Vidhan K. Goyal

HKUST

Clear Water Bay

Kowloon

Hong Kong

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

Professor

Clear Water Bay, Kowloon

Hong Kong

http://www.vidhangoyal.com

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

Clear Water Bay, Kowloon

Hong Kong

SCHOLARLY PAPERS

29

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66,121

SSRN CITATIONS
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SSRN RANKINGS

Top 1,416

in Total Papers Citations

470

CROSSREF CITATIONS

423

Scholarly Papers (29)

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, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 18,955 (179)
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, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 10,673 (559)
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, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 8,294 (860)
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, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 8,168 (891)
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, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 3,690 (3,538)
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, Vidhan K. Goyal and Vidhan K. Goyal
Humboldt University and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 2,874 (5,448)
Citation 40

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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, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 2,200 (8,384)
Citation 20

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

8.
Downloads 2,138 ( 8,758)
Citation 117

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, Vidhan K. Goyal and Chul W. Park
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and The University of Hong Kong - School of Business
Downloads 2,019 (9,470)
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, Vidhan K. Goyal and Chul W. Park
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and The University of Hong Kong - School of Business
Downloads 119 (292,871)
Citation 14

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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, Vidhan K. Goyal and Takeshi Yamada
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and Australian National University (ANU)
Downloads 1,696 (12,562)
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, Vidhan K. Goyal and Takeshi Yamada
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and Australian National University (ANU)
Downloads 33 (571,918)
Citation 12

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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, Vidhan K. Goyal and Vidhan K. Goyal
The Chinese University of Hong Kong (CUHK) - School of Accountancy and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 1,195 (21,906)
Citation 39

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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, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 1,145 (23,308)
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, Vidhan K. Goyal and Vidhan K. Goyal
York University - Schulich School of Business and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 836 (36,461)
Citation 59

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

13.

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, Vidhan K. Goyal and Tao Shen
University of Minnesota, HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and Tsinghua University
Downloads 822 (37,588)
Citation 1

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

14.

Provision of Management Incentives in Bankrupt Firms

Number of pages: 47 Posted: 17 Jul 2012 Last Revised: 26 Dec 2015
Vidhan K. Goyal, Vidhan K. Goyal and Wei Wang
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and Queen's University - Smith School of Business
Downloads 610 (55,648)
Citation 8

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

15.

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, Vidhan K. Goyal and Wei Wang
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and Queen's University - Smith School of Business
Downloads 539 (64,878)
Citation 4

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

16.

The Profits-Leverage Puzzle Revisited

Number of pages: 53 Posted: 17 Jun 2011 Last Revised: 23 Jul 2014
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 506 (70,268)
Citation 12

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

17.

Active Asset Markets, Divestitures and Divisional Cross-Subsidization

Number of pages: 33 Posted: 16 May 2000
Sudipto Dasgupta, Vidhan K. Goyal, Vidhan K. Goyal and Guofu Tan
Chinese University of Hong Kong, ABFER, CEPR, and ECGI, HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and University of Southern California - Department of Economics
Downloads 383 (97,711)
Citation 2

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18.

Index Creation, Information, and External Finance

Number of pages: 68 Posted: 30 Oct 2017 Last Revised: 27 Apr 2021
Vidhan K. Goyal, Vidhan K. Goyal, Daniel Urban and Wenting Zhao
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance, Erasmus University Rotterdam (EUR) - Department of Business Economics and Technische Universität München (TUM)
Downloads 258 (149,342)

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

19.

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, Vidhan K. Goyal and Vidhan K. Goyal
York University - Schulich School of Business and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 234 (164,272)
Citation 5

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

20.

Compensation Differences and Merger Outcomes

Number of pages: 50 Posted: 11 Oct 2014 Last Revised: 22 Apr 2018
Vidhan K. Goyal, Vidhan K. Goyal and Zilong Zhang
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and City University of Hong Kong
Downloads 223 (172,056)

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CEO compensation, Mergers and acquisitions, Post-merger integration

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, Vidhan K. Goyal and Vidhan K. Goyal
University of Southern Denmark and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 201 (189,602)

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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, Vidhan K. Goyal, Kenneth Lehn and Stanko Racic
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance, University of Pittsburgh - Finance Group and University of Pittsburgh - Katz Graduate School of Business
Downloads 134 (266,901)
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, Vidhan K. Goyal and Frank Packer
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and Bank for International Settlements (BIS)
Downloads 113 (302,252)

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corporate finance, capital structure, leverage

24.

Friends in Court

HKUST Business School Research Paper No. 2020-019
Number of pages: 60 Posted: 18 Aug 2020 Last Revised: 30 Jun 2021
Vidhan K. Goyal, Vidhan K. Goyal, Joshua Madsen and Wei Wang
HKUSTHong 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 103 (322,151)

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Chapter 11, social networks, lawyers, corporate bankruptcy, law firms

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, Vidhan K. Goyal, S Lakshmi Naaraayanan and Anand Srinivasan
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance, London Business School and National University of Singapore - Department of Finance
Downloads 25 (624,032)

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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, Vidhan K. Goyal, S Lakshmi Naaraayanan and Anand Srinivasan
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance, London Business School and National University of Singapore - Department of Finance
Downloads 17 (685,421)

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

26.

Debt Market Responses to Longevity Shocks

Number of pages: 63 Posted: 02 Aug 2021
Zhanhui Chen, Vidhan K. Goyal, Vidhan K. Goyal, Pingyi Lou and Wenjun Zhu
Hong Kong University of Science & Technology (HKUST) - Department of Finance, HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance, Fudan University - School of Economics and Nanyang Business School, Nanyang Technological University
Downloads 35 (547,458)

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debt maturity, longevity risk, life insurers, bond yields, duration

27.

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 and Vidhan K. Goyal
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 17 (662,242)

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28.

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, Vidhan K. Goyal, Alessandro Nova and Laura Zanetti
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance, affiliation not provided to SSRN and Bocconi University - Department of Finance
Downloads 4 (763,058)
Citation 1
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29.

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, Vidhan K. Goyal and Angie Low
HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and Nanyang Technological University - Division of Banking & Finance
Downloads 0 (808,754)
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