Murray Z. Frank

University of Minnesota

Professor of Finance

Carlson School of Management

321 19th Avenue South

Minneapolis, MN 55455

United States

SAIF, Shanghai Jiao Tong University

Shanghai Jiao Tong University

211 West Huaihai Road

Shanghai, 200030

China

SCHOLARLY PAPERS

32

DOWNLOADS
Rank 387

SSRN RANKINGS

Top 387

in Total Papers Downloads

68,019

SSRN CITATIONS
Rank 2,012

SSRN RANKINGS

Top 2,012

in Total Papers Citations

396

CROSSREF CITATIONS

240

Scholarly Papers (32)

1.

Trade-Off and Pecking Order Theories of Debt

Number of pages: 85 Posted: 22 Feb 2005 Last Revised: 11 Dec 2007
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 19,267 (211)
Citation 94

Abstract:

Loading...

Capital structure, leverage, corporate financing, trade-off theory, pecking-order theory

2.

Capital Structure Decisions

Number of pages: 56 Posted: 28 May 2003
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 10,948 (637)
Citation 29

Abstract:

Loading...

Capital structure, pecking order theory, tradeoff theory, stakeholder co-investment

3.

Testing the Pecking Order Theory of Capital Structure

Number of pages: 53 Posted: 12 Dec 2000
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 8,381 (999)
Citation 88

Abstract:

Loading...

Pecking order theory, static tradeoff theory, capital structure, mean reversion.

4.

Capital Structure Decisions: Which Factors are Reliably Important?

Number of pages: 60 Posted: 24 Jul 2004 Last Revised: 11 Dec 2007
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 8,289 (1,019)
Citation 286

Abstract:

Loading...

Capital structure, pecking order, trade-off theory, market timing, multiple imputation

5.

Profits and Capital Structure

AFA 2009 San Francisco Meetings Paper
Number of pages: 42 Posted: 13 Mar 2008 Last Revised: 30 Jul 2014
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 3,736 (4,034)
Citation 10

Abstract:

Loading...

Capital structure, Trade-off theory, Profits, Agency theory, Leverage ratios

6.

Corporate Leverage: How Much Do Managers Really Matter?

Number of pages: 42 Posted: 16 Mar 2007
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 2,293 (8,990)
Citation 20

Abstract:

Loading...

Capital structure, behavioral finance, executive compensation, CEO, CFO

7.

Do Us Stock Markets Typically Overreact to Corporate News Stories?

Number of pages: 22 Posted: 25 Jan 2006
Werner Antweiler and Murray Z. Frank
University of British Columbia (UBC) - Sauder School of Business and University of Minnesota
Downloads 2,282 (9,070)
Citation 62

Abstract:

Loading...

stock returns, news, event study, overreaction, publication bias

8.

Investment and the Weighted Average Cost of Capital

Number of pages: 51 Posted: 04 Mar 2012 Last Revised: 20 Jul 2015
Murray Z. Frank and Tao Shen
University of Minnesota and Tsinghua University
Downloads 1,984 (11,462)
Citation 17

Abstract:

Loading...

Weighted average cost of capital, investment, CAPM, implied cost of capital

9.

Trade Credit, Collateral, and Adverse Selection

Number of pages: 41 Posted: 15 May 1998
Vojislav Maksimovic and Murray Z. Frank
University of Maryland - Robert H. Smith School of Business and University of Minnesota
Downloads 1,640 (15,492)
Citation 81

Abstract:

Loading...

10.

The Pecking Order Theory of Capital Structure: Where Do We Stand?

Oxford Research Encyclopedia of Economics and Finance
Number of pages: 42 Posted: 14 Mar 2020 Last Revised: 25 Mar 2021
Murray Z. Frank, Vidhan K. Goyal, Vidhan K. Goyal and Tao Shen
University of Minnesota, HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance and Tsinghua University
Downloads 1,402 (19,590)
Citation 2

Abstract:

Loading...

pecking order, net equity issues, net debt issues, financing deficit

11.

Is All that Talk Just Noise? The Information Content of Internet Stock Message Boards

AFA 2002 Atlanta Meetings, Sauder School of Business Working Paper
Number of pages: 48 Posted: 08 Sep 2001
Murray Z. Frank and Werner Antweiler
University of Minnesota and University of British Columbia (UBC) - Sauder School of Business
Downloads 1,221 (24,124)
Citation 65

Abstract:

Loading...

Volatility, Trading Volume, Internet Stock Message Boards

12.

The Effect of Market Conditions on Capital Structure Adjustment

Number of pages: 13 Posted: 09 Dec 2003
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 1,156 (26,097)
Citation 11

Abstract:

Loading...

Capital Structure, Market timing, trade-off, leverage adjustment

13.

The Trade-off Theory of Corporate Capital Structure

Oxford Research Encyclopedia of Economics and Finance
Number of pages: 65 Posted: 11 Jun 2020 Last Revised: 13 Jul 2021
Hengjie Ai, Murray Z. Frank and Ali Sanati
University of Wisconsin-Madison, University of Minnesota and American University
Downloads 1,015 (31,476)
Citation 5

Abstract:

Loading...

14.

How Does the Stock Market Absorb Shocks?

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 47 Posted: 30 Aug 2015 Last Revised: 01 Apr 2018
Murray Z. Frank and Ali Sanati
University of Minnesota and American University
Downloads 684 (53,958)
Citation 10

Abstract:

Loading...

stock return predictability, news, limits to arbitrage, limited attention, overreaction, underreaction, text analysis

15.

The Effect of Taxation on Corporate Financing and Investment

Review of Corporate Finance Studies
Number of pages: 48 Posted: 02 Dec 2016 Last Revised: 24 Mar 2021
Hong Chen and Murray Z. Frank
Shanghai Advanced Institute in Finance, Shanghai Jiao Tong University and University of Minnesota
Downloads 607 (62,842)
Citation 1

Abstract:

Loading...

corporate tax, dividend tax, consumption tax, dividend policy, equity, debt, investment, Laffer curve

16.

The Profits-Leverage Puzzle Revisited

Number of pages: 53 Posted: 17 Jun 2011 Last Revised: 23 Jul 2014
Murray Z. Frank, Vidhan K. Goyal and Vidhan K. Goyal
University of Minnesota and HKUSTHong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 513 (77,594)
Citation 12

Abstract:

Loading...

Capital structure, Trade-off theory, Profits, Agency theory, Leverage ratios

17.

Personal Income Taxes and Corporate Investment

AFA 2010 Atlanta Meetings Paper, 5th Annual Conference on Empirical Legal Studies Paper
Number of pages: 48 Posted: 25 Oct 2007 Last Revised: 24 Oct 2010
Murray Z. Frank, Rajdeep Singh and Tracy Yue Wang
University of Minnesota, University of Minnesota - Twin Cities - Carlson School of Management and University of Minnesota - Twin Cities - Carlson School of Management
Downloads 407 (101,941)
Citation 4

Abstract:

Loading...

corporate investment, dividend taxation, personal income tax, financing margin, marginal source of fund, cash

18.

Common Factors in Corporate Capital Structure

Number of pages: 65 Posted: 02 Jul 2013
Murray Z. Frank and Tao Shen
University of Minnesota and Tsinghua University
Downloads 405 (102,505)
Citation 8

Abstract:

Loading...

capital structure, leverage target, reduced rank regression, partial adjustment

19.

Financing Corporate Growth

Forthcoming in the Review of Financial Studies
Number of pages: 99 Posted: 15 May 2019 Last Revised: 12 Dec 2020
Murray Z. Frank and Ali Sanati
University of Minnesota and American University
Downloads 365 (115,400)
Citation 1

Abstract:

Loading...

Corporate growth, Investment, Debt, Equity financing, Government policy

20.

The Effect of Stock Market Fluctuations on Corporate Cash Flows

Number of pages: 41 Posted: 18 Feb 2009
Frédéric Boissay, Murray Z. Frank and Reint Gropp
Bank for International Settlements (BIS), University of Minnesota and Halle Institute for Economic Research
Downloads 232 (183,873)

Abstract:

Loading...

cash flow, signalling, trade credit, stock market

21.

Rational Stock Market Catering

Number of pages: 56 Posted: 25 May 2016 Last Revised: 25 Jul 2016
Murray Z. Frank and Ali Sanati
University of Minnesota and American University
Downloads 223 (190,875)

Abstract:

Loading...

Investment, Equity Issuance, Dividends, Share Repurchases, Catering

22.

Does Finance Flow to High Productivity Firms?

Number of pages: 49 Posted: 26 Dec 2018 Last Revised: 10 May 2019
Murray Z. Frank and Keer Yang
University of Minnesota and University of California, Davis - Graduate School of Management
Downloads 200 (211,251)
Citation 2

Abstract:

Loading...

productivity, capital structure, financing constraints, machine learning

23.

Testing the Credit Market Timing Hypothesis Using Counterfactual Issuing Dates

Number of pages: 50 Posted: 28 Aug 2013 Last Revised: 12 May 2019
Murray Z. Frank and Pedram Nezafat
University of Minnesota and University of Michigan at Ann Arbor - Finance
Downloads 182 (229,505)
Citation 1

Abstract:

Loading...

Credit Marking Timing, Market Timing Hypothesis, Behavioral Finance, Bond Market, CDS Market

24.

Corporate Capital Structure Actions

Number of pages: 77 Posted: 09 Dec 2016 Last Revised: 21 Jul 2019
Murray Z. Frank and Tao Shen
University of Minnesota and Tsinghua University
Downloads 170 (243,239)
Citation 6

Abstract:

Loading...

Corporate leverage target, Stock sales, Stock purchases, Debt issues, Debt reductions

25.

U.S. Dollar Debt Issuance by Chinese Firms

Number of pages: 44 Posted: 04 Oct 2016
Murray Z. Frank and Tao Shen
University of Minnesota and Tsinghua University
Downloads 157 (260,052)
Citation 1

Abstract:

Loading...

debt issuance, capital control, corporate investment

26.

Predicting Firm Profits: From Fama-MacBeth to Gradient Boosting

Number of pages: 64 Posted: 10 Sep 2021
Murray Z. Frank and Keer Yang
University of Minnesota and University of California, Davis - Graduate School of Management
Downloads 145 (277,142)

Abstract:

Loading...

Expected profit, Fama-MacBeth, gradient boosting, firm financing decisions, cross-section of stock returns, behavioral finance

27.

Are Direct Investments by the Federal Reserve a Good Idea? A Corporate Finance Perspective

Number of pages: 54 Posted: 12 Jul 2014 Last Revised: 12 Jun 2015
Hong Chen and Murray Z. Frank
Shanghai Advanced Institute in Finance, Shanghai Jiao Tong University and University of Minnesota
Downloads 70 (446,605)

Abstract:

Loading...

Financing Friction, Optimal Policy, Federal Reserve, Crowding Out, Unconventional Policy

28.

Market Conditions and Retirement of Physical Capital: Evidence Fron Oil Tankers

NBER Working Paper No. w4194
Number of pages: 38 Posted: 23 Aug 2000 Last Revised: 19 Jun 2022
Murray Z. Frank and Iain M. Cockburn
University of Minnesota and Boston University Questrom School of Business
Downloads 32 (616,441)

Abstract:

Loading...

29.

Equilibrium Defaultable Corporate Debt and Investment

Number of pages: 37 Posted: 30 Mar 2022
Hong Chen and Murray Z. Frank
Shanghai Advanced Institute in Finance, Shanghai Jiao Tong University and University of Minnesota
Downloads 13 (760,226)

Abstract:

Loading...

corporate investment, defaultable debt, trade-off theory, equilibrium existence and uniqueness proof

30.

State Dependent Pricing with a Queue

Posted: 11 Aug 1999
Murray Z. Frank and Hong Chen
University of Minnesota and Shanghai Advanced Institute in Finance, Shanghai Jiao Tong University

Abstract:

Loading...

31.

Monopoly Pricing When Customers Queue

Posted: 25 Aug 1998
Murray Z. Frank and Hong Chen
University of Minnesota and Shanghai Advanced Institute in Finance, Shanghai Jiao Tong University

Abstract:

Loading...

Abstract:

Loading...