Joshua D. Rauh

Stanford Graduate School of Business

Professor of Finance

655 Knight Way

Stanford, CA 94305-5015

United States

Hoover Institution

Stanford, CA 94305-6010

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

30

DOWNLOADS
Rank 595

SSRN RANKINGS

Top 595

in Total Papers Downloads

37,601

SSRN CITATIONS
Rank 1,536

SSRN RANKINGS

Top 1,536

in Total Papers Citations

522

CROSSREF CITATIONS

213

Scholarly Papers (30)

1.

Are State Public Pensions Sustainable? Why the Federal Government Should Worry About State Pension Liabilities

Number of pages: 27 Posted: 27 Apr 2010 Last Revised: 17 May 2010
Joshua D. Rauh
Stanford Graduate School of Business
Downloads 8,065 (736)
Citation 9

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Public Pensions, State and Local Government, Public Finance, Pension Reform

2.
Downloads 6,654 ( 1,025)
Citation 28

Capital Structure and Debt Structure

AFA 2009 San Francisco Meetings Paper
Number of pages: 56 Posted: 19 Mar 2008 Last Revised: 18 Feb 2010
Joshua D. Rauh and Amir Sufi
Stanford Graduate School of Business and University of Chicago - Booth School of Business
Downloads 6,497 (1,056)
Citation 28

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debt structure, bank debt, monitoring, credit ratings, private placements, commercial paper, convertible debt

Capital Structure and Debt Structure

NBER Working Paper No. w14488
Number of pages: 50 Posted: 17 Nov 2008 Last Revised: 04 Aug 2010
Joshua D. Rauh and Amir Sufi
Stanford Graduate School of Business and University of Chicago - Booth School of Business
Downloads 157 (204,247)

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3.

Public Pension Promises: How Big are They and What are They Worth?

Journal of Finance, Forthcoming
Number of pages: 61 Posted: 05 Mar 2009 Last Revised: 13 Oct 2010
Robert Novy-Marx and Joshua D. Rauh
Simon Business School, University of Rochester and Stanford Graduate School of Business
Downloads 5,634 (1,370)
Citation 70

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public pensions, financial risk, state and local governments, portfolio choice, municipal bonds

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?

CRSP Working Paper No. 615
Number of pages: 67 Posted: 20 Sep 2006
Joshua D. Rauh and Steven N. Kaplan
Stanford Graduate School of Business and University of Chicago - Booth School of Business
Downloads 3,098 (3,791)
Citation 18

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Compensation, Wage Differentials, Income Inequality, Corporate Governance

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?

NBER Working Paper No. w13270
Number of pages: 68 Posted: 23 Jul 2007 Last Revised: 05 Oct 2007
Joshua D. Rauh and Steven N. Kaplan
Stanford Graduate School of Business and University of Chicago - Booth School of Business
Downloads 71 (356,903)
Citation 1

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Earnings Manipulation, Pension Assumptions and Managerial Investment Decisions

Number of pages: 43 Posted: 29 May 2004
Daniel Bergstresser, Joshua D. Rauh and Mihir A. Desai
Brandeis International Business School, Stanford Graduate School of Business and Harvard Business School - Finance Unit
Downloads 1,998 (7,952)
Citation 2

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Earnings, Manipulation, Pensions, Defined Benefit Plans, Asset Allocation, Mergers

Earnings Manipulation, Pension Assumptions and Managerial Investment Decisions

EFA 2004 Maastricht Meetings Paper No. 4245
Number of pages: 43 Posted: 18 Jun 2004
Daniel Bergstresser, Joshua D. Rauh and Mihir A. Desai
Brandeis International Business School, Stanford Graduate School of Business and Harvard Business School - Finance Unit
Downloads 391 (80,798)
Citation 39

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earnings manipulation, pensions, asset allocation,

6.

The Return Expectations of Institutional Investors

Stanford University Graduate School of Business Research Paper No. 18-5
Number of pages: 53 Posted: 06 Nov 2019 Last Revised: 01 Jun 2020
Aleksandar Andonov and Joshua D. Rauh
University of Amsterdam and Stanford Graduate School of Business
Downloads 1,485 (13,058)
Citation 7

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Institutional investors, return expectations, asset allocation, portfolio choice, return extrapolation

7.

Explaining Corporate Capital Structure: Product Markets, Leases, and Asset Similarity

Number of pages: 55 Posted: 19 Apr 2010 Last Revised: 28 Jun 2010
Joshua D. Rauh and Amir Sufi
Stanford Graduate School of Business and University of Chicago - Booth School of Business
Downloads 1,402 (14,329)
Citation 30

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Capital Structure, Leases, Industries, Product Markets, Asset Tangibility, Liquidation Value

8.

Political Representation and Governance: Evidence from the Investment Decisions of Public Pension Funds

Journal of Finance, Forthcoming
Number of pages: 54 Posted: 27 Mar 2016 Last Revised: 19 Nov 2017
Aleksandar Andonov, Yael V. Hochberg and Joshua D. Rauh
University of Amsterdam, National Bureau of Economic Research (NBER) and Stanford Graduate School of Business
Downloads 1,137 (19,672)
Citation 12

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Politicians, Governance, Public Pension Funds, Private Equity, Underperformance, State Officials, Pension Fund Boards

The Intergenerational Transfer of Public Pension Promises

Chicago GSB Research Paper No. 08-13
Number of pages: 43 Posted: 07 Jul 2008 Last Revised: 16 Nov 2008
Robert Novy-Marx and Joshua D. Rauh
Simon Business School, University of Rochester and Stanford Graduate School of Business
Downloads 765 (34,206)

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public pensions, financial risk, state and local governments, portfolio choice

The Intergenerational Transfer of Public Pension Promises

NBER Working Paper No. w14343
Number of pages: 42 Posted: 23 Sep 2008 Last Revised: 11 Sep 2010
Robert Novy-Marx and Joshua D. Rauh
Simon Business School, University of Rochester and Stanford Graduate School of Business
Downloads 35 (491,082)

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10.
Downloads 789 ( 33,307)
Citation 16

The Revenue Demands of Public Employee Pension Promises

Number of pages: 63 Posted: 16 Dec 2011 Last Revised: 16 Oct 2012
Robert Novy-Marx and Joshua D. Rauh
Simon Business School, University of Rochester and Stanford Graduate School of Business
Downloads 764 (34,267)

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pensions, state and local government, public finance

The Revenue Demands of Public Employee Pension Promises

NBER Working Paper No. w18489
Number of pages: 64 Posted: 27 Oct 2012
Robert Novy-Marx and Joshua D. Rauh
Simon Business School, University of Rochester and Stanford Graduate School of Business
Downloads 25 (547,988)
Citation 3

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11.

Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans

AFA 2005 Philadelphia Meetings
Number of pages: 56 Posted: 30 Dec 2004
Joshua D. Rauh
Stanford Graduate School of Business
Downloads 643 (43,938)
Citation 76

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Risk Shifting Versus Risk Management: Investment Policy in Corporate Pension Plans

Number of pages: 61 Posted: 20 Sep 2006
Joshua D. Rauh
Stanford Graduate School of Business
Downloads 528 (55,964)
Citation 37

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Risk Shifting, Risk Management, Pensions, Asset Allocation

Risk Shifting Versus Risk Management: Investment Policy in Corporate Pension Plans

NBER Working Paper No. w13240
Number of pages: 62 Posted: 09 Jul 2007 Last Revised: 06 Sep 2010
Joshua D. Rauh
Stanford Graduate School of Business
Downloads 60 (390,433)

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Risk Shifting Versus Risk Management: Investment Policy in Corporate Pension Plans

The Review of Financial Studies, Vol. 22, Issue 7, pp. 2487-2533, 2009
Posted: 22 Jun 2009
Joshua D. Rauh
Stanford Graduate School of Business

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G11, G23, G32

13.

Behavioral Responses to State Income Taxation of High Earners: Evidence from California

Number of pages: 78 Posted: 03 Oct 2019 Last Revised: 13 May 2020
Joshua D. Rauh and Ryan Shyu
Stanford Graduate School of Business and Stanford Graduate School of Business
Downloads 582 (50,104)

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income taxation, migration, high earners, state taxation, marginal tax rates, taxable income elasticity

14.

Fiscal Imbalances and Borrowing Costs: Evidence from State Investment Losses

Number of pages: 55 Posted: 18 Nov 2009 Last Revised: 30 Mar 2011
Robert Novy-Marx and Joshua D. Rauh
Simon Business School, University of Rochester and Stanford Graduate School of Business
Downloads 529 (56,488)
Citation 8

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fiscal imbalances, deficits, public debt, interest rates, borrowing costs, public employee pensions, public pension funds

Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments

Number of pages: 87 Posted: 31 Mar 2011 Last Revised: 05 Feb 2016
Yael V. Hochberg and Joshua D. Rauh
National Bureau of Economic Research (NBER) and Stanford Graduate School of Business
Downloads 479 (63,300)
Citation 23

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Public Pension Funds, Portfolio Choice, Private Equity, Home Bias, Limited Partner Performance Puzzle

Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments

NBER Working Paper No. w17122
Number of pages: 59 Posted: 20 Jun 2011 Last Revised: 05 Feb 2016
Yael V. Hochberg and Joshua D. Rauh
National Bureau of Economic Research (NBER) and Stanford Graduate School of Business
Downloads 19 (588,936)

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16.

Cost Shifting and the Freezing of Corporate Pension Plans

FEDS Working Paper No. 2013-82
Number of pages: 54 Posted: 23 Nov 2013
Joshua D. Rauh, Irina Stefanescu and Stephen P. Zeldes
Stanford Graduate School of Business, Federal Reserve Board, Washington D.C. and Columbia Business School - Finance and Economics
Downloads 481 (63,618)
Citation 6

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defined benefit plans, pension freezes, pension cost, labor cost, firm value, benefit accruals

17.

Why are Firms in the United States Abandoning Defined Benefit Plans?

Rotman International Journal of Pension Management, Vol. 2, No. 2, Fall 2009
Number of pages: 9 Posted: 30 Oct 2009 Last Revised: 17 Feb 2011
Joshua D. Rauh and Irina Stefanescu
Stanford Graduate School of Business and Federal Reserve Board, Washington D.C.
Downloads 451 (68,833)

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Benefit Accruals, Cost Savings, Defined Benefit Plan, Pension Conversion, Pension Freeze

Cost Saving and the Freezing of Corporate Pension Plans

Columbia Business School Research Paper No. 16-4
Number of pages: 65 Posted: 22 Dec 2015 Last Revised: 18 May 2020
Joshua D. Rauh, Irina Stefanescu and Stephen P. Zeldes
Stanford Graduate School of Business, Federal Reserve Board, Washington D.C. and Columbia Business School - Finance and Economics
Downloads 422 (73,929)
Citation 7

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Pensions, Pension freezes, Pension cost, Retirement, Labor compensation, Firm value

Cost Saving and the Freezing of Corporate Pension Plans

NBER Working Paper No. w27251
Number of pages: 50 Posted: 02 Jun 2020
Joshua D. Rauh, Irina Stefanescu and Stephen P. Zeldes
Stanford Graduate School of Business, Federal Reserve Board, Washington D.C. and Columbia Business School - Finance and Economics
Downloads 1 (735,614)
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19.

Funding Direct Payments to Americans Through Social Security Deferral

Stanford University Graduate School of Business Research Paper No. 3580533
Number of pages: 16 Posted: 21 Apr 2020
Andrew G. Biggs and Joshua D. Rauh
American Enterprise Institute and Stanford Graduate School of Business
Downloads 411 (77,004)
Citation 1

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stimulus checks, economic stimulus payments, Social Security, COVID-19 policy

20.
Downloads 338 ( 96,388)
Citation 1

The Subsidy to Infrastructure as an Asset Class

Stanford University Graduate School of Business Research Paper No. 18-42
Number of pages: 74 Posted: 24 Sep 2018 Last Revised: 02 Mar 2020
Aleksandar Andonov, Roman Kräussl and Joshua D. Rauh
University of Amsterdam, Luxembourg School of Finance and Stanford Graduate School of Business
Downloads 328 (99,015)
Citation 1

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Infrastructure, Public Pension Funds, Institutional Investors

The Subsidy to Infrastructure as an Asset Class

NBER Working Paper No. w25045
Number of pages: 48 Posted: 17 Sep 2018
Aleksandar Andonov, Roman Kräussl and Joshua D. Rauh
University of Amsterdam, Luxembourg School of Finance and Stanford Graduate School of Business
Downloads 10 (654,752)

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State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data

US Census Bureau Center for Economic Studies Paper No. CES-WP-17-02
Number of pages: 79 Posted: 11 Jan 2017
Xavier Giroud and Joshua D. Rauh
Columbia Business School - Finance and Economics and Stanford Graduate School of Business
Downloads 294 (111,647)

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State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data

NBER Working Paper No. w21534
Number of pages: 71 Posted: 08 Sep 2015
Xavier Giroud and Joshua D. Rauh
Columbia Business School - Finance and Economics and Stanford Graduate School of Business
Downloads 26 (541,514)
Citation 29

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22.

Financial Valuation of PBGC Insurance with Market‐Implied Default Probabilities

Simon School Working Paper No. FR 13-27
Number of pages: 25 Posted: 06 Oct 2013 Last Revised: 31 Jan 2014
University of Pennsylvania - The Wharton School, Simon Business School, University of Rochester and Stanford Graduate School of Business
Downloads 214 (154,684)

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pensions, pension benefit guaranty corporation, insurance valuation

23.

Earnings Manipulation and Managerial Investment Decisions: Evidence from Sponsored Pension Plans

NBER Working Paper No. w10543
Number of pages: 50 Posted: 17 Jun 2004
Daniel Bergstresser, Joshua D. Rauh and Mihir A. Desai
Brandeis International Business School, Stanford Graduate School of Business and Harvard Business School - Finance Unit
Downloads 127 (241,736)
Citation 1

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24.

The Economics of State and Local Public Pensions

NBER Working Paper No. w16792
Number of pages: 24 Posted: 28 Feb 2011
Jeffrey R. Brown, Robert L. Clark and Joshua D. Rauh
University of Illinois at Urbana-Champaign - Department of Finance, North Carolina State University - Poole College of Management and Stanford Graduate School of Business
Downloads 109 (270,286)

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25.

Lifecycle Asset Allocation Strategies and the Distribution of 401(K) Retirement Wealth

NBER Working Paper No. w11974
Number of pages: 41 Posted: 17 Apr 2006 Last Revised: 21 Sep 2010
National Bureau of Economic Research (NBER), Stanford Graduate School of Business, National Bureau of Economic Research (NBER) and Dartmouth College - Department of Economics
Downloads 103 (281,084)
Citation 2

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26.

Defined Contribution Plans, Defined Benefit Plans, and the Accumulation of Retirement Wealth

NBER Working Paper No. w12597
Number of pages: 51 Posted: 20 Oct 2006 Last Revised: 03 Sep 2010
National Bureau of Economic Research (NBER), Stanford Graduate School of Business, Dartmouth College - Department of Economics and National Bureau of Economic Research (NBER)
Downloads 90 (306,609)
Citation 8

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27.

Utility Evaluation of Risk in Retirement Saving Accounts

NBER Working Paper No. w9892
Number of pages: 49 Posted: 17 Aug 2003 Last Revised: 04 Nov 2010
National Bureau of Economic Research (NBER), Stanford Graduate School of Business, Dartmouth College - Department of Economics and National Bureau of Economic Research (NBER)
Downloads 66 (366,921)

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28.

Policy Options for State Pension Systems and Their Impact on Plan Liabilities

NBER Working Paper No. w16453
Number of pages: 31 Posted: 18 Oct 2010 Last Revised: 20 Oct 2010
Joshua D. Rauh and Robert Novy-Marx
Stanford Graduate School of Business and Simon Business School, University of Rochester
Downloads 56 (398,130)
Citation 1

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29.

Behavioral Responses to State Income Taxation of High Earners: Evidence from California

NBER Working Paper No. w26349
Number of pages: 80 Posted: 07 Oct 2019
Joshua D. Rauh and Ryan Shyu
Stanford Graduate School of Business and Independent
Downloads 28 (514,839)
Citation 2
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30.

Linking Benefits to Investment Performance in Us Public Pension Systems

NBER Working Paper No. w18491
Number of pages: 45 Posted: 27 Oct 2012 Last Revised: 02 Nov 2012
Robert Novy-Marx and Joshua D. Rauh
Simon Business School, University of Rochester and Stanford Graduate School of Business
Downloads 20 (562,740)
Citation 1

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