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

SCHOLARLY PAPERS

21

DOWNLOADS
Rank 14,676

SSRN RANKINGS

Top 14,676

in Total Papers Downloads

4,033

SSRN CITATIONS
Rank 17,068

SSRN RANKINGS

Top 17,068

in Total Papers Citations

30

CROSSREF CITATIONS

33

Scholarly Papers (21)

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 538 (62,058)
Citation 6

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

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 460 (74,542)
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 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 27 (585,727)

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3.
Downloads 404 ( 87,669)
Citation 2

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 375 (94,811)
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: 15 Mar 2021
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 29 (572,787)
Citation 1

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Sharing R&D Risk in Healthcare via FDA Hedges

MIT Sloan Research Paper No. 5194-17
Number of pages: 51 Posted: 03 Apr 2017 Last Revised: 13 Apr 2017
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 389 (90,764)

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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 2021
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 9 (722,632)

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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 377 (94,227)

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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
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 21 (628,322)
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 338 (107,369)
Citation 2

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

7.
Downloads 217 (168,911)
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 197 (184,771)

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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 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 20 (635,614)

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8.

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 208 (175,874)
Citation 1

Abstract:

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

9.

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 193 (188,352)
Citation 10

Abstract:

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

10.

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: 75 Posted: 17 Sep 2018 Last Revised: 25 Apr 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 165 (215,828)
Citation 4

Abstract:

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

11.

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

Number of pages: 46 Posted: 02 Aug 2019 Last Revised: 21 Nov 2019
Cyrus Aghamolla and Richard T. Thakor
University of Minnesota - Twin Cities and University of Minnesota - Carlson School of Management
Downloads 160 (221,603)
Citation 11

Abstract:

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initial public offerings, mandatory disclosure, proprietary cost, innovation

12.

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 111 (293,682)

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

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

Journal of Banking and Finance, Forthcoming
Number of pages: 34 Posted: 29 Jan 2021 Last Revised: 01 Feb 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 91 (337,661)

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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
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 4 (764,636)
Citation 1
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14.

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 71 (387,396)
Citation 4

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

15.

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
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 62 (415,916)

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

16.

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 54 (444,076)

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

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 49 (471,461)

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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: 03 May 2021
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 (773,960)
Citation 1

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

Number of pages: 55 Posted: 19 Apr 2021
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 41 (507,689)

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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: 56 Posted: 26 Apr 2021 Last Revised: 01 May 2021
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 0
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19.

IPO Peer Effects

Forthcoming, Journal of Financial Economics
Number of pages: 58 Posted: 05 May 2021
Cyrus Aghamolla and Richard T. Thakor
University of Minnesota - Twin Cities and University of Minnesota - Carlson School of Management
Downloads 29 (557,668)

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

20.

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 2021
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 (672,109)

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21.

Just How Good an Investment is the Biopharmaceutical Sector?

Nature Biotechnology 35 (12), 1149-1157 (2017)
Posted: 22 May 2018
University of Minnesota - Carlson School of Management, Independent, Independent, Independent, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering, Massachusetts Institute of Technology (MIT) - Computer Science and Artificial Intelligence Laboratory (CSAIL) 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