Heitor Almeida

University of Illinois at Urbana-Champaign

Stanley C. and Joan J. Golder Professor of Corporate Finance

515 East Gregory Drive

4037 BIF

Champaign, IL 61820

United States

http://www.business.illinois.edu/FacultyProfile/faculty_profile.aspx?ID=11357

National Bureau of Economic Research (NBER)

Research Associate

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • University of Illinois at Urbana-Champaign

SCHOLARLY PAPERS

48

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45,492

TOTAL CITATIONS
Rank 211

SSRN RANKINGS

Top 211

in Total Papers Citations

1,544

Scholarly Papers (48)

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1.

The Cash Flow Sensitivity of Cash

Downloads 4,103 ( 5,308)
Citation 321

The Cash Flow Sensitivity of Cash

Number of pages: 34 Posted: 23 May 2003
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and Ohio State University (OSU) - Department of Finance
Downloads 4,103 (5,200)
Citation 321

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Cash flow sensitivity of cash, financial constraints, cash policy, macroeconomic innovations

The Cash Flow Sensitivity of Cash

AFA 2004 San Diego Meetings
Posted: 24 Jul 2003
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and Ohio State University (OSU) - Department of Finance

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Cash flow sensitivity of cash, financial constraints, cash policy, macroeconomic innovations

2.

The Real Effects of Share Repurchases

Forthcoming, Journal of Financial Economics (JFE)
Number of pages: 58 Posted: 08 Jun 2013 Last Revised: 19 Jun 2015
Heitor Almeida, Vyacheslav Fos and Mathias Kronlund
University of Illinois at Urbana-Champaign, Boston College - Department of Finance and The University of Illinois at Urbana-Champaign
Downloads 3,042 (8,623)
Citation 96

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Share repurchases, employment, investment, regression discontinuity

3.

A Theory of Pyramidal Ownership and Family Business Groups

Downloads 2,745 (10,113)
Citation 58

A Theory of Pyramidal Ownership and Family Business Groups

Number of pages: 50 Posted: 17 May 2005
Heitor Almeida and Daniel Wolfenzon
University of Illinois at Urbana-Champaign and Columbia University - Columbia Business School, Finance
Downloads 2,428 (12,053)
Citation 17

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pyramids, business groups, family firms, investor protection, ownership structure, dual-class shares.

A Theory of Pyramidal Ownership and Family Business Groups

NBER Working Paper No. w11368
Number of pages: 51 Posted: 24 Jun 2005 Last Revised: 25 Jul 2022
Heitor Almeida and Daniel Wolfenzon
University of Illinois at Urbana-Champaign and Columbia University - Columbia Business School, Finance
Downloads 317 (193,494)
Citation 41

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4.

Financial Constraints and Investment-Cash Flow Sensitivities: New Research Directions

Twelfth Annual Utah Winter Finance Conference
Number of pages: 26 Posted: 29 Jan 2002
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 2,726 (10,234)
Citation 42

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investment, cash-flow, investment-cash flow sensitivities, financial constraints, credit rationing

5.

Less is More: Financial Constraints and Innovative Efficiency

Number of pages: 59 Posted: 09 May 2011 Last Revised: 21 Sep 2018
Heitor Almeida, Po-Hsuan Hsu and Dongmei Li
University of Illinois at Urbana-Champaign, National Tsing Hua University - Department of Quantitative Finance and University of South Carolina - Darla Moore School of Business - Department of Finance
Downloads 1,902 (18,222)
Citation 4

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innovative efficiency, financial constraints

6.

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Downloads 1,886 (18,431)
Citation 128

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

London Business School IFA Working Paper Series
Number of pages: 50 Posted: 19 Jan 2005
Heitor Almeida, Viral V. Acharya, Viral V. Acharya and Murillo Campello
University of Illinois at Urbana-Champaign, New York University (NYU) - Leonard N. Stern School of Business and University of Florida - Warrington College of Business Administration
Downloads 1,755 (20,231)
Citation 2

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Risk management, financing frictions, investment, cash savings, debt capacity

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

NBER Working Paper No. w11391
Number of pages: 55 Posted: 06 Jul 2005 Last Revised: 18 Aug 2022
Viral V. Acharya, Viral V. Acharya, Heitor Almeida and Murillo Campello
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 106 (522,808)
Citation 104

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Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Number of pages: 52 Posted: 26 May 2005
Viral V. Acharya, Viral V. Acharya, Heitor Almeida and Murillo Campello
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 25 (1,024,543)
Citation 22
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Cash holdings, debt policies, hedging, financing constraints, risk management

Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

Journal of Financial Intermediation, Forthcoming
Posted: 30 Apr 2007
Viral V. Acharya, Viral V. Acharya, Heitor Almeida and Murillo Campello
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration

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Risk management, financing frictions, investment, cash policy, debt capacity

7.

Financial Constraints, Asset Tangibility, and Corporate Investment

Downloads 1,838 (19,190)
Citation 57

Financial Constraints, Asset Tangibility, and Corporate Investment

AFA 2005 Philadelphia Meetings, Forthcoming
Number of pages: 45 Posted: 31 Aug 2004
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 1,668 (21,876)
Citation 6

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Investment-cash flow sensitivities, asset tangibility, financial constraints, credit multiplier, errors-in-variables, GMM

Financial Constraints, Asset Tangibility, and Corporate Investment

NBER Working Paper No. w12087
Number of pages: 37 Posted: 11 May 2006 Last Revised: 13 Jul 2022
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 170 (356,702)
Citation 51

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Financial Constraints, Asset Tangibility, and Corporate Investment

Review of Financial Studies, Vol. 20, Issue 5, pp. 1429-1460, 2007
Posted: 25 Jun 2008
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration

Abstract:

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G31

8.

The Real Effects of Credit Ratings: The Sovereign Ceiling Channel

Journal of Finance, Forthcoming
Number of pages: 75 Posted: 03 Nov 2013 Last Revised: 05 Oct 2017
Heitor Almeida, Igor Cunha, Miguel A. Ferreira and Felipe Restrepo
University of Illinois at Urbana-Champaign, University of Kentucky, Nova School of Business and Economics and University of Western Ontario - Richard Ivey School of Business
Downloads 1,829 (19,330)
Citation 28

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Credit ratings, Sovereign bonds, Sovereign ceiling, Cost of capital, Investment, Capital structure

9.

Powerful CEOS and Their Impact on Corporate Performance

Downloads 1,826 (19,414)
Citation 86

Powerful CEOS and Their Impact on Corporate Performance

AFA 2004 San Diego Meetings; EFA 2002 Berlin Meetings Discussion Paper
Number of pages: 36 Posted: 11 Nov 2003
Heitor Almeida, Renee B. Adams and Daniel Ferreira
University of Illinois at Urbana-Champaign, University of Oxford and London School of Economics - Department of Finance
Downloads 1,826 (19,060)
Citation 86

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Powerful CEOS and Their Impact on Corporate Performance

The Review of Financial Studies, Vol. 18, Issue 4, pp. 1403-1432, 2005
Posted: 29 Feb 2008
Renee B. Adams, Heitor Almeida and Daniel Ferreira
University of Oxford, University of Illinois at Urbana-Champaign and London School of Economics - Department of Finance

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brain metastases, HRQoL, stereotactic radiosurgery

10.

Understanding the Relationship between Founder-CEOs and Firm Performance

Journal of Empirical Finance, Forthcoming
Number of pages: 37 Posted: 19 Nov 2003 Last Revised: 23 Jul 2012
Renee B. Adams, Heitor Almeida and Daniel Ferreira
University of Oxford, University of Illinois at Urbana-Champaign and London School of Economics - Department of Finance
Downloads 1,517 (25,690)
Citation 115

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founders, family firms, founder-CEO succession

11.

Corporate Financial and Investment Policies when Future Financing is Not Frictionless

Downloads 1,429 (28,077)
Citation 44

Corporate Financial and Investment Policies when Future Financing is Not Frictionless

Charles A. Dice Center Working Paper No. 2008-16 and Fisher College of Business Working Paper No. 2008-03-015
Number of pages: 37 Posted: 15 Nov 2006 Last Revised: 27 Sep 2010
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and Ohio State University (OSU) - Department of Finance
Downloads 1,268 (32,906)
Citation 2

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financial constraints, types of investment, capital budgeting, risk shifting

Corporate Financial and Investment Policies When Future Financing is Not Frictionless

NBER Working Paper No. w12773
Number of pages: 41 Posted: 23 Dec 2006 Last Revised: 27 Nov 2022
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and Ohio State University (OSU) - Department of Finance
Downloads 161 (373,907)
Citation 42

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12.

The Risk-Adjusted Cost of Financial Distress

Downloads 1,377 (29,701)
Citation 20

The Risk-Adjusted Cost of Financial Distress

8th Annual Texas Finance Festival
Number of pages: 44 Posted: 29 Sep 2005
Heitor Almeida and Thomas Philippon
University of Illinois at Urbana-Champaign and New York University (NYU) - Department of Finance
Downloads 1,255 (33,401)
Citation 1

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Bankrupcty, corporate valuation, capital structure, default risk, yield spreads, debt conservatism

The Risk-Adjusted Cost of Financial Distress

NBER Working Paper No. w11685
Number of pages: 54 Posted: 15 Dec 2005 Last Revised: 07 Dec 2022
Heitor Almeida and Thomas Philippon
University of Illinois at Urbana-Champaign and New York University (NYU) - Department of Finance
Downloads 122 (469,344)
Citation 19

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13.

Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

Downloads 1,254 (34,018)
Citation 91

Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

Number of pages: 50 Posted: 17 May 2009 Last Revised: 15 Sep 2011
Heitor Almeida, Murillo Campello, Bruno A. Laranjeira and Scott J. Weisbenner
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration, University of Illinois at Urbana-Champaign and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 1,080 (41,609)
Citation 12

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Financial crisis, debt maturity, matching estimators, investment spending, financing constraints

Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

NBER Working Paper No. w14990
Number of pages: 36 Posted: 26 May 2009 Last Revised: 18 Dec 2022
Heitor Almeida, Murillo Campello, Bruno A. Laranjeira and Scott J. Weisbenner
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration, University of Illinois at Urbana-Champaign and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 174 (349,404)
Citation 79

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14.

Liquidity Mergers

Downloads 1,188 (36,771)
Citation 37

Liquidity Mergers

Journal of Financial Economics (JFE), Forthcoming, AFA 2010 Atlanta Meetings Paper
Number of pages: 66 Posted: 18 Mar 2009 Last Revised: 14 Feb 2012
Heitor Almeida, Murillo Campello and Dirk Hackbarth
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and Boston University - Questrom School of Business
Downloads 1,123 (39,294)
Citation 8

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Mergers and acquisitions, credit lines, cash, asset specificity, financial distress

Liquidity Mergers

NBER Working Paper No. w16724
Number of pages: 67 Posted: 31 Jan 2011 Last Revised: 13 Mar 2023
Heitor Almeida, Murillo Campello and Dirk Hackbarth
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and Boston University - Questrom School of Business
Downloads 65 (704,297)
Citation 29

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15.

The Working Capital Credit Multiplier

29th Annual Conference on Financial Economics & Accounting 2018
Number of pages: 63 Posted: 16 Nov 2017 Last Revised: 10 Sep 2024
Heitor Almeida, Daniel R. Carvalho and Taehyun Kim
University of Illinois at Urbana-Champaign, Indiana University - Kelley School of Business and Chung-Ang University
Downloads 1,092 (41,668)
Citation 3

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financial accelerator, seasonality, funding frictions, accounts payable, short-term financial planning

16.

Innovation under Pressure

Number of pages: 63 Posted: 05 Sep 2020 Last Revised: 17 Jan 2024
Heitor Almeida, Vyacheslav Fos, Po-Hsuan Hsu, Mathias Kronlund and Kevin Tseng
University of Illinois at Urbana-Champaign, Boston College - Department of Finance, National Tsing Hua University - Department of Quantitative Finance, The University of Illinois at Urbana-Champaign and The Chinese University of Hong Kong (CUHK) - CUHK Business School
Downloads 1,066 (43,094)

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Innovation, short-termism, EPS management, patents, trademarks, exploration

17.

Financing Frictions and the Substitution Between Internal and External Funds

AFA 2008 New Orleans Meetings Paper
Number of pages: 36 Posted: 19 Mar 2007 Last Revised: 23 Apr 2008
Heitor Almeida and Murillo Campello
University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 1,039 (44,666)
Citation 8

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Capital structure, external financing, pecking order, financial constraints, investment, GMM, business cycles

18.

Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis

Downloads 928 (52,268)
Citation 51

Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis

Journal of Finance, Forthcoming
Number of pages: 72 Posted: 18 Sep 2011 Last Revised: 13 Feb 2015
Heitor Almeida, Chang Soo Kim and Hwanki Brian Kim
University of Illinois at Urbana-Champaign, Yonsei University - Department of Medical Engineering and Baylor University - Department of Finance, Insurance & Real Estate
Downloads 542 (104,044)
Citation 49

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Chaebol, corporate investment, difference-in-differences matching estimator, family firms, capital reallocation

The Effect of Internal Capital Markets on Corporate Investment: Evidence from the Asian Financial Crisis

AFA 2013 San Diego Meetings Paper
Number of pages: 43 Posted: 15 Mar 2012
Heitor Almeida and Chang Soo Kim
University of Illinois at Urbana-Champaign and Yonsei University - Department of Medical Engineering
Downloads 386 (155,915)
Citation 2

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Business groups, chaebol, difference-in-differences matching estimator, family firms, capital reallocation

19.

More Cash, Less Innovation: The Effect of the American Jobs Creation Act on Patent Value

Number of pages: 54 Posted: 18 Apr 2017 Last Revised: 05 Jan 2021
Heitor Almeida, Po-Hsuan Hsu, Dongmei Li and Kevin Tseng
University of Illinois at Urbana-Champaign, National Tsing Hua University - Department of Quantitative Finance, University of South Carolina - Darla Moore School of Business - Department of Finance and The Chinese University of Hong Kong (CUHK) - CUHK Business School
Downloads 920 (52,895)
Citation 32

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Financial Slack, Innovation Strategy, Agency Problem

20.

The Financial Accelerator: Evidence from International Housing Markets

AFA 2007 Chicago Meetings Paper
Number of pages: 32 Posted: 18 Mar 2006
Heitor Almeida, Crocker H. Liu and Murillo Campello
University of Illinois at Urbana-Champaign, Arizona State University and University of Florida - Warrington College of Business Administration
Downloads 907 (53,899)
Citation 35

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financial accelerator, housing prices, collateral constraint, income constraint, credit multiplier

21.

Corporate Liquidity Management: A Conceptual Framework and Survey

Downloads 902 (54,513)
Citation 16

Corporate Liquidity Management: A Conceptual Framework and Survey

Fisher College of Business Working Paper No. 2013-03-15, Charles A. Dice Center Working Paper No. 2013-15
Number of pages: 46 Posted: 06 Oct 2013
Heitor Almeida, Murillo Campello, Igor Cunha and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration, University of Kentucky and Ohio State University (OSU) - Department of Finance
Downloads 757 (67,938)
Citation 1

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Liquidity, Cash, Financial Constraints, Financial Crisis

Corporate Liquidity Management: A Conceptual Framework and Survey

NBER Working Paper No. w19502
Number of pages: 46 Posted: 05 Oct 2013 Last Revised: 16 Apr 2023
Heitor Almeida, Murillo Campello, Igor Cunha and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration, University of Kentucky and Ohio State University (OSU) - Department of Finance
Downloads 145 (408,616)
Citation 15

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Corporate Liquidity Management: A Conceptual Framework and Survey

Annual Review of Financial Economics, Vol. 6, pp. 135-162, 2014
Posted: 25 Nov 2014
Heitor Almeida, Murillo Campello, Igor Cunha and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration, University of Kentucky and Ohio State University (OSU) - Department of Finance

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22.

Do Short-Term Incentives Affect Long-Term Productivity?

Downloads 782 (65,930)
Citation 13

Do Short-Term Incentives Affect Long-Term Productivity?

European Corporate Governance Institute – Finance Working Paper No. 662/2020
Number of pages: 56 Posted: 01 Jul 2019 Last Revised: 10 Jan 2023
Heitor Almeida, Nuri Ersahin, Vyacheslav Fos, Rustom M. Irani and Mathias Kronlund
University of Illinois at Urbana-Champaign, Southern Methodist University (SMU) - Finance Department, Boston College - Department of Finance, University of Illinois at Urbana-Champaign - Department of Finance and The University of Illinois at Urbana-Champaign
Downloads 758 (67,594)
Citation 10

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Productivity, Employment, Labor unions, Investment, Short-termism, Share repurchases

Do Short-Term Incentives Affect Long-Term Productivity?

CEPR Discussion Paper No. DP13894
Number of pages: 46 Posted: 02 Aug 2019
Heitor Almeida, Nuri Ersahin, Vyacheslav Fos, Rustom M. Irani and Mathias Kronlund
University of Illinois at Urbana-Champaign, Southern Methodist University (SMU) - Finance Department, Boston College - Department of Finance, University of Illinois at Urbana-Champaign - Department of Finance and The University of Illinois at Urbana-Champaign
Downloads 24 (1,036,081)
Citation 3
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employment, investment, Labor Unions, productivity, Share repurchases, Short-termism

23.

Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets

Downloads 742 (70,685)
Citation 21

Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets

AFA 2005 Philadelphia Meetings
Number of pages: 40 Posted: 05 Jan 2005
Heitor Almeida and Daniel Wolfenzon
University of Illinois at Urbana-Champaign and Columbia University - Columbia Business School, Finance
Downloads 502 (114,313)
Citation 3

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capital allocation, conglomerates, investor protection, internal capital markets

Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets

Journal of Financial Economics, Forthcoming
Number of pages: 51 Posted: 01 Jun 2005
Heitor Almeida and Daniel Wolfenzon
University of Illinois at Urbana-Champaign and Columbia University - Columbia Business School, Finance
Downloads 240 (258,069)
Citation 18

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Capital allocation, Conglomerates, Investor protection, Internal capital markets

24.

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence

Downloads 692 (77,306)
Citation 54

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 61 Posted: 21 Mar 2012 Last Revised: 15 Apr 2013
Viral V. Acharya, Viral V. Acharya, Heitor Almeida, Filippo Ippolito, Filippo Ippolito and Ander Perez-Orive
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign, Universitat Pompeu Fabra - Faculty of Economic and Business SciencesBarcelona Graduate School of Economics and Board of Governors of the Federal Reserve System
Downloads 540 (104,509)
Citation 2

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Liquidity management, cash holdings, liquidity risk, hedging, covenants, loan commitments, credit line revocation

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence

Number of pages: 65 Posted: 13 Jun 2012
Filippo Ippolito, Filippo Ippolito, Viral V. Acharya, Viral V. Acharya, Heitor Almeida and Ander Perez-Orive
Universitat Pompeu Fabra - Faculty of Economic and Business SciencesBarcelona Graduate School of Economics, New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and Board of Governors of the Federal Reserve System
Downloads 104 (530,251)
Citation 2

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Liquidity management, cash holdings, liquidity risk, hedging, covenants, loan commitments, credit line revocation

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence

NBER Working Paper No. w18892
Number of pages: 62 Posted: 15 Mar 2013 Last Revised: 13 Feb 2023
Viral V. Acharya, Viral V. Acharya, Heitor Almeida, Filippo Ippolito, Filippo Ippolito and Ander Perez-Orive
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign, Universitat Pompeu Fabra - Faculty of Economic and Business SciencesBarcelona Graduate School of Economics and Board of Governors of the Federal Reserve System
Downloads 48 (813,583)
Citation 50

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25.

Credit Lines and the Liquidity Insurance Channel

Number of pages: 42 Posted: 15 Jun 2016 Last Revised: 23 Jun 2018
Viral V. Acharya, Viral V. Acharya, Heitor Almeida, Filippo Ippolito, Filippo Ippolito and Ander Perez-Orive
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign, Universitat Pompeu Fabra - Faculty of Economic and Business SciencesBarcelona Graduate School of Economics and Board of Governors of the Federal Reserve System
Downloads 654 (83,045)
Citation 15

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liquidity management, cash holdings, liquidity risk, investment, lending channel, credit lines

26.

Liquidity Management During the COVID-19 Pandemic

Asia-Pacific Journal of Financial Studies, Forthcoming
Number of pages: 23 Posted: 12 Jan 2021
Heitor Almeida
University of Illinois at Urbana-Champaign
Downloads 590 (94,703)
Citation 5

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Cash, credit lines, Coronavirus, debt, financial markets

27.

The Cash Flow Sensitivity of Cash: Replication, Extension, and Robustness

Fisher College of Business Working Paper No. 2021-03-002, Charles A. Dice Center Working Paper No. 2021-02
Number of pages: 17 Posted: 27 Jan 2021
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and Ohio State University (OSU) - Department of Finance
Downloads 584 (95,934)

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Cash Flow Sensitivity of Cash, Financial Constraints, Cash Savings

28.

The Structure and Formation of Business Groups: Evidence from Korean Chaebols

Downloads 574 (98,065)
Citation 36

The Structure and Formation of Business Groups: Evidence from Korean Chaebols

NYU Working Paper No. FIN-08-012
Number of pages: 57 Posted: 09 Mar 2009 Last Revised: 15 Sep 2011
Heitor Almeida, Sang Yong Park, Marti G. Subrahmanyam and Daniel Wolfenzon
University of Illinois at Urbana-Champaign, Yonsei University, New York University (NYU) - Leonard N. Stern School of Business and Columbia University - Columbia Business School, Finance
Downloads 472 (123,077)
Citation 12

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Business groups, family firms, firm performance, pyramids, cross-shareholdings, parent company discount

The Structure and Formation of Business Groups: Evidence from Korean Chaebols

NBER Working Paper No. w14983
Number of pages: 48 Posted: 26 May 2009 Last Revised: 11 Dec 2022
Heitor Almeida, Sang Yong Park, Marti G. Subrahmanyam and Daniel Wolfenzon
University of Illinois at Urbana-Champaign, Yonsei University, New York University (NYU) - Leonard N. Stern School of Business and Columbia University - Columbia Business School, Finance
Downloads 102 (537,708)
Citation 24

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29.

Is It Time to Get Rid of Earnings-per-Share (EPS)?

Number of pages: 53 Posted: 06 Dec 2018
Heitor Almeida
University of Illinois at Urbana-Champaign
Downloads 562 (100,920)
Citation 7

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Short-Termism, Stock Repurchases, R&D Investments, Employment, Mergers, Executive Compensation

30.

Corporate resiliency and the choice between financial and operational hedging *

NYU Stern School of Business Forthcoming
Number of pages: 64 Posted: 26 Feb 2021 Last Revised: 24 Jun 2024
Viral V. Acharya, Viral V. Acharya, Heitor Almeida, Yakov Amihud and Ping Liu
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign, New York University - Stern School of Business and Krannert School of Management, Purdue University
Downloads 546 (104,622)
Citation 2

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financial default, operational default, resilience, liquidity, risk management, inventory, supply chains JEL: G31, G32, G33

31.

How Does Health Insurance Affect Firm Employment and Performance? Evidence from Obamacare

Number of pages: 61 Posted: 21 Nov 2017 Last Revised: 07 Jan 2025
Heitor Almeida, Ruidi Huang, Ping Liu and Yuhai Xuan
University of Illinois at Urbana-Champaign, Southern Methodist University (SMU) - Finance Department, Krannert School of Management, Purdue University and University of California, Irvine - Paul Merage School of Business
Downloads 536 (107,868)

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32.

Are Share Repurchases Really Flexible?

Number of pages: 62 Posted: 07 Dec 2015 Last Revised: 06 Aug 2024
Heitor Almeida, Ruidi Huang and Yuhai Xuan
University of Illinois at Urbana-Champaign, Southern Methodist University (SMU) - Finance Department and University of California, Irvine - Paul Merage School of Business
Downloads 485 (120,548)

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33.

Democracy and the Variability of Economic Performance

Number of pages: 54 Posted: 18 Mar 2002
Heitor Almeida and Daniel Ferreira
University of Illinois at Urbana-Champaign and London School of Economics - Department of Finance
Downloads 432 (138,446)

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Democracy, autocracy, growth, variability, fallibility, centralization of decision-making

34.

Risk Management with Supply Contracts

Downloads 412 (146,296)
Citation 7

Risk Management with Supply Contracts

Accepted, The Review of Financial Studies
Number of pages: 58 Posted: 04 Jun 2016 Last Revised: 23 Mar 2017
Heitor Almeida, Kristine Watson Hankins and Ryan Williams
University of Illinois at Urbana-Champaign, University of Kentucky and Imperial College London
Downloads 350 (173,935)

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Risk management, supply contracts, liquidity management

Risk Management with Supply Contracts

NBER Working Paper No. w23331
Number of pages: 59 Posted: 17 Apr 2017 Last Revised: 02 Apr 2023
Heitor Almeida, Kristine Watson Hankins and Ryan Williams
University of Illinois at Urbana-Champaign, University of Kentucky and Imperial College London
Downloads 62 (721,746)
Citation 7

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35.

Measurement Errors in Investment Equations

Downloads 373 (163,495)
Citation 7

Measurement Errors in Investment Equations

Number of pages: 52 Posted: 23 Mar 2010 Last Revised: 06 Apr 2010
Heitor Almeida, Murillo Campello and Antonio F. Galvao
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and University of Illinois at Urbana-Champaign - Department of Economics
Downloads 298 (206,938)
Citation 7

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Investment equations, measurement error, Monte Carlo simulations, instrumental variables, GMM

Measurement Errors in Investment Equations

NBER Working Paper No. w15951
Number of pages: 55 Posted: 03 May 2010 Last Revised: 01 Feb 2023
Heitor Almeida, Murillo Campello and Antonio F. Galvao
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and University of Illinois at Urbana-Champaign - Department of Economics
Downloads 75 (652,152)

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36.

Aggregate Risk and the Choice between Cash and Lines of Credit

Downloads 368 (166,069)
Citation 73

Aggregate Risk and the Choice between Cash and Lines of Credit

Journal of Finance, Forthcoming
Number of pages: 85 Posted: 01 Aug 2012
Viral V. Acharya, Viral V. Acharya, Heitor Almeida and Murillo Campello
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 275 (224,887)

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bank lines of credit, cash holdings, liquidity management, systematic risk, loan spreads, loan

Aggregate Risk and the Choice between Cash and Lines of Credit

NBER Working Paper No. w16122
Number of pages: 48 Posted: 29 Jun 2010 Last Revised: 22 Jul 2023
Viral V. Acharya, Viral V. Acharya, Heitor Almeida and Murillo Campello
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 91 (580,659)
Citation 54

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Aggregate Risk and the Choice between Cash and Lines of Credit

CEPR Discussion Paper No. DP8913
Number of pages: 67 Posted: 04 Apr 2012
Viral V. Acharya, Viral V. Acharya, Heitor Almeida and Murillo Campello
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign and University of Florida - Warrington College of Business Administration
Downloads 2 (1,309,816)
Citation 19
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asset beta, bank lines of credit, cash holdings, liquidity management, loan maturity, loan spreads, systemic risk

37.

Bank Lines of Credit as Contingent Liquidity: A Study of Covenant Violations and Their Implications

ECB Working Paper No. 1702
Number of pages: 42 Posted: 02 Aug 2014
Viral V. Acharya, Viral V. Acharya, Heitor Almeida, Filippo Ippolito, Filippo Ippolito and Ander Perez-Orive
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign, Universitat Pompeu Fabra - Faculty of Economic and Business SciencesBarcelona Graduate School of Economics and Board of Governors of the Federal Reserve System
Downloads 339 (181,646)
Citation 3

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lines of credit, firm financial constraints, bank financial health, covenant violations

38.

Do Firms Hedge During Distress?

Number of pages: 57 Posted: 10 Jun 2019 Last Revised: 26 May 2020
Heitor Almeida, Kristine Watson Hankins and Ryan Williams
University of Illinois at Urbana-Champaign, University of Kentucky and Imperial College London
Downloads 311 (199,120)
Citation 1

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39.

Bank Lines of Credit as Contingent Liquidity: Covenant Violations and Their Implications

Number of pages: 46 Posted: 16 Oct 2017
Viral V. Acharya, Viral V. Acharya, Heitor Almeida, Filippo Ippolito, Filippo Ippolito and Ander Perez-Orive
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign, Universitat Pompeu Fabra - Faculty of Economic and Business SciencesBarcelona Graduate School of Economics and Board of Governors of the Federal Reserve System
Downloads 289 (215,235)
Citation 24

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Lines of Credit, Bank Financial Health, Covenant Violations

40.

More on the Performance of Higher Order Moment Estimators in Investment Equations

Number of pages: 41 Posted: 07 Oct 2010
Heitor Almeida, Murillo Campello and Antonio F. Galvao
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and University of Illinois at Urbana-Champaign - Department of Economics
Downloads 250 (249,306)
Citation 4

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Investment equations, measurement error, Monte Carlo simulations, instrumental variables, GMM

41.

Corporate Demand for Liquidity

NBER Working Paper No. w9253
Number of pages: 44 Posted: 04 Oct 2002 Last Revised: 15 Oct 2022
Heitor Almeida, Murillo Campello and Michael S. Weisbach
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration and Ohio State University (OSU) - Department of Finance
Downloads 227 (273,741)

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42.

A Quantile Model of Firm Investment

Downloads 136 (429,205)

A Quantile Model of Firm Investment

Number of pages: 52 Posted: 13 Feb 2024 Last Revised: 15 May 2024
Heitor Almeida, Murillo Campello, Luciano I. de Castro and Antonio F. Galvao
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration, University of Iowa - Henry B. Tippie College of Business - Department of Economics and Michigan State University
Downloads 123 (466,292)

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Investment, quantile preferences, risk attitude, Tobin's q, recursive model

A Quantile Model of Firm Investment

NBER Working Paper No. w32498
Number of pages: 53 Posted: 28 May 2024
Heitor Almeida, Murillo Campello, Luciano I. de Castro and Antonio F. Galvao
University of Illinois at Urbana-Champaign, University of Florida - Warrington College of Business Administration, University of Iowa - Henry B. Tippie College of Business - Department of Economics and Michigan State University
Downloads 13 (1,176,599)
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43.

The Role of Equity Financing Constraints in the Transmission of Monetary Policy

Number of pages: 54 Posted: 12 Dec 2024
Heitor Almeida, Timothy C. Johnson, Sebastiao Oliveira and Yucheng Zhou
University of Illinois at Urbana-Champaign, University of Illinois at Urbana-Champaign, University of Illinois at Urbana-Champaign - Department of Economics and University of Illinois at Urbana-Champaign - Gies College of Business
Downloads 57 (748,622)

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Equity financing, financial constraint, investment, monetary policy, stock returns

44.

How Do Financing Frictions Shape Export Activity? The Firm Balance-Sheet Channel

Number of pages: 61 Posted: 13 Dec 2024
Heitor Almeida, Daniel R. Carvalho and Yongseok Kim
University of Illinois at Urbana-Champaign, Indiana University - Kelley School of Business and Tulane University - A.B. Freeman School of Business
Downloads 19 (1,063,302)

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45.

Efficiency or Resiliency? Corporate Choice between Financial and Operational Hedging

CEPR Discussion Paper No. DP15885
Number of pages: 74 Posted: 15 Mar 2021
Viral V. Acharya, Viral V. Acharya, Heitor Almeida, Yakov Amihud and Ping Liu
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign, New York University - Stern School of Business and Krannert School of Management, Purdue University
Downloads 9 (1,186,858)
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46.

Corporate Resiliency and the Choice between Financial and Operational Hedging

NBER Working Paper No. w33340
Number of pages: 66 Posted: 07 Jan 2025
Viral V. Acharya, Viral V. Acharya, Heitor Almeida, Yakov Amihud and Ping Liu
New York University (NYU) - Leonard N. Stern School of Business, University of Illinois at Urbana-Champaign, New York University - Stern School of Business and Krannert School of Management, Purdue University
Downloads 7 (1,209,886)
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47.

The Effect of External Finance on the Equilibrium Allocation of Capital

Journal of Financial Economics, Forthcoming
Posted: 01 Sep 2004
Heitor Almeida and Daniel Wolfenzon
University of Illinois at Urbana-Champaign and Columbia University - Columbia Business School, Finance

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capital reallocation, financial development, investor protection, external finance

48.

Optimal State-Dependent Rules, Credibility and the Cost of Disinflation

Working Paper No. 359 Departamento de Economia-PUC-Rio
Posted: 27 Mar 1997
Marco Bonomo and Heitor Almeida
Insper Institute of Education and Research and University of Illinois at Urbana-Champaign

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