Publications

• Differences in Governance Practice between U.S. and Foreign Firms: Measurement, Causes, and Consequences
  (with Reena Aggarwal, René Stulz, and Rohan Williamson), Review of Financial Studies (2009), Vol. 23 (Issue 3), 3131-3169.  Recipient of the Institute for Quantitative Research in Finance (Q-Group) Research Grant
• Does Governance Travel Around the World? Evidence from Institutional Investors
  (with Reena Aggarwal, Miguel Ferreira and Pedro Matos), Journal of Financial Economics (2011), Vol. 100 (Issue 1), 154-181.  Recipient of the 2010 China International Conference in Finance Best Paper Award
  • (Governance data used in this paper can be downloaded here: http://docentes.fe.unl.pt/~mferreira/data/gov41.xls)
• The Effect of Bank Mergers on Loan Prices: Evidence from the United States
  Review of Financial Studies (2011), Vol. 24 (Issue 4), 1068-1101.
  Nominated as the First Runner Up for the Best Paper Award in Financial Markets and Institutions by Financial Management Association
• Macroeconomic Conditions and Capital Raising
  (with Brandon Julio, Woojin Kim, and Michael Weisbach), Review of Financial Studies (2012), Vol. 25 (Issue 2), 341-376.
• Determinants of Cross-Border Mergers and Acquisitions
  (with Rose Liao and Michael Weisbach), Journal of Finance (2012), Vol. 67 (Issue 3), 1045-1082.
• Economic Nationalism in Mergers and Acquisitions
  (with Serdar Dinc), Journal of Finance (2012), Vol. 68 (Issue 6), 2471-2514.
• Do Acquisitions Relieve Target Firms’ Financial Constraints?
  (with Yeejin Jang and Michael Weisbach), Journal of Finance (2015), Journal of Finance 70/1, pages 289-328.
• Why Did Holdings of Highly-Rated Securitization Tranches Differ So Much Across Banks? 
  (with Taylor Nadauld and René M. Stulz), Review of Financial Studies (February 2014), Vol. 27 (Issue 2), 404-453
• A Theory of Risk Capital (with Stewart C. Myers and James A. Read, Jr.), Journal of Financial Economices (December 2015), Vol. 118 (Issue 3), 620-635.
• Fire Sale Discount: Evidence from the Sale of Minority Equity Stakes (with Serdar Dinc and Rose Liao), Journal of Financial Economics (2017), Vol. 125/3, 475-490.
• Discussion: Financing Acquisitions with Earnouts, Journal of Accounting and Economics (2018) , Vol. 66,396-398.
• The COVID-19 Pandemic Crisis and Corporate Finance (with Andrew Ellul and Uday Rajan), Foreword by the Editors to the Special Issue, The Review of Corporate Finance Studies 9 (November 2020) 421–429.
• The Corporate Finance of Multinational Firms (with Yeejing Jang and Michael Weisbach) in Global Goliaths: Multinational Corporations in the 21st Century Economy, edited by F. Foley, J. Hines and D. Wessel, Brookings Institution (2021), 183-226.
• Risk Capital: Theory and Applications (with Stewart C. Myers and James A. Read, Jr.), Journal of Applied Corporate Finance (Winter 2021), Vol. 33/1, 8-21.
• Corporate Liquidity, Acquisitions, and Macroeconomic Conditions (with Yeejing Jang, Bernadette Minton, and Michael Weisbach), Journal of Financial and Quantitative Analysis (2021), Vol 56/2, 443-474.
• Selecting Directors Using  Machine Learning (with Léa Stern, Chenhao Tan, and Michael Weisbach), Review of Financial Studies 37 (July 2021), 3226–3264.
  • Editor’s Choice
  • See also: Could Machine Learning Help Companies Select Better Board Directors?, HBR, APRIL 09, 2018
  • See also: AI in the Board Room | FTSE Russell Convenes
• Discrimination, Disparities, and Diversity in Finance (with Andrew Ellul, Camelia Kuhnen, and Uday Rajan), Foreword by the Editors to the Special Issue, The Review of Corporate Finance Studies 11/3: 1-8.
• The International Propagation of Economic Downturns Through Multinational Companies: The Real Economy Channel (with Jan Bena and Serdar Dinc), Journal of Financial Economics, 2022, Vol. 146/1, pg. 277-304.
• Can FinTech Reduce Disparities in Access to Finance? Evidence from the Paycheck Protection Program (with Jack Liebersohn), Journal of Financial Economics, 2022, Vol. 146/1, pg. 90-118.
  • Winner of the 2023 Bradford-Osborne Research Award
• Why Do Firms Borrow Directly from Nonbanks? (with Sergey Chernenko and Robert Prilmeier), Review of Financial Studies, 2022, Vol. 35/11, pg. 4902–4947.
• Evolution of Debt Financing Toward Less Regulated Financial Intermediaries (with Eduard Inozemtsev), The Journal of Financial and Quantitative Analysis, forthcoming.