Ronald W. Masulis

University of New South Wales, Sydney

Professor of Finance

UNSW Business School

High St

Sydney, NSW 2052

Australia

European Corporate Governance Institute (ECGI)

Research Associate

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 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

80

DOWNLOADS
Rank 322

SSRN RANKINGS

Top 322

in Total Papers Downloads

97,137

TOTAL CITATIONS
Rank 250

SSRN RANKINGS

Top 250

in Total Papers Citations

2,201

Scholarly Papers (80)

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, Sydney and BI Norwegian Business School - Department of Financial Economics
Downloads 5,813 (2,984)
Citation 22

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

2.

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, Sydney and Vanderbilt University - Finance
Downloads 4,801 (4,218)
Citation 17

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

3.

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, Sydney
Downloads 4,318 (5,011)
Citation 282

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

4.
Downloads 3,920 ( 5,838)
Citation 96

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: 01 Nov 2023
Ronald W. Masulis, Cong Wang and Fei Xie
University of New South Wales, Sydney, The Chinese University of Hong Kong, Shenzhen and University of Delaware - Lerner College of Business and Economics
Downloads 2,770 (10,027)
Citation 87

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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: 01 Nov 2023
Ronald W. Masulis, Cong Wang and Fei Xie
University of New South Wales, Sydney, The Chinese University of Hong Kong, Shenzhen and University of Delaware - Lerner College of Business and Economics
Downloads 1,150 (38,995)
Citation 9

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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

5.

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, Sydney, The Chinese University of Hong Kong, Shenzhen and University of Delaware - Lerner College of Business and Economics
Downloads 3,737 (6,360)
Citation 87

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

6.

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
Mitchell E. Daniels, Jr. School of Business, Purdue University and University of New South Wales, Sydney
Downloads 3,718 (6,412)
Citation 74

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Corporate finance, Corporate Governance, M&As

7.

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, Sydney and Department of Finance, University of Central Florida
Downloads 3,471 (7,178)
Citation 19

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

8.

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, Sydney, University of Sydney Business School and UNSW Business School
Downloads 3,017 (8,940)
Citation 19

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Business Groups, Firm Value, Ownership Structure, Family Firms

9.

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, Sydney and University of Texas at Austin - Department of Finance
Downloads 2,600 (11,314)
Citation 14

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

10.

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: 08 Apr 2024
Ronald W. Masulis, Randall S. Thomas and Randall S. Thomas
University of New South Wales, Sydney and Vanderbilt University - Law SchoolVanderbilt University - Owen Graduate School of Management
Downloads 2,555 (11,623)
Citation 1

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

11.

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
Mitchell E. Daniels, Jr. School of Business, Purdue University, University of New South Wales, Sydney and Purdue University
Downloads 2,454 (12,368)
Citation 307

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Political connections, cronism, bailouts

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, Sydney, Vanderbilt University - Law SchoolVanderbilt University - Owen Graduate School of Management and Georgetown University Law Center
Downloads 2,211 (14,640)
Citation 33

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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.

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, Sydney
Downloads 2,179 (15,025)
Citation 2

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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

14.

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, Yasushi Hamao, Ronald W. Masulis and Victor Ng
University of Southern California - Marshall School of Business - Finance and Business Economics DepartmentCenter on Japanese Economy and Business, University of New South Wales, Sydney and University of Michigan at Ann Arbor
Downloads 1,932 (18,215)
Citation 51

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

15.

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, Sydney, The Chinese University of Hong Kong, Shenzhen and University of Delaware - Lerner College of Business and Economics
Downloads 1,888 (18,911)
Citation 149

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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

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, Sydney and University of Texas at Dallas - School of Management - Department of Finance & Managerial Economics
Downloads 1,816 (20,077)
Citation 24

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

17.

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, Sydney
Downloads 1,756 (21,150)
Citation 13

Abstract:

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

18.

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, Sydney and University of Alabama - Culverhouse College of Business Administration
Downloads 1,746 (21,348)
Citation 41

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

19.

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, Sydney and University of Waterloo - School of Accounting and Finance
Downloads 1,627 (23,736)
Citation 198

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

20.

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
University of Arkansas, Fayetteville - Department of Finance and University of New South Wales, Sydney
Downloads 1,539 (25,854)
Citation 30

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21.

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, Sydney
Downloads 1,429 (28,896)
Citation 8

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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

22.

Board Structure and Monitoring: New Evidence from CEO Turnover

Review of Financial Studies, Forthcoming, 7th Annual Conference on Empirical Legal Studies Paper, ECGI - Finance Working Paper No. 351/2013
Number of pages: 77 Posted: 14 Mar 2012 Last Revised: 05 Dec 2019
Lixiong Guo and Ronald W. Masulis
University of Mississippi and University of New South Wales, Sydney
Downloads 1,396 (29,895)
Citation 35

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

23.

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, Sydney
Downloads 1,395 (29,964)
Citation 143

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

24.

Monitoring the Monitor: Distracted Institutional Investors and Board Governance

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 531/2017, Forthcoming, Review of Financial Studies
Number of pages: 71 Posted: 20 Mar 2017 Last Revised: 16 Apr 2020
Claire Liu, Angie Low, Ronald W. Masulis and Le Zhang
University of Sydney, Nanyang Business School, Nanyang Technological University, University of New South Wales, Sydney and Australian National University (ANU) - College of Business and Economics
Downloads 1,320 (32,472)
Citation 52

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

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, Sydney and University of Alabama - Culverhouse College of Business Administration
Downloads 1,301 (33,133)
Citation 45

Abstract:

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

26.

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, Sydney
Downloads 1,293 (33,431)
Citation 16

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

27.

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: 06 Feb 2020
Anzhela Knyazeva, Diana Knyazeva and Ronald W. Masulis
Independent, Independent and University of New South Wales, Sydney
Downloads 1,292 (33,475)
Citation 69

Abstract:

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

28.

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

ECGI - Finance Working Paper No. 352/2013, FIRN Research Paper, Stevens Institute of Technology School of Business Research Paper
Number of pages: 65 Posted: 30 Nov 2012 Last Revised: 18 Jan 2018
Suman Banerjee and Ronald W. Masulis
Stevens Institute of Technology and University of New South Wales, Sydney
Downloads 1,280 (33,945)

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

29.

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

Forthcoming, Review of Financial Studies, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 592/2019
Number of pages: 67 Posted: 27 Sep 2016 Last Revised: 28 Jan 2019
Ying Dou, Ronald W. Masulis and Jason Zein
Monash University - Department of Banking and Finance, University of New South Wales, Sydney and UNSW Business School
Downloads 1,271 (34,270)
Citation 9

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Pledging, Managerial incentive, Crash risk, Risk-taking

30.

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, Sydney
Downloads 1,169 (38,686)
Citation 3

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

31.

How Valuable are Independent Directors? Evidence from External Distractions

Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 522/2017, 9th Conference on Financial Markets and Corporate Governance (FMCG) 2018
Number of pages: 74 Posted: 02 Aug 2016 Last Revised: 30 Sep 2018
Ronald W. Masulis and Emma Jincheng Zhang
University of New South Wales, Sydney and Monash University - Department of Banking and Finance
Downloads 1,113 (41,651)
Citation 58

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Independent Directors, Director Incentives, Director Distraction, Corporate Performance

32.

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, Sydney
Downloads 1,111 (41,769)
Citation 9

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

33.

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, Sydney and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 1,111 (41,769)
Citation 12

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

34.

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, Sydney and BI Norwegian Business School - Department of Financial Economics
Downloads 1,092 (42,785)
Citation 45

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

35.

Directors: Older and Wiser, or Too Old to Govern?

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 584/2018 Journal of Financial and Quantitative Analysis - Forthcoming
Number of pages: 71 Posted: 26 Nov 2018 Last Revised: 17 Sep 2023
Ronald W. Masulis, Cong Wang, Fei Xie and Shuran Zhang
University of New South Wales, Sydney, The Chinese University of Hong Kong, Shenzhen, University of Delaware - Lerner College of Business and Economics and Hong Kong Polytechnic University
Downloads 1,084 (43,243)
Citation 5

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boardroom aging, older directors, board monitoring, board advising, agency problems

36.

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, Sydney and University of Alabama - Culverhouse College of Business Administration
Downloads 1,078 (43,596)
Citation 7

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

37.

Deal Initiation in Mergers and Acquisitions

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 371/2013, FIRN Research Paper, Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 82 Posted: 26 Jul 2013 Last Revised: 06 Dec 2018
Ronald W. Masulis and Serif Aziz Simsir
University of New South Wales, Sydney and Sabanci University
Downloads 1,003 (48,216)
Citation 20

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

38.

Seasoned Equity Offerings and Customer-Supplier Relationships

Journal of Financial Intermediation (2018), 33:1, 98-114, 5th Annual Conference on Empirical Legal Studies Paper (2010)
Number of pages: 46 Posted: 15 Mar 2010 Last Revised: 11 Jun 2020
University of Massachusetts Lowell - The Robert J. Manning School of Business, Nanyang Business School, Nanyang Technological University, University of New South Wales, Sydney and Sogang Universityaffiliation not provided to SSRN
Downloads 877 (57,992)
Citation 4

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Information revelation, product market relationship, seasoned equity offerings

39.

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, Sydney
Downloads 845 (61,064)
Citation 4

Abstract:

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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

40.

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, Sydney
Downloads 838 (61,799)
Citation 2

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Corporate governance, Strategic alliances, Corporate venture capital, IPOs

41.

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, Sydney and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 808 (64,837)
Citation 7

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

42.

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 New South Wales (UNSW), University of New South Wales, Sydney and University of Memphis - Fogelman College of Business and Economics
Downloads 798 (65,921)
Citation 44

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

43.

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, European Corporate Governance Institute - Law Working Paper No. 166/2010
Number of pages: 55 Posted: 25 Aug 2010 Last Revised: 08 Apr 2024
Monash University - Faculty of Law, University of New South Wales, Sydney and Vanderbilt University - Law SchoolVanderbilt University - Owen Graduate School of Management
Downloads 784 (67,508)
Citation 6

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

44.

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, Sydney, University of New South Wales (UNSW Sydney and University of New South Wales
Downloads 748 (71,843)
Citation 7

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

45.

Why CEO Option Compensation Can be a Bad Option for Shareholders: Evidence from Major Customer Relationships

Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 532/2017
Number of pages: 96 Posted: 27 May 2016 Last Revised: 21 Sep 2021
Claire Liu, Ronald W. Masulis and Jared R. Stanfield
University of Sydney, University of New South Wales, Sydney and University of Oklahoma
Downloads 709 (77,001)
Citation 18

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

46.

Crises as Opportunities for Growth: The Strategic Value of Business Group Affiliation

Journal of Financial and Quantitative Analysis, forthcoming, European Corporate Governance Institute – Finance Working Paper No. 781/2021
Number of pages: 76 Posted: 02 Nov 2014 Last Revised: 06 Jan 2022
Ronald W. Masulis, Peter K. Pham, Jason Zein and Alvin E. S. Ang
University of New South Wales, Sydney, University of Sydney Business School, UNSW Business School and CUHK Business School, Chinese University of Hong Kong
Downloads 678 (81,433)
Citation 2

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Family business groups, Internal capital markets, Product market competition, Financial crisis

47.

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, Yasushi Hamao, Ronald W. Masulis and Victor Ng
University of Southern California - Marshall School of Business - Finance and Business Economics DepartmentCenter on Japanese Economy and Business, University of New South Wales, Sydney and University of Michigan at Ann Arbor
Downloads 672 (82,397)
Citation 4

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

48.

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, Sydney
Downloads 650 (85,958)
Citation 2

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

49.

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, Sydney
Downloads 648 (86,287)
Citation 1

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

50.

Family Business Group Expansion Through IPOs: The Role of Internal Capital Markets in Financing Growth While Preserving Control

Management Science, Forthcoming
Number of pages: 51 Posted: 27 Oct 2014 Last Revised: 06 Jun 2019
Ronald W. Masulis, Peter K. Pham and Jason Zein
University of New South Wales, Sydney, University of Sydney Business School and UNSW Business School
Downloads 608 (93,661)
Citation 6

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Business Groups, Internal Capital Markets, Financing Constraints, IPOs

51.

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, Sydney
Downloads 566 (102,552)
Citation 10

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seasoned equity offerings, lockups, information asymmetry

52.

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, Sydney and Trinity University
Downloads 564 (102,999)
Citation 9

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

53.

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
University of Arkansas, Fayetteville - Department of Finance and University of New South Wales, Sydney
Downloads 558 (104,353)
Citation 10

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

54.

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, Sydney and Tulane University - Accounting & Taxation
Downloads 509 (116,923)
Citation 6

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

55.

A Survey of Recent Evidence on Boards of Directors and CEO Incentives

European Corporate Governance Institute – Finance Working Paper No. 652/2020, Asia-Pacific Journal of Financial Studies (2020) 49, 7-35.
Number of pages: 54 Posted: 31 Jan 2020 Last Revised: 10 Mar 2020
Ronald W. Masulis
University of New South Wales, Sydney
Downloads 490 (122,367)
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Boards, Directors, CEO Incentives, Independent Directors

56.

Mitigating Effects of Gender Diverse Board in Companies Managed by Overconfident CEOs

Stevens Institute of Technology School of Business Research Paper
Number of pages: 71 Posted: 21 Jun 2017 Last Revised: 06 Feb 2020
Suman Banerjee, Ronald W. Masulis and Arun Upadhyay
Stevens Institute of Technology, University of New South Wales, Sydney and Florida International University
Downloads 467 (129,634)
Citation 2

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Gender-diverse board, Female directors, Firm performance, Independent board, Overconfident CEOs, Over-investment, SOX, SOX compliant firms

57.

Bank Lines of Credit as a Source of Long-term Finance

Nanyang Business School Research Paper No. 22-02
Number of pages: 59 Posted: 04 Oct 2015 Last Revised: 06 Dec 2022
Xin Chang, Yunling Chen and Ronald W. Masulis
Nanyang Business School, Nanyang Technological University, University of Shanghai for Science and Technology - Business School and University of New South Wales, Sydney
Downloads 465 (130,313)
Citation 2

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Lines of Credit, Long-term Credit Line Drawdowns, Corporate Liquidity Management, Long-term Financing, Bridge Loans

58.

Employee-Manager Alliances and Shareholder Returns from Acquisitions

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 583/2018
Number of pages: 73 Posted: 10 Jan 2017 Last Revised: 01 Dec 2018
Ronald W. Masulis, Cong Wang and Fei Xie
University of New South Wales, Sydney, The Chinese University of Hong Kong, Shenzhen and University of Delaware - Lerner College of Business and Economics
Downloads 464 (130,646)
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Market for Corporate Control, Takeover Protection, Worker-Manager Alliance, Employee Stock Ownership Plan, Acquisition Profitability, Agency Problems, Employee Treatment

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
University of New South Wales (UNSW)UNSW Business School, University of New South Wales, Sydney and University of New South Wales (UNSW Sydney
Downloads 452 (134,859)
Citation 1

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

60.

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, Sydney and University of California, Riverside (UCR) - A. Gary Anderson Graduate School of Management
Downloads 443 (138,208)
Citation 1

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

61.

Equity Ownership in IPO Issuers by Brokerage Firms and Analyst Recommendations

Number of pages: 53 Posted: 25 Mar 2008 Last Revised: 16 May 2023
Qiang Kang, Xi Li, Ronald W. Masulis and Tarun Patel
Florida International University (FIU) - Department of Finance, University of Arkansas, Fayetteville - Department of Finance, University of New South Wales, Sydney and Southern Methodist University (SMU) - Finance Department
Downloads 427 (144,172)

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sell-side analyst stock recommendations, IPOs, IPO lockups, asymmetric information, conflicts of interest, venture capital, brokerage firms, universal banking

62.

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, Sydney
Downloads 421 (146,556)
Citation 8

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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

63.

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, Sydney
Downloads 362 (173,698)
Citation 1

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

64.

Director Liability Protection and the Quality of Independent Directors

Management Science, Forthcoming
Number of pages: 66 Posted: 05 Feb 2019 Last Revised: 19 May 2024
Ronald W. Masulis, Sichen Shen and Hong Zou
University of New South Wales, Sydney, The University of Hong Kong and The University of Hong Kong - Faculty of Business and Economics
Downloads 337 (187,831)
Citation 1

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Legal liability, board of directors, board quality, litigation, securities class actions

65.

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, Sydney
Downloads 337 (187,831)

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

66.

Mobility Restrictions and Risk-Related Agency Conflicts

European Corporate Governance Institute – Finance Working Paper No. 665/2020
Number of pages: 78 Posted: 03 Mar 2020 Last Revised: 29 Apr 2022
Emdad Islam, Ronald W. Masulis and Lubna Rahman
Monash University, University of New South Wales, Sydney and Monash University
Downloads 311 (204,640)

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Career Concerns, Risk-Related Agency Conflicts, Leverage, Acquisitions

67.

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
Independent and University of New South Wales, Sydney
Downloads 305 (209,012)

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Seasoned Equity Offerings, Order Imbalances, Underpricing

68.

Do More Transparency & Disclosure Necessarily Enhance Firm Performance?

Number of pages: 55 Posted: 21 May 2014 Last Revised: 23 Mar 2018
Suman Banerjee, Ronald W. Masulis and Sarmistha Pal
Stevens Institute of Technology, University of New South Wales, Sydney and University of Surrey
Downloads 287 (222,785)

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

69.

Private Benefits of Corporate Philanthropy and Distortions to Corporate Financing and Investment Decisions

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 603/2019
Number of pages: 67 Posted: 02 Jan 2019 Last Revised: 18 Aug 2022
Ronald W. Masulis and Syed Walid Reza
University of New South Wales, Sydney and University of Waterloo - School of Accounting and Finance
Downloads 278 (230,198)
Citation 1

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corporate giving; charitable contributions, private benefits of control, investment decisions, financing decisions, hedge fund activism

70.

Do Employee Interests Affect Target Board Decisions About Acquisition Offers? Evidence from Changes in Unemployment Insurance

Management Science, Forthcoming, European Corporate Governance Institute – Finance Working Paper No. 728/2021
Number of pages: 48 Posted: 28 Jun 2017 Last Revised: 07 Aug 2023
Lixiong Guo, Jing Kong and Ronald W. Masulis
University of Mississippi, University of Michigan-Dearborn and University of New South Wales, Sydney
Downloads 268 (238,984)

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Mergers and Acquisitions; Board of Directors; Stakeholder Orientation; Employee Interests; Unemployment Insurance.

71.

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, Sydney
Downloads 246 (260,486)
Citation 1

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Strategic alliances, corporate governance, venture capital, IPOs

72.

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, Sydney and London Business School
Downloads 246 (260,486)
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Price adjustment, Market structure, Equity Offering Announcements

73.

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, Sydney
Downloads 230 (278,087)

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

74.

Entrenchment and Investment

Number of pages: 49 Posted: 16 Mar 2012 Last Revised: 08 Jan 2018
Suman Banerjee and Ronald W. Masulis
Stevens Institute of Technology and University of New South Wales, Sydney
Downloads 208 (306,055)

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

75.

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, Sydney, Vanderbilt University - Law SchoolVanderbilt University - Owen Graduate School of Management and Georgetown University Law Center
Downloads 183 (344,493)
Citation 2

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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

76.

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, Sydney and University of Surrey
Downloads 92 (588,503)

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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

77.

Does Common Ownership Raise Antitrust Concerns?

Number of pages: 59 Posted: 08 Nov 2024 Last Revised: 13 Feb 2025
Huaizhou li, Leo Liu, Ronald W. Masulis and Jason Zein
UNSW Business School, University of Technology Sydney (UTS), University of New South Wales, Sydney and UNSW Business School
Downloads 85 (617,729)

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Corporate governance, Common Ownership, Antitrust, Institutional Investors JEL Classification: G23

78.

Changes in Ownership Structure; Conversions of Mutual Savings and Loans to Stock Charter

Journal of Financial Economics (JFE), Vol. 18, No. 1, 1987
Number of pages: 29 Posted: 08 Jun 2020
Ronald W. Masulis
University of New South Wales, Sydney
Downloads 37 (918,352)

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Mutual S&L Association, Conversion to stock charter, FHLBB

79.

The Sources of Value Creation in Acquisitions of Intangible Assets

Journal of Banking and Finance, Forthcoming, UNSW Business School Research Paper Forthcoming
Posted: 14 Aug 2023 Last Revised: 31 Oct 2024
Ronald W. Masulis, Syed Walid Reza and Rong Guo
University of New South Wales, Sydney, University of Waterloo - School of Accounting and Finance and Texas A&M University Central Texas

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Mergers & acquisitions, Intangible assets, Financial constraints

80.

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, Sydney

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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