Michael R. Roberts

The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)

Associate Professor

3620 Locust Walk, #2320

Philadelphia, PA 19104-6365

United States

http://finance.wharton.upenn.edu/~mrrobert/

  • The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)

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    • Tel: (215) 573-9780
SCHOLARLY PAPERS

26

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Scholarly Papers (26)

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1.

Endogeneity in Empirical Corporate Finance

Simon School Working Paper No. FR 11-29
Number of pages: 97 Posted: 28 Jan 2011 Last Revised: 06 Oct 2012
Michael R. Roberts and Toni M. Whited
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Michigan, Department of Economics
Downloads 27,660 (175)
Citation 299

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Instrumental Variables, Difference-in-Differences Estimators,Regression Discontinuity Designs, Matching Estimators, Measurement Error

2.

The Structure and Pricing of Corporate Debt Covenants

Downloads 7,367 ( 1,845)
Citation 254

The Structure and Pricing of Corporate Debt Covenants

Number of pages: 43 Posted: 04 Dec 2003
Michael Bradley and Michael R. Roberts
Duke University - Fuqua School of Business and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 4,776 (3,828)
Citation 6

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Keywords: Bond Covenants, Costly Contracting hypothesis, Bank Loans, Corporate Debt, Agency Costs, Simultaneity

The Structure and Pricing of Corporate Debt Covenants

6th Annual Texas Finance Festival
Number of pages: 46 Posted: 31 Aug 2004
Michael Bradley and Michael R. Roberts
Duke University - Fuqua School of Business and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 2,591 (10,338)
Citation 226

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3.

How Does Financing Impact Investment? The Role of Debt Covenants

AFA 2007 Chicago Meetings Paper
Number of pages: 61 Posted: 26 Nov 2005
Sudheer Chava and Michael R. Roberts
Georgia Institute of Technology - Scheller College of Business and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 3,027 (8,236)
Citation 181

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Investment, Covenant, Debt, Contracts, Renegotiation, Default, Control Rights

4.

A Century of Capital Structure: The Leveraging of Corporate America

Downloads 2,762 ( 9,486)
Citation 137

A Century of Capital Structure: The Leveraging of Corporate America

Number of pages: 62 Posted: 25 Feb 2013 Last Revised: 12 Aug 2014
John R. Graham, Mark T. Leary and Michael R. Roberts
Duke University, Washington University in St. Louis - Olin Business School and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 2,690 (9,757)
Citation 4

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capital structure, leverage, financial policy, government debt, taxes, bankruptcy costs, financial sector

A Century of Capital Structure: The Leveraging of Corporate America

NBER Working Paper No. w19910
Number of pages: 67 Posted: 10 Mar 2014 Last Revised: 28 May 2023
John R. Graham, Mark T. Leary and Michael R. Roberts
Duke University, Washington University in St. Louis - Olin Business School and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 72 (628,218)
Citation 31

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5.

The Pecking Order, Debt Capacity, and Information Asymmetry

Number of pages: 57 Posted: 09 Jun 2004
Mark T. Leary and Michael R. Roberts
Washington University in St. Louis - Olin Business School and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 2,631 (10,269)
Citation 63

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Capital Structure, Pecking Order, Information Asymmetry, Debt Capacity

6.

Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure

Number of pages: 63 Posted: 09 Feb 2006
Michael L. Lemmon, Michael R. Roberts and Jaime F. Zender
University of Utah - Department of Finance, The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Colorado at Boulder - Department of Finance
Downloads 2,531 (10,913)
Citation 187

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Capital Structure, Financing Decisions, Tradeoff, Pecking Order

7.

Corporate Dividend Policies: Lessons from Private Firms

Number of pages: 50 Posted: 01 Sep 2006 Last Revised: 13 Dec 2011
Michael R. Roberts and Roni Michaely
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and The University of Hong Kong
Downloads 2,351 (12,288)
Citation 83

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Dividends, Payout Policy, Smoothing, Information Asymmetry, Agency Theory, Governance

8.

CLO Performance

Downloads 2,314 (12,599)
Citation 13

CLO Performance

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, Journal of Finance, Forthcoming
Number of pages: 64 Posted: 15 Aug 2020 Last Revised: 15 Dec 2021
Larry Cordell, Michael R. Roberts and Michael Schwert
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and AQR Arbitrage, LLC
Downloads 2,267 (12,806)
Citation 2

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collateralized loan obligations, leveraged loans, securitization

Clo Performance

NBER Working Paper No. w29410
Number of pages: 62 Posted: 01 Nov 2021 Last Revised: 17 Jul 2023
Larry Cordell, Michael R. Roberts and Michael Schwert
Federal Reserve Banks - Federal Reserve Bank of Philadelphia, The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and AQR Arbitrage, LLC
Downloads 47 (774,411)
Citation 11

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9.

Do Firms Rebalance Their Capital Structures?

Number of pages: 58 Posted: 03 Aug 2004
Mark T. Leary and Michael R. Roberts
Washington University in St. Louis - Olin Business School and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 2,038 (15,368)
Citation 241

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10.

The Dynamics of Capital Structure: An Empirical Analysis of a Partially Observable System

Duke University, Fuqua School of Business Working Paper
Number of pages: 53 Posted: 18 Apr 2002
Michael R. Roberts
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 1,927 (16,808)
Citation 37

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Capital Structure, Leverage, Dynamics, Kalman Filter

11.

Do Peer Firms Affect Corporate Financial Policy?

Number of pages: 57 Posted: 12 Jun 2010 Last Revised: 13 Dec 2011
Mark T. Leary and Michael R. Roberts
Washington University in St. Louis - Olin Business School and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 1,878 (17,539)
Citation 207

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Peer effects, Capital structure, Financing choice, Externalities, Industry

12.

Control Rights and Capital Structure: An Empirical Investigation

9th Annual Texas Finance Festival, AFA 2008 New Orleans Meetings
Number of pages: 68 Posted: 12 Feb 2007 Last Revised: 13 Dec 2011
Michael R. Roberts and Amir Sufi
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Chicago - Booth School of Business
Downloads 1,864 (17,751)
Citation 103

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Capital Structure, Financial Policy, Debt, Control Rights, Optimal Contracting

13.

The History of the Cross Section of Stock Returns

Downloads 1,681 (20,854)
Citation 113

The History of the Cross Section of Stock Returns

Marshall School of Business Working Paper No. 17-17
Number of pages: 73 Posted: 12 Jan 2017
Juhani T. Linnainmaa and Michael R. Roberts
Dartmouth College - Tuck School of Business and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 1,513 (24,067)
Citation 2

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Factors; anomalies; asset pricing; data-mining

The History of the Cross Section of Stock Returns

NBER Working Paper No. w22894
Number of pages: 74 Posted: 05 Dec 2016 Last Revised: 23 Jul 2023
Juhani T. Linnainmaa and Michael R. Roberts
Dartmouth College - Tuck School of Business and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 168 (339,620)
Citation 95

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14.

Renegotiation of Financial Contracts: Evidence from Private Credit Agreements

Number of pages: 63 Posted: 28 Sep 2007 Last Revised: 13 Dec 2011
Michael R. Roberts and Amir Sufi
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Chicago - Booth School of Business
Downloads 1,642 (21,643)
Citation 216

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Renegotiation, Bargaining, Incomplete Contracts, Security Design, Bank Loans

15.

Financial Contracting: A Survey of Empirical Research and Future Directions

Downloads 1,618 (22,086)
Citation 37

Financial Contracting: A Survey of Empirical Research and Future Directions

Number of pages: 29 Posted: 12 Mar 2009
Michael R. Roberts and Amir Sufi
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Chicago - Booth School of Business
Downloads 1,618 (21,709)
Citation 37

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Financial Contracting, Security Design, Control Rights, Renegotiation

Financial Contracting: A Survey of Empirical Research and Future Directions

Posted: 04 Jun 2010
Michael R. Roberts and Amir Sufi
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Chicago - Booth School of Business

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16.

The Response of Corporate Financing and Investment to Changes in the Supply of Credit

HKUST Business School Research Paper No. 07-29
Number of pages: 55 Posted: 07 Feb 2007 Last Revised: 13 Dec 2011
Michael R. Roberts and Michael L. Lemmon
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and University of Utah - Department of Finance
Downloads 1,132 (37,343)
Citation 89

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Investment, Financing, Capital Structure, Supply of Credit, Bank Lending Channel, Market Segmenetation

17.

The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting

Downloads 1,092 (39,415)
Citation 149

The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting

Number of pages: 59 Posted: 31 Dec 2010 Last Revised: 13 Nov 2021
Michael R. Roberts
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 1,058 (40,543)
Citation 4

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Contract Renegotiation, Asymmetric Information, Bank Loans, Financial Contracting

The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting

NBER Working Paper No. w20484
Number of pages: 60 Posted: 30 Sep 2014 Last Revised: 22 Jun 2023
Michael R. Roberts
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 34 (876,634)
Citation 50

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18.

How Does Government Borrowing Affect Corporate Financing and Investment?

Downloads 1,083 (39,922)
Citation 5

How Does Government Borrowing Affect Corporate Financing and Investment?

Number of pages: 53 Posted: 18 Apr 2014 Last Revised: 06 Oct 2014
John R. Graham, Mark T. Leary and Michael R. Roberts
Duke University, Washington University in St. Louis - Olin Business School and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 961 (46,465)

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Capital Structure, Cash Policy, Investment, Government Debt, Fiscal Policy, Safe Assets

How Does Government Borrowing Affect Corporate Financing and Investment?

NBER Working Paper No. w20581
Number of pages: 53 Posted: 15 Oct 2014 Last Revised: 27 Mar 2023
John R. Graham, Mark T. Leary and Michael R. Roberts
Duke University, Washington University in St. Louis - Olin Business School and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 122 (443,578)
Citation 2

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19.

On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing

Downloads 1,026 (42,890)
Citation 276

On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing

Number of pages: 37 Posted: 27 Dec 2003
Jacob Boudoukh, Roni Michaely, Matthew P. Richardson and Michael R. Roberts
Reichman University - Interdisciplinary Center (IDC) Herzliyah, The University of Hong Kong, Department of Finance, Leonard N. Stern School of Business, New York University and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 861 (54,110)
Citation 1

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Stock Returns, Predictability, Dividend Yield, Share Repurchases, Measurement Error

On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing

NBER Working Paper No. w10651
Number of pages: 75 Posted: 25 May 2006 Last Revised: 10 Aug 2022
Jacob Boudoukh, Roni Michaely, Matthew P. Richardson and Michael R. Roberts
Reichman University - Interdisciplinary Center (IDC) Herzliyah, The University of Hong Kong, Department of Finance, Leonard N. Stern School of Business, New York University and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 165 (344,947)
Citation 109

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On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing

Journal of Finance, Forthcoming
Posted: 07 Feb 2006
Jacob Boudoukh, Roni Michaely, Matthew P. Richardson and Michael R. Roberts
Reichman University - Interdisciplinary Center (IDC) Herzliyah, The University of Hong Kong, Department of Finance, Leonard N. Stern School of Business, New York University and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)

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Stock Returns, Predictability, Dividend Yield, Share Repurchases, Measurement Error

20.

An Empirical Examination of Deregulated Electricity Prices

POWER Working Paper No. PWP-087
Number of pages: 42 Posted: 19 Dec 2001
Christopher R. Knittel and Michael R. Roberts
Massachusetts Institute of Technology (MIT) - Center for Energy and Environmental Policy Research (CEEPR) and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 798 (60,913)
Citation 53

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21.

Evidence on the Tradeoff Between Risk and Return for Ipo and Seo Firms

Number of pages: 50 Posted: 06 Oct 2005
Alon Brav, Roni Michaely, Michael R. Roberts and Rebecca Zarutskie
Duke University - Fuqua School of Business, The University of Hong Kong, The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and Federal Reserve Banks - Federal Reserve Bank of Dallas
Downloads 719 (69,792)
Citation 6

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Equity Offering, Private Debt, Institutional Lenders

22.

Interest Rates and the Design of Financial Contracts

Downloads 718 (69,931)

Interest Rates and the Design of Financial Contracts

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 44 Posted: 13 Jan 2020 Last Revised: 21 Jan 2022
Michael R. Roberts and Michael Schwert
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and AQR Arbitrage, LLC
Downloads 657 (77,267)

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financial contracts, interest rates, banking, commercial lending

Interest Rates and the Design of Financial Contracts

NBER Working Paper No. w27195
Number of pages: 45 Posted: 26 May 2020 Last Revised: 23 Apr 2023
Michael R. Roberts and Michael Schwert
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and AQR Arbitrage, LLC
Downloads 61 (686,468)

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23.

Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing Before and after Decimalization

Downloads 693 (73,206)
Citation 54

Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing Before and after Decimalization

Number of pages: 45 Posted: 21 Jul 2002
John R. Graham, Roni Michaely and Michael R. Roberts
Duke University, The University of Hong Kong and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 693 (72,127)
Citation 54

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Ex-dividend, transaction costs, taxes, decimalization

Do Price Discreteness and Transactions Costs Affect Stock Returns? Comparing Ex-Dividend Pricing Before and after Decimalization

Posted: 16 Feb 2003
John R. Graham, Roni Michaely and Michael R. Roberts
Duke University, The University of Hong Kong and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)

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Ex-dividend, transaction costs, taxes, decimalization

24.

Debt Covenants and Investment: Response to Gulen, Jens, and Page (2020)

Georgia Tech Scheller College of Business Research Paper No. 3645072
Number of pages: 16 Posted: 03 Aug 2020
Sudheer Chava and Michael R. Roberts
Georgia Institute of Technology - Scheller College of Business and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 340 (171,757)

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Covenants, Investment

25.

Financial Crowding Out

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 49 Posted: 24 Jun 2013
John R. Graham, Mark T. Leary and Michael R. Roberts
Duke University, Washington University in St. Louis - Olin Business School and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 142 (390,301)

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26.

Discount Rates and Corporate Valuation

Number of pages: 52 Posted: 18 Nov 2021
Michael R. Roberts
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 73 (613,984)

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Corporate valuation, capital structure, cost of capital