Matthew T. Billett

Indiana University - Kelley School of Business - Department of Finance

Professor and Chase Chair in Banking & Finance

1309 E. 10th St.

Bloomington, IN 47405

United States

  • Indiana University - Kelley School of Business - Department of Finance

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    • Tel: 812-855-3366
SCHOLARLY PAPERS

38

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Scholarly Papers (38)

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1.

Diversification and the Value of Internal Capital Markets: The Case of Tracking Stock

Number of pages: 38 Posted: 05 Nov 1998
Matthew T. Billett and David C. Mauer
Indiana University - Kelley School of Business - Department of Finance and affiliation not provided to SSRN
Downloads 1,529 (20,588)
Citation 9

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2.

Bondholder Wealth Effects in Mergers and Acquisitions: New Evidence from the 1980s and 1990s

University of Iowa Working Paper
Number of pages: 51 Posted: 15 Apr 2002
Matthew T. Billett, Dolly King and David C. Mauer
Indiana University - Kelley School of Business - Department of Finance, University of Wisconsin - Milwaukee - Sheldon B. Lubar School of Business and affiliation not provided to SSRN
Downloads 1,250 (27,801)
Citation 28

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Mergers, Acquisitions, Takeovers, Corporate Control, Bonds, Wealth Effects

3.

Shareholder-Manager Alignment and the Cost of Debt

Number of pages: 36 Posted: 23 Jan 2007 Last Revised: 02 Jun 2015
Matthew T. Billett, Paul Hribar and Yixin Liu
Indiana University - Kelley School of Business - Department of Finance, University of Iowa - Department of Accounting and University of New Hampshire
Downloads 1,064 (35,036)
Citation 9

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dual-class, cost of debt, agency costs, managerial ownership, shareholder-manager alignment

4.

Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers

Downloads 1,053 (35,475)

Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers

Management Science, Forthcoming
Number of pages: 34 Posted: 07 Jun 2005 Last Revised: 12 May 2014
Matthew T. Billett and Yiming Qian
Indiana University - Kelley School of Business - Department of Finance and University of Connecticut - Department of Finance
Downloads 1,053 (35,084)
Citation 36

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overconfidence, hubris, self-attribution, frequent acquirer, mergers and acquisitions, insider trading

Are Overconfident CEOS Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers

Management Science, Forthcoming
Posted: 14 Jan 2008 Last Revised: 16 Dec 2015
Matthew T. Billett and Yiming Qian
Indiana University - Kelley School of Business - Department of Finance and University of Connecticut - Department of Finance

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overconfidence, hubris, self-attribution, frequent acquirer, mergers and acquisitions

5.

Cross Subsidies, External Financing Constraints, and the Contribution of the Internal Capital Market to Firm Value

Number of pages: 43 Posted: 25 Oct 1998
Matthew T. Billett and David C. Mauer
Indiana University - Kelley School of Business - Department of Finance and affiliation not provided to SSRN
Downloads 982 (39,251)
Citation 13

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6.

The Market Performance of Tracking Stocks

Number of pages: 43 Posted: 27 Jun 2000
Anand M. Vijh and Matthew T. Billett
University of Iowa - Department of Finance and Indiana University - Kelley School of Business - Department of Finance
Downloads 894 (44,748)
Citation 1

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7.

Are Bank Loans Special? Evidence on the Post-Announcement Performance of Bank Borrowers.

Downloads 890 (45,037)

Are Bank Loans Special? Evidence on the Post-Announcement Performance of Bank Borrowers.

Number of pages: 41 Posted: 16 Aug 2001
Matthew T. Billett, Mark J. Flannery and Jon A. Garfinkel
Indiana University - Kelley School of Business - Department of Finance, University of Florida - Department of Finance, Insurance and Real Estate and University of Iowa - Tippie College of Business
Downloads 890 (44,393)
Citation 10

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Bank Loans, Long-run Performance

Are Bank Loans Special? Evidence on the Post-Announcement Performance of Bank Borrowers

Posted: 24 Jun 2005
Matthew T. Billett, Mark J. Flannery and Jon A. Garfinkel
Indiana University - Kelley School of Business - Department of Finance, University of Florida - Department of Finance, Insurance and Real Estate and University of Iowa - Tippie College of Business

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Bank Loans, Long-run Performance

8.

The Role of Bondholder Wealth Expropriation in LBO Transactions

Number of pages: 33 Posted: 27 Mar 2008
Matthew T. Billett, Zhan Jiang and Erik Lie
Indiana University - Kelley School of Business - Department of Finance, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) and University of Iowa - Henry B. Tippie College of Business
Downloads 862 (47,041)
Citation 13

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Leveraged buyouts, bondholder expropriation, change-in-control covenants

9.

Share Repurchases and the Need for External Finance

Number of pages: 35 Posted: 08 May 2003
Matthew T. Billett and Hui Frank Xue
Indiana University - Kelley School of Business - Department of Finance and Kansas State University (Deceased)
Downloads 842 (48,631)
Citation 3

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Share repurchase, seasoned equity offer, SEO

10.

Glamour Brands and Glamour Stocks

AFA 2011 Denver Meetings Paper
Number of pages: 45 Posted: 17 Mar 2010 Last Revised: 13 May 2014
Matthew T. Billett, Zhan Jiang and Lopo Rego
Indiana University - Kelley School of Business - Department of Finance, Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) and Indiana University - Kelley School of Business - Department of Marketing
Downloads 670 (65,950)
Citation 5

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Glamour, Brand equity, HML factor

11.

The Effect of Asymmetric Information on Product Market Outcomes

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 51 Posted: 19 Sep 2011 Last Revised: 27 Apr 2016
Matthew T. Billett, Jon A. Garfinkel and Miaomiao Yu
Indiana University - Kelley School of Business - Department of Finance, University of Iowa - Tippie College of Business and Louisiana State University, Baton Rouge - E.J. Ourso College of Business Administration
Downloads 619 (72,879)
Citation 21

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asymmetric information, market share

12.

Segmented Capital Markets and the Cost of External Finance

Number of pages: 35 Posted: 26 Apr 2000
Matthew T. Billett and Jon A. Garfinkel
Indiana University - Kelley School of Business - Department of Finance and University of Iowa - Tippie College of Business
Downloads 619 (72,879)

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Segmented markets, External finance, Financial slack, Capital structure

13.

Bank Skin in the Game and Loan Contract Design: Evidence from Covenant-Lite Loans

Number of pages: 70 Posted: 03 Nov 2012 Last Revised: 12 May 2014
Matthew T. Billett, Redouane Elkamhi, Latchezar Popov and Raunaq S. Pungaliya
Indiana University - Kelley School of Business - Department of Finance, University of Toronto - Rotman School of Management, University of Virginia and Sungkyunkwan University (SKK) Graduate School of Business
Downloads 570 (80,770)
Citation 7

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Covenants, Debt contracting, Syndicated Loans, Bank loans, Agency Costs

14.

Frequent Issuers' Influence on Long-Run Post-Issuance Returns

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 40 Posted: 18 Mar 2006 Last Revised: 12 May 2014
Matthew T. Billett, Mark J. Flannery and Jon A. Garfinkel
Indiana University - Kelley School of Business - Department of Finance, University of Florida - Department of Finance, Insurance and Real Estate and University of Iowa - Tippie College of Business
Downloads 565 (81,683)
Citation 4

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External Finance, Security Issuance, Long-run Performance

15.

At-the-Market (ATM) Offerings

Forthcoming in the Journal of Financial and Quantitative Analysis
Number of pages: 55 Posted: 19 Nov 2012 Last Revised: 21 Jan 2018
Matthew T. Billett, Ioannis V. Floros and Jon A. Garfinkel
Indiana University - Kelley School of Business - Department of Finance, University of Wisconsin - Milwaukee - Department of Finance and University of Iowa - Tippie College of Business
Downloads 520 (90,571)
Citation 5

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At-the-market offering; ATM; seasoned equity offering; equity issuance; certification

16.

The Influence of Governance on Investment: Evidence from a Hazard Model

Journal of Financial Economics (JFE), Vol. 102, No. 3, 2011
Number of pages: 62 Posted: 20 Aug 2009 Last Revised: 12 May 2014
Matthew T. Billett, Jon A. Garfinkel and Yi Jiang
Indiana University - Kelley School of Business - Department of Finance, University of Iowa - Tippie College of Business and California State University, Fullerton
Downloads 506 (93,674)
Citation 4

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Corporate Governance, Investment Spike, Hazard Model

17.

Information Spillovers and Cross Monitoring between the Stock Market and Loan Market

Kelley School of Business Research Paper No. 16-20, PBCSF-NIFR Research Paper
Number of pages: 66 Posted: 17 Feb 2016 Last Revised: 29 Oct 2020
Matthew T. Billett, Fangzhou Liu and Xuan Tian
Indiana University - Kelley School of Business - Department of Finance, Shanghai University of Finance and Economics - Department of Finance and Tsinghua University - PBC School of Finance
Downloads 467 (103,114)
Citation 3

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short selling constraints, Regulation SHO, information spillover, cross monitoring, information monopoly, bank loan

18.

Asymmetric Information, Financial Reporting, and Open Market Share Repurchases

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming, Kelley School of Business Research Paper No. 15-20
Number of pages: 52 Posted: 15 Mar 2011 Last Revised: 13 Feb 2015
Matthew T. Billett and Miaomiao Yu
Indiana University - Kelley School of Business - Department of Finance and Louisiana State University, Baton Rouge - E.J. Ourso College of Business Administration
Downloads 451 (107,475)

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Payout, Share repurchases, Asymmetric information, Accruals quality

19.

Stockholder and Bondholder Wealth Effects of CEO Incentive Grants

Number of pages: 34 Posted: 18 Aug 2006
Matthew T. Billett, David C. Mauer and Yilei Zhang
Indiana University - Kelley School of Business - Department of Finance, affiliation not provided to SSRN and University of North Carolina (UNC) at Charlotte
Downloads 445 (109,167)
Citation 12

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Equity-based compensation, options, restricted stock, CEO incentives

20.

Bond Tender Offers in Mergers and Acquisitions

Journal of Corporate Finance, Forthcoming
Number of pages: 34 Posted: 15 Mar 2011 Last Revised: 03 Aug 2016
Matthew T. Billett and Ke Yang
Indiana University - Kelley School of Business - Department of Finance and Lehigh University
Downloads 381 (130,677)
Citation 3

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Mergers; Acquisitions; Bond tender offers; Coinsurance; Covenants

21.

Does Other Comprehensive Income Volatility Influence Credit Risk and the Cost of Debt?

Contemporary Accounting Research, Forthcoming
Number of pages: 48 Posted: 24 Mar 2017 Last Revised: 30 Jun 2019
May Xiaoyan Bao, Matthew T. Billett, David B. Smith and Emre Unlu
Southern Illinois University - College of Business, Indiana University - Kelley School of Business - Department of Finance, University of Nebraska at Lincoln - School of Accountancy and University of Nebraska at Lincoln
Downloads 378 (131,824)
Citation 2

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Incremental OCI Volatility, Risk Relevance, Accumulated Other Comprehensive Income, Debt Contracting

22.

Bank Loan Price Reactions to Corporate Events: Evidence from Traded Syndicated Loans

Kelley School of Business Research Paper No. 15-14
Number of pages: 49 Posted: 17 Jan 2015
Matthew T. Billett, Redouane Elkamhi, David C. Mauer and Raunaq S. Pungaliya
Indiana University - Kelley School of Business - Department of Finance, University of Toronto - Rotman School of Management, University of North Carolina (UNC) at Charlotte and Sungkyunkwan University (SKK) Graduate School of Business
Downloads 361 (138,725)
Citation 2

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Loan returns, Bank contracts, Wealth transfers, Share repurchases, SEOs

23.

Access to Debt and the Provision of Trade Credit

Number of pages: 54 Posted: 23 Nov 2021 Last Revised: 28 Aug 2022
Matthew T. Billett, Kayla Freeman and Janet Gao
Indiana University - Kelley School of Business - Department of Finance, University of Georgia, Terry College of Business, Department of Finance and McDonough School of Business
Downloads 322 (156,906)
Citation 2

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Trade Credit, Access to Debt, Creditor Rights, Supply-Chain, Bargaining Power

24.

Customer-Supplier Relationships and Abnormal Accruals

Kelley School of Business Research Paper No. 17-36
Number of pages: 43 Posted: 26 Apr 2017 Last Revised: 11 Aug 2019
May Xiaoyan Bao, Matthew T. Billett and Yixin Liu
Southern Illinois University - College of Business, Indiana University - Kelley School of Business - Department of Finance and University of New Hampshire
Downloads 316 (160,045)

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Abnormal accruals; bullwhip effects; suppliers; customers.

25.

Torpedo Your Competition: Strategic Reporting and Peer Firm IPO

European Corporate Governance Institute – Finance Working Paper No. 732/2021
Number of pages: 88 Posted: 12 Oct 2020 Last Revised: 14 Feb 2023
Matthew T. Billett, Mark (Shuai) Ma and Xiaoyun Yu
Indiana University - Kelley School of Business - Department of Finance, University of Pittsburgh - Accounting Group and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 314 (161,142)
Citation 1

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Initial public offerings, product market competition, strategic reporting

26.

The Capital Supply Channel in Peer Effects: The Case of SEOs

Kelley School of Business Research Paper No. 16-38
Number of pages: 45 Posted: 03 May 2016 Last Revised: 06 Jun 2022
Matthew T. Billett, Jon A. Garfinkel and Yi Jiang
Indiana University - Kelley School of Business - Department of Finance, University of Iowa - Tippie College of Business and California State University, Fullerton
Downloads 308 (164,386)

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Peer Effects, Capital Supply, SEOs, Underwriters, Hazards

27.

Creditor Control and Product-Market Competition

Journal of Banking and Finance, Forthcoming
Number of pages: 50 Posted: 07 Aug 2013 Last Revised: 03 Jul 2017
Matthew T. Billett, Burcu Esmer and Miaomiao Yu
Indiana University - Kelley School of Business - Department of Finance, University of Pennsylvania - The Wharton School and Louisiana State University, Baton Rouge - E.J. Ourso College of Business Administration
Downloads 304 (166,703)
Citation 3

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Debt covenants, Covenant violations, Creditor control, Rivals, Product market competition

28.

JOBS Act Spillover Effects in the Syndicated Loan Market

Kelley School of Business Research Paper No. 17-14
Number of pages: 46 Posted: 09 Feb 2017 Last Revised: 12 Feb 2019
Matthew T. Billett, Chiyoung Cheong and Sudip Gupta
Indiana University - Kelley School of Business - Department of Finance, City University of Hong Kong and Johns Hopkins University
Downloads 291 (174,589)
Citation 1

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JOBS Act, Syndicated Lending, Initial Public Offering, Loan, Bank Relationship

29.

The Influence of Investor Identity and Contract Terms on Firm Value: Evidence from PIPEs

Journal of Financial Intermediation, Forthcoming
Number of pages: 46 Posted: 14 Mar 2011 Last Revised: 22 Jan 2015
Matthew T. Billett, Redouane Elkamhi and Ioannis V. Floros
Indiana University - Kelley School of Business - Department of Finance, University of Toronto - Rotman School of Management and University of Wisconsin - Milwaukee - Department of Finance
Downloads 221 (229,117)
Citation 12

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PIPE, private placement, investor identity, contract terms, financial contracting

30.

Index Investing and Corporate Investment-Price Sensitivity

Kelley School of Business Research Paper No. 2020-65
Number of pages: 52 Posted: 02 Apr 2020 Last Revised: 05 Aug 2020
Matthew T. Billett, Ha Diep-Nguyen and Jon A. Garfinkel
Indiana University - Kelley School of Business - Department of Finance, Purdue University, Krannert School of Management and University of Iowa - Tippie College of Business
Downloads 203 (247,802)

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Indexing, Investment-Price Feedback, Stock Price Informativeness

31.

Interfirm Collaboration, Ownership Stakes and Hold-Up Costs: Evidence from the Pharmaceutical Industry

Number of pages: 45 Posted: 14 Dec 2021 Last Revised: 01 Feb 2022
Matthew T. Billett, Ioannis V. Floros and Xuan Tian
Indiana University - Kelley School of Business - Department of Finance, University of Wisconsin - Milwaukee - Department of Finance and Tsinghua University - PBC School of Finance
Downloads 193 (259,345)

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Equity stakes; hold-up costs; license agreements; pharmaceutical and biotechnology industry; firm boundaries; likelihood of approval

32.

Corporate PIPEs and the Boundaries of the Firm: Evidence From Innovation

Kelley School of Business Research Paper No. 2022-07, PBCSF-NIFR Research Paper Forthcoming
Number of pages: 50 Posted: 09 Feb 2022 Last Revised: 16 Apr 2023
Matthew T. Billett, Ioannis V. Floros and Xuan Tian
Indiana University - Kelley School of Business - Department of Finance, University of Wisconsin - Milwaukee - Department of Finance and Tsinghua University - PBC School of Finance
Downloads 143 (334,711)

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Innovation activity; strategic collaboration; corporate private placements; knowledge sharing; contracting

33.

Clarity Begins at Home: Internal Information Asymmetry and External Communication Quality

The Accounting Review, Forthcoming
Posted: 24 Jun 2015 Last Revised: 05 May 2017
Chen Chen, Xiumin Martin, Sugata Roychowdhury, Xin Wang and Matthew T. Billett
Monash University - Department of Accounting, Washington University in Saint Louis - Olin School of Business, Northwestern University Kellogg School of Management, The University of Hong Kong and Indiana University - Kelley School of Business - Department of Finance

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Internal information asymmetry, management forecasts, accounting restatements

34.

The Takeover Deterrent Effect of Open Market Share Repurchases

Journal of Finance, Forthcoming
Posted: 12 Jan 2007
Matthew T. Billett and Hui Frank Xue
Indiana University - Kelley School of Business - Department of Finance and Kansas State University (Deceased)

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35.

The Wealth Effects of Tracking Stock Restructurings

Posted: 14 Mar 2004
Anand M. Vijh and Matthew T. Billett
University of Iowa - Department of Finance and Indiana University - Kelley School of Business - Department of Finance

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Tracking stock, corporate restructuring

36.

Targeting Capital Structure: The Relationship between Risky Debt and the Firm's Likelihood of Being Acquired

J. OF BUSINESS, Vol. 69 No. 2, April 1996
Posted: 28 Jun 1998
Matthew T. Billett
Indiana University - Kelley School of Business - Department of Finance

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37.

The Cost of Market Versus Regulatory Discipline in Banking

The Journal of Financial Economics, June 1998
Posted: 22 Apr 1998
Matthew T. Billett, Jon A. Garfinkel and Edward S. O'Neal
Indiana University - Kelley School of Business - Department of Finance, University of Iowa - Tippie College of Business and Wake Forest University - Babcock Graduate School of Management

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38.

The Effect of Lender Identity on a Borrowing Firm's Equity Return

Downloads 0 (1,028,065)

The Effect of Lender Identity on a Borrowing Firm's Equity Return

JOURNAL OF FINANCE, Vol 50 No 2, June 1995
Posted: 10 May 1995
Matthew T. Billett, Mark J. Flannery and Jon A. Garfinkel
Indiana University - Kelley School of Business - Department of Finance, University of Florida - Department of Finance, Insurance and Real Estate and University of Iowa - Tippie College of Business

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The Effect of Lender Identity on a Borrowing Firm's Equity Return

Posted: 16 May 1994
Matthew T. Billett, Mark J. Flannery and Jon A. Garfinkel
Indiana University - Kelley School of Business - Department of Finance, University of Florida - Department of Finance, Insurance and Real Estate and University of Iowa - Tippie College of Business

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