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/

SCHOLARLY PAPERS

22

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Top 216

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51,473

CITATIONS
Rank 290

SSRN RANKINGS

Top 290

in Total Papers Citations

1,332

Scholarly Papers (22)

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, Stephen M. Ross School of Business
Downloads 12,264 (92)
Citation 73

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

2.
Downloads 6,210 ( 797)
Citation 115

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 4,003 (1,699)
Citation 115

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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 2,207 (4,828)
Citation 115

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3.

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 2,317 (4,105)
Citation 50

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Capital Structure, Pecking Order, Information Asymmetry, Debt Capacity

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 2,192 (4,887)
Citation 2

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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
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 27 (433,984)
Citation 2

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5.

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 1,980 (5,230)
Citation 205

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Capital Structure, Financing Decisions, Tradeoff, Pecking Order

6.

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 1,954 (5,033)
Citation 165

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

7.

Do Firms Rebalance Their Capital Structures?

14th Annual Utah Winter Finance Conference; Tuck Contemporary Corporate Finance Issues III Conference Paper
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 1,788 (6,524)
Citation 230

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8.

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 Cornell University - Cornell Tech NYC
Downloads 1,691 (6,041)
Citation 20

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

9.

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 1,643 (7,777)
Citation 76

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

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 1,518 (8,115)
Citation 17

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Capital Structure, Leverage, Dynamics, Kalman Filter

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 1,463 (9,679)
Citation 12

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Financial Contracting, Security Design, Control Rights, Renegotiation

Financial Contracting: A Survey of Empirical Research and Future Directions

Annual Review of Financial Economics, Vol. 1, pp. 207-226, 2009
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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12.

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 1,369 (9,433)
Citation 13

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

13.

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 1,303 (10,416)
Citation 68

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

The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting

Number of pages: 59 Posted: 31 Dec 2010 Last Revised: 30 Sep 2014
Michael R. Roberts
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 982 (18,074)
Citation 9

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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
Michael R. Roberts
The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 7 (548,251)
Citation 9

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15.

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 895 (19,228)
Citation 58

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

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

Number of pages: 37 Posted: 27 Dec 2003
Interdisciplinary Center (IDC) Herzliyah, Cornell University - Cornell Tech NYC, New York University (NYU) - Department of Finance and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 653 (32,530)
Citation 118

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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 2010
Interdisciplinary Center (IDC) Herzliyah, Cornell University - Cornell Tech NYC, New York University (NYU) - Department of Finance and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 88 (251,856)
Citation 118

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

Journal of Finance, Forthcoming
Posted: 07 Feb 2006
Interdisciplinary Center (IDC) Herzliyah, Cornell University - Cornell Tech NYC, New York University (NYU) - Department of Finance 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

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 672 (31,282)

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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
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 17 (491,196)

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18.

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, Cornell University - Cornell Tech NYC, The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER) and Federal Reserve Board
Downloads 632 (33,284)
Citation 8

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Equity Offering, Private Debt, Institutional Lenders

19.

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) - Sloan School of Management and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 620 (31,015)
Citation 35

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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, Cornell University - Cornell Tech NYC and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 610 (35,640)
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

Journal of Finance, Forthcoming
Posted: 16 Feb 2003
John R. Graham, Roni Michaely and Michael R. Roberts
Duke University, Cornell University - Cornell Tech NYC and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)

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Ex-dividend, transaction costs, taxes, decimalization

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
USC Marshall School of Business and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 478 (49,207)

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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
Juhani T. Linnainmaa and Michael R. Roberts
USC Marshall School of Business and The Wharton School - University of Pennsylvania; National Bureau of Economic Research (NBER)
Downloads 38 (385,293)
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22.

The Leveraging of Corporate America: A Long‐Run Perspective on Changes in Capital Structure

Journal of Applied Corporate Finance, Vol. 28, Issue 4, pp. 29-37, 2016
Number of pages: 11 Posted: 20 Jan 2017
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 0 (543,966)
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