Murray Z. Frank

University of Minnesota

Professor of Finance

Carlson School of Management

321 19th Avenue South

Minneapolis, MN 55455

United States

  • University of Minnesota

    • Email
    • Tel: 612-625-5678
SCHOLARLY PAPERS

34

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670

CROSSREF CITATIONS

238

Scholarly Papers (34)

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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 and Technology
Downloads 19,731 (259)
Citation 94

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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 and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science and Technology
Downloads 11,300 (746)
Citation 29

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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 and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science and Technology
Downloads 8,489 (1,225)
Citation 88

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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 and Technology
Downloads 8,448 (1,232)
Citation 286

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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 and Technology
Downloads 3,814 (4,777)
Citation 10

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

6.

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 2,454 (9,753)
Citation 68

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

7.

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 and Technology
Downloads 2,445 (9,807)
Citation 20

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

8.

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 and Tao Shen
University of Minnesota, Hong Kong University of Science and Technology and Tsinghua University
Downloads 2,350 (10,472)
Citation 2

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

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 2,101 (12,563)
Citation 34

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

10.

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 1,963 (14,006)
Citation 8

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11.

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 1,719 (17,219)
Citation 81

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12.

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 1,354 (24,700)
Citation 65

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Volatility, Trading Volume, Internet Stock Message Boards

13.

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 and Technology
Downloads 1,189 (29,907)
Citation 13

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

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 757 (56,059)
Citation 10

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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 672 (65,655)
Citation 1

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

16.

Behavioral Machine Learning? Computer Predictions of Corporate Earnings also Overreact

Number of pages: 46 Posted: 12 Apr 2023 Last Revised: 24 May 2023
Murray Z. Frank, Jing Gao and Keer Yang
University of Minnesota, University of Minnesota - Minneapolis - Carlson School of Management and University of California, Davis - Graduate School of Management
Downloads 566 (81,415)

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stock analysts, machine learning, behavioral, overreaction

17.

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 and Technology
Downloads 538 (86,688)
Citation 12

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

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 429 (113,862)
Citation 10

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

19.

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 424 (115,396)
Citation 4

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

20.

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 416 (118,034)
Citation 1

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

21.

Empirical Corporate Capital Structure

HKUST Business School Research Paper No. 2022-091
Number of pages: 118 Posted: 05 Dec 2022 Last Revised: 21 Feb 2023
Murray Z. Frank and Vidhan K. Goyal
University of Minnesota and Hong Kong University of Science and Technology
Downloads 393 (125,988)

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capital structure, financing policy, corporate leverage, debt financing, investor heterogeneity

22.

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 246 (206,468)

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cash flow, signalling, trade credit, stock market

23.

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 241 (210,555)

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

24.

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 237 (214,008)

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productivity, capital structure, financing constraints, machine learning

25.

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 233 (217,670)

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Investment, Equity Issuance, Dividends, Share Repurchases, Catering

26.

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 201 (249,878)
Citation 1

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debt issuance, capital control, corporate investment

27.

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 195 (256,780)
Citation 3

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

28.

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 190 (262,841)
Citation 9

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

29.

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 94 (453,355)

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

30.

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 45 (663,992)

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31.

Targets and the Trade-Off Theory of Capital Structure

Number of pages: 61 Posted: 30 Mar 2022 Last Revised: 05 Jul 2023
Hong Chen and Murray Z. Frank
Shanghai Advanced Institute in Finance, Shanghai Jiao Tong University and University of Minnesota
Downloads 41 (688,508)

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target, corporate investment, defaultable debt, trade-off theory

32.

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

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33.

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

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