Michael G. Hertzel

Arizona State University (ASU) - Finance Department

Professor of Finance

W. P. Carey School of Business

P.O. Box 873906

Tempe, AZ 85287-3906

United States

SCHOLARLY PAPERS

24

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TOTAL CITATIONS
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Top 4,260

in Total Papers Citations

305

Scholarly Papers (24)

Long-Run Performance Following Private Placements of Equity

Number of pages: 36 Posted: 01 Jul 1999
Michael G. Hertzel, Michael L. Lemmon, James S. Linck and Lynn L. Rees
Arizona State University (ASU) - Finance Department, University of Utah - Department of Finance, Southern Methodist University (SMU) - Finance Department and Utah State University - School of Accountancy
Downloads 1,547 (25,627)
Citation 20

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Long-Run Performance Following Private Placements of Equity

Posted: 27 Dec 2001
James S. Linck, Michael G. Hertzel, Michael L. Lemmon and Lynn L. Rees
Southern Methodist University (SMU) - Finance Department, Arizona State University (ASU) - Finance Department, University of Utah - Department of Finance and Utah State University - School of Accountancy

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Long-run performance, Market efficiency, Private placements, Behavioral finance, Equity issues, Operating performance

2.

Global Supply Chains and Cross-Border Financing

Production and Operations Management
Number of pages: 34 Posted: 30 Nov 2018 Last Revised: 10 Apr 2023
Michael G. Hertzel, Jie Peng, Jing Wu and Yu Zhang
Arizona State University (ASU) - Finance Department, Advanced Institute of Business, Tongji University, The Chinese University of Hong Kong (CUHK) - CUHK Business School and Peking University - Guanghua School of Management
Downloads 1,244 (35,919)

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global supply chains, cross-border financing

3.

Behavioral and Rational Explanations of Stock Price Performance Around SEOS: Evidence from a Decomposition of Market-to-Book Ratios

AFA 2008 New Orleans Meetings Paper
Number of pages: 43 Posted: 20 Nov 2006 Last Revised: 24 Aug 2022
Michael G. Hertzel and Zhi Li
Arizona State University (ASU) - Finance Department and Chapman University - The George L. Argyros College of Business and Economics
Downloads 1,160 (39,813)
Citation 27

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seasoned equity offerings, long-run performance

4.

Speed Matters: Limited Attention and Supply-Chain Information Diffusion

Number of pages: 75 Posted: 03 Mar 2017 Last Revised: 02 Feb 2024
Ling Cen, Michael G. Hertzel and Christoph Schiller
The Chinese University of Hong Kong, Arizona State University (ASU) - Finance Department and Ohio State University (OSU) - Department of Finance
Downloads 1,081 (44,177)
Citation 7

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Information Diffusion, Limited Attention, Supply Chains, Firm Investment

5.

Inter-Firm Linkages and the Wealth Effects of Financial Distress Along the Supply Chain

Journal of Financial Economics, Vol. 87, No. 2, pp. 374-387
Number of pages: 32 Posted: 10 Jul 2006 Last Revised: 22 Jan 2009
Michael G. Hertzel, Micah S. Officer, Zhi Li and Kimberly Cornaggia
Arizona State University (ASU) - Finance Department, Loyola Marymount University - Department of Finance, Chapman University - The George L. Argyros College of Business and Economics and Pennsylvania State University - Department of Finance
Downloads 1,041 (46,479)
Citation 145

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Bankruptcy, Financial Distress, Contagion, Supply Chain

6.

Options Trading and Corporate Debt Structure

Journal of Accounting and Public Policy, Vol. 49, 2025
Number of pages: 57 Posted: 10 Feb 2020 Last Revised: 13 Apr 2025
Jie Cao, Michael G. Hertzel, Jie Xu and Xintong Zhan
The Hong Kong Polytechnic University - School of Accounting and Finance, Arizona State University (ASU) - Finance Department, The Chinese University of Hong Kong (CUHK) - CUHK Business School and Fudan University - School of Management
Downloads 727 (75,835)

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Options trading, debt structure, new debt choice, information asymmetry

7.

It’s Not Who You Know — It’s Who Knows You: Employee Social Capital and Firm Performance

Number of pages: 51 Posted: 08 Feb 2021 Last Revised: 10 Oct 2024
DuckKi Cho, Lyungmae Choi, Michael G. Hertzel and Jessie Jiaxu Wang
The University of Sydney - Discipline of Finance, The University of Sydney, Arizona State University (ASU) - Finance Department and Board of Governors of the Federal Reserve System
Downloads 655 (86,603)
Citation 2

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Social capital; Social networks; Labor economics; Business performance

8.

Human Capital Investment in Supply Chain Coordination: Evidence from Online Job Postings

Number of pages: 44 Posted: 16 Nov 2021 Last Revised: 05 Dec 2023
Ling Cen, Michael G. Hertzel, Zi'ang Wang and Jing Wu
The Chinese University of Hong Kong, Arizona State University (ASU) - Finance Department, Hong Kong Polytechnic University and The Chinese University of Hong Kong (CUHK) - CUHK Business School
Downloads 611 (95,082)

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Supply Chain Coordination, Human Capital, H-1B Lottery

9.

Why Do Hedge Funds Avoid Disclosure? Evidence from Confidential 13F Filings

AFA 2011 Denver Meetings Paper, Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 47 Posted: 15 Mar 2012 Last Revised: 04 Sep 2013
George O. Aragon, Michael G. Hertzel and Zhen Shi
Arizona State University (ASU) - Finance Department, Arizona State University (ASU) - Finance Department and Georgia State University
Downloads 555 (106,879)
Citation 45

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Disclosure, Hedge Fund Performance, Financial Regulation

10.

Earnings Management Around Employee Stock Option Reissues

Journal of Accounting & Economics, Forthcoming
Number of pages: 46 Posted: 10 Aug 2005
Jeffrey L. Coles, Michael G. Hertzel and Swaminathan L. Kalpathy
University of Utah - Department of Finance, Arizona State University (ASU) - Finance Department and Texas Christian University - M.J. Neeley School of Business
Downloads 493 (123,606)
Citation 3

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Capital markets, Stock options, Earnings management, Discretionary accruals, Executive compensation

11.
Downloads 451 (137,725)
Citation 34

External Governance and Debt Structure

Number of pages: 39 Posted: 20 May 2016 Last Revised: 08 Jun 2016
Sreedhar T. Bharath and Michael G. Hertzel
Arizona State University (ASU) - Finance Department and Arizona State University (ASU) - Finance Department
Downloads 297 (217,036)
Citation 3

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Debt Structure, Corporate Governance, Product Market Competition, Productivity, Bank Loans, Public Debt, Natural Experiment

External Governance and Debt Structure

Forthcoming, Review of Financial Studies
Number of pages: 41 Posted: 06 Aug 2019
Sreedhar T. Bharath and Michael G. Hertzel
Arizona State University (ASU) - Finance Department and Arizona State University (ASU) - Finance Department
Downloads 154 (408,052)
Citation 31

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Debt Structure, Corporate Governance, Product Market Competition, Bank Loans, Public Debt, Natural Experiment

The Market Impact of Trends and Sequences in Performance: New Evidence

Carey School of Business Working Paper
Number of pages: 33 Posted: 23 Jun 2003
Greg R. Durham, J. Spencer Martin and Michael G. Hertzel
Montana State University - Bozeman - College of Business, University of Melbourne - Faculty of Business and Economics and Arizona State University (ASU) - Finance Department
Downloads 419 (148,445)
Citation 7

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Regime Shifting Beliefs, Behavioral Finance

The Market Impact of Trends and Sequences in Performance: New Evidence

Posted: 30 Dec 2004
Greg R. Durham, Michael G. Hertzel and J. Spencer Martin
Montana State University - Bozeman - College of Business, Arizona State University (ASU) - Finance Department and University of Melbourne - Faculty of Business and Economics

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Behavioral finance, sports wagering, efficient markets, asset pricing

13.

Behavioral Biases and Investor Behavior: Predicting the Next Step of a Random Walk (Revisited)

Number of pages: 32 Posted: 30 Sep 2004
Elena N. Asparouhova, Michael L. Lemmon and Michael G. Hertzel
University of Utah - David Eccles School of Business, University of Utah - Department of Finance and Arizona State University (ASU) - Finance Department
Downloads 418 (150,453)
Citation 1

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Regime shifting, momentum, reversal, experiments

14.

Speed Matters: Supply-Chain Information Diffusion and Price Feedback Effects

Number of pages: 50 Posted: 05 Aug 2019
Ling Cen, Michael G. Hertzel and Christoph Schiller
The Chinese University of Hong Kong, Arizona State University (ASU) - Finance Department and Ohio State University (OSU) - Department of Finance
Downloads 391 (162,170)
Citation 1

Abstract:

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Supply Chains; Speed; Information Diffusion

Contracting Frictions and Cross-Border Capital Flows: Evidence from Venture Capital

Number of pages: 49 Posted: 18 Mar 2010
Ana Balcarcel, Michael G. Hertzel and Laura Anne Lindsey
Charles River Associates (CRA), Arizona State University (ASU) - Finance Department and Arizona State University (ASU) - Finance Department
Downloads 216 (299,488)
Citation 10

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Contracting Frictions and Cross-Border Capital Flows: Evidence from Venture Capital

EFA 2009 Bergen Meetings Paper
Number of pages: 36 Posted: 19 Feb 2009
Laura Anne Lindsey, Ana Laura Balcarcel and Michael G. Hertzel
Arizona State University (ASU) - Finance Department, affiliation not provided to SSRN and Arizona State University (ASU) - Finance Department
Downloads 172 (370,278)

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Venture capital, cross-border, contracting

16.

The Value of Lending Relationships

OFR 24-02
Number of pages: 60 Posted: 07 Sep 2022 Last Revised: 08 Oct 2024
Andrew Bird, Michael G. Hertzel, Stephen A. Karolyi and Thomas Ruchti
Chapman University - The George L. Argyros College of Business and Economics, Arizona State University (ASU) - Finance Department, Office of the Comptroller of the Currency and Government of the United States of America - Office of Financial Research
Downloads 238 (273,986)
Citation 2

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syndicated lending, financial covenants, lending relationships, intangible capital

17.

Declining Worker Power and Corporate Investment

Number of pages: 74 Posted: 28 Sep 2021 Last Revised: 16 May 2024
Sreedhar T. Bharath, DuckKi Cho and Michael G. Hertzel
Arizona State University (ASU) - Finance Department, The University of Sydney - Discipline of Finance and Arizona State University (ASU) - Finance Department
Downloads 236 (276,230)

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Declining Worker Power, Corporate Investment, Minimum Wage, Globalization, US-China

18.

Why Do Boards Let Their CEOs Take Outside Directorships? Entrenchment and Embeddedness

Proceedings of Paris December 2019 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 48 Posted: 31 Oct 2019
Michael G. Hertzel and Hong Zhao
Arizona State University (ASU) - Finance Department and Neoma Business School
Downloads 154 (407,917)

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19.

Information, Announcement, and Listing Effects of ADR Programs and German-U.S. Stock Market Integration

Multinational Finance Journal, Vol. 4, No. 3/4, p. 181-200, 2000
Number of pages: 20 Posted: 08 Jul 2015
Michael G. Hertzel, Paul Lowengrub, Michael Melvin and Michael Melvin
Arizona State University (ASU) - Finance Department, Nathan Associates and CESifo (Center for Economic Studies and Ifo Institute)University of California, San Diego (UCSD) - Rady School of Management
Downloads 49 (842,296)

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ADRs, international cross-listing, international equity markets, German stocks

20.

Staged Financing of Newly Public Firms Around the World

Number of pages: 44 Posted: 26 Mar 2024
Azizjon Alimov and Michael G. Hertzel
IESEG School of Management LEM-CNRS UMR 9221 and Arizona State University (ASU) - Finance Department
Downloads 46 (866,797)
Citation 1

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Initial public offerings; Staging of capital; Uncertainty; Information Asymmetry; International investor protection

21.

Public Market Staging: The Timing of Capital Infusions in Newly Public Firms

Journal of Financial Economics (JFE), Vol. 106, No. 1, 2012, University of Alberta School of Business Research Paper No. 206
Posted: 23 May 2013 Last Revised: 05 Apr 2018
Michael G. Hertzel, Mark R. Huson and Robert Parrino
Arizona State University (ASU) - Finance Department, University of Alberta - Department of Finance and Statistical Analysis and University of Texas at Austin - Department of Finance

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Initial public offering, Managerial incentives, Staging of capital, Cash holdings

22.

Inference from Streaks in Random Outcomes: Experimental Evidence on Beliefs in Regime-Shifting and the Law of Small Numbers

Posted: 12 Jun 2009
Elena N. Asparouhova, Michael G. Hertzel and Michael L. Lemmon
University of Utah - David Eccles School of Business, Arizona State University (ASU) - Finance Department and University of Utah - Department of Finance

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decision making, experiments, prediction task, law of small numbers, regime-shifting

23.

Equity Ownership and Firm Value: Evidence from Targeted Stock Repurchases

Posted: 10 May 2004
Saeyoung Chang and Michael G. Hertzel
University of Nevada, Las Vegas - Department of Finance and Arizona State University (ASU) - Finance Department

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Targeted stock repurchases, managerial entrenchment, insider holdings, event study

24.

Earnings and Risk Changes Around Private Placements of Equity

Journal of Accounting, Auditing, and Finance, Vol 13, No 1, Winter 1998
Posted: 23 Jun 1998
Michael G. Hertzel and Lynn L. Rees
Arizona State University (ASU) - Finance Department and Utah State University - School of Accountancy

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Other Papers (2)

Total Downloads: 117
1.

Public Market Staging: The Timing of Capital Infusions in Newly Public Firms

AFA 2011 Denver Meetings Paper
Number of pages: 40 Posted: 24 Mar 2010
Michael G. Hertzel, Mark R. Huson and Robert Parrino
Arizona State University (ASU) - Finance Department, University of Alberta - Department of Finance and Statistical Analysis and University of Texas at Austin - Department of Finance
Downloads 70

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staged investment, IPO, cash

2.

Industry Contagion in Loan Spreads

Posted: 19 Mar 2010
Michael G. Hertzel and Micah S. Officer
Arizona State University (ASU) - Finance Department and Loyola Marymount University - Department of Finance
Downloads 47

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Bankruptcy, Financial distress, Contagion, Loan spreads