Vidhan K. Goyal

Hong Kong University of Science & Technology (HKUST) - Department of Finance

Professor

Clear Water Bay, Kowloon

Hong Kong

http://www.vidhangoyal.com

SCHOLARLY PAPERS

22

DOWNLOADS
Rank 156

SSRN RANKINGS

Top 156

in Total Papers Downloads

56,635

CITATIONS
Rank 509

SSRN RANKINGS

Top 509

in Total Papers Citations

945

Scholarly Papers (22)

1.

Trade-Off and Pecking Order Theories of Debt

Number of pages: 85 Posted: 22 Feb 2005 Last Revised: 11 Dec 2007
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 13,753 (123)
Citation 93

Abstract:

Capital structure, leverage, corporate financing, trade-off theory, pecking-order theory

2.

Capital Structure Decisions

AFA 2004 San Diego Meetings
Number of pages: 56 Posted: 28 May 2003
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 8,950 (335)
Citation 168

Abstract:

Capital structure, pecking order theory, tradeoff theory, stakeholder co-investment

3.

Testing the Pecking Order Theory of Capital Structure

EFA 0157: AFA 2001 New Orleans
Number of pages: 53 Posted: 12 Dec 2000
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 6,897 (552)
Citation 246

Abstract:

Pecking order theory, static tradeoff theory, capital structure, mean reversion.

4.

Capital Structure Decisions: Which Factors are Reliably Important?

Number of pages: 60 Posted: 24 Jul 2004 Last Revised: 11 Dec 2007
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 6,453 (595)
Citation 150

Abstract:

Capital structure, pecking order, trade-off theory, market timing, multiple imputation

5.

Profits and Capital Structure

AFA 2009 San Francisco Meetings Paper
Number of pages: 42 Posted: 13 Mar 2008 Last Revised: 30 Jul 2014
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 2,920 (2,395)
Citation 5

Abstract:

Capital structure, Trade-off theory, Profits, Agency theory, Leverage ratios

6.

The Investment Opportunity Set and its Proxy Variables

Number of pages: 42 Posted: 23 Jan 2002 Last Revised: 28 Sep 2008
Tim Adam and Vidhan K. Goyal
Humboldt University and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 2,583 (3,311)
Citation 34

Abstract:

Proxy variables, investment opportunity set, growth opportunities, real options, market-to-book ratios, mining industry, financial constraints

7.
Downloads 1,963 ( 5,632)
Citation 95

Board Leadership Structure and CEO Turnover

Journal of Corporate Finance, Vol. 8, No. 1, 2002
Number of pages: 30 Posted: 14 Jun 2000 Last Revised: 29 Jul 2014
Vidhan K. Goyal and Chul W. Park
Hong Kong University of Science & Technology (HKUST) - Department of Finance and The University of Hong Kong - School of Business
Downloads 1,888 (5,899)
Citation 95

Abstract:

Corporate governance; Leadership structure; CEO duties; CEO turnover; sensitivity to firm performance

Board Leadership Structure and CEO Turnover

Journal of Corporate Finance, Vol. 8, No. 1, January 2002
Number of pages: 30 Posted: 31 Mar 2002 Last Revised: 25 Jul 2014
Vidhan K. Goyal and Chul W. Park
Hong Kong University of Science & Technology (HKUST) - Department of Finance and The University of Hong Kong - School of Business
Downloads 75 (268,644)
Citation 95

Abstract:

Corporate governance; Leadership structure; CEO duties; CEO turnover; sensitivity to firm performance

Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan

Number of pages: 47 Posted: 13 Feb 2013
Vidhan K. Goyal and Takeshi Yamada
Hong Kong University of Science & Technology (HKUST) - Department of Finance and Australian National University (ANU)
Downloads 1,581 (8,029)
Citation 15

Abstract:

Investment, financial constraints, asset price shocks, lending channel, Japan

Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan

Journal of Business, Vol. 77, pp. 175-199, 2004
Number of pages: 54 Posted: 26 Apr 2003 Last Revised: 28 Jul 2014
Vidhan K. Goyal and Takeshi Yamada
Hong Kong University of Science & Technology (HKUST) - Department of Finance and Australian National University (ANU)
Downloads 20 (456,155)
Citation 15

Abstract:

Investment, financial constraints, asset price bubble, Japan

9.

Corporate Leverage: How Much Do Managers Really Matter?

Number of pages: 42 Posted: 16 Mar 2007
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 1,375 (7,558)
Citation 27

Abstract:

Capital structure, behavioral finance, executive compensation, CEO, CFO

10.

On the Patterns and Wealth Effects of Vertical Mergers

EFA 2002 Berlin Meetings Discussion Paper; HKUST Department of Finance Working Paper
Number of pages: 36 Posted: 10 Jan 2002
Joseph P. H. Fan and Vidhan K. Goyal
The Chinese University of Hong Kong (CUHK) - School of Accountancy and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 1,054 (14,493)
Citation 35

Abstract:

Mergers and Acquisitions, Vertical mergers

11.

The Effect of Market Conditions on Capital Structure Adjustment

Number of pages: 13 Posted: 09 Dec 2003
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 967 (16,709)
Citation 13

Abstract:

Capital Structure, Market timing, trade-off, leverage adjustment

12.

Creditor Rights, Enforcement, and Bank Loans

Number of pages: 53 Posted: 08 Aug 2003 Last Revised: 28 Sep 2008
Kee-Hong Bae and Vidhan K. Goyal
York University - Schulich School of Business and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 627 (27,085)
Citation 25

Abstract:

property rights, creditor rights, law, enforcement, investor protection, loan spreads, syndicate structure

13.

Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes

Journal of Financial and Quantitative Analysis (JFQA), Vol. 48, Issue 3, pp 789-817, 2013
Number of pages: 66 Posted: 19 Mar 2009 Last Revised: 24 Jul 2014
Vidhan K. Goyal and Wei Wang
Hong Kong University of Science & Technology (HKUST) - Department of Finance and Queen's School of Business
Downloads 384 (51,980)
Citation 3

Abstract:

Debt Maturity, Debt Issuance, Default Risk, Signaling, Timing, Distance-to-Default, Asset Volatility

14.

Active Asset Markets, Divestitures and Divisional Cross-Subsidization

Number of pages: 33 Posted: 16 May 2000
Sudipto Dasgupta, Vidhan K. Goyal and Guofu Tan
Hong Kong University of Science & Technology (HKUST) - Department of Finance, Hong Kong University of Science & Technology (HKUST) - Department of Finance and University of Southern California - Department of Economics
Downloads 358 (65,013)
Citation 2

Abstract:

15.

Provision of Management Incentives in Bankrupt Firms

Number of pages: 47 Posted: 17 Jul 2012 Last Revised: 26 Dec 2015
Vidhan K. Goyal and Wei Wang
Hong Kong University of Science & Technology (HKUST) - Department of Finance and Queen's School of Business
Downloads 286 (54,344)

Abstract:

key employee retention plans, incentive contract, Chapter 11, compensation, retention bonuses, credito control, human capital

16.

The Profits-Leverage Puzzle Revisited

Number of pages: 53 Posted: 17 Jun 2011 Last Revised: 23 Jul 2014
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 284 (59,959)
Citation 2

Abstract:

Capital structure, Trade-off theory, Profits, Agency theory, Leverage ratios

17.

Equity Market Liberalization and Corporate Governance

Journal of Corporate Finance, Vol. 16, No. 5, 2010
Number of pages: 43 Posted: 03 Sep 2010 Last Revised: 25 Jul 2014
Kee-Hong Bae and Vidhan K. Goyal
York University - Schulich School of Business and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 93 (129,474)
Citation 5

Abstract:

equity market liberalization, risk sharing, cost of capital, corporate governance

18.

How Differences in Top Management Compensation Affect Merger Outcomes

Number of pages: 53 Posted: 11 Oct 2014 Last Revised: 10 Jul 2016
Vidhan K. Goyal and Zilong Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Finance and City University of Hong Kong
Downloads 92 (159,527)

Abstract:

CEO compensation, Mergers and acquisitions, Post-merger integration

19.

Growth Opportunities and Corporate Debt Policy: The Case of the U.S. Defense Industry

Journal of Financial Economics, Vol. 64, No. 1, April 2002
Number of pages: 41 Posted: 10 Jun 2002 Last Revised: 25 Jul 2014
Vidhan K. Goyal, Kenneth Lehn and Stanko Racic
Hong Kong University of Science & Technology (HKUST) - Department of Finance, University of Pittsburgh - Finance Group and University of Pittsburgh - Katz Graduate School of Business
Downloads 28 (281,084)
Citation 27

Abstract:

Growth opportunities, debt policy, maturity structure, defense industry

20.

Capital Market Access and Financing of Private Firms

International Review of Finance, Vol. 11, Issue 2, pp. 155-179, 2011
Number of pages: 25 Posted: 12 Jun 2011
Vidhan K. Goyal, Alessandro Nova and Laura Zanetti
Hong Kong University of Science & Technology (HKUST) - Department of Finance, affiliation not provided to SSRN and Bocconi University - Department of Finance
Downloads 3 (519,941)

Abstract:

21.

Corporate Leverage in Emerging Asia

BIS Paper No. 91c
Number of pages: 30 Posted: 29 Apr 2017
Vidhan K. Goyal and Frank Packer
Hong Kong University of Science & Technology (HKUST) - Department of Finance and Bank for International Settlements (BIS)
Downloads 0 (456,657)

Abstract:

corporate finance, capital structure, leverage

22.

Capital Market Access and Cash Flow Allocation During the Financial Crisis

Asian Finance Association (AsianFA) 2016 Conference
Number of pages: 55 Posted: 03 Feb 2016 Last Revised: 09 Sep 2016
David Florysiak and Vidhan K. Goyal
Ludwig Maximilian University of Munich - Faculty of Business Administration (Munich School of Management) and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 0 (173,822)

Abstract:

Investment policies, financing policies, private firms, cash flow allocation, capital market access, financial crisis