Vidhan K. Goyal

Hong Kong University of Science and Technology

Professor

Clear Water Bay

School of Business and Management

Kowloon

Hong Kong

http://www.vidhangoyal.com

  • Hong Kong University of Science and Technology

SCHOLARLY PAPERS

31

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79,654

TOTAL CITATIONS
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SSRN RANKINGS

Top 1,348

in Total Papers Citations

803

Scholarly Papers (31)

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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 and Technology
Downloads 21,034 (323)
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 and Technology
Downloads 11,964 (906)
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 and Technology
Downloads 9,042 (1,440)
Citation 88

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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 and Technology
Downloads 8,765 (1,534)
Citation 286

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

5.

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

Oxford Research Encyclopedia of Economics and Finance
Number of pages: 42 Posted: 14 Mar 2020 Last Revised: 25 Mar 2021
Murray Z. Frank, Vidhan K. Goyal and Tao Shen
University of Minnesota, Hong Kong University of Science and Technology and Tsinghua University
Downloads 4,376 (5,040)
Citation 3

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

6.

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 and Technology
Downloads 3,940 (5,949)
Citation 10

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

7.

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 and Technology
Downloads 3,160 (8,560)
Citation 40

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

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 and Technology
Downloads 2,705 (10,932)
Citation 20

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

9.

Board Leadership Structure and CEO Turnover

Downloads 2,370 (13,491)
Citation 42

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 and Technology and The University of Hong Kong - School of Business
Downloads 2,129 (15,742)
Citation 7

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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 and Technology and The University of Hong Kong - School of Business
Downloads 241 (272,856)
Citation 35

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

10.

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

Downloads 1,848 (20,145)
Citation 23

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 and Technology and Australian National University (ANU)
Downloads 1,765 (21,193)
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 and Technology and Australian National University (ANU)
Downloads 83 (659,317)
Citation 19

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Investment, financial constraints, asset price bubble, Japan

11.

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 and Technology
Downloads 1,361 (31,877)
Citation 39

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Mergers and Acquisitions, Vertical mergers

12.

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 and Technology
Downloads 1,259 (35,756)
Citation 14

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

13.

Empirical Corporate Capital Structure

HKUST Business School Research Paper No. 2022-091
Number of pages: 118 Posted: 05 Dec 2022 Last Revised: 21 Feb 2023
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science and Technology
Downloads 1,217 (37,513)

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capital structure, financing policy, corporate leverage, debt financing, investor heterogeneity

14.

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 and Technology
Downloads 905 (57,259)
Citation 59

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

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 and Technology and Queen's University - Smith School of Business
Downloads 746 (74,279)
Citation 15

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

16.

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 and Technology and Queen's University - Smith School of Business
Downloads 625 (93,164)
Citation 11

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

17.

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 and Technology
Downloads 583 (101,839)
Citation 12

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

18.

Index Creation, Information Changes, and Financing

Number of pages: 88 Posted: 30 Oct 2017 Last Revised: 20 May 2025
Vidhan K. Goyal, Daniel Urban and Wenting Zhao
Hong Kong University of Science and Technology, Erasmus University Rotterdam (EUR) - Department of Business Economics and Technische Universität München (TUM)
Downloads 523 (116,694)

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index membership, leverage, information, stock price informativeness, cost of debt

19.

Passive Ownership and the Environment

Number of pages: 68 Posted: 30 Nov 2023 Last Revised: 28 Feb 2024
Vidhan K. Goyal, Daniel Schmidt, Theresa Spickers and Daniel Urban
Hong Kong University of Science and Technology, Technische Universität München (TUM), University of Amsterdam and Erasmus University Rotterdam (EUR) - Department of Business Economics
Downloads 418 (152,454)

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Passive investment, environmental performance, carbon emissions, benchmarking

20.

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, ABFER, CEPR, and ECGI, Hong Kong University of Science and Technology and University of Southern California - Department of Economics
Downloads 414 (154,113)
Citation 2

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21.

The Value of Familiarity: Evidence from Lawyer-Judge Interactions in Corporate Bankruptcy

HKUST Business School Research Paper No. 2020-019
Number of pages: 70 Posted: 18 Aug 2020 Last Revised: 05 Mar 2025
Vidhan K. Goyal, Joshua Madsen and Wei Wang
Hong Kong University of Science and Technology, University of Minnesota - Twin Cities - Carlson School of Management and Queen's University - Smith School of Business
Downloads 370 (174,913)
Citation 1

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network, preferences, lawyers, Chapter 11, corporate bankruptcy, law firms, judges, familiarity, bankruptcy costs, law firms, debt recovery

22.

Longevity Shocks and Corporate Debt Markets

HKUST Business School Research Paper , Nanyang Business School Research Paper No. 21-35
Number of pages: 70 Posted: 02 Aug 2021 Last Revised: 27 Mar 2024
Zhanhui Chen, Vidhan K. Goyal, Pingyi Lou and Wenjun Zhu
Hong Kong University of Science & Technology (HKUST) - Department of Finance, Hong Kong University of Science and Technology, Fudan University - School of Economics and Nanyang Business School, Nanyang Technological University
Downloads 299 (220,372)

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debt maturity, duration risk, bond yields, longevity risk, life insurance companies

23.

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 and Technology and Zhejiang University
Downloads 291 (226,847)

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CEO compensation, Mergers and acquisitions, Post-merger integration

24.

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 and Technology
Downloads 282 (234,380)
Citation 11

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

25.

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
IU International University of Applied Sciences and Hong Kong University of Science and Technology
Downloads 254 (260,712)
Citation 1

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

26.

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 and Technology, University of Pittsburgh - Finance Group and University of Pittsburgh - Katz Graduate School of Business
Downloads 236 (280,284)
Citation 2

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Growth opportunities, debt policy, maturity structure, defense industry

27.

Investor Myopia and CEO Turnover

Nanyang Business School Research Paper No. 23-06, HKUST Business School Research Paper No. 2023-98
Number of pages: 42 Posted: 18 Feb 2023 Last Revised: 21 Mar 2023
Vidhan K. Goyal and Angie Low
Hong Kong University of Science and Technology and Nanyang Business School, Nanyang Technological University
Downloads 203 (323,952)

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CEO turnover, short-term investors, investor myopia, corporate governance

28.

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 and Technology and Bank for International Settlements (BIS)
Downloads 172 (376,590)

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corporate finance, capital structure, leverage

29.

Banking Relationships and Creditor Rights

Downloads 145 (435,125)
Citation 1

Banking Relationships and Creditor Rights

Forthcoming, Quarterly Journal of Finance, Vol. 9. No. 4, 2019
Number of pages: 40 Posted: 25 Oct 2019
Vidhan K. Goyal, S Lakshmi Naaraayanan and Anand Srinivasan
Hong Kong University of Science and Technology, London Business School and National University of Singapore - Department of Finance
Downloads 93 (613,472)
Citation 1

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

Banking Relationships and Creditor Rights

Number of pages: 48 Posted: 22 Apr 2019
Vidhan K. Goyal, S Lakshmi Naaraayanan and Anand Srinivasan
Hong Kong University of Science and Technology, London Business School and National University of Singapore - Department of Finance
Downloads 52 (852,395)

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

30.

Capital Market Access and Financing of Private Firms

HKUST Business School Research Paper No. 2023-97
Number of pages: 39 Posted: 17 Feb 2023 Last Revised: 21 Mar 2023
Vidhan K. Goyal, Alessandro Nova and Laura Zanetti
Hong Kong University of Science and Technology, Bocconi University - Department of Finance and Bocconi University - Department of Finance
Downloads 97 (591,009)

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capital structure, private firms, trade-off theory, capital market access

31.

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 and Technology
Downloads 50 (850,337)

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