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

  • University of New South Wales, Sydney

    • Email
    • Tel: 612-9385-5860
    • Fax: 612-9385-6347

  • European Corporate Governance Institute (ECGI)

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

SCHOLARLY PAPERS

78

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1,301

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1,703

Scholarly Papers (78)

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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 5,364 (1,778)
Citation 8

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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 3,665 (3,444)
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 3,407 (3,929)
Citation 242

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

4.

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 3,359 (4,017)
Citation 87

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

5.

Agency Problems at Dual-Class Companies

Downloads 3,344 ( 4,053)
Citation 117

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, Sydney, The Chinese University of Hong Kong, Shenzhen and University of Delaware - Lerner College of Business and Economics
Downloads 2,298 (7,469)
Citation 34

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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: 05 Jan 2008
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 1,046 (25,557)
Citation 6

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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

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
Purdue University - Krannert School of Management and University of New South Wales, Sydney
Downloads 3,308 (4,141)
Citation 28

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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
C. N. V. Krishnan, Vladimir I. Ivanov, Ronald W. Masulis and Ajai K. Singh
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 3,197 (4,403)
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, Institute of Global Finance, UNSW Business School and UNSW Business School
Downloads 2,762 (5,629)
Citation 19

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Business Groups, Firm Value, Ownership Structure, Family Firms

9.

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, Sydney and Vanderbilt University - Law School
Downloads 2,414 (7,012)

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

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, Sydney and Purdue University
Downloads 2,103 (8,790)
Citation 130

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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, Sydney and University of Texas at Austin - Department of Finance
Downloads 2,081 (8,927)
Citation 14

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

12.

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 2,000 (9,536)
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

13.

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
C. N. V. Krishnan, Ronald W. Masulis, Randall S. Thomas and Robert B. Thompson
Case Western Reserve University - Department of Banking & Finance, University of New South Wales, Sydney, Vanderbilt University - Law School and Georgetown University Law Center
Downloads 1,972 (9,756)
Citation 15

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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

14.

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 1,684 (12,562)
Citation 24

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

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 1,660 (12,864)
Citation 82

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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.

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, Sydney and University of Michigan at Ann Arbor
Downloads 1,647 (13,019)
Citation 25

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

17.

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 1,644 (13,064)
Citation 41

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

18.

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 1,536 (14,529)
Citation 13

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

19.

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 - Department of Finance and University of New South Wales, Sydney
Downloads 1,462 (15,733)
Citation 27

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20.

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 1,354 (17,745)
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

21.

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 Alabama and University of New South Wales, Sydney
Downloads 1,166 (22,152)
Citation 35

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

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, Sydney
Downloads 1,166 (22,152)
Citation 9

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

23.

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 1,134 (23,078)
Citation 45

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

24.

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 SUNY at Binghamton
Downloads 1,105 (23,986)
Citation 66

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

25.

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 1,102 (24,058)
Citation 143

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

26.

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 1,092 (24,393)
Citation 3

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

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 1,054 (25,667)
Citation 69

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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 1,035 (26,324)

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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.

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 1,019 (26,940)
Citation 5

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

30.

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, University of New South Wales, Sydney and UNSW Business School
Downloads 981 (28,444)
Citation 9

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Pledging, Managerial incentive, Crash risk, Risk-taking

31.

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 981 (28,444)
Citation 45

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

32.

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 952 (29,690)
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

33.

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 Technological University - Division of Banking & Finance, University of New South Wales, Sydney and Australian National University (ANU) - College of Business and Economics
Downloads 926 (30,903)
Citation 11

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

34.

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 879 (33,217)
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

35.

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 843 (35,213)
Citation 20

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

36.

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
William C. Johnson, Jun-Koo Kang, Ronald W. Masulis and Sangho Yi
Suffolk University - Sawyer School of Management, Nanyang Business School, Nanyang Technological University, University of New South Wales, Sydney and Sogang University
Downloads 797 (38,021)
Citation 4

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Information revelation, product market relationship, seasoned equity offerings

37.

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 778 (39,273)
Citation 4

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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

38.

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 749 (41,390)
Citation 2

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Corporate governance, Strategic alliances, Corporate venture capital, IPOs

39.

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 717 (43,906)
Citation 5

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

40.

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
Downloads 714 (44,154)
Citation 13

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Independent Directors, Director Incentives, Director Distraction, Corporate Performance

41.

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: 03 Jun 2020
Jennifer G. Hill, Ronald W. Masulis and Randall S. Thomas
Monash University - Faculty of Law, University of New South Wales, Sydney and Vanderbilt University - Law School
Downloads 696 (45,693)
Citation 6

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

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 Sydney Business School, University of New South Wales, Sydney and University of Memphis - Fogelman College of Business and Economics
Downloads 683 (46,878)
Citation 16

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

43.

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, Sydney and University of Michigan at Ann Arbor
Downloads 604 (55,001)
Citation 3

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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

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 588 (56,927)
Citation 5

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

45.

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 575 (58,478)
Citation 1

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

46.

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 549 (62,035)
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

47.

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 - Department of Finance and University of New South Wales, Sydney
Downloads 513 (67,416)
Citation 10

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

48.

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

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 584/2018
Number of pages: 68 Posted: 26 Nov 2018 Last Revised: 10 Jun 2020
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 The Hong Kong Polytechnic University
Downloads 485 (72,331)
Citation 5

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

49.

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

2nd Annual Financial Institutions, Regulation and Corporate Governance Conference, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 532/2017
Number of pages: 96 Posted: 27 May 2016 Last Revised: 02 Sep 2020
Claire Liu, Ronald W. Masulis and Jared R. Stanfield
University of Sydney, University of New South Wales, Sydney and University of Oklahoma
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Compensation, Firm Performance, Product Market, Risk Taking, Supply Chain

50.

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 450 (79,196)
Citation 10

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seasoned equity offerings, lockups, information asymmetry

51.

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 444 (80,433)
Citation 2

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

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 427 (84,257)
Citation 9

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

53.

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

UNSW Business School Research Paper Forthcoming
Number of pages: 66 Posted: 02 Nov 2014 Last Revised: 06 Jun 2021
Ronald W. Masulis, Peter K. Pham, Jason Zein and Alvin E. S. Ang
University of New South Wales, Sydney, Institute of Global Finance, UNSW Business School, UNSW Business School and The Hang Seng University of Hong Kong, School of Business, Department of Economics and Finance
Downloads 417 (86,585)
Citation 2

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Family business groups, Internal capital markets, Product Market Competition, Financial crisis

54.

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, Institute of Global Finance, UNSW Business School and UNSW Business School
Downloads 409 (88,574)
Citation 1

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Business Groups, Internal Capital Markets, Financing Constraints, IPOs

55.

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 404 (89,853)
Citation 1

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

56.

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, Sydney and University of New South Wales (UNSW Sydney
Downloads 390 (93,513)
Citation 1

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

57.

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 362 (101,922)
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Market for Corporate Control, Takeover Protection, Worker-Manager Alliance, Employee Stock Ownership Plan, Acquisition Profitability, Agency Problems, Employee Treatment

58.

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, University of Arkansas - Department of Finance and University of New South Wales, Sydney
Downloads 357 (103,543)

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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

59.

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 347 (106,818)
Citation 4

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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

60.

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 327 (114,147)
Citation 1

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

61.

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 291 (129,182)

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Boards, Directors, CEO Incentives, Independent Directors

62.

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 281 (134,054)

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

63.

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 262 (144,042)

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Seasoned Equity Offerings, Order Imbalances, Underpricing

64.

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 211 (177,525)
Citation 2

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

65.

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 210 (178,319)

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

66.

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 210 (178,319)
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Price adjustment, Market structure, Equity Offering Announcements

67.

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 198 (188,326)
Citation 1

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Strategic alliances, corporate governance, venture capital, IPOs

68.

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 196 (190,039)

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

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: 61 Posted: 02 Jan 2019 Last Revised: 30 Jul 2021
Ronald W. Masulis and Syed Walid Reza
University of New South Wales, Sydney and SUNY at Binghamton
Downloads 172 (213,145)

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

70.

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 159 (227,835)

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

71.

Director Liability Protection and the Quality of Outside Directors

European Corporate Governance Institute – Finance Working Paper No. 672/2020
Number of pages: 83 Posted: 05 Feb 2019 Last Revised: 17 Dec 2020
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 150 (239,113)
Citation 1

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Legal liability, board of directors, board quality, litigation, derivative suits

72.

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: 16 Sep 2020
Emdad Islam, Ronald W. Masulis and Lubna Rahman
Monash University, University of New South Wales, Sydney and Monash University
Downloads 135 (260,204)

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

73.

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

Number of pages: 80 Posted: 04 Oct 2015 Last Revised: 03 Aug 2019
Xin (Simba) Chang, Yunling Chen, Sudipto Dasgupta and Ronald W. Masulis
Nanyang Business School, Nanyang Technological University, Tsinghua University - Department of Finance, Chinese University of Hong Kong, ABFER, CEPR, and ECGI and University of New South Wales, Sydney
Downloads 128 (270,816)
Citation 2

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Lines of Credit, Financing of Last Resort, Liquidity Buffer, Long term financing

74.

Jurisdictional Effects in M&A Litigation

Downloads 118 (287,640)
Citation 2

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
C. N. V. Krishnan, Ronald W. Masulis, Randall S. Thomas and Robert B. Thompson
Case Western Reserve University - Department of Banking & Finance, University of New South Wales, Sydney, Vanderbilt University - Law School and Georgetown University Law Center
Downloads 118 (289,009)
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

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
C. N. V. Krishnan, Ronald W. Masulis, Randall S. Thomas and Robert B. Thompson
Case Western Reserve University - Department of Banking & Finance, University of New South Wales, Sydney, Vanderbilt University - Law School and Georgetown University Law Center
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75.

Target Employee-Shareholder Conflicts of Interest, Unemployment Insurance and Takeover Outcomes

European Corporate Governance Institute – Finance Working Paper No. 728/2021
Number of pages: 60 Posted: 28 Jun 2017 Last Revised: 18 Mar 2021
Lixiong Guo, Jing Kong and Ronald W. Masulis
University of Alabama, Michigan State University - Department of Accounting & Information Systems and University of New South Wales, Sydney
Downloads 108 (305,848)

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Unemployment Insurance, Takeover Market Efficiency, Mergers and Acquisitions, Labor, Unionized Workforce, Stakeholder Orientation, Directors’ Duties Law, Female Directors.

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 40 (512,372)

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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.

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 13 (678,890)

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

78.

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