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

28

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SSRN CITATIONS
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SSRN RANKINGS

Top 1,423

in Total Papers Citations

427

CROSSREF CITATIONS

420

Scholarly Papers (28)

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 18,584 (161)
Citation 94

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

2.

Capital Structure Decisions

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 10,423 (505)
Citation 29

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

3.

Testing the Pecking Order Theory of Capital Structure

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 8,211 (767)
Citation 83

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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 8,058 (793)
Citation 286

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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 3,642 (3,164)
Citation 10

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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 2,833 (4,862)
Citation 41

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

7.

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 2,123 (7,868)
Citation 19

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

8.
Downloads 2,099 ( 8,006)
Citation 113

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 1,985 (8,628)
Citation 6

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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 114 (277,384)
Citation 10

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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 1,684 (11,283)
Citation 4

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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: 08 Nov 2017
Vidhan K. Goyal and Takeshi Yamada
Hong Kong University of Science & Technology (HKUST) - Department of Finance and Australian National University (ANU)
Downloads 32 (532,721)
Citation 11

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Investment, financial constraints, asset price bubble, Japan

10.

On the Patterns and Wealth Effects of Vertical Mergers

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 1,174 (20,042)
Citation 36

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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 1,123 (21,441)
Citation 11

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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 824 (33,464)
Citation 58

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

13.

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 University - Smith School of Business
Downloads 588 (52,609)
Citation 5

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

14.

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 University - Smith School of Business
Downloads 527 (60,322)
Citation 2

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

15.

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 494 (65,400)
Citation 12

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

16.

Active Asset Markets, Divestitures and Divisional Cross-Subsidization

Number of pages: 33 Posted: 16 May 2000
Sudipto Dasgupta, Vidhan K. Goyal and Guofu Tan
Chinese University of Hong Kong and CEPR, Hong Kong University of Science & Technology (HKUST) - Department of Finance and University of Southern California - Department of Economics
Downloads 380 (89,398)
Citation 2

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17.

The Pecking Order Theory of Capital Structure: Where Do We Stand?

Number of pages: 42 Posted: 14 Mar 2020 Last Revised: 23 Mar 2020
Murray Z. Frank, Vidhan K. Goyal and Tao Shen
University of Minnesota, Hong Kong University of Science & Technology (HKUST) - Department of Finance and Tsinghua University
Downloads 334 (105,035)
Citation 1

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pecking order, net equity issues, net debt issues, financing deficit

18.

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 227 (154,495)
Citation 4

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

19.

Compensation Differences and Merger Outcomes

Number of pages: 50 Posted: 11 Oct 2014 Last Revised: 22 Apr 2018
Vidhan K. Goyal and Zilong Zhang
Hong Kong University of Science & Technology (HKUST) - Department of Finance and City University of Hong Kong
Downloads 210 (166,293)

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CEO compensation, Mergers and acquisitions, Post-merger integration

20.

Index Creation, Information, and External Finance

Number of pages: 58 Posted: 30 Oct 2017 Last Revised: 13 Dec 2020
Vidhan K. Goyal, Daniel Urban and Wenting Zhao
Hong Kong University of Science & Technology (HKUST) - Department of Finance, Erasmus University Rotterdam (EUR) - Department of Business Economics and Technische Universität München (TUM)
Downloads 200 (174,984)

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index membership, leverage, debt supply, cost of debt, capital structure

21.

Capital Market Access and Cash Flow Allocation During the Financial Crisis

Number of pages: 55 Posted: 03 Feb 2016 Last Revised: 09 Sep 2016
David Florysiak and Vidhan K. Goyal
University of Southern Denmark and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 196 (177,498)

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

22.

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 128 (253,421)
Citation 2

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Growth opportunities, debt policy, maturity structure, defense industry

23.

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 106 (290,405)

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corporate finance, capital structure, leverage

24.

Lawyer Networks and Corporate Bankruptcies

Number of pages: 57 Posted: 18 Aug 2020
Vidhan K. Goyal, Joshua Madsen and Wei Wang
Hong Kong University of Science & Technology (HKUST) - Department of Finance, University of Minnesota - Twin Cities - Carlson School of Management and Queen's University - Smith School of Business
Downloads 36 (499,703)

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network, lawyers, Chapter 11, corporate bankruptcy, law firms

Banking Relationships and Creditor Rights

Number of pages: 48 Posted: 22 Apr 2019
Hong Kong University of Science & Technology (HKUST) - Department of Finance, London Business School and National University of Singapore - Department of Finance
Downloads 15 (648,244)

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banking relationships, creditor rights, liquidation bias, arm's length creditors

Banking Relationships and Creditor Rights

Forthcoming, Quarterly Journal of Finance, Vol. 9. No. 4, 2019
Number of pages: 40 Posted: 25 Oct 2019
Hong Kong University of Science & Technology (HKUST) - Department of Finance, London Business School and National University of Singapore - Department of Finance
Downloads 13 (664,069)

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banking relationships, creditor rights, liquidation bias, arm’s length creditors

26.

Comments on 'Corporate Bond Use in Asia and the United States'

BIS Paper No. 102l
Number of pages: 3 Posted: 22 May 2019
Vidhan K. Goyal
Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 14 (632,116)

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27.

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 4 (704,924)
Citation 1
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28.

Investor Myopia and CEO Turnover

International Review of Finance, Vol. 19, Issue 4, pp. 759-786, 2019
Number of pages: 28 Posted: 26 May 2020
Vidhan K. Goyal and Angie Low
Hong Kong University of Science & Technology (HKUST) - Department of Finance and Nanyang Technological University - Division of Banking & Finance
Downloads 0 (753,655)
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