Murray Z. Frank

University of Minnesota

Professor of Finance

Carlson School of Management

321 19th Avenue South

Minneapolis, MN 55455

United States

SCHOLARLY PAPERS

26

DOWNLOADS
Rank 174

SSRN RANKINGS

Top 174

in Total Papers Downloads

53,492

CITATIONS
Rank 562

SSRN RANKINGS

Top 562

in Total Papers Citations

868

Scholarly Papers (26)

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 and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 13,753 (125)
Citation 93

Abstract:

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

2.

Capital Structure Decisions

AFA 2004 San Diego Meetings
Number of pages: 56 Posted: 28 May 2003
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 8,950 (330)
Citation 168

Abstract:

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

3.

Testing the Pecking Order Theory of Capital Structure

EFA 0157: AFA 2001 New Orleans
Number of pages: 53 Posted: 12 Dec 2000
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 6,897 (548)
Citation 246

Abstract:

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 and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 6,453 (593)
Citation 150

Abstract:

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 and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 2,920 (2,376)
Citation 5

Abstract:

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 and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 1,375 (7,618)
Citation 27

Abstract:

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 1,333 (9,016)
Citation 17

Abstract:

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

8.

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 1,299 (9,918)
Citation 52

Abstract:

9.

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 1,102 (8,531)

Abstract:

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

10.

The Effect of Market Conditions on Capital Structure Adjustment

Number of pages: 13 Posted: 09 Dec 2003
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 967 (16,631)
Citation 13

Abstract:

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

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 790 (18,471)
Citation 100

Abstract:

Volatility, Trading Volume, Internet Stock Message Boards

12.

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 360 (64,084)

Abstract:

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

13.

The Profits-Leverage Puzzle Revisited

Number of pages: 53 Posted: 17 Jun 2011 Last Revised: 23 Jul 2014
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science & Technology (HKUST) - Department of Finance
Downloads 284 (60,181)
Citation 2

Abstract:

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

14.

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 270 (75,061)

Abstract:

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

15.

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 197 (115,409)

Abstract:

cash flow, signalling, trade credit, stock market

16.

Testing the Credit Market Timing Hypothesis Using Counterfactual Issuing Dates

Number of pages: 57 Posted: 28 Aug 2013 Last Revised: 21 Sep 2016
Murray Z. Frank and Pedram Nezafat
University of Minnesota and Michigan State University
Downloads 98 (183,260)

Abstract:

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

17.

How Does the Stock Market Absorb Shocks?

Number of pages: 46 Posted: 30 Aug 2015 Last Revised: 16 Mar 2017
Murray Z. Frank and Ali Sanati
University of Minnesota and University of Minnesota
Downloads 52 (129,176)

Abstract:

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

18.

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
University of British Columbia (UBC) - Sauder School of Business and University of Minnesota
Downloads 42 (297,769)

Abstract:

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

19.

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

NBER Working Paper No. w4194
Number of pages: 38 Posted: 23 Aug 2000
Murray Z. Frank and Iain M. Cockburn
University of Minnesota and Boston University Questrom School of Business
Downloads 26 (394,085)

Abstract:

20.

Corporate Capital Structure Actions

Number of pages: 71 Posted: 09 Dec 2016
Murray Z. Frank and Tao Shen
University of Minnesota and Tsinghua University
Downloads 0 (308,076)

Abstract:

corporate leverage target, equity and debt issuing, reduced rank regression

21.

The Effect of Taxation on Corporate Financing and Investment

Number of pages: 59 Posted: 02 Dec 2016 Last Revised: 29 Apr 2017
Hong Chen and Murray Z. Frank
University of British Columbia (UBC) - Sauder School of Business and University of Minnesota
Downloads 0 (248,252)

Abstract:

corporate and personal tax, dividends, equity, debt, investment

22.

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 0 (359,626)

Abstract:

debt issuance, capital control, corporate investment

23.

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 University of Minnesota
Downloads 0 (173,543)

Abstract:

Investment, Equity Issuance, Dividends, Share Repurchases, Catering

24.

State Dependent Pricing with a Queue

Posted: 11 Aug 1999
Murray Z. Frank and Hong Chen
University of Minnesota and University of British Columbia (UBC) - Sauder School of Business

Abstract:

25.

Monopoly Pricing When Customers Queue

Posted: 25 Aug 1998
Murray Z. Frank and Hong Chen
University of Minnesota and University of British Columbia (UBC) - Sauder School of Business

Abstract:

Abstract: