Publications

The Pecking Order Theory of Capital Structure: Where Do We Stand? Murray Z. Frank, Vidhan K. Goyal and Tao Shen, Oxford Research Encylopedia of Economics and Finance, 2020, Forthcoming.

Banking Relationships and Creditor Rights. Vidhan K. Goyal, Lakshmi Naaraayanan, and Anand Srinivasan, Quarterly Journal of Finance, 2019, 9(4). DOI: 10.1142/S2010139219500162.

Investor Myopia and CEO Turnover, Vidhan K. Goyal and Angie Low, International Review of Finance, 2019, 19(4):759-786.

Provision of Management Incentives in Bankrupt Firms, Vidhan K. Goyal and Wei Wang, Journal of Law, Finance, and Accounting, 2017, 2: 87-123.

  • Featured Podcast on the American Bankruptcy Institute (ABI).

    • ABI Resident Scholar Susan Hauser talks with Profs. Vidhan K. Goyal of the Hong Kong University of Science & Technology (HKUST) and Wei Wang of the Queen's School of Business about their controversial paper, "Provision of Management Incentives in Bankrupt Firms." Profs. Goyal and Wang examine the use of key employee retention plans (KERPs) in bankrupt firms and discuss how the results of their empirical research do not support the common view that retention bonus plans enrich managers at the expense of creditors. Click here to listen.

  • Best Paper Award at the 2012 NTU International Conference on Finance, Taipei

  • The Wall Street Journal, August 9, 2012. "Study Finds Bankruptcy Bonuses Work", by Patrick Fitzgerald


The Profit-Leverage Puzzle Revisited, ​Murray Z. Frank and Vidhan K. Goyal, Review of Finance, 2015, 19:1415-1453.

Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes, Vidhan K. Goyal and Wei Wang, Journal of Financial and Quantitative Analysis, 2013, 48:789-817.

Capital Market Access and Financing of Private Firms, Vidhan K. Goyal, Alessandro Nova, and Laura Zanetti, International Review of Finance, 2011, 11:155-179.

Equity Market Liberalization and Corporate Governance, Kee-Hong Bae and Vidhan K. Goyal, Journal of Corporate Finance, 2010, 16:609-621

  • Lead article

  • Received Best Paper in International Finance Award at the FMA meetings, Reno, Nevada, 2009

  • Received Samsung Securities Co. Ltd Outstanding Paper Award at the 4th Annual Conference on Asia-Pacific Financial Markets, Seoul, December 2009


Capital structure decisions: Which factors are reliably important? Murray Z. Frank and Vidhan K. Goyal, Financial Management, 2009, 38:1-37.

  • Lead article

  • Citation of Excellence Award for 2013 (Given to the 50 most outstanding articles published by the top 300 management journals in the world).

  • NTU International Finance Conference Best Paper Award in Taipei, Taiwan, December 2004.

  • Top 3 downloaded article in Financial Management (- April 2010)


Creditor Rights, Enforcement and Bank Loans, Kee-Hong Bae and Vidhan K. Goyal, Journal of Finance, 2009, 64:823-860.

  • Featured in the Finance Research: Interest Bearing Notes, World Bank Newsletter 15.


Trade-off and Pecking Order Theories of Debt, Murray Z. Frank and Vidhan K. Goyal. In Espen Eckbo (ed.) The Handbook of Empirical Corporate Finance, Elsevier Science, 2008, Chapter 12, 135-197.

Investment opportunity set and its proxy variables, Tim Adam and Vidhan K. Goyal, Journal of Financial Research, 2008, 31:41-63.

  • Abstracted in the MichiganMail, University of Michigan Business School.


On the patterns and wealth effects of vertical mergers, Joseph Fan and Vidhan K. Goyal, Journal of Business, 2006, 79:877-902.

Market discipline of bank risk: Evidence from subordinated debt contracts, Vidhan K. Goyal, Journal of Financial Intermediation, 2005, 14:318-350

The effect of market conditions on capital structure adjustment, Murray Z. Frank and Vidhan K. Goyal, Finance Research Letters, 2004, 1:47-55.

Asset price shocks, financial constraints, and investment: Evidence from Japan, Vidhan K. Goyal and Takeshi Yamada, Journal of Business, 2004, 77:175-199.

  • Featured in the NBER Reporter.


Testing the pecking order theory of capital structure, Murray Z. Frank and Vidhan K. Goyal, Journal of Financial Economics, 2003, 67:217-248.

  • Jensen Prize for the Best Paper Published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations (Second Place Winner)


Growth opportunities and corporate debt policy: the case of the U.S. Defense Industry, Vidhan K. Goyal, Kenneth Lehn, and Stanko Racic, Journal of Financial Economics, 2002, 64:35-59.

Board leadership structure and chief executive turnover, Vidhan K. Goyal and Chul W. Park, Journal of Corporate Finance, 2002, 8:49-66.


Bank Monitoring and the Maturity Structure of Japanese Corporate Debt Issues, Jun Cai, Yan-Leung Cheung, and Vidhan K. Goyal, Pacific-Basin Finance Journal, 1999, 7:229-250.

  • Winner of the HSBC Asset Management Hong Kong Competitive Research Award at the 1998 Pacific Basin Finance Conference.


A corporate bond innovation of the 90s: The clawback provision in high yield debt, Vidhan K. Goyal, Neela Gollapudi, and Joseph P. Ogden, Journal of Corporate Finance 1998, 4:301-320.

  • Lead Article

  • Featured in the  Bowne Review for CFOs and Investment Bankers, 1999


The ex-date impact of rights offerings: The evidence from firms listed on the Tokyo Stock Exchange, Vidhan K. Goyal, Chuan-Yang Hwang, Narayanan Jayaraman, and Kuldeep Shastri, Pacific-Basin Finance Journal 1994, 2:277-291.

  • Received Fifth Annual PACAP Finance Conference Award in Kuala Lumpur, Malaysia, June 1993.

Other Publications

Global Liquidity and Corporate Financing in Emerging Asia, Vidhan K. Goyal and Frank Packer, IEMS Thought Leadership Brief, October 2019 (No. 35)

Comments on 'Corporate bond use in Asia and the United States', Vidhan K. Goyal, Asia-Pacific Fixed Income Markets: Evolving Structure, Participation, and Pricing (BIS Papers), 2019, 102:109-111.

Comments on 'FX Hedging and Creditor Rights', Vidhan K. Goyal, The Price, Real and Financial Effects of Exchange Rates (BIS Papers), 2018, 96:37-40.

Capital Structure in Emerging Asia, Vidhan K. Goyal and Frank Packer, Financial Systems and the Real Economy (BIS Papers), 2017, 91:65-94

Henry Stewart Online Seminars by Leading World Experts. "Traditional Theories of Capital Structure: Trade-off Theories versus Pecking Order".  - Part of "Corporate Financing" (Editor Raghavendra Rao) -  Available: October 2014

Corporate Board Structures, QFinance: The Ultimate Resource, Vidhan K. Goyal, Bloomsbury, 2009. UK- Reprinted in QFinance e-book

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© 2020 by Vidhan K. Goyal