Details about Gordon M. Phillips

Access statistics for papers by Gordon M. Phillips.

Last updated 2025-04-24. Update your information in the RePEc Author Service.

Short-id: pph31

Working Papers

2025

1. Impact Investing and Worker Outcomes
   NBER Working Papers, National Bureau of Economic Research, Inc
2. Private Equity and Workers: Modeling and Measuring Monopsony, Implicit Contracts, and Efficient Reallocation
   NBER Working Papers, National Bureau of Economic Research, Inc

2024

3. Intergenerational Mobility and Credit
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
4. The Impact of Cloud Computing and AI on Industry Dynamics and Concentration
   NBER Working Papers, National Bureau of Economic Research, Inc

2022

5. Intellectual Property Protection Lost and Competition: An Examination Using Machine Learning
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
6. Scope, Scale and Concentration: The 21st Century Firm
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

2021

7. Hedging and Competition
   NBER Working Papers, National Bureau of Economic Research, Inc
8. The Effects of Going Public on Firm Performance and Commercialization Strategy: Evidence from International IPOs
   NBER Working Papers, National Bureau of Economic Research, Inc

2020

9. Can the Unemployed Borrow? Implications for Public Insurance
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
   Also in 2019 Meeting Papers, Society for Economic Dynamics (2019) View citations (10)
   2018 Meeting Papers, Society for Economic Dynamics (2018) View citations (19)
10. Education and Innovation: The Long Shadow of the Cultural Revolution
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
11. How Does Credit Access Affect Job-Search Outcomes and Sorting?
    Liberty Street Economics, Federal Reserve Bank of New York
12. Internet Access and U.S. - China Innovation Competition
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)

2019

13. Do Public Firms Respond to Industry Opportunities More Than Private Firms? The Impact of Initial Firm Quality
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
14. Innovation Activities and Integration through Vertical Acquisitions
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (7)
    See also Journal Article Innovation Activities and Integration through Vertical Acquisitions, The Review of Financial Studies, Society for Financial Studies (2020) View citations (24) (2020)

2018

15. Production and Learning in Teams
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
    Also in Working Papers, Human Capital and Economic Opportunity Working Group (2018) View citations (18)
16. Worker Mobility and the Diffusion of Knowledge
    2018 Meeting Papers, Society for Economic Dynamics View citations (3)

2017

17. Do Public Firms Respond to Investment Opportunities More than Private Firms? The Impact of Initial Firm Quality
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
18. How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output
    Working Papers, Human Capital and Economic Opportunity Working Group View citations (4)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2016) View citations (38)
    Working Papers, U.S. Census Bureau, Center for Economic Studies (2016) View citations (35)
19. Knowledge Diffusion Within and Across Firms
    2017 Meeting Papers, Society for Economic Dynamics
20. The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in Working Papers, U.S. Census Bureau, Center for Economic Studies (2016) View citations (2)
    See also Journal Article The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity, Journal of Finance, American Finance Association (2018) View citations (69) (2018)
21. The Impact of Consumer Credit Access on Employment, Earnings, and Entrepreneurship
    Working Papers, Human Capital and Economic Opportunity Working Group View citations (10)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2016) View citations (37)
22. Venture Capital Investments and Merger and Acquisition Activity Around the World
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)

2016

23. Extending Industry Specialization through Cross-Border Acquisitions
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in TSE Working Papers, Toulouse School of Economics (TSE) (2016)
    See also Journal Article Extending Industry Specialization through Cross-Border Acquisitions, The Review of Financial Studies, Society for Financial Studies (2017) View citations (39) (2017)

2015

24. The Impact of Consumer Credit Constraints on Earnings, Sorting, and Job Finding Rates of Displaced Workers
    2015 Meeting Papers, Society for Economic Dynamics View citations (2)

2014

25. Financing Decisions and Product Introductions of Private and Publicly Traded Firms
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
26. Outside Purchase Contracts, Human Capital and Firm Capital Structure
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

2012

27. R&D and the Incentives from Merger and Acquisition Activity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
    See also Journal Article R&D and the Incentives from Merger and Acquisition Activity, The Review of Financial Studies, Society for Financial Studies (2013) View citations (108) (2013)

2011

28. Conglomerate Industry Choice and Product Differentiation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
29. How Do Firm Financial Conditions Affect Product Quality and Pricing?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (20)
    See also Journal Article How Do Firm Financial Conditions Affect Product Quality and Pricing?, Management Science, INFORMS (2013) View citations (38) (2013)
30. Post-Merger Restructuring and the Boundaries of the Firm
    Working Papers, U.S. Census Bureau, Center for Economic Studies View citations (84)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (7)
    See also Journal Article Post-merger restructuring and the boundaries of the firm, Journal of Financial Economics, Elsevier (2011) View citations (85) (2011)
31. R&D and the Market for Acquisitions
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (1)

2010

32. Asset Liquidity and the Cost of Capital
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
33. Text-Based Network Industries and Endogenous Product Differentiation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    See also Journal Article Text-Based Network Industries and Endogenous Product Differentiation, Journal of Political Economy, University of Chicago Press (2016) View citations (457) (2016)

2008

34. Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis, The Review of Financial Studies, Society for Financial Studies (2010) View citations (463) (2010)
35. Real and Financial Industry Booms and Busts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article Real and Financial Industry Booms and Busts, Journal of Finance, American Finance Association (2010) View citations (120) (2010)

2006

36. The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in Working Papers, U.S. Census Bureau, Center for Economic Studies (2005) View citations (8)

2005

37. Why Do Public Firms Issue Private and Public Securities?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (22)
    See also Journal Article Why do public firms issue private and public securities?, Journal of Financial Intermediation, Elsevier (2012) View citations (91) (2012)

2002

38. Firm-Specific Resources, Financial-Market Development and the Growth of U.S. Multinationals
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
39. Is There an Optimal Industry Financial Structure?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (21)

1999

40. Do Conglomerate Firms Allocate Resources Inefficiently?
    Working Papers, U.S. Census Bureau, Center for Economic Studies View citations (45)
41. The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are there Efficiency Gains?
    Working Papers, U.S. Census Bureau, Center for Economic Studies View citations (60)
    See also Journal Article The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains?, Journal of Finance, American Finance Association (2001) View citations (330) (2001)

1998

42. Optimal Firm Size and the Growth of Conglomerate and Single-Industry Firms
    Working Papers, U.S. Census Bureau, Center for Economic Studies View citations (5)

1996

43. Efficiency of Bankrupt Firms and Industry Conditions: Theory and Evidence
    Working Papers, U.S. Census Bureau, Center for Economic Studies View citations (4)

1995

44. Capital Structure And Product Market Rivalry: How Do We Reconcile Theory And Evidence?
    Working Papers, U.S. Census Bureau, Center for Economic Studies View citations (67)
    See also Journal Article Capital Structure and Product-Market Rivalry: How Do We Reconcile Theory and Evidence?, American Economic Review, American Economic Association (1995) View citations (73) (1995)
45. Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions
    UFAE and IAE Working Papers, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC) View citations (37)
    Also in Working Papers, U.S. Census Bureau, Center for Economic Studies (1995) View citations (20)
    CESifo Working Paper Series, CESifo (1995) View citations (9)
    See also Journal Article Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions, The Review of Financial Studies, Society for Financial Studies (1997) View citations (126) (1997)

1993

46. Information and Normal Backwardationas Determinants of Trading Performance: Evidence form North-Sea Oil Forward Market
    Working Papers, Purdue University, Krannert School of Management - Center for International Business Education and Research (CIBER) View citations (1)
    See also Journal Article Information and Normal Backwardation as Determinants of Trading Performance: Evidence from the North Sea Oil Forward Market, Economic Journal, Royal Economic Society (1994) View citations (14) (1994)

1991

47. Trading Performance in Forward Markets: A Micro-Data Test of Normal Backwardation
    Working Papers, Columbia - Center for Futures Markets

Journal Articles

2021

1. Outsourcing Through Purchase Contracts and Firm Capital Structure
   Management Science, 2021, 67, (1), 363-387 View citations (8)
2. The impact of consumer credit access on self-employment and entrepreneurship
   Journal of Financial Economics, 2021, 141, (1), 345-371 View citations (25)

2020

3. Innovation Activities and Integration through Vertical Acquisitions
   The Review of Financial Studies, 2020, 33, (7), 2937-2976 View citations (24)
   See also Working Paper Innovation Activities and Integration through Vertical Acquisitions, Swiss Finance Institute Research Paper Series (2019) View citations (7) (2019)

2019

4. CEOs and the Product Market: When Are Powerful CEOs Beneficial?
   Journal of Financial and Quantitative Analysis, 2019, 54, (6), 2295-2326 View citations (28)

2018

5. Text-Based Industry Momentum
   Journal of Financial and Quantitative Analysis, 2018, 53, (6), 2355-2388 View citations (22)
6. The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity
   Journal of Finance, 2018, 73, (6), 2787-2836 View citations (69)
   See also Working Paper The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity, NBER Working Papers (2017) View citations (7) (2017)

2017

7. Extending Industry Specialization through Cross-Border Acquisitions
   The Review of Financial Studies, 2017, 30, (5), 1539-1582 View citations (39)
   See also Working Paper Extending Industry Specialization through Cross-Border Acquisitions, NBER Working Papers (2016) (2016)
8. Financing and New Product Decisions of Private and Publicly Traded Firms
   The Review of Financial Studies, 2017, 30, (5), 1744-1789 View citations (14)

2016

9. Text-Based Network Industries and Endogenous Product Differentiation
   Journal of Political Economy, 2016, 124, (5), 1423 - 1465 View citations (457)
   See also Working Paper Text-Based Network Industries and Endogenous Product Differentiation, NBER Working Papers (2010) View citations (10) (2010)

2014

10. Product Market Threats, Payouts, and Financial Flexibility
    Journal of Finance, 2014, 69, (1), 293-324 View citations (323)
11. Real Asset Illiquidity and the Cost of Capital
    Journal of Financial and Quantitative Analysis, 2014, 49, (1), 1-32 View citations (75)

2013

12. Conglomerate Firms, Internal Capital Markets, and the Theory of the Firm
    Annual Review of Financial Economics, 2013, 5, (1), 225-244 View citations (54)
13. Discussion of A Measure of Competition Based on 10‐K Filings
    Journal of Accounting Research, 2013, 51, (2), 437-447
14. How Do Firm Financial Conditions Affect Product Quality and Pricing?
    Management Science, 2013, 59, (8), 1764-1782 View citations (38)
    See also Working Paper How Do Firm Financial Conditions Affect Product Quality and Pricing?, NBER Working Papers (2011) View citations (20) (2011)
15. Private and Public Merger Waves
    Journal of Finance, 2013, 68, (5), 2177-2217 View citations (85)
16. R&D and the Incentives from Merger and Acquisition Activity
    The Review of Financial Studies, 2013, 26, (1), 34-78 View citations (108)
    See also Working Paper R&D and the Incentives from Merger and Acquisition Activity, NBER Working Papers (2012) View citations (9) (2012)

2012

17. Why do public firms issue private and public securities?
    Journal of Financial Intermediation, 2012, 21, (4), 619-658 View citations (91)
    See also Working Paper Why Do Public Firms Issue Private and Public Securities?, NBER Working Papers (2005) View citations (22) (2005)

2011

18. Post-merger restructuring and the boundaries of the firm
    Journal of Financial Economics, 2011, 102, (2), 317-343 View citations (85)
    See also Working Paper Post-Merger Restructuring and the Boundaries of the Firm, Working Papers (2011) View citations (84) (2011)

2010

19. Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis
    The Review of Financial Studies, 2010, 23, (10), 3773-3811 View citations (463)
    See also Working Paper Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis, NBER Working Papers (2008) (2008)
20. Real and Financial Industry Booms and Busts
    Journal of Finance, 2010, 65, (1), 45-86 View citations (120)
    See also Working Paper Real and Financial Industry Booms and Busts, NBER Working Papers (2008) View citations (1) (2008)

2008

21. The Industry Life Cycle, Acquisitions and Investment: Does Firm Organization Matter?
    Journal of Finance, 2008, 63, (2), 673-708 View citations (58)

2005

22. How Does Industry Affect Firm Financial Structure?
    The Review of Financial Studies, 2005, 18, (4), 1433-1466 View citations (277)

2001

23. The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Efficiency Gains?
    Journal of Finance, 2001, 56, (6), 2019-2065 View citations (330)
    See also Working Paper The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and are there Efficiency Gains?, Working Papers (1999) View citations (60) (1999)

2000

24. Corporate Equity Ownership, Strategic Alliances, and Product Market Relationships
    Journal of Finance, 2000, 55, (6), 2791-2815 View citations (210)

1997

25. Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions
    The Review of Financial Studies, 1997, 10, (3), 767-803 View citations (126)
    See also Working Paper Capital Structure and Product Market Behavior: An Examination of Plant Exit and Investment Decisions, UFAE and IAE Working Papers (1995) View citations (37) (1995)

1995

26. Capital Structure and Product-Market Rivalry: How Do We Reconcile Theory and Evidence?
    American Economic Review, 1995, 85, (2), 403-08 View citations (73)
    See also Working Paper Capital Structure And Product Market Rivalry: How Do We Reconcile Theory And Evidence?, Working Papers (1995) View citations (67) (1995)
27. Increased debt and industry product markets An empirical analysis
    Journal of Financial Economics, 1995, 37, (2), 189-238 View citations (171)

1994

28. Information and Normal Backwardation as Determinants of Trading Performance: Evidence from the North Sea Oil Forward Market
    Economic Journal, 1994, 104, (422), 76-95 View citations (14)
    See also Working Paper Information and Normal Backwardationas Determinants of Trading Performance: Evidence form North-Sea Oil Forward Market, Working Papers (1993) View citations (1) (1993)