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

27

DOWNLOADS
Rank 237

SSRN RANKINGS

Top 237

in Total Papers Downloads

63,039

SSRN CITATIONS
Rank 1,418

SSRN RANKINGS

Top 1,418

in Total Papers Citations

360

CROSSREF CITATIONS

416

Scholarly Papers (27)

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 18,303 (156)
Citation 80

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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 10,280 (474)
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

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 8,126 (719)
Citation 58

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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 7,964 (742)
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 3,592 (2,945)
Citation 8

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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 2,802 (4,530)
Citation 38

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

7.
Downloads 2,071 ( 7,480)
Citation 109

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 1,964 (8,047)
Citation 5

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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 107 (272,311)
Citation 7

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

8.

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 2,050 (7,613)
Citation 18

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

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 1,672 (10,510)
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 31 (506,523)
Citation 11

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Investment, financial constraints, asset price bubble, Japan

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 1,165 (18,701)
Citation 32

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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 1,111 (20,072)
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 819 (31,258)
Citation 50

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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 570 (50,765)
Citation 4

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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 517 (57,405)
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 478 (63,291)
Citation 9

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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 379 (83,509)
Citation 2

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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 225 (145,827)
Citation 3

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

18.

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 207 (157,817)

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CEO compensation, Mergers and acquisitions, Post-merger integration

19.

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
University of Southern Denmark and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 188 (172,421)

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

20.

Index Creation, Information, and External Finance

Number of pages: 60 Posted: 30 Oct 2017 Last Revised: 13 May 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 153 (206,146)

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

21.

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 117 (254,133)
Citation 2

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Growth opportunities, debt policy, maturity structure, defense industry

22.

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 98 (287,407)

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

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 90 (303,371)

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corporate finance, capital structure, leverage

Banking Relationships and Creditor Rights

Number of pages: 48 Posted: 22 Apr 2019
Hong Kong University of Science & Technology (HKUST) - Department of Finance, Hong Kong University of Science & Technology (HKUST) - Department of Finance and National University of Singapore - Department of Finance
Downloads 15 (610,964)

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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, Hong Kong University of Science & Technology (HKUST) - Department of Finance and National University of Singapore - Department of Finance
Downloads 5 (685,652)

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

25.

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 7 (642,712)

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26.

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 (663,831)
Citation 1
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27.

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 (711,284)
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