australian School of Business and University of Alabama - Culverhouse College of Commerce and Business Administration
Downloads 766 (19,169)
Citation 7

Abstract:

director incentives, busy directors, labor markets, firm reputation, firm performance

26.

Seasoned Public Offerings: Resolution of the 'New Issues Puzzle'

Journal of Financial Economics, Vol. 56, 251-291, 2000, Tuck School of Business Working Paper
Number of pages: 38 Posted: 21 Feb 2001 Last Revised: 04 May 2009
B. Espen Eckbo, Ronald W. Masulis and Oyvind Norli
Tuck School of Business at Dartmouth, University of New South Wales - Australian School of Business and BI Norwegian Business School - Department of Financial Economics
Downloads 735 (23,413)
Citation 128

Abstract:

New issues puzzle, long-run performance, factor risk, seasoned public offerings, equity issuer

27.

Law Firm Expertise and Mergers and Acquisitions

Journal of Law and Economics, Forthcoming, ECGI - Finance Working Paper No. 316/2011
Number of pages: 44 Posted: 10 Aug 2009 Last Revised: 16 Oct 2012
C. N. V. Krishnan and Ronald W. Masulis
Case Western Reserve University - Department of Banking & Finance and University of New South Wales - Australian School of Business
Downloads 700 (27,596)
Citation 5

Abstract:

M&A legal advisor, Law firms, market shares, incentives, top 10 law firms, M&A, mergers, acquisitions, market shares, league table ranks, deal completion, takeover premium, selection bias

28.

Board Structure and Monitoring: New Evidence from CEO Turnovers

Review of Financial Studies, Forthcoming, 7th Annual Conference on Empirical Legal Studies Paper, ECGI - Finance Working Paper No. 351/2013
Number of pages: 71 Posted: 14 Mar 2012 Last Revised: 16 Feb 2016
Lixiong Guo and Ronald W. Masulis
University of New South Wales - UNSW Business School and University of New South Wales - Australian School of Business
Downloads 692 (18,621)
Citation 1

Abstract:

CCEO turnover; Nominating committee independence; Board Independence; Board monitoring; Independent directors; Sarbanes-Oxley Act; Endogeneity

29.

Ownership, Investment and Governance: The Costs and Benefits of Dual Class Shares

ECGI - Finance Working Paper No. 352/2013, FIRN Research Paper
Number of pages: 65 Posted: 30 Nov 2012 Last Revised: 23 Aug 2017
Suman Banerjee and Ronald W. Masulis
Stevens Institute of Technology and University of New South Wales - Australian School of Business
Downloads 633 (33,850)
Citation 1

Abstract:

Blockholders, Controlling shareholders, Dual-class shares, Hostile takeovers, Ownership structure, Private benefits of control, Non-voting shares, Shareholder welfare, Takeover defenses, Underinvestment, Voting rights

30.

Strategic Alliances and Corporate Governance in Newly Public Firms: Evidence from Corporate Venture Capital

EFA 2007 Ljubljana Meetings Paper, ECGI - Finance Working Paper No. 210/2008
Number of pages: 61 Posted: 07 May 2008 Last Revised: 18 Sep 2008
Vladimir I. Ivanov and Ronald W. Masulis
US Securities & Exchange Commission and University of New South Wales - Australian School of Business
Downloads 604 (32,128)

Abstract:

Corporate governance, Strategic alliances, Corporate venture capital, IPOs

31.

Comparing CEO Employment Contract Provisions: Differences between Australia and the U.S.

Vanderbilt Law Review, Vol. 64, No. 2, pp. 559-608, 2011, Sydney Law School Research Paper No. 10/81, Vanderbilt Law and Economics Research Paper No. 10-23
Number of pages: 55 Posted: 25 Aug 2010 Last Revised: 21 Nov 2011
Jennifer G. Hill, Ronald W. Masulis and Randall S. Thomas
The University of Sydney Law School, University of New South Wales - Australian School of Business and Vanderbilt University - Law School
Downloads 600 (32,839)
Citation 1

Abstract:

Executive Pay, Compensation, Australia-U.S. Comparison

32.

Financial Contracting with Strategic Investors: Evidence from Corporate Venture Capital Backed IPOs

Journal of Financial Intermediation, 2009 (18), 599-631
Number of pages: 52 Posted: 25 Mar 2008 Last Revised: 15 Jan 2013
Ronald W. Masulis and Rajarishi Nahata
University of New South Wales - Australian School of Business and City University of New York, CUNY Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 595 (32,128)
Citation 6

Abstract:

Venture Capital, Corporate Venture Capital, Financial Contracting, Strategic Investing, Entrepreneurial Companies

33.

Agency Problems of Corporate Philanthropy

Review of Financial Studies, Forthcoming, ECGI - Finance Working Paper No. 370
Number of pages: 63 Posted: 16 Mar 2013 Last Revised: 14 Mar 2017
Ronald W. Masulis and Syed Walid Reza
University of New South Wales - Australian School of Business and SUNY at Binghamton
Downloads 567 (24,659)
Citation 4

Abstract:

Corporate governance, corporate philanthropy, corporate charities, agency costs, CEO compensation

34.

Seasoned Equity Offerings and Customer-Supplier Relationships

5th Annual Conference on Empirical Legal Studies Paper (2010)
Number of pages: 46 Posted: 15 Mar 2010 Last Revised: 05 Oct 2017
William C. Johnson, Jun-Koo Kang, Ronald W. Masulis and Sangho Yi
Suffolk University - Sawyer School of Management, Nanyang Technological University (NTU) - Nanyang Business School, University of New South Wales - Australian School of Business and Sogang University
Downloads 513 (30,112)

Abstract:

Information revelation, product market relationship, seasoned equity offerings

35.

Independent Director Reputation Incentives: The Supply of Monitoring Services

ECGI - Finance Working Paper No. 353/2013
Number of pages: 61 Posted: 24 Feb 2013 Last Revised: 23 Aug 2017
Ronald W. Masulis and Shawn Mobbs
University of New South Wales - Australian School of Business and University of Alabama - Culverhouse College of Commerce and Business Administration
Downloads 510 (25,055)

Abstract:

independent director, reputations incentives, board decisions, director labor market, option grants, dividends, class-action lawsuits, covenant violations, stock repurchases, exchange delistings

36.

Trading Activity and Stock Price Volatility: Evidence from the London Stock Exchange

Journal of Empirical Finance, Vol. 10, No. 3, pp. 249-269, 2003
Number of pages: 39 Posted: 26 Feb 2006
Roger D. Huang and Ronald W. Masulis
University of Notre Dame and University of New South Wales - Australian School of Business
Downloads 510 (41,429)
Citation 12

Abstract:

Trading size, trading frequency, price volatility, London Stock Exchange, transactions data, informed trading, market microstructure models

37.

The Effects of Capital Structure Change on Security Prices: A Study of Exchange Offers

Journal of Financial Economics (JFE), Vol. 8, No. 2, June 1980
Number of pages: 45 Posted: 26 Jan 2010
Ronald W. Masulis
University of New South Wales - Australian School of Business
Downloads 471 (36,011)
Citation 44

Abstract:

exchange offer, capital structure change, common stock, preferred stock, debt, announcement returns, event study methodology, protective covenants, wealth expropriation, recapitalization

38.

Trading Rules, Competition for Order Flow and Market Fragmentation

Forthcoming, Journal of Financial Economics (JFE), European Corporate Governance Institute (ECGI) - Law Working Paper No. 256/2014
Number of pages: 89 Posted: 11 Dec 2013 Last Revised: 29 Apr 2014
Amy Kwan, Ronald W. Masulis and Thomas H. McInish
University of Sydney Business School, University of New South Wales - Australian School of Business and University of Memphis - Fogelman College of Business and Economics
Downloads 465 (37,072)

Abstract:

Market Fragmentation; Regression Discontinuity; Dark Pools; Trade Reporting Facility

39.

How Do Venture Investments by Different Classes of Financial Institutions Affect the Equity Underwriting Process?

Number of pages: 51 Posted: 21 Mar 2008 Last Revised: 18 Sep 2008
Xi Li and Ronald W. Masulis
Hong Kong University of Science & Technology (HKUST) and University of New South Wales - Australian School of Business
Downloads 464 (47,647)
Citation 5

Abstract:

IPO, Underpricing of Stock Offers, Venture Capital, Financial Institutions, Certification Hypothesis, Conflict of Interest, Underwriting

40.

The Option Pricing Model and the Risk Factor of Stock

Journal of Financial Economics (JFE), Vol. 3, No. 1/2, 1976
Number of pages: 29 Posted: 06 Oct 2009
Dan Galai and Ronald W. Masulis
Hebrew University of Jerusalem - Jerusalem School of Business Administration and University of New South Wales - Australian School of Business
Downloads 462 (29,932)
Citation 167

Abstract:

Option pricing, wealth expropriation, nonstationary risk, leverage, investment decisions, financing decisions, conglomerate mergers, mergers, risky debt, levered equity

41.

The Effects of the 1987 Stock Crash on International Financial Integration

JAPANESE FINANCIAL MARKET RESEARCH, W. Ziemba, W. Bailey and Y. Hamao, editors, North Holland Publisher, 1991
Number of pages: 21 Posted: 19 May 2006
Yasushi Hamao, Ronald W. Masulis and Victor Ng
Center on Japanese Economy and Business, University of New South Wales - Australian School of Business and University of Michigan at Ann Arbor
Downloads 456 (43,122)
Citation 4

Abstract:

International Stock Markets, Price and Volatility Spillovers, London Stock Exchange, Tokyo Stock Exchange, New York Stock Exchange, Stock Market Crash, GARCH, Financial Integration

42.

An Investigation of Market Microstructure Impacts on Event Study Returns

Journal of Finance, Vol. 46, No. 4, pp. 1523-1536, 1991
Number of pages: 23 Posted: 08 May 2006
Ronald C. Lease, Ronald W. Masulis and John Page
Purdue University - Krannert School of Management, University of New South Wales - Australian School of Business and Tulane University - Accounting & Taxation
Downloads 403 (57,600)
Citation 34

Abstract:

Seasoned equity offering, market microstructure, bid-ask bounce, order flow imbalance

43.

Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders?

AFA 2012 Chicago Meetings Paper, 24th Australasian Finance and Banking Conference 2011 Paper
Number of pages: 62 Posted: 22 Mar 2011 Last Revised: 11 Jun 2012
Ronald W. Masulis, Peter L. Swan and Brett Tobiansky
University of New South Wales - Australian School of Business, University of New South Wales (UNSW Australia) and University of New South Wales
Downloads 377 (54,422)
Citation 2

Abstract:

M&A, takeover bids, acquisition benefits, acquirer gains, acquisition synergies, targets, bidders, failed bids.iled bids

44.

Repurchase Tender Offers and Earnings Information

Journal of Accounting and Economics, Vol. 14, pp. 217-251, 1991
Number of pages: 50 Posted: 11 Aug 2006
Larry Dann, Ronald W. Masulis and David Mayers
University of Oregon - Department of Finance, University of New South Wales - Australian School of Business and University of California, Riverside (UCR) - A. Gary Anderson Graduate School of Management
Downloads 348 (66,230)
Citation 35

Abstract:

Tender offer, stock repurchase, earnings announcement, earnings surprise, systematic risk, beta

45.

Venture Capital Reputation: A Survey

THE OXFORD HANDBOOK OF VENTURE CAPITAL, Douglas J. Cummings, ed., Oxford University Press, 2011
Number of pages: 64 Posted: 26 Jun 2010 Last Revised: 20 Nov 2011
C. N. V. Krishnan and Ronald W. Masulis
Case Western Reserve University - Department of Banking & Finance and University of New South Wales - Australian School of Business
Downloads 345 (56,446)
Citation 6

Abstract:

Venture capital firms, Reputation, Alternative Reputation measures, Portfolio company performance, Initial Public Offerings, Acquisitions, Post-IPO performance, Corporate governance

46.

Equity Ownership in IPO Issuers by Brokerage Firms and Analyst Research Coverage

Number of pages: 57 Posted: 25 Mar 2008 Last Revised: 15 Jul 2016
Qiang Kang, Xi Li and Ronald W. Masulis
Florida International University (FIU) - Department of Finance, Hong Kong University of Science & Technology (HKUST) and University of New South Wales - Australian School of Business
Downloads 328 (76,438)
Citation 1

Abstract:

sell-side analysts, analyst stock recommendations, IPOs, asymmetric information, conflicts of interest, venture capital investment, brokerage firms, reputation incentives, equity ownership, universal banking, financial institutions

47.

Lockup Agreements in Seasoned Equity Offerings: Evidence of Optimal Contracting

Journal of Financial Economics (JFE), 110 (2013), pp. 607-626
Number of pages: 20 Posted: 01 Oct 2011 Last Revised: 21 Jun 2017
Jonathan M. Karpoff, Gemma Lee and Ronald W. Masulis
University of Washington - Michael G. Foster School of Business, Kyung Hee University and University of New South Wales - Australian School of Business
Downloads 318 (65,431)

Abstract:

seasoned equity offerings, lockups, information asymmetry

48.

Deal Initiation in Mergers and Acquisitions

ECGI - Finance Working Paper No. #371, FIRN Research Paper
Number of pages: 69 Posted: 26 Jul 2013 Last Revised: 21 May 2015
Ronald W. Masulis and Serif Aziz Simsir
University of New South Wales - Australian School of Business and Sabanci University
Downloads 305 (39,354)
Citation 9

Abstract:

Mergers and acquisitions, Merger initiation; Financial distress; Financial constraints; Economic shocks; Information asymmetry; Takeover premia; Self-selection problem

49.

Corporate Investment and Dividend Decisions Under Differential Personal Taxation

Journal of Financial and Quantitative Analysis, Vol. 23, No. 4, 1998
Number of pages: 22 Posted: 12 Feb 2007
Brett Trueman and Ronald W. Masulis
University of California, Los Angeles (UCLA) - Anderson School of Management and University of New South Wales - Australian School of Business
Downloads 249 (86,832)
Citation 9

Abstract:

Dividends, Investment, Personal Taxation, Corporate Taxation, Internal Financing, External Financing, Tax Brackets, Taxes, Shareholder Conflicts of Interest

50.

Order Imbalances Around Seasoned Equity Offerings

Midwest Finance Association 2012 Annual Meetings Paper
Number of pages: 65 Posted: 24 Sep 2011 Last Revised: 08 Oct 2012
Sukwon Thomas Kim and Ronald W. Masulis
University of California, Riverside and University of New South Wales - Australian School of Business
Downloads 246 (104,753)
Citation 1

Abstract:

Seasoned Equity Offerings, Order Imbalances, Underpricing

51.

Overnight and Daytime Stock Return Dynamics on the London Stock Exchange

Journal of Business and Economic Statistics, Vol. 13, No. 4, 365-378, October 1995
Number of pages: 14 Posted: 30 Mar 2006
Victor Ng and Ronald W. Masulis
University of Michigan at Ann Arbor and University of New South Wales - Australian School of Business
Downloads 224 (103,446)
Citation 7

Abstract:

Stock Return Dynamics, London Stock Exchange, GARCH, Exchange Restructuring, Big Bang, Stock Market Crash

52.

FX Spreads and Dealer Competition Across the 24-Hour Trading Day

Review of Financial Studies, Vol. 12, No. 1, pp. 61-93, Spring 1999
Number of pages: 27 Posted: 09 Sep 1998
Roger D. Huang and Ronald W. Masulis
University of Notre Dame and University of New South Wales - Australian School of Business
Downloads 217 (91,622)
Citation 15

Abstract:

Foreign Exchange, FX Trading, Market Microstructure Models, Tick-by-Tick Trades, 24 Hour Trading, Dealer Competition, Market Making, Dealer Market, Bid-Ask Spread, FX Volatility, VAR model, GMM

53.

Compensation Gaps Among Top Executives: Evidence of Tournament Incentives or Productivity Differentials?

FIRN Research Paper
Number of pages: 77 Posted: 07 Jun 2013
Ronald W. Masulis and Shage Zhang
University of New South Wales - Australian School of Business and Trinity University
Downloads 196 (88,174)
Citation 1

Abstract:

compensation gap, executive compensation, tournament, productivity, agency theory

54.

Does Market Structure Affect the Immediacy of Stock Price Responses to News?

Journal of Financial and Quantitative Analysis, Vol. 37, No. 4, pp. 617-648, 2002
Number of pages: 50 Posted: 26 Mar 2002
Ronald W. Masulis and Lakshmanan Shivakumar
University of New South Wales - Australian School of Business and London Business School
Downloads 187 (130,244)
Citation 13

Abstract:

Price adjustment, Market structure, Equity Offering Announcements

55.

Strategic Alliances and Corporate Governance in Newly Public Firms: Evidence from Venture Backed IPOs

Number of pages: 59 Posted: 16 Mar 2010
Vladimir I. Ivanov and Ronald W. Masulis
US Securities & Exchange Commission and University of New South Wales - Australian School of Business
Downloads 166 (152,207)

Abstract:

Strategic alliances, corporate governance, venture capital, IPOs

56.

Government Intervention in the Mortgage Market: A Study of Anti-Redlining Regulations

Journal of Monetary Economics, Vol. 10, 1982
Number of pages: 20 Posted: 15 Feb 2008 Last Revised: 15 Feb 2010
Ronald W. Masulis
University of New South Wales - Australian School of Business
Downloads 146 (161,386)
Citation 1

Abstract:

Mortgages, default, option pricing, mortgage insurance, redlining, price controls

57.

Internal Capital Markets in Family Business Groups During the Global Financial Crisis

Asian Finance Association (AsianFA) 2015 Conference Paper
Number of pages: 65 Posted: 02 Nov 2014 Last Revised: 15 Feb 2015
Alvin Ang, Ronald W. Masulis, Peter K. Pham and Jason Zein
UNSW Business School, University of New South Wales, University of New South Wales - Australian School of Business, Australian School of Business - University of New South Wales and UNSW Business School
Downloads 137 (109,826)

Abstract:

Internal capital markets, Family business groups, External financing constraints, Financial crisis

58.

Do More Transparency & Disclosure Necessarily Enhance Firm Performance?

Number of pages: 55 Posted: 21 May 2014 Last Revised: 13 Jul 2016
Suman Banerjee, Ronald W. Masulis and Sarmistha Pal
Stevens Institute of Technology, University of New South Wales - Australian School of Business and University of Surrey
Downloads 136 (145,227)

Abstract:

Corporate governance reform, Transparency and Disclosure rules, Domestic and foreign listed

59.

Do Wealth Creating Mergers and Acquisitions Really Hurt Bidder Shareholders?

FIRN Research Paper No. 2517209
Number of pages: 69 Posted: 31 Oct 2014 Last Revised: 17 Feb 2017
Mark Humphery-Jenner, Ronald W. Masulis and Peter L. Swan
UNSW Business School, University of New South Wales - Australian School of Business and University of New South Wales (UNSW Australia)
Downloads 113 (99,992)
Citation 1

Abstract:

M&A, takeovers, acquisitions, synergies, targets, bidders, failed bids

60.

Entrenchment and Investment

Number of pages: 49 Posted: 16 Mar 2012 Last Revised: 08 Oct 2012
Suman Banerjee and Ronald W. Masulis
Stevens Institute of Technology and University of New South Wales - Australian School of Business
Downloads 113 (191,132)

Abstract:

Blockholders, Controlling shareholders, Dual-class, Hostile takeovers, Ownership structure

61.

Why Do Family Business Groups Expand by Creating New Public Firms? The Role of Internal Capital Markets

ECGI - Finance Working Paper No. 523/2017
Number of pages: 66 Posted: 27 Oct 2014 Last Revised: 31 Aug 2017
Ronald W. Masulis, Peter K. Pham and Jason Zein
University of New South Wales - Australian School of Business, Australian School of Business - University of New South Wales and UNSW Business School
Downloads 108 (122,695)

Abstract:

Business Groups, Internal Capital Markets, Financing Constraints, IPOs

Jurisdictional Effects in M&A Litigation

Journal of Empirical Legal Studies, Forthcoming, Vanderbilt Law and Economics Research Paper No. 13-14
Number of pages: 39 Posted: 12 Jun 2013 Last Revised: 23 Sep 2013
Case Western Reserve University - Department of Banking & Finance, University of New South Wales - Australian School of Business, Vanderbilt University - Law School and Georgetown University Law Center
Downloads 89 (246,290)

Abstract:

M&A Offers, Lawsuits, Delaware Suits, Federal Suits, Other State Suits, Multi-Jurisdiction Suits, Deal completion rate, Takeover premium, Controlling Shareholder Squeeze-outs, Lawsuit Settlements, Consideration Paid, Selection Bias Control

Jurisdictional Effects in M&A Litigation

Journal of Empirical Legal Studies, Vol. 11, Issue 1, pp. 132-158, 2014
Number of pages: 27 Posted: 18 Jan 2014
Case Western Reserve University - Department of Banking & Finance, University of New South Wales - Australian School of Business, Vanderbilt University - Law School and Georgetown University Law Center
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Abstract:

63.

Regulation and Firm Value: Curious Case of Transparency and Disclosure Laws in Russia

IZA Discussion Paper No. 9890
Number of pages: 52 Posted: 25 Apr 2016
Suman Banerjee, Ronald W. Masulis and Sarmistha Pal
Stevens Institute of Technology, University of New South Wales - Australian School of Business and University of Surrey
Downloads 18 (462,762)

Abstract:

transparency and disclosure rules, quasi-experimental analysis, domestic vs. cross-listed firms, firm performance, Tobin's Q, EBIT-to-Asset ratio, difference-in-difference method, Russia

64.

Mitigating Effects of Gender Diverse Board in Companies with Aggressive Management

Number of pages: 54 Posted: 21 Jun 2017
Suman Banerjee, Ronald W. Masulis and Arun Upadhyay
Stevens Institute of Technology, University of New South Wales - Australian School of Business and Florida International University
Downloads 0 (407,676)

Abstract:

Gender-Diverse Board, Independent Directors, Overconfident CEOs, SOX, SOX Compliance, Women Directors, Firm Performance

65.

Monitoring the Monitor: Distracted Institutional Investors and Board Governance

ECGI - Finance Working Paper No. 531/2017
Number of pages: 72 Posted: 20 Mar 2017 Last Revised: 06 Oct 2017
Claire Yang Liu, Angie Low, Ronald W. Masulis and Le Zhang
University of New South Wales (UNSW), Nanyang Technological University - Division of Banking & Finance, University of New South Wales - Australian School of Business and University of New South Wales (UNSW) - Australian School of Business
Downloads 0 (146,780)

Abstract:

Board of directors, Shareholder activism, Institutional investors, Board monitoring, Shareholder voting, Corporate governance

66.

Employee-Manager Alliances and Shareholder Returns from Acquisitions

Number of pages: 61 Posted: 10 Jan 2017 Last Revised: 14 Jan 2017
Ronald W. Masulis, Cong Wang and Fei Xie
University of New South Wales - Australian School of Business, China Europe International Business School (CEIBS) and University of Delaware
Downloads 0 (242,716)

Abstract:

67.

Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans

Number of pages: 60 Posted: 27 Sep 2016 Last Revised: 08 May 2017
Ying Dou, Ronald W. Masulis and Jason Zein
School of Banking and Finance, University of New South Wales, University of New South Wales - Australian School of Business and UNSW Business School
Downloads 0 (111,206)

Abstract:

Pledging, Managerial incentive, Crash risk, Risk-taking

68.

Preoccupied Independent Directors

ECGI - Finance Working Paper No. 522/2017
Number of pages: 56 Posted: 02 Aug 2016 Last Revised: 21 Aug 2017
Ronald W. Masulis and Emma Jincheng Zhang
University of New South Wales - Australian School of Business and Monash Business School
Downloads 0 (313,672)

Abstract:

Corporate Governance, Board of Directors, Busy Directors, Independent Directors

69.

CEO Option Compensation Can Be a Bad Option: Evidence from Product Market Relationships

2nd Annual Financial Institutions, Regulation and Corporate Governance Conference, ECGI - Finance Working Paper No. 532/2017
Number of pages: 59 Posted: 27 May 2016 Last Revised: 17 Oct 2017
Claire Yang Liu, Ronald W. Masulis and Jared R. Stanfield
University of New South Wales (UNSW), University of New South Wales - Australian School of Business and University of New South Wales (UNSW) - School of Banking and Finance
Downloads 0 (145,227)

Abstract:

Compensation, Firm Performance, Product Market, Risk Taking, Supply Chain

70.

External Financing of Last Resort? Bank Lines of Credit as a Source of Long-Term Finance

Number of pages: 78 Posted: 04 Oct 2015
Cambridge Judge Business School, Tsinghua University - Department of Finance, Chinese University of Hong Kong, Lancaster University, and CEPR and University of New South Wales - Australian School of Business
Downloads 0 (322,007)

Abstract:

Lines of Credit, Financing of Last Resort, Liquidity Buffer

71.

Law Firm Expertise and Merger and Acquisition Outcomes

Journal of Law and Economics, Vol. 56, 2013
Posted: 23 Jul 2012 Last Revised: 08 Oct 2012
C. N. V. Krishnan and Ronald W. Masulis
Case Western Reserve University - Department of Banking & Finance and University of New South Wales - Australian School of Business

Abstract:

M&A legal advisor, Law firms, market shares, incentives, top 10 law firms, M&A, mergers, acquisitions, market shares, league table ranks, deal completion, takeover premium, selection bias control