Richard T. Thakor

University of Minnesota - Carlson School of Management

Assistant Professor of Finance

19th Avenue South

Minneapolis, MN 55455

United States

Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering

100 Main Street, E62-618

Cambridge, MA 02142

United States

  • University of Minnesota - Carlson School of Management

  • Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering

SCHOLARLY PAPERS

22

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5,333

SSRN CITATIONS
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Top 15,832

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37

CROSSREF CITATIONS

33

Scholarly Papers (22)

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1.

A Theory of Efficient Short-Termism

Number of pages: 63 Posted: 12 Aug 2016
Richard T. Thakor
University of Minnesota - Carlson School of Management
Downloads 569 (66,436)
Citation 4

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Short-termism, Internal Governance, Payback, Capital Budgeting, Project Choice

2.

Competition and R&D Financing: Evidence from the Biopharmaceutical Industry

Downloads 555 ( 68,481)
Citation 4

Competition and R&D Financing: Evidence from the Biopharmaceutical Industry

MIT Sloan Research Paper No. 5140-15
Number of pages: 49 Posted: 25 Jan 2015 Last Revised: 12 Feb 2018
Richard T. Thakor and Andrew W. Lo
University of Minnesota - Carlson School of Management and Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering
Downloads 512 (74,935)
Citation 1

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Healthcare Finance; Pharmaceutical Industry; Biotechnology Industry; Capital Structure; R&D Investments; Competition; Innovation

Competition and R&D Financing Decisions: Theory and Evidence from the Biopharmaceutical Industry

NBER Working Paper No. w20903
Number of pages: 69 Posted: 02 Feb 2015 Last Revised: 12 Feb 2022
Richard T. Thakor and Andrew W. Lo
University of Minnesota - Carlson School of Management and Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering
Downloads 43 (555,780)

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3.

Sharing R&D Risk in Healthcare via FDA Hedges

Downloads 462 ( 85,885)
Citation 1

Sharing R&D Risk in Healthcare via FDA Hedges

The Review of Corporate Finance Studies, forthcoming, MIT Sloan Research Paper No. 5194-17
Number of pages: 72 Posted: 03 Apr 2017 Last Revised: 11 Nov 2021
Adam Jørring, Andrew W. Lo, Tomas Philipson, Manita Singh and Richard T. Thakor
Boston College - Carroll School of Management, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering, University of Chicago, Goldman Sachs and University of Minnesota - Carlson School of Management
Downloads 442 (89,501)

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Healthcare Finance, R&D Investments, Drug Development, FDA Approval, Idiosyncratic Risk, Risk sharing, Hedging

Sharing R&D Risk in Healthcare Via Fda Hedges

NBER Working Paper No. w23344
Number of pages: 51 Posted: 01 May 2017 Last Revised: 15 Apr 2022
Adam Jørring, Andrew W. Lo, Tomas Philipson, Manita Singh and Richard T. Thakor
Boston College - Carroll School of Management, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering, University of Chicago, Goldman Sachs and University of Minnesota - Carlson School of Management
Downloads 20 (706,135)

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4.

Trust in Lending

Downloads 453 ( 87,788)
Citation 3

Trust in Lending

MIT Sloan Research Paper No. 5524-18, 9th Miami Behavioral Finance Conference 2018
Number of pages: 59 Posted: 15 Jul 2018 Last Revised: 15 Mar 2019
Richard T. Thakor and Robert C. Merton
University of Minnesota - Carlson School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 418 (95,565)
Citation 1

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Trust, Banks, Non-banks, Fintech, Lending, Financial Intermediation, Credit Market, Financial Crisis

Trust in Lending

NBER Working Paper No. w24778
Number of pages: 59 Posted: 13 Jul 2018 Last Revised: 16 Mar 2022
Richard T. Thakor and Robert C. Merton
University of Minnesota - Carlson School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 35 (599,857)
Citation 1

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5.

Customers and Investors: A Framework for Understanding Financial Institutions

Downloads 406 ( 99,727)
Citation 2

Customers and Investors: A Framework for Understanding Financial Institutions

MIT Sloan Research Paper No. 5137-15
Number of pages: 56 Posted: 05 Jun 2015 Last Revised: 02 May 2016
Robert C. Merton and Richard T. Thakor
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Minnesota - Carlson School of Management
Downloads 384 (105,453)

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Customers, investors, credit risk, financial intermediaries, real-world financial contracts, information-insensitivity, financial crises

Customers and Investors: A Framework for Understanding Financial Institutions

NBER Working Paper No. w21258
Number of pages: 57 Posted: 15 Jun 2015 Last Revised: 31 Jan 2022
Robert C. Merton and Richard T. Thakor
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Minnesota - Carlson School of Management
Downloads 22 (690,058)
Citation 2

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6.

Investment Opportunities, Free-Cash-Flow, and the Market Values of Foreign and Domestic Cash Holdings

Number of pages: 38 Posted: 26 Sep 2013 Last Revised: 17 Apr 2014
Richard T. Thakor
University of Minnesota - Carlson School of Management
Downloads 350 (117,854)
Citation 2

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Cash Holdings, Repatriation Tax, Free Cash Flow, Investment Opportunities

7.

Find and Replace: R&D Investment Following the Erosion of Existing Products

Downloads 298 (139,924)
Citation 1

Find and Replace: R&D Investment Following the Erosion of Existing Products

Harvard Business School Entrepreneurial Management Working Paper No. 19-058
Number of pages: 59 Posted: 17 Sep 2018 Last Revised: 10 Sep 2021
Joshua Krieger, Xuelin Li and Richard T. Thakor
Harvard University - Business School (HBS), University of South Carolina - Darla Moore School of Business and University of Minnesota - Carlson School of Management
Downloads 261 (159,610)
Citation 3

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R&D Investments, Drug Development, Product Shocks, M&A, Biopharmaceutical Industry, FDA

Find and Replace: R&D Investment Following the Erosion of Existing Products

Management Science, Forthcoming
Number of pages: 59 Posted: 08 Oct 2021
Joshua Krieger, Xuelin Li and Richard T. Thakor
Harvard University - Business School (HBS), University of South Carolina - Darla Moore School of Business and University of Minnesota - Carlson School of Management
Downloads 37 (588,068)

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R&D Investments, Drug Development, Product Shocks, M&A, Biopharmaceutical Industry, FDA

8.

Do Mandatory Disclosure Requirements for Private Firms Increase the Propensity of Going Public?

Journal of Accounting Research, Vol. 60, No. 3, 2022
Number of pages: 63 Posted: 02 Aug 2019 Last Revised: 09 May 2022
Cyrus Aghamolla and Richard T. Thakor
University of Minnesota - Twin Cities and University of Minnesota - Carlson School of Management
Downloads 294 (141,871)
Citation 11

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Initial public offerings, mandatory disclosure, proprietary cost, innovation, private firms

9.

Optimal Financing for R&D-Intensive Firms

Downloads 294 (141,871)
Citation 1

Optimal Financing for R&D-Intensive Firms

MIT Sloan Research Paper No. 5240-17
Number of pages: 41 Posted: 11 Sep 2017 Last Revised: 20 Aug 2018
Richard T. Thakor and Andrew W. Lo
University of Minnesota - Carlson School of Management and Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering
Downloads 249 (167,180)

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R&D Investments, Innovation, Capital Structure, Cash Holdings, Mechanism Design

Optimal Financing for R&D-Intensive Firms

NBER Working Paper No. w23831
Number of pages: 62 Posted: 18 Sep 2017 Last Revised: 12 Feb 2022
Richard T. Thakor and Andrew W. Lo
University of Minnesota - Carlson School of Management and Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering
Downloads 45 (545,683)

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10.

Competition and R&D Financing: Evidence from the Biopharmaceutical Industry

Journal of Financial and Quantitative Analysis, Forthcoming
Number of pages: 85 Posted: 29 Jan 2021 Last Revised: 05 May 2021
Richard T. Thakor and Andrew W. Lo
University of Minnesota - Carlson School of Management and Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering
Downloads 257 (162,655)

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Healthcare Finance, Pharmaceutical Industry, Biotechnology Industry, Capital Structure, R&D Investments, Cash Holdings, Competition, Innovation

11.

Risk and Reward in the Orphan Drug Industry

MIT Sloan Research Paper No. 5582-18
Number of pages: 26 Posted: 16 Oct 2018
Andrew W. Lo and Richard T. Thakor
Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering and University of Minnesota - Carlson School of Management
Downloads 250 (167,169)
Citation 1

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Risk, Return, Index, Biopharmaceutical Industry, Orphan Drugs, Drug Development

12.

IPO Peer Effects

Journal of Financial Economics, Vol. 144, No. 1, 2022
Number of pages: 58 Posted: 05 May 2021 Last Revised: 02 Mar 2022
Cyrus Aghamolla and Richard T. Thakor
University of Minnesota - Twin Cities and University of Minnesota - Carlson School of Management
Downloads 238 (175,274)
Citation 3

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Initial public offerings, IPO propensity, peer effects, R&D competition, information spillovers

13.

Customers and Investors: A Framework for Understanding the Evolution of Financial Institutions

Journal of Financial Intermediation, Forthcoming, MIT Sloan Research Paper No. 5358-18
Number of pages: 54 Posted: 18 Mar 2018 Last Revised: 17 May 2018
Robert C. Merton and Richard T. Thakor
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Minnesota - Carlson School of Management
Downloads 216 (192,077)
Citation 11

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Customers, Investors, Credit Risk, Financial Intermediaries, Real-World Financial Contracts, Information-Insensitivity

14.

No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions

Downloads 176 (230,743)
Citation 1

No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions

Journal of Banking and Finance, Forthcoming, MIT Sloan Research Paper No. 6382-20
Number of pages: 35 Posted: 29 Jan 2021 Last Revised: 29 Sep 2021
Robert C. Merton and Richard T. Thakor
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Minnesota - Carlson School of Management
Downloads 169 (239,118)

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Bankruptcy, Default, Chapter 11, Capital Structure, Labor Contracts, Human Capital, Financial Institutions

No-Fault Default, Chapter 11 Bankruptcy, and Financial Institutions

NBER Working Paper No. w28341
Number of pages: 35 Posted: 19 Jan 2021 Last Revised: 10 Dec 2021
Robert C. Merton and Richard T. Thakor
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Minnesota - Carlson School of Management
Downloads 7 (824,683)
Citation 1
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15.

Paying off the Competition: Market Power and Innovation Incentives

Downloads 144 (272,408)

Paying off the Competition: Market Power and Innovation Incentives

MIT Sloan Research Paper No. 6040-19
Number of pages: 60 Posted: 30 Jun 2021 Last Revised: 29 Sep 2021
Xuelin Li, Andrew W. Lo and Richard T. Thakor
University of South Carolina - Darla Moore School of Business, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering and University of Minnesota - Carlson School of Management
Downloads 131 (293,920)

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Drug Development, Pharmaceutical Industry, Monopoly, Antitrust, Market Power, Competition, Innovation

Paying Off the Competition: Market Power and Innovation Incentives

NBER Working Paper No. w28964
Number of pages: 60 Posted: 28 Jun 2021 Last Revised: 18 Nov 2021
Xuelin Li, Andrew W. Lo and Richard T. Thakor
University of South Carolina - Darla Moore School of Business, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering and University of Minnesota - Carlson School of Management
Downloads 13 (766,860)
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16.

Liquidity Windfalls and Reallocation: Evidence from Farming and Fracking

Number of pages: 70 Posted: 31 Dec 2016 Last Revised: 07 Jun 2018
Richard T. Thakor
University of Minnesota - Carlson School of Management
Downloads 89 (380,894)
Citation 4

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Misallocation, Reallocation, Productivity, Liquidity, Financial Constraints, Fracking, Agriculture, Small Business Finance, Asset Values

17.

Sharing R&D Risk in Healthcare via FDA Hedges

Becker Friedman Institute for Research in Economics Working Paper No. 2017-01
Number of pages: 51 Posted: 07 Apr 2017 Last Revised: 10 Mar 2021
Adam Jørring, Andrew W. Lo, Tomas Philipson, Manita Singh and Richard T. Thakor
Boston College - Carroll School of Management, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering, University of Chicago, Goldman Sachs and University of Minnesota - Carlson School of Management
Downloads 77 (414,727)

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Healthcare Finance, R&D Investments, Drug Development, FDA Approval, Idiosyncratic Risk, Risk sharing, Hedging

18.

Short-Termism, Managerial Talent, and Firm Value

Forthcoming, The Review of Corporate Finance Studies
Number of pages: 52 Posted: 04 Aug 2020
Richard T. Thakor
University of Minnesota - Carlson School of Management
Downloads 73 (427,138)

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Short-termism, Managerial Talent, Wage Contracting, Capital Budgeting, Project Choice, Labor Markets

19.

Merchants of Death: The Effect of Credit Supply Shocks on Hospital Outcomes

Downloads 66 (450,547)

Merchants of Death: The Effect of Credit Supply Shocks on Hospital Outcomes

Number of pages: 64 Posted: 19 Apr 2021 Last Revised: 01 Oct 2021
Cyrus Aghamolla, Pinar Karaca-Mandic, Xuelin Li and Richard T. Thakor
University of Minnesota - Twin Cities, University of Minnesota - Twin Cities - School of Public Health, University of South Carolina - Darla Moore School of Business and University of Minnesota - Carlson School of Management
Downloads 65 (460,187)

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Healthcare finance, hospitals, banks, credit supply, lending, health outcomes, stress test

Merchants of Death: The Effect of Credit Supply Shocks on Hospital Outcomes

NBER Working Paper No. w28709
Number of pages: 65 Posted: 26 Apr 2021 Last Revised: 12 Dec 2021
Cyrus Aghamolla, Pinar Karaca-Mandic, Xuelin Li and Richard T. Thakor
University of Minnesota - Twin Cities, University of Minnesota - Twin Cities - School of Public Health, University of South Carolina - Darla Moore School of Business and University of Minnesota - Carlson School of Management
Downloads 1 (894,432)
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20.

The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis

Downloads 54 (495,876)
Citation 1

The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis

Number of pages: 48 Posted: 16 May 2017
Nittai Bergman, Rajkamal Iyer and Richard T. Thakor
Tel Aviv University, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Minnesota - Carlson School of Management
Downloads 51 (517,213)

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Financial Crises, Financial Accelerator, Cash-in-the-Market Pricing, Fiscal Multiplier

The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis

NBER Working Paper No. w23546
Number of pages: 49 Posted: 26 Jun 2017 Last Revised: 04 May 2022
Nittai Bergman, Rajkamal Iyer and Richard T. Thakor
Tel Aviv University, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Minnesota - Carlson School of Management
Downloads 3 (865,974)
Citation 1

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21.

Financial Accelerator at Work: Evidence from Corn Fields

NBER Working Paper No. w21086
Number of pages: 49 Posted: 13 Apr 2015 Last Revised: 12 Feb 2022
Nittai Bergman, Rajkamal Iyer and Richard T. Thakor
Tel Aviv University, Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Minnesota - Carlson School of Management
Downloads 12 (748,261)

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22.

Just How Good an Investment is the Biopharmaceutical Sector?

Nature Biotechnology 35 (12), 1149-1157 (2017)
Posted: 22 May 2018
Richard T. Thakor, Nicholas Anaya, Yuwei Zhang, Christian Vilanilam, Kien Wei Siah, Chi Heem Wong and Andrew W. Lo
University of Minnesota - Carlson School of Management, Independent, Independent, Independent, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering, Massachusetts Institute of Technology (MIT) and Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering

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Biotechnology, Pharmaceuticals, Drug Development, Health Care Economics, Business Strategy in Drug Development, Risk