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

28

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7,446

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145

CROSSREF CITATIONS

33

Scholarly Papers (28)

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1.

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

Downloads 635 (72,971)
Citation 12

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 579 (80,748)
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 2023
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 56 (634,931)
Citation 1

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2.

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 619 (75,252)
Citation 5

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

3.

Trust in Lending

Downloads 543 (88,601)
Citation 5

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 492 (99,030)
Citation 3

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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 2023
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 51 (663,901)
Citation 1

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4.

Sharing R&D Risk in Healthcare via FDA Hedges

Downloads 536 (90,089)
Citation 4

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 501 (96,806)

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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 2023
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 35 (774,249)

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5.

Customers and Investors: A Framework for Understanding Financial Institutions

Downloads 455 (109,831)
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 418 (120,068)

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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: 01 Feb 2023
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 37 (758,840)
Citation 2

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6.

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 419 (120,905)
Citation 1

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

7.

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

Downloads 410 (124,697)
Citation 11

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 410 (123,522)
Citation 11

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

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

Journal of Accounting Research, Volume 60, Issue 3, 2022
Posted: 11 Oct 2022
Cyrus Aghamolla and Richard T. Thakor
University of Minnesota - Twin Cities and University of Minnesota - Carlson School of Management

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

8.

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

Downloads 373 (137,986)
Citation 9

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), Columbia Business School and University of Minnesota - Carlson School of Management
Downloads 304 (170,846)
Citation 4

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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), Columbia Business School and University of Minnesota - Carlson School of Management
Downloads 69 (569,195)
Citation 7

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

9.

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 373 (137,986)
Citation 1

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

10.

Optimal Financing for R&D-Intensive Firms

Downloads 372 (138,400)
Citation 2

Optimal Financing for R&D-Intensive Firms

MIT Sloan Research Paper No. 5240-17
Number of pages: 58 Posted: 11 Sep 2017 Last Revised: 29 Aug 2023
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 301 (172,630)

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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 2023
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 71 (560,216)

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11.

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 368 (140,101)
Citation 14

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

12.

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 319 (163,419)
Citation 3

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

13.

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

Downloads 253 (207,242)
Citation 4

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 239 (218,219)

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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 Jun 2023
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 14 (970,870)
Citation 1

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14.

Trust, Transparency, and Complexity

The Review of Financial Studies, Forthcoming, MIT Sloan Research Paper No. 6384-20
Number of pages: 66 Posted: 30 Dec 2022 Last Revised: 13 May 2023
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 241 (217,235)

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Trust, Information, Information Disclosure, Transparency, Opacity, Verification

15.

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 241 (217,235)
Citation 20

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

16.

Paying off the Competition: Market Power and Innovation Incentives

Downloads 205 (253,148)
Citation 2

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
Columbia Business School, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering and University of Minnesota - Carlson School of Management
Downloads 169 (300,207)

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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: 20 Feb 2023
Xuelin Li, Andrew W. Lo and Richard T. Thakor
Columbia Business School, Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering and University of Minnesota - Carlson School of Management
Downloads 36 (766,577)
Citation 2

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17.

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

Downloads 187 (276,242)

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

Number of pages: 103 Posted: 19 Apr 2021 Last Revised: 19 Oct 2023
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, Columbia Business School and University of Minnesota - Carlson School of Management
Downloads 158 (319,793)

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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: 104 Posted: 26 Apr 2021 Last Revised: 02 Jan 2023
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, Columbia Business School and University of Minnesota - Carlson School of Management
Downloads 18 (928,477)

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Merchants of death: The effect of credit supply shocks on hospital outcomes

Olin Business School Center for Finance & Accounting Research Paper No. Forthcoming
Number of pages: 103 Posted: 04 Nov 2023
Cyrus Aghamolla, Xuelin Li, Pinar Karaca-Mandic and Richard T. Thakor
University of Minnesota - Twin Cities, Columbia University, University of Minnesota - Twin Cities - School of Public Health and University of Minnesota - Carlson School of Management
Downloads 11 (1,002,949)

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

18.

Appropriated Growth

Number of pages: 70 Posted: 21 Oct 2022 Last Revised: 27 Nov 2023
Yuchen Chen, Xuelin Li, Richard T. Thakor and Colin Ward
University of Illinois Urbana-Champaign, Gies College of Business, Columbia Business School, University of Minnesota - Carlson School of Management and University of Minnesota - Carlson School of Management
Downloads 169 (300,221)

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intangible capital, labor mobility, economic growth, dynamic agency, compensation

19.

When Private Equity Comes to Town: The Local Economic Consequences of Rising Healthcare Costs

Number of pages: 52 Posted: 06 Jul 2023
Cyrus Aghamolla, Jash Jain and Richard T. Thakor
University of Minnesota - Twin Cities, University of Minnesota - Twin Cities - Carlson School of Management and University of Minnesota - Carlson School of Management
Downloads 144 (342,995)

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Healthcare finance, private equity, leveraged buyout, hospital acquisitions, business bankruptcies, insurance premiums

20.

Liquidity Windfalls and Reallocation: Evidence from Farming and Fracking

Management Science, forthcoming
Number of pages: 90 Posted: 31 Dec 2016 Last Revised: 15 Aug 2022
Richard T. Thakor
University of Minnesota - Carlson School of Management
Downloads 116 (404,042)
Citation 3

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

21.

Financial Intermediation and the Funding of Biomedical Innovation: A Review

Downloads 100 (449,401)
Citation 4

Financial Intermediation and the Funding of Biomedical Innovation: A Review

Number of pages: 74 Posted: 23 Dec 2022
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 88 (492,180)

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Healthcare Finance, Drug Development, R&D, Pharmaceuticals, Biotechnology, Banks, Financial Intermediation

Financial Intermediation and the Funding of Biomedical Innovation: A Review

NBER Working Paper No. w30594
Number of pages: 75 Posted: 31 Oct 2022 Last Revised: 14 Apr 2023
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 12 (992,335)
Citation 4
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22.

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 98 (455,344)
Citation 8

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

23.

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 92 (474,399)

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

24.

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

Downloads 87 (491,126)
Citation 9

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 70 (564,713)

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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 2023
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 17 (939,028)
Citation 1

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25.

The Ex Ante Effect of Bankruptcy Law: Evidence from Chapter 12

Number of pages: 31 Posted: 06 Oct 2022
Jacelly Cespedes, Richard T. Thakor and Keer Yang
University of Minnesota - Carlson School of Management, University of Minnesota - Carlson School of Management and University of California, Davis - Graduate School of Management
Downloads 64 (583,872)

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Bankruptcy protection, debt, small businesses, investment, farming, Chapter 12, households

26.

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 2023
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 27 (816,494)

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27.

Financing Biomedical Innovation

Annual Review of Financial Economics, Vol. 14, pp. 231-270, 2022
Posted: 10 Nov 2022
Andrew W. Lo and Richard T. Thakor
Massachusetts Institute of Technology (MIT) - Laboratory for Financial Engineering and University of Minnesota - Carlson School of Management

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28.

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