A Century of Corporate Capital Structure: The Leveraging of Corporate America with John R. Graham and Mark T. Leary, 2015, Journal of Financial Economics 118, 658-683.
- Winner of the Jensen Prize for Best Paper on Corporate Governance and Financial Regulation in the Journal of Financial Economics
- Posted on Harvard Law School Forum on Corporate Governance and Financial Regulation, April 28, 2015
- Posted on Vox, May 6, 2014
Control Rights and Capital Structure: An Empirical Investigation with Amir Sufi, 2009, Journal of Finance 64, 1657-1695.
- Lead Article
- Formerly entitled, “Are Bond Covenants Priced?”
- Data : Updated and improved Covenant Violation Data from this study. This dataset contains all covenant violations reported in the SEC filings during the period 1996 to 2012 for publicly traded firms in the United States. Conditions for the use of this dataset are as follows:
- Please reference the following paper which contains details on the construction and usage of the data: 'Control Rights and Capital Structure: An Empirical Investigation', with Amir Sufi, Journal of Finance, 2009, 64, 1657-1695. (Note: This is an updated and improved - in terms of coverage - version of the dataset originally used in the published paper)
- If you find any errors please notify me so that I can update the file and notify others.
- Data may be used for non-commercial purposes free of charge. For all other uses please contact Michael R. Roberts.
How does Financing Impact Investment? The Role of Debt Covenants with Sudheer Chava, 2008, Journal of Finance 63, 2085 - 2121.
- Lead Article
- Nominated for the Brattle Prize in the Journal of Finance
- Formerly entitled: 'Is Financial Contracting Costly? An Empirical Analysis of Debt Covenant Violations'
- Data : This link file enables researchers to merge Thomson-Reuter's (Refinitiv) LPC Dealscan and Standard and Poor's Computstat databases. The unique row identifiers are Dealscan's FACILITYID and Compustat's GVKEY. The construction of this link file has been an ongoing process since 2002. The current version of the file contains matches through January 2021. I am working on expanding and updating through 2023, which has been made more challenging by Dealscan's format change.
- Please reference the following paper which contains details on the construction and usage of the data. 'How does Financing Impact Investment? The Role of Debt Covenants,' with Sudheer Chava, Journal of Finance 2008, 63, 2085 - 2121. (formerly entitled 'Is Financial Contracting Costly? An Empirical Analysis of Debt Covenant Violations')
- If you find any errors please notify me so that I can update the file and notify others.
- The file is also available on Wharton Research Data Services (WRDS) and can be found under: Thomson Reuters --- WRDS-Reuters Dealscan --- Compustat Linking Table
- Data may be used for non-commercial purposes free of charge. For all other uses please contact Michael R. Roberts.
On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing with Jacob Boudoukh, Roni Michaely, and Matthew Richardson, 2007, Journal of Finance 62, 877 - 915.
- Lead Article
- Formerly entitled, “Are Bond Covenants Priced?”
- Data : This dataset contains annual and monthly time series for aggregate corporate payout (dividends plus equity repurchases) and net payout (dividends plus equity repurchases less equity issuances).
- Please reference the following paper which contains details on the construction and usage of the data : 'On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing,' with Jacob Boudoukh, Roni Michaely, and Matthew Richardson, Journal of Finance, 2007, 62, 877 - 915
- If you find any errors please notify me so that I can update the file and notify others.
- Data may be used for non-commercial purposes free of charge. For all other uses please contact Michael R. Roberts.
Do Firms Rebalance Their Capital Structures? with Mark T. Leary, 2005, Journal of Finance 60, 2575 - 2619.
- Lead Article
- Winner of the Brattle Price for Distinguished Paper in the Journal of Finance
- Winner of the Best Paper in Corporate Finance Award, Financial Management Association Conference, 2004
- Winner of the Best Paper in Corporate Finance Award, Southwestern Finance Association Conference, 2004
Response to King's Comment with David Freedman, Stephen Klein, and Michael Ostland, Journal of the American Statistical Association, March, 1999.