Details about René M. Stulz

Homepage:	http://www.cob.ohio-state.edu/fin/faculty/stulz/index.htm
Workplace:	Charles A. Dice Center for Research in Financial Economics, Fisher College of Business, Ohio State University, (more information at EDIRC) Department of Finance, Fisher College of Business, Ohio State University, (more information at EDIRC) National Bureau of Economic Research (NBER), (more information at EDIRC) Swiss Finance Institute, (more information at EDIRC)

Access statistics for papers by René M. Stulz.

Last updated 2008-01-10. Update your information in the RePEc Author Service.

Short-id: pst226

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Working Papers

2007

1. Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth
   NBER Working Papers, National Bureau of Economic Research, Inc

2006

2. Financial Globalization, Corporate Governance, and Eastern Europe
   NBER Working Papers, National Bureau of Economic Research, Inc
3. Financial Globalization, Governance, and the Evolution of the Home Bias
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
4. Is There Hedge Fund Contagion?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
5. The Economics of Conflicts of Interest in Financial Institutions
   NBER Working Papers, National Bureau of Economic Research, Inc
6. Why Do U.S. Firms Hold So Much More Cash Than They Used To?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations

2005

7. Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
8. How Much Do Banks Use Credit Derivatives to Reduce Risk?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
9. Private Benefits of Control, Ownership, and the Cross-Listing Decision
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
10. The Limits of Financial Globalization
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Finance (2005)
11. The Risks of Financial Institutions
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
12. Why Do Firms Become Widely Held? An Analysis of the ynamics of Corporate Ownership
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

2004

13. Dividend Policy, Agency Costs, and Earned Equity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
14. Do Acquirers With More Uncertain Growth Prospects Gain Less From Acquisitions?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
15. Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Review of Financial Studies (2005)
16. Should We Fear Derivatives?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Economic Perspectives (2004)
17. Stock Market Trading and Market Conditions
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
18. Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Finance (2005)
19. Why Do Countries Matter So Much for Corporate Governance?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

2003

20. Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
21. Do shareholders of acquiring firms gain from acquisitions?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
22. Equity market liberalizations as country IPOs
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in American Economic Review (2003)

2002

23. Are Financial Assets Priced Locally or Globally?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Chapter (2003)
24. Corporate Governance and the Home Bias
    SIFR Research Report Series, Institute for Financial Research View citations
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2001) View citations
25. Daily Cross-Border Equity Flows: Pushed or Pulled?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

2001

26. Culture, Openness, and Finance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Financial Economics (2003)
27. Do Domestic Investors Have More Valuable Information About Individual Stocks Than Foreign Investors?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
28. Why are Foreign Firms Listed in the U.S. Worth More?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Financial Economics (2004)

2000

29. A New Approach to Measuring Financial Contagion
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Review of Financial Studies (2003)
30. Asset Liquidity and Segment Divestitures
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
31. Firm Value, Risk, and Growth Opportunities
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
32. U.S. Banks, Crises, and Bailouts: From Mexico to LTCM
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in American Economic Review (2000)

1999

33. Banks, the IMF, and the Asian Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Pacific-Basin Finance Journal (2000)
34. Corporate Focusing and Internal Capital Markets
    NBER Working Papers, National Bureau of Economic Research, Inc
35. Globalization of Equity Markets and the Cost of Capital
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

1998

36. Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Financial Economics (1999)

1997

37. International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis of Stock Returns
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Review of Financial Studies (2001)
38. Is Bank-Centered Corporate Governance Worth It? A Cross-Sectional Analysis of the Performance of Japanese Firms during the Asset Price Deflation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
39. The Determinants and Implications of Corporate Cash Holdings
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Financial Economics (1999)

1996

40. An Analysis of Divisional Investment Policies
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
41. The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Review of Financial Studies (1999)

1995

42. Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
43. Leverage, Investment, and Firm Growth
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Financial Economics (1996)
44. Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article in Journal of Financial Economics (1997)

1994

45. Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Financial Economics (1995)
46. How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article in Review of Financial Studies (1996)
47. Information, Trading and Stock Returns: Lessons from Dually-Listed Securities
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Banking & Finance (1996)
48. International Portfolio Choice and Asset Pricing: An Integrative Survey
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
49. Investment Opportunities, Managerial Decisions, and the Security Issue Decision
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

1993

50. Tobin's Q, Corporate Diversification and Firm Performance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Political Economy (1994)

1992

51. Foreign Equity Investment Restrictions and Shareholder Wealth Maximization
    NBER Working Papers, National Bureau of Economic Research, Inc
52. Global Financial Markets and the Risk Premium on U.S. Equity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Financial Economics (1992)

Undated

53. Identifying and quantifying exposures
    Research in Financial Economics, Ohio State University
54. Why do Markets Move Together? An Investigation of U.S.-Japan Stock Return Comovements
    Research in Financial Economics, Ohio State University View citations
    See also Journal Article in Journal of Finance (1996)
55. Why do Markets Move Together? An Investigation of U.S.-Japan Stock Return Comovements using ADRS
    Research in Financial Economics, Ohio State University

Journal Articles

2006

1. Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory
   Journal of Financial Economics, 2006, 81, (2), 227-254 View citations
2. Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-country Analysis
   Journal of Finance, 2006, 61, (6), 2725-2751 View citations

2005

3. Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
   Review of Financial Studies, 2005, 18, (3), 795-829 View citations
   See also Working Paper (2004)
4. The Limits of Financial Globalization
   Journal of Finance, 2005, 60, (4), 1595-1638 View citations
   See also Working Paper (2005)
5. Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave
   Journal of Finance, 2005, 60, (2), 757-782 View citations
   See also Working Paper (2004)

2004

6. Are Daily Cross-Border Equity Flows Pushed or Pulled?
   The Review of Economics and Statistics, 2004, 86, (3), 641-657 View citations
7. Firm size and the gains from acquisitions
   Journal of Financial Economics, 2004, 73, (2), 201-228 View citations
8. Should We Fear Derivatives?
   Journal of Economic Perspectives, 2004, 18, (3), 173-192 View citations
   See also Working Paper (2004)
9. Why are foreign firms listed in the U.S. worth more?
   Journal of Financial Economics, 2004, 71, (2), 205-238 View citations
   See also Working Paper (2001)

2003

10. A New Approach to Measuring Financial Contagion
    Review of Financial Studies, 2003, 16, (3), 717-763 View citations
    Also in Proceedings, 2001, (May), 489-529 (2001) View citations
    See also Working Paper (2000)
11. Culture, openness, and finance
    Journal of Financial Economics, 2003, 70, (3), 313-349 View citations
    See also Working Paper (2001)
12. Equity-Market Liberalizations as Country IPO's
    American Economic Review, 2003, 93, (2), 97-101 View citations
    See also Working Paper (2003)

2002

13. Divestitures and the liquidity of the market for corporate assets
    Journal of Financial Economics, 2002, 64, (1), 117-144 View citations

2001

14. International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis of Stock Returns
    Review of Financial Studies, 2001, 14, (1), 215-41 View citations
    See also Working Paper (1997)

2000

15. Banks, the IMF, and the Asian crisis
    Pacific-Basin Finance Journal, 2000, 8, (2), 177-216 View citations
    See also Working Paper (1999)
16. Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience
    Journal of Business, 2000, 73, (1), 1-23 View citations
17. Merton Miller and Modern Finance
    Financial Management, 2000, 29, (4) View citations
18. Report of the Editor for His Tenure and 1999
    Journal of Finance, 2000, 55, (4), 1861-1892 View citations
19. U.S. Banks, Crises, and Bailouts: From Mexico to LTCM
    American Economic Review, 2000, 90, (2), 28-31 View citations
    See also Working Paper (2000)

1999

20. Do foreign investors destabilize stock markets? The Korean experience in 1997
    Journal of Financial Economics, 1999, 54, (2), 227-264 View citations
    See also Working Paper (1998)
21. Erratum from the Editor
    Journal of Finance, 1999, 54, (5), 1929-1929
22. The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan
    Review of Financial Studies, 1999, 12, (3), 519-34 View citations
    See also Working Paper (1996)
23. The determinants and implications of corporate cash holdings
    Journal of Financial Economics, 1999, 52, (1), 3-46 View citations
    See also Working Paper (1997)

1998

24. Are Internal Capital Markets Efficient?
    The Quarterly Journal of Economics, 1998, 113, (2), 531-552 View citations
25. Report of the Editor of "The Journal of Finance" for the Year 1997
    Journal of Finance, 1998, 53, (4), 1421-1434

1997

26. Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan
    Journal of Financial Economics, 1997, 46, (1), 3-28 View citations
    See also Working Paper (1995)

1996

27. How Different Is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues
    Review of Financial Studies, 1996, 9, (1), 109-39 View citations
    See also Working Paper (1994)
28. Information, trading and stock returns: Lessons from dually-listed securities
    Journal of Banking & Finance, 1996, 20, (7), 1161-1187 View citations
    See also Working Paper (1994)
29. Leverage, investment, and firm growth
    Journal of Financial Economics, 1996, 40, (1), 3-29 View citations
    See also Working Paper (1995)
30. Timing, investment opportunities, managerial discretion, and the security issue decision
    Journal of Financial Economics, 1996, 42, (2), 159-185 View citations
31. Why Do Markets Move Together? An Investigation of U.S.-Japan Stock Return Comovements
    Journal of Finance, 1996, 51, (3), 951-86 View citations
    See also Working Paper

1995

32. Asset sales, firm performance, and the agency costs of managerial discretion
    Journal of Financial Economics, 1995, 37, (1), 3-37 View citations
    See also Working Paper (1994)
33. Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization: Theory and Evidence
    Review of Financial Studies, 1995, 8, (4), 1019-57 View citations

1994

34. Tobin's q, Corporate Diversification, and Firm Performance
    Journal of Political Economy, 1994, 102, (6), 1248-80 View citations
    See also Working Paper (1993)

1993

35. Contracting Costs, Inflation, and Relative Price Variability
    Journal of Money, Credit and Banking, 1993, 25, (3), 585-601 View citations
    Also in Proceedings, 1993, 585-611 (1993) View citations

1992

36. Global financial markets and the risk premium on U.S. equity
    Journal of Financial Economics, 1992, 32, (2), 137-167 View citations
    See also Working Paper (1992)
37. Is There a Global Market for Convertible Bonds?
    Journal of Business, 1992, 65, (1), 75-91 View citations
38. Optimal hedging of stock portfolios against foreign exchange risk: theory and applications
    Global Finance Journal, 1992, 3, (2), 97-113

1991

39. A test of the free cash flow hypothesis*1: The case of bidder returns
    Journal of Financial Economics, 1991, 29, (2), 315-335 View citations

1990

40. Managerial discretion and optimal financing policies
    Journal of Financial Economics, 1990, 26, (1), 3-27 View citations
41. The Distribution of Target Ownership and the Division of Gains in Successful Takeovers
    Journal of Finance, 1990, 45, (3), 817-33 View citations

1989

42. Contracts, delivery lags, and currency risks
    Journal of International Money and Finance, 1989, 8, (1), 89-103
43. Managerial performance, Tobin's Q, and the gains from successful tender offers
    Journal of Financial Economics, 1989, 24, (1), 137-154 View citations

1988

44. Capital mobility and the current account
    Journal of International Money and Finance, 1988, 7, (2), 167-180 View citations
45. Managerial control of voting rights: Financing policies and the market for corporate control
    Journal of Financial Economics, 1988, 20, (1-2), 25-54 View citations
46. The Eurobond market and corporate financial policy: A test of the clientele hypothesis
    Journal of Financial Economics, 1988, 22, (2), 189-205 View citations

1987

47. An Equilibrium Model of Exchange Rate Determination and Asset Pricing with Nontraded Goods and Imperfect Information
    Journal of Political Economy, 1987, 95, (5), 1024-40 View citations
48. The Pricing of Options with Default Risk
    Journal of Finance, 1987, 42, (2), 267-80 View citations
49. Time-varying risk premia, imperfect information and the forward: Exchange rate
    International Journal of Forecasting, 1987, 3, (1), 171-177 View citations

1986

50. Asset Pricing and Expected Inflation
    Journal of Finance, 1986, 41, (1), 209-23 View citations
51. Interest rates and monetary policy uncertainty
    Journal of Monetary Economics, 1986, 17, (3), 331-347 View citations
52. Risk and the economy: a finance perspective
    Proceedings, 1986, 79-124

1985

53. An analysis of secured debt
    Journal of Financial Economics, 1985, 14, (4), 501-521 View citations
54. Editorial data
    Journal of Financial Economics, 1985, 14, (3), 325-325

1984

55. Currency Preferences, Purchasing Power Risks, and the Determination of Exchange Rates in an Optimizing Model
    Journal of Money, Credit and Banking, 1984, 16, (3), 302-16 View citations
56. Editorial data
    Journal of Financial Economics, 1984, 13, (4), 459-459

1983

57. On the Determinants of Net Foreign Investment
    Journal of Finance, 1983, 38, (2), 459-68
58. The demand for foreign bonds
    Journal of International Economics, 1983, 15, (3-4), 225-238 View citations

1982

59. Options on the minimum or the maximum of two risky assets: Analysis and applications
    Journal of Financial Economics, 1982, 10, (2), 161-185 View citations
60. The forward exchange rate and macroeconomics
    Journal of International Economics, 1982, 12, (3-4), 285-299 View citations

1981

61. On the Effects of Barriers to International Investment
    Journal of Finance, 1981, 36, (4), 923-34 View citations

Edited books

2003

1. Handbook of the Economics of Finance, vol 1, Part 1
   Handbook of the Economics of Finance, Elsevier
2. Handbook of the Economics of Finance, vol 1, Part 2
   Handbook of the Economics of Finance, Elsevier

Chapters

2003

1. Are financial assets priced locally or globally?
   Chapter 16 in Handbook of the Economics of Finance, 2003, vol. 1, Part 2, pp 975-1020 View citations
   See also Working Paper (2002)

Editor

1. Handbook of the Economics of Finance
   Elsevier
2. Handbook of the Economics of Finance
   Elsevier