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

20

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7,181

SSRN CITATIONS
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Top 5,142

in Total Papers Citations

105

CROSSREF CITATIONS

152

Scholarly Papers (20)

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 1,377 (16,398)
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.

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: 22 Apr 2009
Michael G. Hertzel and Zhi Li
Arizona State University (ASU) - Finance Department and Chapman University - The George L. Argyros School of Business & Economics
Downloads 1,068 (24,408)
Citation 27

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seasoned equity offerings, long-run performance

3.

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
Arizona State University (ASU) - Finance Department, Loyola Marymount University - Department of Finance, Chapman University - The George L. Argyros School of Business & Economics and Pennsylvania State University - Department of Finance
Downloads 883 (32,116)
Citation 30

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Bankruptcy, Financial Distress, Contagion, Supply Chain

4.

Speed Matters: Limited Attention and Supply-Chain Information Diffusion

Number of pages: 69 Posted: 03 Mar 2017 Last Revised: 19 Dec 2020
Ling Cen, Michael G. Hertzel and Christoph Schiller
The Chinese University of Hong Kong, Arizona State University (ASU) - Finance Department and Arizona State University (ASU) - W.P. Carey School of Business
Downloads 564 (58,377)
Citation 5

Abstract:

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Information Diffusion, Limited Attention, Supply Chains, Firm Investment

5.

Global Supply Chains and Cross-Border Financing

Number of pages: 53 Posted: 30 Nov 2018 Last Revised: 16 Mar 2021
Michael G. Hertzel, Jie Peng, Jing Wu and Yu Zhang
Arizona State University (ASU) - Finance Department, The Chinese University of Hong Kong (CUHK) - CUHK Business School, The Chinese University of Hong Kong (CUHK) - CUHK Business School and Peking University - Guanghua School of Management
Downloads 493 (69,021)

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global supply chains, cross-border financing, informational channel, empirical research

6.

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 461 (74,984)
Citation 3

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

7.

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 388 (91,681)
Citation 1

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Regime shifting, momentum, reversal, experiments

8.

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 373 (96,049)
Citation 22

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Disclosure, Hedge Fund Performance, Financial Regulation

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 365 (97,745)
Citation 9

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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

10.
Downloads 309 (118,263)
Citation 11

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 223 (164,197)
Citation 3

Abstract:

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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 86 (349,712)
Citation 9

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

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 144 (242,178)
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 136 (253,661)

Abstract:

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Venture capital, cross-border, contracting

12.

Options Trading and Corporate Debt Structure

Number of pages: 60 Posted: 10 Feb 2020 Last Revised: 20 Feb 2021
Jie Cao, Michael G. Hertzel, Jie Xu and Xintong Zhan
The Chinese University of Hong Kong (CUHK) - CUHK Business School, Arizona State University (ASU) - Finance Department, The Chinese University of Hong Kong (CUHK) - CUHK Business School and The Chinese University of Hong Kong (CUHK) - CUHK Business School
Downloads 233 (157,734)

Abstract:

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

13.

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 Arizona State University (ASU) - W.P. Carey School of Business
Downloads 193 (188,139)
Citation 1

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Supply Chains; Speed; Information Diffusion

14.

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

Number of pages: 74 Posted: 08 Feb 2021
DuckKi Cho, Lyungmae Choi, Michael G. Hertzel and Jessie Jiaxu Wang
Peking University HSBC Business School, City University of Hong Kong (CityUHK), Arizona State University (ASU) - Finance Department and Arizona State University (ASU) - W.P. Carey School of Business
Downloads 100 (317,079)

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labor and finance; social capital; social connections; directed networks

15.

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 75 (375,531)

Abstract:

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16.

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 and Michael Melvin
Arizona State University (ASU) - Finance Department, Nathan Associates and University of California, San Diego (UCSD) - Rady School of Management
Downloads 19 (621,338)

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

17.

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

18.

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

19.

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

20.

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: 58
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 53

Abstract:

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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 5

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Bankruptcy, Financial distress, Contagion, Loan spreads