Michael L. Lemmon

University of Utah - Department of Finance

David Eccles School of Business

Salt Lake City, UT 84112

United States

SCHOLARLY PAPERS

47

DOWNLOADS
Rank 283

SSRN RANKINGS

Top 283

in Total Papers Downloads

45,446

CITATIONS
Rank 231

SSRN RANKINGS

Top 231

in Total Papers Citations

1,556

Scholarly Papers (47)

Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis

William Davidson Institute Working Paper No. 393; 3rd Annual Fin. Mkt. Dev. Conference, Hong Kong 2001; U of Utah Working Paper
Number of pages: 36 Posted: 11 Apr 2001
Karl V. Lins and Michael L. Lemmon
University of Utah - Department of Finance and University of Utah - Department of Finance
Downloads 4,901 (1,183)
Citation 169

Abstract:

Corporate Governance, Ownership Structure, Financial Crisis, Emerging Markets

Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis

Journal of Finance, Vol. 58, pp. 1445-1468, August 2003
Posted: 19 Nov 2003
Karl V. Lins and Michael L. Lemmon
University of Utah - Department of Finance and University of Utah - Department of Finance

Abstract:

2.

Structural Models and Endogeneity in Corporate Finance: The Link Between Managerial Ownership and Corporate Performance

Journal of Financial Economics (JFE) 103, no. 1 (2012): 149-168
Number of pages: 60 Posted: 18 Jul 2003 Last Revised: 17 Jul 2015
Jeffrey L. Coles, Michael L. Lemmon and Felix Meschke
David Eccles School of Business, University of Utah, University of Utah - Department of Finance and University of Kansas - Finance Area
Downloads 3,171 (2,338)
Citation 78

Abstract:

Corporate governance, Managerial ownership, Executive compensation, Corporate performance, Structural model, Endogeneity

3.

Corporate Governance and Firm Diversification

Number of pages: 39 Posted: 03 Sep 1998
Temple University - Department of Finance, Texas Christian University, University of Utah - Department of Finance and Arizona State University - Department of Finance
Downloads 2,977 (2,388)
Citation 46

Abstract:

4.

Debt Capacity and Tests of Capital Structure Theories

AFA 2003 Washington, DC Meetings
Number of pages: 44 Posted: 17 Oct 2002
Jaime F. Zender and Michael L. Lemmon
University of Colorado at Boulder - Department of Finance and University of Utah - Department of Finance
Downloads 2,779 (2,999)
Citation 96

Abstract:

Equilibrium Pricing and Optimal Hedging in Electricity Forward Markets

Number of pages: 39 Posted: 17 Feb 1999
Hendrik Bessembinder and Michael L. Lemmon
Arizona State University and University of Utah - Department of Finance
Downloads 2,355 (4,224)
Citation 50

Abstract:

Equilibrium Pricing and Optimal Hedging in Electricity Forward Markets

Journal of Finance, Vol. 57, pp. 1347-1382, 2002
Posted: 29 Nov 2003
Hendrik Bessembinder and Michael L. Lemmon
Arizona State University and University of Utah - Department of Finance

Abstract:

6.

Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure

Number of pages: 63 Posted: 09 Feb 2006
Michael L. Lemmon, Michael R. Roberts and Jaime F. Zender
University of Utah - Department of Finance, The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Colorado at Boulder - Department of Finance
Downloads 1,980 (5,214)
Citation 206

Abstract:

Capital Structure, Financing Decisions, Tradeoff, Pecking Order

7.
Downloads 1,756 ( 7,171)
Citation 176

Does Corporate Diversification Destroy Value?

Number of pages: 38 Posted: 15 Dec 1999
John R. Graham, Michael L. Lemmon and Jack G. Wolf
Duke University, University of Utah - Department of Finance and Clemson University - Department of Finance
Downloads 1,756 (7,026)
Citation 176

Abstract:

Corporate Diversification, diversification discount, excess value

Does Corporate Diversification Destroy Value?

Journal of Finance, Vol. 57, pp. 695-720, 2002
Posted: 24 Sep 2001
John R. Graham, Michael L. Lemmon and Jack G. Wolf
Duke University, University of Utah - Department of Finance and Clemson University - Department of Finance

Abstract:

Corporate diversification; Diversification discount; Excess value

8.
Downloads 1,711 ( 7,527)
Citation 58

Option Backdating and Board Interlocks

Review of Financial Studies, 2009, 22, 4821-4847
Number of pages: 42 Posted: 24 Nov 2006 Last Revised: 01 Feb 2016
John M. Bizjak, Michael L. Lemmon and Ryan J. Whitby
Texas Christian University, University of Utah - Department of Finance and Utah State University - Huntsman School of Business
Downloads 1,711 (7,373)
Citation 58

Abstract:

corporate governance, board of directors, stock options, backdating

9.

Insider Trading in Derivative Securities: An Empirical Examination of the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders

Number of pages: 43 Posted: 23 Jun 1999
J. Carr Bettis, Michael L. Lemmon and John M. Bizjak
Arizona State University (ASU) - Finance Department, University of Utah - Department of Finance and Texas Christian University
Downloads 1,541 (8,369)
Citation 19

Abstract:

10.

Has the Use of Peer Groups Contributed to Higher Pay and Less Efficient Compensation?

Number of pages: 50 Posted: 11 Dec 2000
John M. Bizjak, Michael L. Lemmon and Lalitha Naveen
Texas Christian University, University of Utah - Department of Finance and Temple University
Downloads 1,462 (9,094)
Citation 9

Abstract:

Compensation, peer groups, compensation committees, CEO pay

Long-run Performance Following Private Placements of Equity

Number of pages: 36 Posted: 01 Jul 1999
Arizona State University (ASU) - Finance Department, University of Utah - Department of Finance, University of Georgia - Department of Banking and Finance and Texas A&M University - Department of Accounting
Downloads 1,318 (11,186)
Citation 86

Abstract:

Long-run Performance Following Private Placements of Equity

Journal of Finance, Forthcoming
Posted: 27 Dec 2001
University of Georgia - Department of Banking and Finance, Arizona State University (ASU) - Finance Department, University of Utah - Department of Finance and Texas A&M University - Department of Accounting

Abstract:

Long-run performance, Market efficiency, Private placements, Behavioral finance, Equity issues, Operating performance

12.

The Cost of Employee Stock Options

Number of pages: 55 Posted: 01 Apr 2003
J. Carr Bettis, Michael L. Lemmon and John M. Bizjak
Arizona State University (ASU) - Finance Department, University of Utah - Department of Finance and Texas Christian University
Downloads 1,274 (11,483)
Citation 4

Abstract:

Executive Compensation, Option Exercises, Employee Stock Options, Corporate Governance

Debt, Leases, Taxes and the Endogeneity of Corporate Tax Status

Number of pages: 52 Posted: 02 Dec 1996
John R. Graham, Michael L. Lemmon and Jim Schallheim
Duke University, University of Utah - Department of Finance and University of Utah - Department of Finance
Downloads 1,172 (13,519)
Citation 116

Abstract:

Debt, Leases, Taxes and the Endogeneity of Corporate Tax Status

Journal of Finance, 1997
Posted: 02 May 1998
John R. Graham, Michael L. Lemmon and Jim Schallheim
Duke University, University of Utah - Department of Finance and University of Utah - Department of Finance

Abstract:

14.

Board Classification and Managerial Entrenchment: Evidence from the Market for Corporate Control

HKUST Business School Research Paper No. 07-05
Number of pages: 45 Posted: 10 Aug 2006 Last Revised: 22 Oct 2007
David A. Becher, Thomas W. Bates and Michael L. Lemmon
Drexel University, Arizona State University - Department of Finance and University of Utah - Department of Finance
Downloads 1,136 (12,807)
Citation 37

Abstract:

Classified Board, Staggered Board, Merger, Acquisition, Managerial Entrenchment

15.

CEO Turnover and Firm Diversification

Number of pages: 41 Posted: 27 Apr 2000
Tammy K. Berry, Michael L. Lemmon, John M. Bizjak and Lalitha Naveen
Northern Illinois University - Department of Finance, University of Utah - Department of Finance, Texas Christian University and Temple University
Downloads 995 (16,173)
Citation 11

Abstract:

16.

The Response of Corporate Financing and Investment to Changes in the Supply of Credit

HKUST Business School Research Paper No. 07-29
Number of pages: 55 Posted: 07 Feb 2007 Last Revised: 13 Dec 2011
Michael R. Roberts and Michael L. Lemmon
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Utah - Department of Finance
Downloads 895 (18,921)
Citation 58

Abstract:

Investment, Financing, Capital Structure, Supply of Credit, Bank Lending Channel, Market Segmenetation

17.

Survival of the Fittest? Financial and Economic Distress and Restructuring Outcomes in Chapter 11

Third Singapore International Conference on Finance 2009
Number of pages: 65 Posted: 12 Jan 2009 Last Revised: 08 Sep 2009
Michael L. Lemmon, Yung-Yu Ma and Elizabeth Tashjian
University of Utah - Department of Finance, Lehigh University - Department of Finance and University of Utah - Department of Finance
Downloads 831 (19,948)
Citation 5

Abstract:

Bankruptcy, Chapter 11, financial distress, leases, unionization, asset sales, restructuring, liquidation

18.

Shareholder Wealth Effects and Bid Negotiation in Freeze-Out Deals: Are Minority Shareholders Left Out in the Cold?

Number of pages: 44 Posted: 24 Aug 2004
Thomas W. Bates, Michael L. Lemmon and James S. Linck
Arizona State University - Department of Finance, University of Utah - Department of Finance and University of Georgia - Department of Banking and Finance
Downloads 824 (21,655)
Citation 28

Abstract:

Merger, tender offer, acquisition, minority shareholder, squeeze-out, freeze-out

Consumer Confidence and Asset Prices: Some Empirical Evidence

Number of pages: 43 Posted: 22 Dec 2004
Michael L. Lemmon and Evgenia V. Golubeva
University of Utah - Department of Finance and University of Oklahoma - Division of Finance
Downloads 461 (50,327)
Citation 79

Abstract:

Consumer confidence, investor sentiment

Consumer Confidence and Asset Prices: Some Empirical Evidence

Number of pages: 42 Posted: 29 Oct 2002
Michael L. Lemmon and Evgenia V. Golubeva
University of Utah - Department of Finance and University of Oklahoma - Division of Finance
Downloads 353 (69,579)
Citation 79

Abstract:

consumer confidence, conditional asset pricing, business cycle, time-varying risk premium

Consumer Confidence and Asset Prices: Some Empirical Evidence

The Review of Financial Studies, Vol. 19, Issue 4, pp. 1499-1529, 2006
Posted: 29 Feb 2008
Evgenia Portniaguina and Michael L. Lemmon
affiliation not provided to SSRN and University of Utah - Department of Finance

Abstract:

Breaking Up is Hard to Do? An Analysis of Termination Fee Provisions and Merger Outcomes

Univ. of Delaware Coll. of Bus. and Econ. Ctr. for Corp. Governance Working Paper No. 2002-005
Number of pages: 51 Posted: 19 Feb 2003
Thomas W. Bates and Michael L. Lemmon
Arizona State University - Department of Finance and University of Utah - Department of Finance
Downloads 813 (23,509)
Citation 63

Abstract:

merger, acquisition, termination fee, breakup fee

Breaking Up is Hard to Do? An Analysis of Termination Fee Provisions and Merger Outcomes

Journal of Financial Economics, Forthcoming
Posted: 19 Feb 2003
Thomas W. Bates and Michael L. Lemmon
Arizona State University - Department of Finance and University of Utah - Department of Finance

Abstract:

merger, acquisition, termination fee, breakup fee

21.

The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance

Second Singapore International Conference on Finance 2008
Number of pages: 45 Posted: 04 Feb 2008 Last Revised: 13 Jul 2008
Jeffrey L. Coles, Michael L. Lemmon and Yan Albert Wang
David Eccles School of Business, University of Utah, University of Utah - Department of Finance and Auburn University
Downloads 799 (21,576)
Citation 20

Abstract:

Corporate Governance, Board Composition, Managerial Ownership, Structural Model

22.

Dividend Yields and Stock Returns: Evidence from a Country without Taxes

Number of pages: 33 Posted: 25 Mar 2008
Michael L. Lemmon and Thanh Lai Nguyen
University of Utah - Department of Finance and University of Utah - Department of Finance
Downloads 724 (24,506)

Abstract:

dividend yield effect, tax capitalization, cross-section of stock returns

23.

Are All CEOs above Average? An Empirical Analysis of Compensation Peer Groups and Pay Design

AFA 2010 Atlanta Meetings Paper
Number of pages: 48 Posted: 23 Mar 2009 Last Revised: 17 Aug 2009
John M. Bizjak, Michael L. Lemmon and Thanh Lai Nguyen
Texas Christian University, University of Utah - Department of Finance and University of Utah - Department of Finance
Downloads 653 (29,900)
Citation 16

Abstract:

managerial compensation, peer group, executive pay

24.

Stock Options and Managerial Incentives for Risk-Taking: Evidence from FAS 123R

Journal of Financial Economics 105 (2012) 174 - 190
Number of pages: 59 Posted: 18 Mar 2010 Last Revised: 14 Apr 2015
Rachel M. Hayes, Michael L. Lemmon and Mingming Qiu
University of Utah - David Eccles School of Business, University of Utah - Department of Finance and University of Missouri at Columbia
Downloads 631 (26,072)
Citation 18

Abstract:

Compensation, Incentives, Corporate governance, FAS 123R

25.

Why Designate Market Makers? Affirmative Obligations and Market Quality

Number of pages: 66 Posted: 02 Feb 2012
Hendrik Bessembinder, Jia Hao and Michael L. Lemmon
Arizona State University, CUHK Business School, The Chinese University of Hong Kong and University of Utah - Department of Finance
Downloads 613 (35,283)
Citation 8

Abstract:

designated market maker, affirmative obligation, information asymmetry

26.

Multi-Market Trading and Liquidity: Theory and Evidence

EFA 2004 Maastricht Meetings Paper No. 4642
Number of pages: 42 Posted: 25 Jul 2004
Shmuel Baruch, Michael L. Lemmon and George Andrew Karolyi
University of Utah - Department of Finance, University of Utah - Department of Finance and Cornell University - Johnson Graduate School of Management
Downloads 599 (34,626)
Citation 45

Abstract:

International finance, cross-listings, trading, liquidity

27.

Pricing and Gains from Trade in Competitive Electric Power Markets

Number of pages: 28 Posted: 03 Mar 1999
Hendrik Bessembinder and Michael L. Lemmon
Arizona State University and University of Utah - Department of Finance
Downloads 507 (44,444)
Citation 1

Abstract:

28.

A Comparison of Profitability and CEO Turnover Sensitivity in Large Private and Public Firms

Number of pages: 47 Posted: 12 Jun 2003
Jeffrey L. Coles, Michael L. Lemmon and Lalitha Naveen
David Eccles School of Business, University of Utah, University of Utah - Department of Finance and Temple University
Downloads 491 (43,401)
Citation 3

Abstract:

29.

Are CEOs in Public U.S. Firms Overpaid? New Evidence from Private Firms

Number of pages: 49 Posted: 17 Mar 2010 Last Revised: 19 Mar 2012
Huasheng Gao, Kai Li and Michael L. Lemmon
Nanyang Technological University, University of British Columbia (UBC) - Sauder School of Business and University of Utah - Department of Finance
Downloads 490 (39,704)
Citation 2

Abstract:

CEO annual compensation; equity incentives; pay structure; pay-performance sensitivity; private firms; public firms

30.

Pay-for-Performance and Firm Diversification

Number of pages: 37 Posted: 02 Jun 1997
Thomas W. Bates, Michael L. Lemmon and John M. Bizjak
Arizona State University - Department of Finance, University of Utah - Department of Finance and Texas Christian University
Downloads 451 (50,057)

Abstract:

Asymmetric Information, Debt Capacity, and Capital Structure

Number of pages: 64 Posted: 26 Sep 2012 Last Revised: 23 Aug 2016
Michael L. Lemmon and Jaime F. Zender
University of Utah - Department of Finance and University of Colorado at Boulder - Department of Finance
Downloads 395 (60,900)
Citation 1

Abstract:

Asymmetric Information, Capital Structure, Debt Covenants

Asymmetric Information, Debt Capacity, and Capital Structure

Posted: 20 Mar 2012 Last Revised: 22 Aug 2016
Michael L. Lemmon and Jaime F. Zender
University of Utah - Department of Finance and University of Colorado at Boulder - Department of Finance

Abstract:

Asymmetric Information, Capital Structure, Debt Covenants

32.

Securitization and Capital Structure in Nonfinancial Firms: An Empirical Investigation

Journal of Finance, Forthcoming
Number of pages: 89 Posted: 25 Nov 2011 Last Revised: 17 Jan 2013
Michael L. Lemmon, Laura Xiaolei Liu, Mike Qinghao Mao and Greg Nini
University of Utah - Department of Finance, Guanghua School of Management, Peking University, Erasmus University Rotterdam and Drexel University - Department of Finance
Downloads 394 (42,388)
Citation 1

Abstract:

asset-backed securitization, ABS, capital structure, off-balance sheet, SPE, VIE

33.

Behavioral Biases and Investor Behavior: Predicting the Next Step of a Random Walk (Revisited)

Number of pages: 32 Posted: 30 Sep 2004
Elena N. Asparouhova, Michael L. Lemmon and Michael G. Hertzel
University of Utah - David Eccles School of Business, University of Utah - Department of Finance and Arizona State University (ASU) - Finance Department
Downloads 358 (65,593)
Citation 2

Abstract:

Regime shifting, momentum, reversal, experiments

34.

Spreading the Misery? Sources of Bankruptcy Spillover in the Supply Chain

AFA 2013 San Diego Meetings Paper
Number of pages: 63 Posted: 12 Mar 2012 Last Revised: 16 Jan 2015
Madhuparna Kolay, Michael L. Lemmon and Elizabeth Tashjian
University of Portland - Dr. Robert B. Pamplin, Jr. School of Business Administration, University of Utah - Department of Finance and University of Utah - Department of Finance
Downloads 354 (47,278)

Abstract:

Bankruptcy, Financial distress, Contagion, Supply chain

35.

The Use of Asset-Backed Securitization and Capital Structure in Industrial Firms: An Empirical Investigation

22nd Australasian Finance and Banking Conference 2009
Number of pages: 56 Posted: 24 Aug 2009 Last Revised: 10 Jun 2010
Laura Xiaolei Liu, Mike Qinghao Mao and Michael L. Lemmon
Guanghua School of Management, Peking University, Erasmus University Rotterdam and University of Utah - Department of Finance
Downloads 340 (67,236)

Abstract:

Asset-backed securitization, ABS, capital structure, off-balance sheet, SPE, VIE, financing

36.

Employee Stock Options and Investment

UBC Winter Finance 2008 , AFA 2009, EFA 2008, Journal of Finance, Vol. 66, 2011
Number of pages: 55 Posted: 06 Mar 2008 Last Revised: 23 Apr 2015
Ilona Babenko, Michael L. Lemmon and Yuri Tserlukevich
Arizona State University, University of Utah - Department of Finance and Arizona State University (ASU)
Downloads 334 (63,568)
Citation 8

Abstract:

financial constraints, stock options, investment

The Effects of Investor Sentiment on Speculative Trading and Prices of Stock and Index Options

EFA 2009 Bergen Meetings Paper
Number of pages: 51 Posted: 12 Feb 2009 Last Revised: 09 May 2014
Michael L. Lemmon and Sophie X. Ni
University of Utah - Department of Finance and Hong Kong Baptist University (HKBU)
Downloads 318 (78,540)
Citation 11

Abstract:

Options, Volatility Smile, Sentiment, Speculation, Hedging

The Effects of Investor Sentiment on Speculative Trading and Prices of Stock and Index Options

AFA 2011 Denver Meetings Paper
Posted: 18 Mar 2010 Last Revised: 09 May 2014
Michael L. Lemmon and Sophie X. Ni
University of Utah - Department of Finance and Hong Kong Baptist University (HKBU)

Abstract:

Options, Volatility Smile, Sentiment, Speculation, Hedging

38.

The Use of Asset-Backed Securitization and Capital Structure in Industrial Firms: An Empirical Investigation

Number of pages: 56 Posted: 16 Mar 2010 Last Revised: 10 Jun 2010
Michael L. Lemmon, Mike Qinghao Mao and Laura Xiaolei Liu
University of Utah - Department of Finance, Erasmus University Rotterdam and Guanghua School of Management, Peking University
Downloads 168 (139,482)

Abstract:

Asset-backed securitization, ABS, capital structure, off-balance sheet, SPE, VIE, financing

39.

An Empirical Examination of Cost and Benefits of Executive Stock Options: Evidence from Japan

Journal of Financial Economics (JFE), Vol. 78, 2005:435-461
Number of pages: 27 Posted: 29 Jun 2012
Nagoya University - Graduate School of Economics, University of Utah - Department of Finance, Villanova University and University of Utah - Department of Finance
Downloads 24 (372,009)
Citation 25

Abstract:

40.

Inference from Streaks in Random Outcomes: Experimental Evidence on Beliefs in Regime-Shifting and the Law of Small Numbers

Posted: 12 Jun 2009
Elena N. Asparouhova, Michael G. Hertzel and Michael L. Lemmon
University of Utah - David Eccles School of Business, Arizona State University (ASU) - Finance Department and University of Utah - Department of Finance

Abstract:

decision making, experiments, prediction task, law of small numbers, regime-shifting

41.

Does the Use of Peer Groups Contribute to Higher Pay and Less Efficient Compensation?

Journal of Financial Economics (JFE), Forthcoming
Posted: 28 Sep 2007
Michael L. Lemmon, John M. Bizjak and Lalitha Naveen
University of Utah - Department of Finance, Texas Christian University and Temple University

Abstract:

42.

Book-to-Market Equity, Distress Risk, and Stock Returns

Journal of Finance, Vol. 57, October 2002
Posted: 19 Feb 2002
John M. Griffin and Michael L. Lemmon
University of Texas at Austin - Department of Finance and University of Utah - Department of Finance

Abstract:

book-to-market, stock returns, distress risk

43.

Managerial Ownership, Incentive Contracting and the Use of Zero-Cost Collars and Equity Swaps by Corporate Insiders

Journal of Financial and Quantitative Analysis, September 2001
Posted: 14 Aug 2001
J. Carr Bettis, Michael L. Lemmon and John M. Bizjak
Arizona State University (ASU) - Finance Department, University of Utah - Department of Finance and Texas Christian University

Abstract:

44.

Do Incentives Matter? Managerial Contracts for Dual-Purpose Funds

Journal of Political Economy, Vol. 108, No. 2, April 2000
Posted: 20 Mar 2000
Michael L. Lemmon, Jim Schallheim and Jaime F. Zender
University of Utah - Department of Finance, University of Utah - Department of Finance and University of Colorado at Boulder - Department of Finance

Abstract:

45.

Innovative Activity and the Strategic Use of Managerial Incentives

Posted: 02 Sep 1999
Michael L. Lemmon
University of Utah - Department of Finance

Abstract:

46.

Generalized Qualitative Response Models and the Prediction of Bankruptcy

Posted: 20 Dec 1998
Jeffrey L. Coles, Michael L. Lemmon and José R. Suay
David Eccles School of Business, University of Utah, University of Utah - Department of Finance and affiliation not provided to SSRN

Abstract:

47.

Corporate Policies Restricting Trading By Insiders

Posted: 17 Apr 1998
J. Carr Bettis, Michael L. Lemmon and Jeffrey L. Coles
Arizona State University (ASU) - Finance Department, University of Utah - Department of Finance and David Eccles School of Business, University of Utah

Abstract: