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Publications

by members of

Department of Finance
Business School
Hong Kong University of Science and Technology (HKUST)
Kowloon, Hong Kong

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. List of registered members. Register yourself. Citation analysis. Find also a compilation of publications from alumni here.

This page is updated in the first days of each month.

| Working papers | Journal articles | Chapters |

Working papers

2023

  1. Povilas Lastauskas & Aurelija Proskute & Alminas Zaldokas, 2023. "How Do Firms Adjust When Trade Stops?," Working Papers 111, Queen Mary, University of London, School of Business and Management, Centre for Globalisation Research.
  2. Raymond Fisman & Pulak Ghosh & Arkodipta Sarkar & Jian Zhang, 2023. "Dirty Air and Green Investments: The Impact of Pollution Information on Portfolio Allocations," NBER Working Papers 31813, National Bureau of Economic Research, Inc.
  3. Bhattacharya, Utpal & Kumar, Amit & Visaria, Sujata & Zhao, Jing, 2023. "Do Women Receive Worse Financial Advice? An Audit Study in Hong Kong, China," ADB Economics Working Paper Series 684, Asian Development Bank.

2020

  1. Itzhak Ben-David & Utpal Bhattacharya & Stacey E. Jacobsen, 2020. "The (Missing) Relation Between Announcement Returns and Value Creation," NBER Working Papers 27976, National Bureau of Economic Research, Inc.

2019

  1. Vidhan K. Goyal & Frank Packer, 2019. "Global Liquidity and Corporate Financing in Emerging Asia," HKUST IEMS Thought Leadership Brief Series 2019-35, HKUST Institute for Emerging Market Studies, revised Oct 2019.
  2. Kee-Hong Bae & Utpal Bhattacharya & Jisok Kang & S. Ghon Rhee, 2019. "Nominal Stock Price Anchors: A Global Phenomenon?," HKUST IEMS Working Paper Series 2019-64, HKUST Institute for Emerging Market Studies, revised May 2019.
  3. Utpal Bhattacharya & Wei-Yu Kuo & Tse-Chun Lin & Jing Zhao, 2019. "Do Superstitious Traders Lose Money?," HKUST IEMS Working Paper Series 2019-62, HKUST Institute for Emerging Market Studies, revised May 2019.
  4. Utpal Bhattacharya & Daisy Huang & Kasper Meisner Nielsen, 2019. "Spillovers in Asset Prices: The Curious Case of Haunted Houses," HKUST IEMS Working Paper Series 2019-63, HKUST Institute for Emerging Market Studies, revised May 2019.

2018

  1. Raymond Fisman & Arkodipta Sarkar & Janis Skrastins & Vikrant Vig, 2018. "Experience of Communal Conflicts and Inter-group Lending," Boston University - Department of Economics - The Institute for Economic Development Working Papers Series dp-323, Boston University - Department of Economics.

2017

  1. Vidhan K. Goyal & Frank Packer, 2017. "Capital Structure in Emerging Asia," HKUST IEMS Working Paper Series 2017-48, HKUST Institute for Emerging Market Studies, revised Dec 2017.
  2. Abhiroop Mukherjee & Alminas Zaldokas, 2017. "Do Corporate Taxes Hinder Innovation?," HKUST IEMS Thought Leadership Brief Series 2017-16, HKUST Institute for Emerging Market Studies, revised Jul 2017.

2016

  1. Massa, Massimo & dong, aileen & Zaldokas, Alminas, 2016. "Busted! Now What? Effects of Cartel Enforcement on Firm Value and Corporate Policies," CEPR Discussion Papers 11470, C.E.P.R. Discussion Papers.
  2. Saidi, Farzad & Zaldokas, Alminas, 2016. "Patents as Substitutes for Relationships," CEPR Discussion Papers 11580, C.E.P.R. Discussion Papers.

2009

  1. Frank, Murray Z. & Goyal, Vidhan K., 2009. "Capital Structure Decisions: Which Factors are Reliably Important?," MPRA Paper 22525, University Library of Munich, Germany.

2004

  1. Bhattacharya, Utpal & Daouk, Hazem, 2004. "When No Law is Better than a Good Law," CEI Working Paper Series 2004-10, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  2. Ahn, Sanghoon & Bhattacharya, Utpal & Jung, Taehun & Nam, Giseok, 2004. "Do Japanese CEOs Matter?," CEI Working Paper Series 2004-11, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

2003

  1. Bhattacharya, Utpal & Daouk, Hazem & Welker, Michael, 2003. "The World Price of Earnings Opacity," Working Papers 127185, Cornell University, Department of Applied Economics and Management.

2002

  1. Goyal, Vidhan K. & Yamada, Takeshi & ヤマダ, タケシ, 2002. "Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan," CEI Working Paper Series 2002-11, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

1998

  1. Bhattacharya, Utpal & Daouk, Hazem & Jorgenson, Brian & Kehr, Carl-Heinrich, 1998. "When an event is not an event: The curious case of an emerging market," CFS Working Paper Series 1998/12, Center for Financial Studies (CFS).

1997

  1. Utpal Bhattacharya & Matthew Spiegel, 1997. "Anatomy of a Market Failure: NYSE Trading Suspensions (1974-1988)," Yale School of Management Working Papers ysm33, Yale School of Management, revised 01 Apr 2003.
  2. Bhattacharya, Utpal & Ravikumar, B, 1997. "From Cronies to Professionals: The Evolution of Family Firms," MPRA Paper 22939, University Library of Munich, Germany, revised Jan 2004.

1996

  1. Bhattacharya, U. & Ravikumar, B., 1996. "Capital Markets and the Longevity of Family Businesses," Working Papers 96-16, University of Iowa, Department of Economics.

1993

  1. Reny, P.J. & Bhattacharya, U. & Reny, P.J. & Spiegel, M., 1993. "Destructive Interference in an Imperfectly Competitive Multi-Security Market," University of Western Ontario, Departmental Research Report Series 9318, University of Western Ontario, Department of Economics.

1992

  1. Bhattacharya, Utpal & Weller, Paul, 1992. "The Advantage to Hiding One's Hand: Speculation and Central Bank Intervention in the Foreign Exchange Market," CEPR Discussion Papers 737, C.E.P.R. Discussion Papers.

1989

  1. Bhattacharya, U. & Spiegel, M., 1989. "Insiders, Outsiders And Market Breakdowns," Papers fb-_89-20, Columbia - Graduate School of Business.

Journal articles

2023

  1. Lastauskas, Povilas & Proškutė, Aurelija & Žaldokas, Alminas, 2023. "How do firms adjust when trade stops?," Journal of Economic Behavior & Organization, Elsevier, vol. 216(C), pages 287-307.

2022

  1. Jūra Liaukonytė & Alminas Žaldokas, 2022. "Background Noise? TV Advertising Affects Real-Time Investor Behavior," Management Science, INFORMS, vol. 68(4), pages 2465-2484, April.

2021

  1. Farzad Saidi & Alminas Žaldokas, 2021. "How Does Firms’ Innovation Disclosure Affect Their Banking Relationships?," Management Science, INFORMS, vol. 67(2), pages 742-768, February.

2020

  1. Thomas Bourveau & Guoman She & Alminas Žaldokas, 2020. "Corporate Disclosure as a Tacit Coordination Mechanism: Evidence from Cartel Enforcement Regulations," Journal of Accounting Research, Wiley Blackwell, vol. 58(2), pages 295-332, May.

2019

  1. Vidhan K. Goyal & Angie Low, 2019. "Investor Myopia and CEO Turnover," International Review of Finance, International Review of Finance Ltd., vol. 19(4), pages 759-786, December.
  2. Vidhan K. Goyal & S. Lakshmi Naaraayanan & Anand Srinivasan, 2019. "Banking Relationships and Creditor Rights," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 9(04), pages 1-29, December.
  3. Bae, Kee-Hong & Bhattacharya, Utpal & Kang, Jisok & Rhee, S. Ghon, 2019. "Nominal stock price anchors: A global phenomenon?," Journal of Financial Markets, Elsevier, vol. 44(C), pages 31-41.
  4. Bhattacharya, Utpal & Wei, Kelsey D. & Xia, Han, 2019. "Follow the money: Investor trading around investor-paid credit rating changes," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 68-91.
  5. Ailin Dong & Massimo Massa & Alminas Žaldokas, 2019. "The effects of global leniency programs on margins and mergers," RAND Journal of Economics, RAND Corporation, vol. 50(4), pages 883-915, December.
  6. Sudipto Dasgupta & Alminas Žaldokas, 2019. "Anticollusion Enforcement: Justice for Consumers and Equity for Firms," The Review of Financial Studies, Society for Financial Studies, vol. 32(7), pages 2587-2624.
  7. Sarkar, Arkodipta & Subramanian, Krishnamurthy & Tantri, Prasanna, 2019. "Effects of CEO Turnover in Banks: Evidence Using Exogenous Turnovers in Indian Banks," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 54(1), pages 183-214, February.

2017

  1. Goyal, Vidhan K. & Wang, Wei, 2017. "Provision of Management Incentives in Bankrupt Firms," Journal of Law, Finance, and Accounting, now publishers, vol. 2(1), pages 87-123, June.
  2. Bhattacharya, Utpal & Hsu, Po-Hsuan & Tian, Xuan & Xu, Yan, 2017. "What Affects Innovation More: Policy or Policy Uncertainty?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 52(5), pages 1869-1901, October.
  3. Utpal Bhattacharya & Benjamin Loos & Steffen Meyer & Andreas Hackethal, 2017. "Abusing ETFs," Review of Finance, European Finance Association, vol. 21(3), pages 1217-1250.
  4. Mukherjee, Abhiroop & Singh, Manpreet & Žaldokas, Alminas, 2017. "Do corporate taxes hinder innovation?," Journal of Financial Economics, Elsevier, vol. 124(1), pages 195-221.
  5. Massa, Massimo & Žaldokas, Alminas, 2017. "Information transfers among co-owned firms," Journal of Financial Intermediation, Elsevier, vol. 31(C), pages 77-92.

2016

  1. Utpal Bhattacharya & Stacey E. Jacobsen, 2016. "The Share Repurchase Announcement Puzzle: Theory and Evidence," Review of Finance, European Finance Association, vol. 20(2), pages 725-758.

2015

  1. Murray Z. Frank & Vidhan K. Goyal, 2015. "The Profits–Leverage Puzzle Revisited," Review of Finance, European Finance Association, vol. 19(4), pages 1415-1453.
  2. Bhattacharya, Utpal & Borisov, Alexander & Yu, Xiaoyun, 2015. "Firm Mortality and Natal Financial Care," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 50(1-2), pages 61-88, April.

2014

  1. Utpal Bhattacharya, 2014. "Insider Trading Controversies: A Literature Review," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 385-403, December.
  2. Massa, Massimo & Žaldokas, Alminas, 2014. "Investor base and corporate borrowing: Evidence from international bonds," Journal of International Economics, Elsevier, vol. 92(1), pages 95-110.

2013

  1. Goyal, Vidhan K. & Wang, Wei, 2013. "Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 48(3), pages 789-817, June.
  2. Utpal Bhattacharya & Jung H. Lee & Veronika K. Pool, 2013. "Conflicting Family Values in Mutual Fund Families," Journal of Finance, American Finance Association, vol. 68(1), pages 173-200, February.
  3. Amore, Mario Daniele & Schneider, Cédric & Žaldokas, Alminas, 2013. "Credit supply and corporate innovation," Journal of Financial Economics, Elsevier, vol. 109(3), pages 835-855.

2012

  1. Utpal Bhattacharya & Andreas Hackethal & Simon Kaesler & Benjamin Loos & Steffen Meyer, 2012. "Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study," The Review of Financial Studies, Society for Financial Studies, vol. 25(4), pages 975-1032.
  2. Bhattacharya, Utpal & Marshall, Cassandra D., 2012. "Do they do it for the money?," Journal of Corporate Finance, Elsevier, vol. 18(1), pages 92-104.
  3. Utpal Bhattacharya & Craig W. Holden & Stacey Jacobsen, 2012. "Penny Wise, Dollar Foolish: Buy-Sell Imbalances On and Around Round Numbers," Management Science, INFORMS, vol. 58(2), pages 413-431, February.

2011

  1. Vidhan K. Goyal & Alessandro Nova & Laura Zanetti, 2011. "Capital Market Access and Financing of Private Firms," International Review of Finance, International Review of Finance Ltd., vol. 11(2), pages 155-179, June.
  2. Bhattacharya, Utpal & Galpin, Neal, 2011. "The Global Rise of the Value-Weighted Portfolio," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(3), pages 737-756, June.

2010

  1. Bae, Kee-Hong & Goyal, Vidhan K., 2010. "Equity market liberalization and corporate governance," Journal of Corporate Finance, Elsevier, vol. 16(5), pages 609-621, December.

2009

  1. Murray Z. Frank & Vidhan K. Goyal, 2009. "Capital Structure Decisions: Which Factors Are Reliably Important?," Financial Management, Financial Management Association International, vol. 38(1), pages 1-37, March.
  2. Kee‐Hong Bae & Vidhan K. Goyal, 2009. "Creditor Rights, Enforcement, and Bank Loans," Journal of Finance, American Finance Association, vol. 64(2), pages 823-860, April.
  3. Bhattacharya, Utpal & Galpin, Neal & Ray, Rina & Yu, Xiaoyun, 2009. "The Role of the Media in the Internet IPO Bubble," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 44(3), pages 657-682, June.
  4. Ahn, Sanghoon & Bhattacharya, Utpal & Jung, Taehun & Nam, Giseok, 2009. "Do Japanese CEOs matter?," Pacific-Basin Finance Journal, Elsevier, vol. 17(5), pages 628-650, November.
  5. Utpal Bhattacharya & Hazem Daouk, 2009. "When No Law is Better Than a Good Law," Review of Finance, European Finance Association, vol. 13(4), pages 577-627.

2008

  1. Tim Adam & Vidhan K. Goyal, 2008. "The Investment Opportunity Set And Its Proxy Variables," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 31(1), pages 41-63, March.
  2. Bhattacharya, Utpal & Groznik, Peter, 2008. "Melting pot or salad bowl: Some evidence from U.S. investments abroad," Journal of Financial Markets, Elsevier, vol. 11(3), pages 228-258, August.
  3. Utpal Bhattacharya, 2008. "The Causes and Consequences of Recent Financial Market Bubbles: An Introduction," The Review of Financial Studies, Society for Financial Studies, vol. 21(1), pages 3-10, January.

2007

  1. Utpal Bhattacharya & Neal Galpin & Bruce Haslem, 2007. "The Home Court Advantage in International Corporate Litigation," Journal of Law and Economics, University of Chicago Press, vol. 50(4), pages 625-660.
  2. Bhattacharya, Utpal & Groznik, Peter & Haslem, Bruce, 2007. "Is CEO certification of earnings numbers value-relevant?," Journal of Empirical Finance, Elsevier, vol. 14(5), pages 611-635, December.

2006

  1. Joseph P. H. Fan & Vidhan K. Goyal, 2006. "On the Patterns and Wealth Effects of Vertical Mergers," The Journal of Business, University of Chicago Press, vol. 79(2), pages 877-902, March.

2005

  1. Goyal, Vidhan K., 2005. "Market discipline of bank risk: Evidence from subordinated debt contracts," Journal of Financial Intermediation, Elsevier, vol. 14(3), pages 318-350, July.
  2. Bhattacharya, Utpal, 2005. "Financial liberalization and the stability of currency pegs," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 351-374, March.

2004

  1. Frank, Murray Z. & Goyal, Vidhan K., 2004. "The effect of market conditions on capital structure adjustment," Finance Research Letters, Elsevier, vol. 1(1), pages 47-55, March.
  2. Vidhan K. Goyal & Takeshi Yamada, 2004. "Asset Price Shocks, Financial Constraints, and Investment: Evidence from Japan," The Journal of Business, University of Chicago Press, vol. 77(1), pages 175-200, January.

2003

  1. Frank, Murray Z. & Goyal, Vidhan K., 2003. "Testing the pecking order theory of capital structure," Journal of Financial Economics, Elsevier, vol. 67(2), pages 217-248, February.
  2. Bhattacharya, Utpal, 2003. "The optimal design of Ponzi schemes in finite economies," Journal of Financial Intermediation, Elsevier, vol. 12(1), pages 2-24, January.

2002

  1. Goyal, Vidhan K. & Park, Chul W., 2002. "Board leadership structure and CEO turnover," Journal of Corporate Finance, Elsevier, vol. 8(1), pages 49-66, January.
  2. Goyal, Vidhan K. & Lehn, Kenneth & Racic, Stanko, 2002. "Growth opportunities and corporate debt policy: the case of the U.S. defense industry," Journal of Financial Economics, Elsevier, vol. 64(1), pages 35-59, April.
  3. Utpal Bhattacharya & Hazem Daouk, 2002. "The World Price of Insider Trading," Journal of Finance, American Finance Association, vol. 57(1), pages 75-108, February.

2001

  1. Bhattacharya, Utpal & Ravikumar, B, 2001. "Capital Markets and the Evolution of Family Businesses," The Journal of Business, University of Chicago Press, vol. 74(2), pages 187-219, April.

2000

  1. Bhattacharya, Utpal & Daouk, Hazem & Jorgenson, Brian & Kehr, Carl-Heinrich, 2000. "When an event is not an event: the curious case of an emerging market," Journal of Financial Economics, Elsevier, vol. 55(1), pages 69-101, January.

1999

  1. Cai, Jun & Cheung, Yan-Leung & Goyal, Vidhan K., 1999. "Bank monitoring and the maturity structure of Japanese corporate debt issues," Pacific-Basin Finance Journal, Elsevier, vol. 7(3-4), pages 229-249, August.
  2. Bhattacharya, Utpal & Krishnan, Murugappa, 1999. "To believe or not to believe1," Journal of Financial Markets, Elsevier, vol. 2(1), pages 69-98, February.

1998

  1. Goyal, Vidhan K. & Gollapudi, Neela & Ogden, Joseph P., 1998. "A corporate bond innovation of the 90s: The clawback provision in high-yield debt," Journal of Corporate Finance, Elsevier, vol. 4(4), pages 301-320, December.
  2. Bhattacharya, Utpal & Spiegel, Matthew, 1998. "Anatomy of a Market Failure: NYSE Trading Suspensions (1974-1988)," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(2), pages 216-226, April.

1997

  1. Bhattacharya, Utpal, 1997. "Communication Costs, Information Acquisition, and Voting Decisions in Proxy Contests," The Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 1065-1097.
  2. Bhattacharya, Utpal & Weller, Paul, 1997. "The advantage to hiding one's hand: Speculation and central bank intervention in the foreign exchange market," Journal of Monetary Economics, Elsevier, vol. 39(2), pages 251-277, July.

1995

  1. Bhattacharya Utpal & Reny Philip J. & Spiegel Matthew, 1995. "Destructive Interference in an Imperfectly Competitive Multi-Security Market," Journal of Economic Theory, Elsevier, vol. 65(1), pages 136-170, February.

1994

  1. Goyal, Vidhan & Hwang, Chuan-Yang & Jayaraman, Narayanan & Shastri, Kuldeep, 1994. "The ex-date impact of rights offerings. The evidence from firms listed on the Tokyo stock exchange," Pacific-Basin Finance Journal, Elsevier, vol. 2(2-3), pages 277-291, May.

1993

  1. Bhattacharya, Utpal & Yavas, Abdullah, 1993. "In search of the right middleman," Economics Letters, Elsevier, vol. 42(4), pages 341-347.

1991

  1. Bhattacharya, Utpal & Spiegel, Matthew, 1991. "Insiders, Outsiders, and Market Breakdowns," The Review of Financial Studies, Society for Financial Studies, vol. 4(2), pages 255-282.

Chapters

2024

  1. Murray Z. Frank & Vidhan K. Goyal, 2024. "Empirical corporate capital structure," Chapters, in: David J. Denis (ed.), Handbook of Corporate Finance, chapter 2, pages 27-125, Edward Elgar Publishing.

2019

  1. Vidhan K Goyal, 2019. "Comments on "Corporate bond use in Asia and the United States"," BIS Papers chapters, in: Bank for International Settlements (ed.), Asia-Pacific fixed income markets: evolving structure, participation and pricing, volume 102, pages 109-111, Bank for International Settlements.

2018

  1. Vidhan K Goyal, 2018. "Discussion of M S Mohanty and Suresh Sundaresan’s paper," BIS Papers chapters, in: Bank for International Settlements (ed.), The price, real and financial effects of exchange rates, volume 96, pages 37-40, Bank for International Settlements.

2017

  1. Vidhan Goyal & Frank Packer, 2017. "Corporate leverage in emerging Asia," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial systems and the real economy, volume 91, pages 65-94, Bank for International Settlements.

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