Marc L. Lipson

University of Virginia - Darden School of Business

Professor

P.O. Box 6550

Charlottesville, VA 22906-6550

United States

http://www.darden.virginia.edu/faculty/lipson.htm

SCHOLARLY PAPERS

55

DOWNLOADS
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SSRN RANKINGS

Top 2,841

in Total Papers Downloads

13,915

SSRN CITATIONS
Rank 7,596

SSRN RANKINGS

Top 7,596

in Total Papers Citations

91

CROSSREF CITATIONS

68

Scholarly Papers (55)

1.

Liquidity and Capital Structure

Journal of Financial Markets, Forthcoming, Darden Business School Working Paper
Number of pages: 49 Posted: 02 Mar 2006 Last Revised: 14 Jul 2013
Marc L. Lipson and Sandra Mortal
University of Virginia - Darden School of Business and University of Alabama - Culverhouse College of Commerce & Business Administration
Downloads 2,278 (6,741)
Citation 21

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Capital structure, Liquidity, Market microstructure

2.
Downloads 1,170 ( 19,547)
Citation 18

On the Scope and Drivers of the Asset Growth Effect

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming, Darden Business School Working Paper No. 1341298
Number of pages: 68 Posted: 12 Feb 2009 Last Revised: 09 Jan 2020
Marc L. Lipson, Sandra Mortal and Michael J. Schill
University of Virginia - Darden School of Business, University of Alabama - Culverhouse College of Commerce & Business Administration and University of Virginia - Darden School of Business
Downloads 706 (39,465)
Citation 16

Abstract:

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Investment; Stock returns; Arbitrage costs; Market efficiency

What Explains the Asset Growth Effect in Stock Returns?

Number of pages: 46 Posted: 23 Mar 2009
Marc L. Lipson, Sandra Mortal and Michael J. Schill
University of Virginia - Darden School of Business, University of Alabama - Culverhouse College of Commerce & Business Administration and University of Virginia - Darden School of Business
Downloads 464 (68,039)
Citation 5

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Arbitrage risk, Asset Growth, Mispricing, Transaction costs, Holding costs

3.

The Effects of Institutional Ownership and Monitoring: Evidence from Financial Restatements

Number of pages: 32 Posted: 07 Feb 2006
Natasha Burns, Simi Kedia and Marc L. Lipson
University of Texas at San Antonio - Department of Finance, Rutgers Business School and University of Virginia - Darden School of Business
Downloads 1,006 (24,449)
Citation 13

Abstract:

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Liquidity and Firm Characteristics: Evidence from Mergers and Acquisitions

Number of pages: 37 Posted: 13 Jul 2003
Marc L. Lipson and Sandra Mortal
University of Virginia - Darden School of Business and University of Alabama - Culverhouse College of Commerce & Business Administration
Downloads 998 (24,335)

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Mergers and Acquisitions, Liquidity, Diversification, Analyst Following, Market Microstructure

Liquidity and Firm Characteristics: Evidence from Mergers and Acquisitions

Journal of Financial Markets, Forthcoming
Posted: 20 Nov 2006
Marc L. Lipson and Sandra Mortal
University of Virginia - Darden School of Business and University of Alabama - Culverhouse College of Commerce & Business Administration

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Mergers and Acquisitions, Liquidity, Diversification, Analyst Following, Market Microstructure

5.

Clear, Complete, and Concise: Avoiding the Seven Deadly Sins of Analytic Writing

Darden Case No. UVA-BC-0221
Number of pages: 11 Posted: 09 Jun 2009 Last Revised: 25 May 2018
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 845 (31,394)
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analytic writing, concise communication, writing

6.

The Effects of Opening and Closing Procedures on the NYSE and NASDAQ

Number of pages: 36 Posted: 19 Jan 2001
Jeffrey Michael Bacidore and Marc L. Lipson
The Bacidore Group, LLC and University of Virginia - Darden School of Business
Downloads 826 (32,370)
Citation 13

Abstract:

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7.

Capital Structure and Value

Darden Case No. UVA-F-1611
Number of pages: 9 Posted: 07 Apr 2010
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 656 (44,221)

Abstract:

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capital structure, valuation

8.

Baker Adhesives

Darden Case No. UVA-F-1516
Number of pages: 6 Posted: 21 Oct 2008
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 607 (48,992)
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curreny, hedging, finance, international

9.

Tipping

AFA 2005 Philadelphia Meetings
Number of pages: 40 Posted: 02 Jan 2005
Paul J. Irvine, Andy Puckett and Marc L. Lipson
Neeley School of Business, University of Tennessee, Knoxville and University of Virginia - Darden School of Business
Downloads 560 (54,254)
Citation 16

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10.

Mutual Fund Performance and Manager Assets: The Negative Effect of Outside Holdings

Darden Business School Working Paper No. 2874975
Number of pages: 47 Posted: 27 Nov 2016 Last Revised: 20 Jul 2020
Richard B. Evans, Javier Gil-Bazo and Marc L. Lipson
University of Virginia - Darden School of Business, Universitat Pompeu Fabra and University of Virginia - Darden School of Business
Downloads 410 (79,673)
Citation 1

Abstract:

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mutual fund managers; diseconomies of scale; outside holdings; attention; price impact.

11.

Institutional Trading During Extreme Market Movements

Number of pages: 39 Posted: 24 Mar 2005
Andy Puckett and Marc L. Lipson
University of Tennessee, Knoxville and University of Virginia - Darden School of Business
Downloads 393 (83,603)
Citation 4

Abstract:

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institutions, pension funds, money managers, herding

12.

Price Impacts and Quote Adjustment on the NASDAQ and Nyse/Amex

Paine Webber Working Paper No. 99-08
Number of pages: 36 Posted: 07 Oct 1999
Charles M. Jones and Marc L. Lipson
Columbia Business School and University of Virginia - Darden School of Business
Downloads 373 (88,931)
Citation 14

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The Effects of Stock Splits on Clientele: Is Tick Size Relevant?

Number of pages: 38 Posted: 04 May 2005
Marc L. Lipson and Sandra Mortal
University of Virginia - Darden School of Business and University of Alabama - Culverhouse College of Commerce & Business Administration
Downloads 368 (89,588)
Citation 5

Abstract:

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Stock splits, Tick size, Clientele

The Effects of Stock Splits on Clientele: Is Tick Size Relevant?

Journal of Corporate Finance, Forthcoming
Posted: 20 Nov 2006
Marc L. Lipson and Sandra Mortal
University of Virginia - Darden School of Business and University of Alabama - Culverhouse College of Commerce & Business Administration

Abstract:

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Stock splits, Tick size, Clientele

14.

The Development of Secondary Market Liquidity for Nyse-Listed Ipos

Number of pages: 45 Posted: 23 Feb 2002
Shane A. Corwin, Jeffrey H. Harris and Marc L. Lipson
University of Notre Dame - Mendoza College of Business, American University - Department of Finance and Real Estate and University of Virginia - Darden School of Business
Downloads 316 (107,220)
Citation 6

Abstract:

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IPO, secondary market, liquidity, limit orders, stabilization

15.

Portfolio Selection and the Capital Asset Pricing Model

Darden Case No. UVA-F-1604
Number of pages: 6 Posted: 05 Apr 2010 Last Revised: 08 Sep 2017
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 292 (116,714)
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portfolio, returns, volatility, CAPM, investments

16.

Crocs, Inc

Darden Case No. UVA-F-1589
Number of pages: 14 Posted: 05 Apr 2010 Last Revised: 09 Apr 2018
Marc L. Lipson and Gaurav Gupta
University of Virginia - Darden School of Business and Lovely Professional University
Downloads 281 (121,487)
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value, margins, growth analysis, stock assumptions

Execution Costs of Institutional Equity Orders

Paine Webber Working Paper No. 99-01
Number of pages: 28 Posted: 07 Oct 1999
Charles M. Jones and Marc L. Lipson
Columbia Business School and University of Virginia - Darden School of Business
Downloads 271 (125,530)
Citation 8

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Execution Costs of Institutional Equity Orders

Posted: 01 Nov 1999
Charles M. Jones and Marc L. Lipson
Columbia Business School and University of Virginia - Darden School of Business

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18.

Darden Case No.
Number of pages: 1 Posted: 14 Jun 2009 Last Revised: 28 Aug 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 240 (142,695)

Abstract:

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19.

Sixteenths: Direct Evidence on Institutional Execution Costs

Paine Webber Working Paper No. 99-03
Number of pages: 35 Posted: 07 Oct 1999
Charles M. Jones and Marc L. Lipson
Columbia Business School and University of Virginia - Darden School of Business
Downloads 239 (143,319)
Citation 12

Abstract:

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20.

Alliance Concrete

Darden Case No. UVA-F-1527
Number of pages: 7 Posted: 21 Oct 2008
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 218 (156,470)
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debt policy, forecasting, growth management

21.

Short Sale Constraints and Corporate Investment

Number of pages: 47 Posted: 23 May 2016 Last Revised: 15 Dec 2019
University of Tasmania, University of Alabama - Department of Management, University of Virginia - Darden School of Business and University of Alabama - Culverhouse College of Commerce & Business Administration
Downloads 213 (159,882)
Citation 1

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Short sale constraints; Corporate investment; Investment efficiency; Equity mispricing; Asset growth; Capital raising

22.

Can Financial Markets Inform Operational Improvement Efforts? Evidence from the Airline Industry

MSOM, Forthcoming
Number of pages: 37 Posted: 05 Mar 2011 Last Revised: 23 May 2013
London Business School - Department of Management Science and Operations, University of North Carolina (UNC) at Chapel Hill - Department of Economics and University of Virginia - Darden School of Business
Downloads 205 (165,721)

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Operations Management, Abnormal Returns, Airline Industry

23.

Competition Among Market Centers

Number of pages: 48 Posted: 08 Dec 2003
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 202 (168,082)
Citation 18

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24.

Order Characteristics and the Sources of Commonality in Prices and Liquidity

Journal of Financial Markets, Forthcoming
Number of pages: 57 Posted: 22 Jul 2008 Last Revised: 31 Mar 2011
Shane A. Corwin and Marc L. Lipson
University of Notre Dame - Mendoza College of Business and University of Virginia - Darden School of Business
Downloads 159 (207,620)
Citation 1

Abstract:

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Commonality, Order Flow, Liquidity, Program Trading

25.
Downloads 117 (264,378)

Darden Case No.
Number of pages: 1 Posted: 05 Apr 2010 Last Revised: 28 Aug 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 105 (286,977)

Abstract:

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Parity Conditions in International Markets

Darden Case No. UVA-F-1572
Number of pages: 16 Posted: 21 Sep 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 12 (657,576)

Abstract:

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parity conditions, international finance, exchange rates, inflation

26.

Kelly Solar

Darden Case No. UVA-F-1614
Number of pages: 3 Posted: 07 Apr 2010
University of Virginia - Darden School of Business, University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 116 (265,971)
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debt, agency cost, bargaining, renegotiation, entrepreneur, financial claims, debt financing, debt overhang

27.

Economic Exposure

Darden Case No. UVA-F-1603
Number of pages: 11 Posted: 05 Apr 2010
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 110 (276,161)
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Abstract:

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currency exchange rate change hedge hedging exposure operating transaction

28.

Alliance Concrete: Just One More Thing

Darden Case No. UVA-F-1535
Number of pages: 5 Posted: 21 Oct 2008
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 104 (287,148)
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Abstract:

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valuation, subsidiary, cost of capital, free cash flow, forecast, sensitivity

29.

Pittinos Financial Advisers, Llc

Darden Case No. UVA-F-1599
Number of pages: 10 Posted: 05 Apr 2010
Marc L. Lipson and Richard B. Evans
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 90 (315,301)
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Abstract:

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financial adviser strategy forecasting

30.

Hedged Cost of Funds and Interest Rate Arbitrage

Darden Case No. UVA-F-1565
Number of pages: 13 Posted: 14 Jun 2009 Last Revised: 01 Dec 2017
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 59 (398,952)
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Abstract:

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international, hedged borrowing, interest rate arbitrage

31.

Financial Analytics Toolkit: Ratio Analysis

Darden Case No. UVA-F-1897
Number of pages: 8 Posted: 29 Sep 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 38 (479,254)

Abstract:

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ratio analysis, forecasting, operations, financial analytics

32.

Financial Analytics Toolkit: Financial Statement Forecasting

Darden Case No. UVA-F-1928
Number of pages: 8 Posted: 03 Sep 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 30 (518,013)

Abstract:

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financial toolkit, forecasting, financial statement, decision-making, bias, consistency, growth estimates, revenue forecast, double-entry accounting, financial ratios, operating margins, T-account, equity

33.

Darden Case No.
Number of pages: 1 Posted: 30 May 2017 Last Revised: 28 Aug 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 24 (552,843)

Abstract:

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34.

H. J. Heinz: Estimating the Cost of Capital in Uncertain Times

Darden Case No. UVA-F-1634
Number of pages: 8 Posted: 30 May 2017
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 22 (565,414)
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Cost of Capital, WACC, Discount Rate, Cost of Debt

35.

Milagrol Ltda

Darden Case No. UVA-F-1578
Number of pages: 10 Posted: 14 Jun 2009
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 17 (598,027)
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Abstract:

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international valuation acquisition forecast

36.

Traverse Bank

Darden Case No. UVA-F-1929
Number of pages: 7 Posted: 03 Sep 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 16 (604,661)

Abstract:

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ratios, financial analysis, credit, loans, risk, decision-making

37.

Roku, Inc.: Initial Public Offering

Darden Case No. UVA-F-1855
Number of pages: 19 Posted: 29 Sep 2020
Marc L. Lipson and Ting Xu
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 9 (653,916)

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IPO waves, platform strategy, share offering price

38.

Wilson Family Foundation

Darden Case No. UVA-F-1899
Number of pages: 10 Posted: 01 Sep 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 9 (653,916)

Abstract:

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corporate bond investment, bond, bond pricing, mispricing, yield to maturity, YTM, bond ratings, credit spread, risk and return, market return benchmark, market efficiency, price sensitivity, net present value, NPV, internal rate of return, IRR, capital constraint, price efficiency, bond tenor

39.

Blue Ridge Bike and Hike

Darden Case No. UVA-F-1749
Number of pages: 6 Posted: 01 Oct 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 5 (683,237)

Abstract:

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baseline assumptions, interest expense, days receivable, days payable, accrued expense, line of credit

40.

Vale Sa

Darden Case No. UVA-F-1633
Number of pages: 11 Posted: 30 May 2017
Marc L. Lipson and Vahid Gholampour
University of Virginia - Darden School of Business and Bucknell University
Downloads 4 (690,821)
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Abstract:

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hedged cost of funds, foreign bonds, Brazil, financing, corporate borrowing rates, market conditions

41.

Компания H. J. Heinz: Оценка стоимости капитала в нестабильное время (H. J. Heinz: Valuation of Capital in Volatile Times)

Darden Case No. UVA-F-1943
Number of pages: 8 Posted: 03 Sep 2020
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 3 (698,944)

Abstract:

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cost of capital, WACC, discount rate, cost of debt

42.

Panera Bread Company (Spanish)

Darden Case No. UVA-F-1827
Number of pages: 8 Posted: 16 Jan 2018
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 3 (698,944)
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balance sheet, forecast, external markets, equity, permanent debt financing

43.

Carded Graphics, Llc: Sheeter Replacement Decision

Darden Case No. UVA-F-1606
Number of pages: 14 Posted: 30 May 2017
Marc L. Lipson and Irene Mastelli
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 3 (698,944)
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Abstract:

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Capital Budgeting, Operations, WACC, Folding Carton

44.

Danaher Corporation: The Hach Sl1000 Portable Parallel Water Analyzer

Darden Case No. UVA-S-0261
Number of pages: 15 Posted: 02 Jun 2017
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 2 (708,957)
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laboratory solutions, water quality, product development, stakeholder value, enterprise perspective, marketing, market penetration, best practices, competition, pricing, lean, growth, leadership

45.

Geo Tech

Darden Case No. UVA-F-1650
Number of pages: 6 Posted: 30 May 2017
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 2 (708,957)
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capital budgeting, foreign currency, exchange rate, revenue, costs

46.

Monsanto Company

Darden Case No. UVA-F-1597
Number of pages: 9 Posted: 30 May 2017
Marc L. Lipson and Rick Green
University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 2 (708,957)
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Abstract:

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forecast, financial statements

47.

Central Express Trucking

Darden Case No. UVA-F-1768
Number of pages: 1 Posted: 30 May 2017 Last Revised: 05 Oct 2020
Marc L. Lipson and Steve Munoz
University of Virginia - Darden School of Business and affiliation not provided to SSRN
Downloads 1 (721,206)
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fuel prices, trucking, fuel price fluctuations, commodity risk, contracts, basis risk, hedge, swap, cap, collar

48.

Medfield Pharmaceuticals

Darden Case No. UVA-F-1636
Number of pages: 13 Posted: 30 May 2017
Marc L. Lipson, Jenny Mead and Jared D. Harris
University of Virginia - Darden School of Business, University of Virginia - Darden School of Business and University of Virginia - Darden School of Business
Downloads 1 (721,206)
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finance, pharmaceutical, ethical issues, patent life, financial objectives, valuation, drug reformulation, ethics, cash flow, financial analysis

49.

Panera Bread Company

Darden Case No. UVA-F-1575
Number of pages: 7
Marc L. Lipson and Darden Automator
University of Virginia - Darden School of Business and affiliation not provided to SSRN
Downloads 1

Abstract:

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balance sheet, forecast, external markets, equity, permanent debt financing

50.

Financial Analytics Toolkit: Cash Flow Projections

Darden Case No. UVA-F-1896
Number of pages: 7
Marc L. Lipson and Darden Automator
University of Virginia - Darden School of Business and affiliation not provided to SSRN
Downloads 1

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free cash flow, operating cash flow, decision-making, operations, costs, valuation, financial analytics

51.

Transactions, Volume and Volatility

Posted: 03 May 2000
Charles M. Jones, Gautam Kaul and Marc L. Lipson
Columbia Business School, University of Michigan, Stephen M. Ross School of Business and University of Virginia - Darden School of Business

Abstract:

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52.

Why Do Public Companies Begin Paying Dividends?

Posted: 25 Sep 1999
University of Chile - Diagonal Paraguay, University of Virginia - Darden School of Business and University of Oklahoma

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53.

Dividend Initiations and Earnings Surprises

Financial Management, Vol. 27, No. 3, Autumn 1998, Special Issue: Dividends
Posted: 03 Feb 1999
University of Virginia - Darden School of Business, University of Chile - Diagonal Paraguay and University of Oklahoma

Abstract:

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54.

Continuations, Reversals, and Adverse Selection on the NASDAQ and Nyse/Amex

Posted: 03 Nov 1998
Charles M. Jones and Marc L. Lipson
Columbia Business School and University of Virginia - Darden School of Business

Abstract:

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55.

Akron Crane Works: The Insourcing Proposal

Darden Case No. UVA-F-1839
Number of pages: 6
Marc L. Lipson
University of Virginia - Darden School of Business
Downloads 0

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economic analysis, insourcing production, savings and costs, working capital needs, net present value, internal rate of return, modeling, net working capital, economic value creation

Other Papers (1)

Total Downloads: 55
1.

Monitoring by Institutional Investors: Evidence from Ownership Changes and Trading Behavior Around Restatements

Number of pages: 34 Posted: 26 Mar 2005
Natasha Burns, Simi Kedia and Marc L. Lipson
University of Texas at San Antonio - Department of Finance, Rutgers Business School and University of Virginia - Darden School of Business
Downloads 55

Abstract:

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Large Shareholder monitoring, accounting restatements