David J. Denis

University of Pittsburgh

Roger Ahlbrandt Sr Chair in Finance

Katz Graduate School of Business

Pittsburgh, PA 15260

United States

  • University of Pittsburgh

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    • Tel: 412-648-1708
SCHOLARLY PAPERS

37

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28,252

CITATIONS
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Top 657

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765

Scholarly Papers (37)

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1.

Why Do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy

Number of pages: 52 Posted: 04 Mar 2006
Igor Osobov and David J. Denis
Georgia State University, Department of Finance and University of Pittsburgh
Downloads 6,396 (948)
Citation 139

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dividends, dividend policy, payout policy, disappearing dividends, earned equity, catering

2.

Firm Value and Marketability Discounts

Number of pages: 27 Posted: 13 Apr 2001
Mukesh Bajaj, David J. Denis, Stephen P. Ferris and Atulya Sarin
LECG, LLC, University of Pittsburgh, University of Missouri at Columbia - Department of Finance and Santa Clara University - Department of Finance
Downloads 4,127 (2,047)
Citation 22

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Marketability discount, valuation, liquidity discount

3.

Debt Financing and Financial Flexibility: Evidence from Pro-active Leverage Increases

Review of Financial Studies, Forthcoming, AFA 2010 Atlanta Meetings Paper
Number of pages: 52 Posted: 17 Mar 2009 Last Revised: 20 Jan 2012
David J. Denis and Stephen B. McKeon
University of Pittsburgh and University of Oregon - Department of Finance
Downloads 1,689 (9,375)
Citation 53

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Financial Flexibility, Capital Structure, Rebalancing, Tradeoff, Pecking order

4.

Ownership and Board Structures in Publicly Traded Corporations

Number of pages: 50 Posted: 18 Aug 1998
Atulya Sarin and David J. Denis
Santa Clara University - Department of Finance and University of Pittsburgh
Downloads 1,576 (10,488)
Citation 23

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5.

The Choice between Bank Debt, Non-Bank Private Debt and Public Debt: Evidence from New Corporate Borrowings

AFA 2003 Washington, DC Meetings
Number of pages: 42 Posted: 19 May 2001
Vassil T. Mihov and David J. Denis
Texas Christian University - M.J. Neeley School of Business and University of Pittsburgh
Downloads 1,542 (10,859)
Citation 194

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6.

Earnouts: A Study of Financial Contracting in Acquisition Agreements

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 52 Posted: 02 May 2006 Last Revised: 16 May 2012
Matthew D. Cain, David J. Denis and Diane K. Denis
Berkeley Center for Law and Business, University of Pittsburgh and University of Pittsburgh - Katz School of Business
Downloads 1,171 (16,730)
Citation 18

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Earnouts, contingent payments, acquisitions

7.

Financial Constraints, Investment, and the Value of Cash Holdings

Downloads 1,135 ( 17,546)

Financial Constraints, Investment, and the Value of Cash Holdings

Number of pages: 38 Posted: 15 Nov 2007
David J. Denis and Valeriy Sibilkov
University of Pittsburgh and University of Wisconsin - Milwaukee - Department of Finance
Downloads 1,135 (17,210)
Citation 139

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cash, cash holdings, investment, financial constraints

Financial Constraints, Investment, and the Value of Cash Holdings

The Review of Financial Studies, Vol. 23, Issue 1, pp. 247-269, 2009
Posted: 25 Jan 2010
David J. Denis and Valeriy Sibilkov
University of Pittsburgh and University of Wisconsin - Milwaukee - Department of Finance

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G32, G35

8.

Global Diversification, Industrial Diversification, and Firm Value

Number of pages: 46 Posted: 24 Oct 2000
David J. Denis, Diane K. Denis and Keven Yost
University of Pittsburgh, University of Pittsburgh - Katz School of Business and Auburn University - Department of Finance
Downloads 1,008 (20,959)
Citation 115

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9.

Managerial Discipline and Corporate Restructuring Following Performance Declines

Number of pages: 43 Posted: 17 Feb 1999
Timothy A. Kruse and David J. Denis
Xavier University - Department of Finance and University of Pittsburgh
Downloads 918 (24,024)
Citation 68

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10.

Do IPO Firms Purchase Analyst Coverage with Underpricing?

Number of pages: 42 Posted: 01 Apr 2003
Michael T. Cliff and David J. Denis
Analysis Group and University of Pittsburgh
Downloads 820 (28,262)
Citation 23

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IPOs, analyst coverage, underwriters

11.

Is There a Dark Side to Incentive Compensation?

Downloads 802 ( 29,106)

Is There a Dark Side to Incentive Compensation?

Number of pages: 43 Posted: 17 Apr 2005
David J. Denis, Paul Hanouna and Atulya Sarin
University of Pittsburgh, Villanova University - School of Business and Santa Clara University - Department of Finance
Downloads 802 (28,644)
Citation 26

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Fraud, Incentive, Compensation, Board Structure, Option

Is There a Dark Side to Incentive Compensation?

Journal of Corporate Finance, Vol. 12, No. 3, 2006
Posted: 15 Aug 2009
David J. Denis, Paul Hanouna and Atulya Sarin
University of Pittsburgh, Villanova University - School of Business and Santa Clara University - Department of Finance

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Options, Incentives, Compensation, Fraud

12.

Information Production by Investment Banks: Evidence from Fairness Opinions

AFA 2008 New Orleans Meetings Paper, Journal of Law and Economics, Forthcoming
Number of pages: 58 Posted: 17 Mar 2007 Last Revised: 15 May 2012
Matthew D. Cain and David J. Denis
Berkeley Center for Law and Business and University of Pittsburgh
Downloads 723 (33,526)
Citation 7

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fairness opinions, investment banks, contingent fees, mergers, valuation

13.

Internal Capital Markets and Investment Policy: Evidence from Corporate Spinoffs

Number of pages: 40 Posted: 27 Nov 2001
Seoungpil Ahn and David J. Denis
Sogang University and University of Pittsburgh
Downloads 708 (34,472)
Citation 50

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Spinoff, diversification discount, divestiture, restructuring, excess value, internal capital market, investment policy

14.

Leverage and Investment in Diversified Firms

Number of pages: 36 Posted: 13 Apr 2004
Seoungpil Ahn, David J. Denis and Diane K. Denis
Sogang University, University of Pittsburgh and University of Pittsburgh - Katz School of Business
Downloads 673 (36,998)
Citation 34

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Leverage, diversification, investment policy

15.

Disappearing Dividends, Catering Incentives and Agency Costs: International Evidence

Number of pages: 39 Posted: 16 Aug 2005
Igor Osobov and David J. Denis
Georgia State University, Department of Finance and University of Pittsburgh
Downloads 670 (37,224)

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Dividends, dividend policy, payout policy, disappearing dividends, catering, agency

16.

Do Firms Manage Earnings to Meet Dividend Thresholds?

Downloads 644 ( 39,149)

Do Firms Manage Earnings to Meet Dividend Thresholds?

AFA 2008 New Orleans Meetings Paper
Number of pages: 57 Posted: 11 Mar 2007
Naveen D. Daniel, David J. Denis and Lalitha Naveen
Drexel University - Department of Finance, University of Pittsburgh and Temple University - Department of Finance
Downloads 644 (38,558)
Citation 28

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dividend policy, dividend smoothing, earnings management, accruals

Do Firms Manage Earnings to Meet Dividend Thresholds?

Journal of Accounting & Economics (JAE), Forthcoming, Drexel College of Business Research Paper No. 2008-07
Posted: 16 Nov 2007
Naveen D. Daniel, David J. Denis and Lalitha Naveen
Drexel University - Department of Finance, University of Pittsburgh and Temple University - Department of Finance

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dividend policy, dividend smoothing, earnings management, accruals

17.

Is the Market Surprised by Poor Earnings Realizations Following Seasoned Equity Offerings?

EFA 0618
Number of pages: 41 Posted: 11 Feb 2000
Atulya Sarin and David J. Denis
Santa Clara University - Department of Finance and University of Pittsburgh
Downloads 571 (45,965)
Citation 26

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18.

Material Adverse Change Clauses and Acquisition Dynamics

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 48 Posted: 17 May 2010 Last Revised: 02 Feb 2012
David J. Denis and Antonio J. Macias
University of Pittsburgh and Baylor University
Downloads 561 (47,028)
Citation 10

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Acquisitions, Contractual mechanisms, Material-Adverse-Change clause (MACs)

19.

Debt Covenant Renegotiations and Creditor Control Rights

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 56 Posted: 29 Aug 2013 Last Revised: 15 Nov 2013
David J. Denis and Jing Wang
University of Pittsburgh and University of Nebraska at Lincoln - Department of Finance
Downloads 417 (67,959)
Citation 41

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debt contracting, creditor control rights, investment policy, financing policy

20.

Taxes and the Relative Valuation of S Corporations and C Corporations

Downloads 380 ( 75,893)
Citation 1

Taxes and the Relative Valuation of S Corporations and C Corporations

Number of pages: 24 Posted: 19 Apr 2002
Atulya Sarin and David J. Denis
Santa Clara University - Department of Finance and University of Pittsburgh
Downloads 380 (75,216)
Citation 1

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S corporation valuation

Taxes and the Relative Valuation of S Corporations and C Corporations

Journal of Applied Finance, Vol. 12, No. 2, Fall/Winter 2002
Posted: 12 Feb 2003
David J. Denis and Atulya Sarin
University of Pittsburgh and Santa Clara University - Department of Finance

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21.

Insider Trading Restrictions and Top Executive Compensation

Journal of Accounting and Economics, Forthcoming, American Finance Association, AFA 2010 Atlanta Meetings
Number of pages: 59 Posted: 14 Aug 2011 Last Revised: 17 Sep 2013
David J. Denis and Jin Xu
University of Pittsburgh and Virginia Tech - Pamplin College of Business
Downloads 366 (79,306)
Citation 8

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insider trading restrictions, executive compensation, insider ownership

22.

Persistent Operating Losses and Corporate Financial Policies

Number of pages: 62 Posted: 08 Dec 2016 Last Revised: 30 Jun 2018
David J. Denis and Stephen B. McKeon
University of Pittsburgh and University of Oregon - Department of Finance
Downloads 328 (89,917)
Citation 5

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Cash Flow, Cash, Equity Issuance

23.

Corporate Payout, Cash Retention, and the Supply of Credit: Evidence from the 2008-09 Credit Crisis

Number of pages: 45 Posted: 23 Apr 2013
Barbara A. Bliss, Yingmei Cheng and David J. Denis
University of San Diego, Florida State University - College of Business and University of Pittsburgh
Downloads 246 (122,110)
Citation 24

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Cash, Corporate investment, Payout policy, Crisis, Financing constraints

24.

CEO Assessment and the Structure of Newly Formed Boards

Review of Financial Studies, Forthcoming
Number of pages: 47 Posted: 08 Jun 2014 Last Revised: 04 Sep 2015
David J. Denis, Diane K. Denis and Mark D. Walker
University of Pittsburgh, University of Pittsburgh - Katz School of Business and North Carolina State University
Downloads 226 (132,958)
Citation 6

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Board of directors, Spinoffs, Governance

25.

Doing Empirical Corporate Finance Research in an Endogenous World: Tutorial Session from the 2014 FMA Annual Meeting

Journal of Applied Finance (Formerly Financial Practice and Education), Vol. 25, No. 1, 2015
Number of pages: 14 Posted: 02 Jul 2016
David J. Denis
University of Pittsburgh
Downloads 158 (184,091)
Citation 2

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26.

Taxes, Investment, and Capital Structure: A Study of U.S. Firms in the Early 1900s

Number of pages: 56 Posted: 15 Mar 2014
Leonce Bargeron, David J. Denis and Kenneth Lehn
University of Kentucky - Gatton College of Business and Economics, University of Pittsburgh and University of Pittsburgh - Finance Group
Downloads 157 (185,050)
Citation 4

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capital structure, taxes, investment

27.

The Selection of Directors to Corporate Boards

31st Australasian Finance and Banking Conference 2018
Number of pages: 40 Posted: 19 Jul 2018
David J. Denis, Diane K. Denis and Mark D. Walker
University of Pittsburgh, University of Pittsburgh - Katz School of Business and North Carolina State University
Downloads 120 (229,261)
Citation 1

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Board of directors, Spinoffs, Governance

28.

Mean Reversion in Earnings and the Use of E/P Multiples in Corporate Valuation

Journal of Applied Finance, Vol. 14, No. 1, Spring/Summer 2004
Number of pages: 7 Posted: 10 Jan 2005
Mukesh Bajaj, David J. Denis and Atulya Sarin
LECG, LLC, University of Pittsburgh and Santa Clara University - Department of Finance
Downloads 119 (230,643)
Citation 5

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29.

Proactive Leverage Increases and the Value of Financial Flexibility

Journal of Applied Corporate Finance, Vol. 28, Issue 4, pp. 17-28, 2016
Number of pages: 14 Posted: 20 Jan 2017
David J. Denis and Stephen B. McKeon
University of Pittsburgh and University of Oregon - Department of Finance
Downloads 1 (639,506)
Citation 1
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30.

Managerial Incentives and Corporate Diversification Strategies

Journal of Applied Corporate Finance, Vol. 10, Issue 2, pp. 72-80, 1997
Number of pages: 11 Posted: 08 Feb 2019
David J. Denis, Diane K. Denis and Atulya Sarin
University of Pittsburgh, University of Pittsburgh - Katz School of Business and Santa Clara University - Department of Finance
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31.

The Persistent Puzzle of Corporate Capital Structure: Current Challenges and New Directions

Financial Review, Vol. 47, Issue 4, pp. 631-643, 2012
Number of pages: 13 Posted: 15 Sep 2012
David J. Denis
University of Pittsburgh
Downloads 0 (657,681)
Citation 6
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capital structure, financial flexibility

32.

Investment Opportunities and the Market Reaction to Equity Offerings

J of Financial and Quantitative Analysis, Vol. 29, No. 2, June 1994
Posted: 12 May 2000
David J. Denis
University of Pittsburgh

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34.

Ownership Structure and Top Management Turnover

Posted: 10 Sep 1999
David J. Denis, Diane K. Denis and Atulya Sarin
University of Pittsburgh, University of Pittsburgh - Katz School of Business and Santa Clara University - Department of Finance

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35.

Causes of Financial Distress Following Leveraged Recapitalizations

Posted: 28 Jul 1999
David J. Denis and Diane K. Denis
University of Pittsburgh and University of Pittsburgh - Katz School of Business

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36.

Agency Problems, Equity Ownership, and Corporate Diversification

J. OF FINANCE
Posted: 09 Dec 1996
David J. Denis, Diane K. Denis and Atulya Sarin
University of Pittsburgh, University of Pittsburgh - Katz School of Business and Santa Clara University - Department of Finance

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37.

Performance Changes Following Top Management Dismissals

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Performance Changes Following Top Management Dismissals

JOURNAL OF FINANCE, Vol 50 No 4, September 1995
Posted: 04 Aug 1995
Diane K. Denis and David J. Denis
University of Pittsburgh - Katz School of Business and University of Pittsburgh

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Performance Changes Following Top Management Dismissals

Posted: 21 Feb 1995
Diane K. Denis and David J. Denis
University of Pittsburgh - Katz School of Business and University of Pittsburgh

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