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 1,542 (23,917)
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 1,267 (31,942)
Citation 35

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

3.

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

Downloads 1,122 (37,851)

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 1,122 (37,423)
Citation 42

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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

4.

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 1,080 (40,204)
Citation 9

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

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 996 (45,122)
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 926 (49,898)
Citation 1

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7.

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

Downloads 908 (51,242)

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 908 (50,459)
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.

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 890 (52,646)
Citation 3

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Share repurchase, seasoned equity offer, SEO

9.

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 883 (53,240)
Citation 13

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

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 701 (72,441)
Citation 5

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Glamour, Brand equity, HML factor

11.

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 665 (77,443)

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Segmented markets, External finance, Financial slack, Capital structure

12.

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 633 (82,379)
Citation 29

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asymmetric information, market share

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 596 (88,883)
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 575 (93,012)
Citation 5

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External Finance, Security Issuance, Long-run Performance

15.

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

Downloads 543 (99,982)
Citation 5

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 504 (108,300)
Citation 3

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

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

Number of pages: 60 Posted: 21 Feb 2024
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 39 (836,895)

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information spillover, short-selling constraints, cross monitoring, bank loan

16.

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 543 (99,982)
Citation 5

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

17.

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 522 (104,900)
Citation 4

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Corporate Governance, Investment Spike, Hazard Model

18.

Access to Debt and the Provision of Trade Credit

Number of pages: 63 Posted: 23 Nov 2021 Last Revised: 18 Apr 2024
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 494 (112,204)
Citation 3

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

19.

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 474 (117,892)

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Payout, Share repurchases, Asymmetric information, Accruals quality

20.

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 458 (122,790)
Citation 12

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

21.

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 424 (134,284)
Citation 3

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Mergers; Acquisitions; Bond tender offers; Coinsurance; Covenants

22.

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 - Accountancy, Indiana University - Kelley School of Business - Department of Finance, University of Nebraska at Lincoln - School of Accountancy and University of Nebraska at Lincoln
Downloads 408 (140,448)
Citation 2

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

23.

Torpedo Your Competition: Strategic Reporting and Peer Firm IPO

European Corporate Governance Institute – Finance Working Paper No. 732/2021
Number of pages: 95 Posted: 12 Oct 2020 Last Revised: 04 Feb 2024
Matthew T. Billett, Mark (Shuai) Ma and Xiaoyun Yu
Indiana University - Kelley School of Business - Department of Finance, University of Pittsburgh - Katz Graduate School of Business and Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF)
Downloads 403 (142,475)
Citation 3

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Initial public offerings, product market competition, strategic reporting

24.

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 372 (155,892)
Citation 2

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

25.

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 349 (167,112)

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Peer Effects, Capital Supply, SEOs, Underwriters, Hazards

26.

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 - Accountancy, Indiana University - Kelley School of Business - Department of Finance and University of New Hampshire
Downloads 330 (177,491)

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Abnormal accruals; bullwhip effects; suppliers; customers.

27.

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, Sophia Chiyoung Cheong and Sudip Gupta
Indiana University - Kelley School of Business - Department of Finance, ESSCA School of Management and Johns Hopkins University
Downloads 316 (186,394)
Citation 1

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

28.

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 316 (185,751)
Citation 3

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

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 245 (240,904)
Citation 14

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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 243 (242,860)

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Indexing, Investment-Price Feedback, Stock Price Informativeness

31.

Interfirm collaboration, ownership stakes, and incomplete contracts: Evidence from the pharmaceutical industry

Number of pages: 47 Posted: 14 Dec 2021 Last Revised: 09 Jan 2024
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 239 (246,918)

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Equity stakes; ownership stakes; incomplete contracts; license agreements; pharmaceutical and biotechnology industry

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 197 (295,825)

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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)

Abstract:

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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 (1,210,493)

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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