Gustavo Grullon

Rice University - Jesse H. Jones Graduate School of Business

Professor of Finance

P.O. Box 2932

Houston, TX 77252-2932

United States

http://www.ruf.rice.edu/~grullon/

SCHOLARLY PAPERS

34

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35,981

SSRN CITATIONS
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Top 2,182

in Total Papers Citations

672

CROSSREF CITATIONS

150

Scholarly Papers (34)

1.

Are U.S. Industries Becoming More Concentrated?

Forthcoming, Review of Finance, Swiss Finance Institute Research Paper No. 19-41
Number of pages: 82 Posted: 31 May 2015 Last Revised: 11 Sep 2019
Gustavo Grullon, Yelena Larkin and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business, York University - Schulich School of Business and The University of Hong Kong
Downloads 8,259 (1,507)
Citation 17

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industry concentration; HHI; product markets; profit margins; publicly-traded firms; M&A; antitrust

Dividends, Share Repurchases, and the Substitution Hypothesis

Number of pages: 51 Posted: 26 Apr 2000
Gustavo Grullon and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business and The University of Hong Kong
Downloads 4,844 (3,654)
Citation 134

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Dividends, Share Repurchases, and the Substitution Hypothesis

Posted: 29 Dec 2003
Gustavo Grullon and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business and The University of Hong Kong

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3.

Dividend Changes Do Not Signal Changes in Future Profitability

Number of pages: 38 Posted: 08 Oct 2003
Rice University - Jesse H. Jones Graduate School of Business, The University of Hong Kong, University of California at Los Angeles and University of Chicago - Booth School of Business
Downloads 2,648 (9,995)
Citation 55

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4.

Dividend Policy and Product Market Competition

Number of pages: 46 Posted: 20 Mar 2007 Last Revised: 09 Mar 2019
Gustavo Grullon, Yelena Larkin and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business, York University - Schulich School of Business and The University of Hong Kong
Downloads 2,140 (14,061)
Citation 48

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Payout Policy, Dividends, Share Repurchases, Product Market Competition

5.

The Information Content of Share Repurchase Programs

Number of pages: 44 Posted: 30 Mar 2000
Gustavo Grullon and Roni Michaely
Rice University - Jesse H. Jones Graduate School of Business and The University of Hong Kong
Downloads 1,980 (15,813)
Citation 94

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6.

Religion and Corporate (Mis)Behavior

Number of pages: 39 Posted: 12 Sep 2009 Last Revised: 16 Mar 2010
Gustavo Grullon, George Kanatas and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 1,598 (22,133)
Citation 85

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7.

Real Options, Volatility, and Stock Returns

Journal of Finance, Vol. 67, pp. 1499-1536, 2012
Number of pages: 49 Posted: 08 Mar 2008 Last Revised: 25 Mar 2013
Gustavo Grullon, Evgeny Lyandres and Alexei Zhdanov
Rice University - Jesse H. Jones Graduate School of Business, Tel Aviv University and Pennsylvania State University
Downloads 1,541 (23,444)
Citation 53

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Volatility, Risk, Stock Returns, Real Options

8.

Stock Market Liquidity and the Cost of Raising Capital

Number of pages: 37 Posted: 16 Dec 2002
James Weston, Gustavo Grullon and Alexander W. Butler
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 1,329 (29,161)
Citation 3

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Liquidity, Cost of capital, investment banking

9.

The Real Effects of Short-Selling Constraints

Number of pages: 51 Posted: 16 Nov 2011 Last Revised: 12 Jun 2014
Gustavo Grullon, Sebastien Michenaud and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Kellstadt Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 1,103 (38,185)
Citation 33

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Corporate Investment, Financing Decisions, Short-selling Constraints, Financial Constraints, Bear raids,

10.

The Effects of Short-Selling Threats on Incentive Contracts: Evidence from an Experiment

Review of Financial Studies, Forthcoming
Number of pages: 48 Posted: 24 Mar 2013 Last Revised: 18 Oct 2016
David De Angelis, Gustavo Grullon and Sebastien Michenaud
University of Houston - C.T. Bauer College of Business, Rice University - Jesse H. Jones Graduate School of Business and Kellstadt Graduate School of Business
Downloads 1,043 (41,376)
Citation 37

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Executive Compensation, Short-Selling Constraints,Risk-Taking Incentives, Left-Tail Risk, Stock Price Informativeness

11.

When Low Beats High: Riding the Sales Seasonality Premium

Number of pages: 59 Posted: 21 May 2018 Last Revised: 27 May 2018
Gustavo Grullon, Yamil Kaba and Alexander Nuñez-Torres
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and CUNY Lehman College
Downloads 819 (57,827)

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Sales Seasonality, Stock Returns, Investor Attention

12.

Advertising, Breadth of Ownership, and Liquidity

Number of pages: 35 Posted: 25 Mar 2002
Gustavo Grullon, George Kanatas and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 804 (59,274)
Citation 143

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13.

Financing Decisions and Advertising: An Empirical Study of Capital Structure and Product Market Competition

Number of pages: 44 Posted: 18 Jun 2002
Gustavo Grullon, George Kanatas and Piyush Kumar
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Vanderbilt University - Owen Graduate School of Management
Downloads 707 (70,231)
Citation 10

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14.

Product Market Competition and Internal Governance: Evidence from the Sarbanes Oxley Act

AFA 2013 San Diego Meetings Paper, Forthcoming, Management Science, Johnson School Research Paper Series No. 18-2012
Number of pages: 45 Posted: 20 Mar 2012 Last Revised: 24 Nov 2015
University of Miami - Department of Finance, Reichman University - Interdisciplinary Center (IDC) HerzliyahCornell University - Samuel Curtis Johnson Graduate School of Management, Rice University - Jesse H. Jones Graduate School of Business and The University of Hong Kong
Downloads 703 (70,744)
Citation 51

Abstract:

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Corporate Governance, Product Market Competition, Sarbanes Oxley

15.

Firm Age and Fluctuations in Idiosyncratic Risk

Number of pages: 40 Posted: 16 Mar 2006
Jason Fink, Gustavo Grullon, Kristin Fink and James Weston
James Madison University - College of Business, Rice University - Jesse H. Jones Graduate School of Business, James Madison University - College of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 697 (71,552)
Citation 11

Abstract:

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Idiosyncratic Risk

16.

Does Stock Market Liquidity Matter? Evidence from Seasoned Equity Offerings

Number of pages: 37 Posted: 29 Nov 2003
Alexander W. Butler, Gustavo Grullon and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 693 (72,110)
Citation 8

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17.

IPO Vintage and the Rise of Idiosyncratic Risk

Number of pages: 35 Posted: 04 Feb 2005
Jason Fink, Gustavo Grullon, Kristin Fink and James Weston
James Madison University - College of Business, Rice University - Jesse H. Jones Graduate School of Business, James Madison University - College of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 671 (75,098)
Citation 20

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18.

Can Managers Forecast Aggregate Market Returns?

Number of pages: 29 Posted: 26 May 2003
Alexander W. Butler, Gustavo Grullon and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 569 (92,367)
Citation 29

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19.

Corporate Financing Decisions, Managerial Market Timing, and Real Investment

Journal of Financial Economics (JFE), Vol. 101, No. 3, 2011
Number of pages: 52 Posted: 30 Mar 2009 Last Revised: 23 Sep 2014
Rice University - Jesse H. Jones Graduate School of Business, Pennsylvania State University - Department of Finance, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 540 (98,727)
Citation 13

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Market Timing, Financing Decisions, Investment Policy

Closed-End Fund Discounts with Informed Ownership Differential

Number of pages: 66 Posted: 29 Mar 2000
Gustavo Grullon and F. Albert Wang
Rice University - Jesse H. Jones Graduate School of Business and University of Dayton - School of Business Administration - Department of Economics and Finance
Downloads 479 (112,802)
Citation 2

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Closed-End Fund Discounts with Informed Ownership Differential

Posted: 23 May 2001
Gustavo Grullon and F. Albert Wang
Rice University - Jesse H. Jones Graduate School of Business and University of Dayton - School of Business Administration - Department of Economics and Finance

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Closed-end fund discount, asymmetric information, informed ownership, anomaly, asset pricing

Can Managers Successfully Time the Maturity Structure of Their Debt Issues?

Number of pages: 37 Posted: 27 Jul 2004
Alexander W. Butler, Gustavo Grullon and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 460 (118,424)
Citation 16

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Debt maturity, market timing, market efficiency, behavioral finance

Can Managers Successfully Time the Maturity Structure of their Debt Issues?

Journal of Finance, Forthcoming
Posted: 23 Mar 2006
Gustavo Grullon, Alexander W. Butler and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business

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Debt maturity, market timing, market efficiency, behavioral finance

22.

Excess Capacity, Marginal q and Corporate Investment

Number of pages: 103 Posted: 22 Jul 2020 Last Revised: 05 Oct 2023
Gustavo Grullon and David L. Ikenberry
Rice University - Jesse H. Jones Graduate School of Business and Leeds School of Business, University of Colorado Boulder
Downloads 364 (156,583)

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Corporate Investment, Tobin’s q, Marginal q, Asset Utilization, Capacity Utilization, Excess Capacity

23.

A Note on Nonsense Predictive Regressions Arising from Structural Breaks

Number of pages: 9 Posted: 03 Aug 2006
Alexander W. Butler, Gustavo Grullon and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 322 (178,756)
Citation 9

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Market Timing, Spurious Regressions

24.

Has the Propensity to Pay Out Declined?

Number of pages: 34 Posted: 02 Sep 2007
Rice University - Jesse H. Jones Graduate School of Business, Virginia Tech - Department of Finance, Insurance, and Business Law, Baylor University and Rice University - Jesse H. Jones Graduate School of Business
Downloads 308 (187,190)
Citation 15

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dividends, share repurchases, net payouts

25.

Comovement and Investment Banking Networks

Journal of Financial Economics (JFE), Vol. 113, No. 1, 2014
Number of pages: 51 Posted: 05 Aug 2010 Last Revised: 04 Jul 2014
Gustavo Grullon, Shane Underwood and James Weston
Rice University - Jesse H. Jones Graduate School of Business, Baylor University and Rice University - Jesse H. Jones Graduate School of Business
Downloads 265 (218,628)
Citation 8

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comovement, investment banking

26.

Equity Issues and Returns: Managerial Timing, Reaction, or Both?

Number of pages: 36 Posted: 11 Dec 2008 Last Revised: 04 Mar 2009
Rice University - Jesse H. Jones Graduate School of Business, Pennsylvania State University - Department of Finance, Rice University - Jesse H. Jones Graduate School of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 198 (288,788)
Citation 1

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27.

Does Non-Proportional Thinking Affect Financial Markets?

Number of pages: 62 Posted: 22 Jun 2023 Last Revised: 24 Jun 2023
Gustavo Grullon, Yamil Kaba and Alexander Nuñez-Torres
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and CUNY Lehman College
Downloads 180 (314,525)

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Non-Proportional Thinking, Volatility, Stock Splits, Trading Volume

28.

Concentrating on Q and Cash Flow

Number of pages: 40 Posted: 03 Feb 2017
Gustavo Grullon, John Hund and James Weston
Rice University - Jesse H. Jones Graduate School of Business, University of Georgia and Rice University - Jesse H. Jones Graduate School of Business
Downloads 179 (316,106)
Citation 3

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Aggregate Investment, Q-Theory, Cashflow, Accelerator

29.

A Granular Analysis of Corporate Investment

Number of pages: 39 Posted: 03 Aug 2013
Gustavo Grullon, John Hund and James Weston
Rice University - Jesse H. Jones Graduate School of Business, University of Georgia and Rice University - Jesse H. Jones Graduate School of Business
Downloads 179 (316,106)
Citation 5

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aggregate investment, financial constraints, investment concentration, q-theory

30.

The Worst of Both Worlds: Megamergers are Anticompetitive and Inefficient

SMU Cox School of Business Research Paper No. 19-9
Number of pages: 51 Posted: 15 Jul 2019 Last Revised: 04 Sep 2019
Rice University - Jesse H. Jones Graduate School of Business, Rice University - Jesse H. Jones Graduate School of Business and The University of Melbourne, Faculty of Business and Economics, Department of Economics
Downloads 167 (335,952)

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Mergers and Acquistions; Megamergers; Merger Gains

31.

Identifying the Real Effects of the M&A Market on Target Firms

Number of pages: 61 Posted: 22 Apr 2023 Last Revised: 17 Nov 2023
Elizabeth Berger, David De Angelis and Gustavo Grullon
University of Houston, University of Houston - C.T. Bauer College of Business and Rice University - Jesse H. Jones Graduate School of Business
Downloads 158 (352,228)

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Mergers and Acquisitions, Asset Growth, Target Firms, Hart-Scott-Rodino Act

32.

Short Interest and Investment

Number of pages: 80 Posted: 29 Nov 2023
University of Houston - C.T. Bauer College of BusinessHSE Moscow, Rice University - Jesse H. Jones Graduate School of Business, York University - Schulich School of Business and Pennsylvania State University
Downloads 34 (842,724)

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managerial learning, market feedback, short interest, short sellers, investment

33.

Product Market Competition and Agency Conflicts: Evidence from the Sarbanes Oxley Act

Posted: 19 Mar 2008 Last Revised: 23 Jun 2023
University of Miami - Department of Finance, Rice University - Jesse H. Jones Graduate School of Business, Reichman University - Interdisciplinary Center (IDC) HerzliyahCornell University - Samuel Curtis Johnson Graduate School of Management and The University of Hong Kong

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34.

Are Dividend Changes a Sign of Firm Maturity?

Posted: 22 Jul 2003
Gustavo Grullon, Roni Michaely and Bhaskaran Swaminathan
Rice University - Jesse H. Jones Graduate School of Business, The University of Hong Kong and LSV Asset Management

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Other Papers (1)

Total Downloads: 279
1.

Research Insights and the Halliburton-Baker Hughes Merger

“RESEARCH INSIGHTS AND THE Halliburton-Baker Hughes Merger,” Yvonne Taylor, Gustavo Grullon and Vikas Mittal, Jones Journal, Spring, 2015, 30-33.
Number of pages: 4 Posted: 29 Apr 2015
Gustavo Grullon, Vikas Mittal and M. Yvonne Taylor
Rice University - Jesse H. Jones Graduate School of Business, Rice University and University of Texas at Austin
Downloads 279

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