Vidhan Krishan GOYAL
高偉翰
PhD in Finance
University of Pittsburgh, 1994

Chair Professor
Department of Finance



(852) 2358 7678
goyal@ust.hk
Room LSK5011
Personal Web

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Google Scholar
rWGeO8QAAAAJ

ORCID
0000-0002-3932-4825

ResearcherID
C-6488-2011

Scopus ID
7005469570




Research Interest Publications Projects Teaching Assignment RPG Supervision Space used




Research Interest

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Capital structure
Corporate finance
Corporate governance
Corporate valuation
Empirical corporate finance
Asian financial markets
Mergers and acquisitions (M&A)



Publications

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All Years 63 2022 0 2021 5 2020 1 2019 1 2018 2 2017 4 2016 50

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Expand All Collapse All


2021 5

Friends in Court
2021 FMA Annual Meetings, Denver, Colorado, 20-23 October 2021
Goyal, Vidhan Krishan; Madsen, Joshua; Wang, Wei Conference paper
Friends in Court
CICF Conference, Shanghai, China, 6-9 July 2021
Goyal, Vidhan Krishan; Madsen, Joshua; Wang, Wei Conference paper
Index Creation, Information, and External Finance
American Finance Association Annual Meetings 2021, Virtual, 3 - 5 January 2021
Goyal, Vidhan Krishan; Urban, Daniel; Zhao, Wenting Conference paper
Lawyer Networks and Corporate Bankruptcies
Financial Intermediation Research Society (FIRS) Conference 2021, Vancouver, Canada, 4-6 June 2021
Goyal, Vidhan Krishan; Madsen, Joshua; Wang, Wei Conference paper
Lawyer Networks and Corporate Bankruptcies
70th Annual Meeting of the Midwest Finance Association (MFA 2021), Chicago (Online), 8-21 March 2021
Goyal, Vidhan Krishan; Madsen, Joshua; Wang, Wei Conference paper

2020 1

The Pecking Order Theory of Capital Structure
Oxford Research Encyclopedia of Economics and Finance, 2020, article number e-606
Frank, Murray; Goyal, Vidhan Krishan; Shen, Tao Article

2019 1

Banking Relationships and Creditor Rights
Quarterly Journal of Finance, 2019, article number 1950016
Goyal, Vidhan Krishan; Naaraayanan, Sankararama Lakshmi; Srinivasan, Anand Article

2018 2

Investor Myopia and CEO Turnover
International Review of Finance, v.19, (4), December 2019, p. 759-786
Goyal, Vidhan Krishan; Low, Angie Article
Capital Market Access and Cash Flow Allocation During the Financial Crisis
Midwest Finance Association 2018 Conference, San Antonio, Texas, 1-3 March 2018
Goyal, Vidhan Krishan; Florysiak, David J. Conference paper

2017 4

Provision of Management Incentives in Bankrupt Firms
Journal of Law, Finance, and Accounting, v. 2, (1), June 2017, p. 87-123
Goyal, Vidhan Krishan; Wang, Wei Article
Index Membership and Capital Structure: International Evidence
China International Conference in Finance 2017, Hangzhou, China., 12-15 July 2017
Goyal, Vidhan Krishan; Urban, Daniel; Zhao, Wenting Conference paper
Index Membership and Capital Structure: International Evidence
Financial Management Association Annual Meeting, Boston, MA, 11-14 October 2017
Goyal, Vidhan Krishan; Urban, Daniel; Zhao, Wenting Conference paper
Index Membership and Capital Structure: International Evidence
12th Annual Conference of Financial Intermediation Research Society Conference 2017, Hong Kong, 5-7 Jun 2017
Goyal, Vidhan Krishan; Urban, Daniel; Zhao, Wenting Conference paper

2016 5

Banking Relationships and Loan Contracting
The 28th Asian Finance Association (FA) Annual Meeting, Bangkok, Thailand, 26-28 June, 2016
S. Lakshmi Naaraayanan; Goyal, Vidhan K.; Srinivasan, Anand Conference paper
Capital Market Access and Cash Flow Allocation during the Financial Crisis
23rd Annual Meeting of the German Finance Association (DGF), Bonn, Germany, 30 September-1 October 2016
Goyal, Vidhan K.; Florysiak, David Jens Conference paper
Capital Market Access and Cash Flow Allocation During the Financial Crisis
The 11th Conference on Asia-Pacific Financial Markets, Seoul, South Korea, 2-3 December 2016
Goyal, Vidhan Krishan; Florysiak, David Jens Conference paper
Capital Market Access and Cash Flow Allocation During the Financial Crisis
The 28th Asian Finance Association Annual Meeting, Bangkok, Thailand, 26-28 June 2016
Goyal, Vidhan Krishan; Florysiak, David Jens Conference paper
Capital Structure in Emerging Asia
BNM-BIS Conference on "Financial Systems and the Real Economy
http://repository.ust.hk/ir/Record/1783.1-71371" target="_blank"> The profits-leverage puzzle revisited
Review of Finance, v. 19, (4), July 2015, p. 1415-1453
Frank, Murray Z.; Goyal, Vidhan K. Article
Provision of Management Incentives in Bankrupt Firms
1st International Conference of the Journal of Law, Finance, and Accounting (JLFA 2015), Hong Kong, 1-2 June 2015
Goyal, Vidhan K.; Wang, Wei Conference paper

2014 2

Provision of Management Incentives in Bankrupt Firms
London Business School Summer Symposium 2014, London, Britain, 9-11 June 2014
Goyal, Vidhan K.; Wang, Wei Conference paper
Top Management Compensation Differences and Merger Outcomes
2014 FMA European Conference, Maastricht University, The Netherlands, 10-12 June 2014
Goyal, Vidhan Krishan; Zhang, Zilong Conference paper

2013 2

Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
Journal of Financial and Quantitative Analysis, v. 48, (3), June 2013, p. 789-817
Goyal, Vidhan K.; Wang, Wei Article
Provision of Management Incentives in Bankrupt Firms
2013 China International Conference in Finance, Shanghai, China, 10-13 July 2013
Goyal, Vidhan K.; Wang, Wei Conference paper

2012 4

Provision of incentives in Chapter 11 firms
The Seventh Annual Conference on Empirical Legal Studies, Stanford Law School, Stanford, USA, 9-10 November 2012
Goyal, Vidhan K.; Wang, Wei Conference paper
Provision of Management Incentives in Bankrupt Firms
The Seventh Annual Conference on Empirical Legal Studies, Stanford Law School, Palo Alto, USA, 9-10 November 2012
Goyal, Vidhan K.; Wang, Wei Conference paper
Provision of Management Incentives in Bankrupt Firms
Proceedings: 2012 NTU International Conference on Finance, 2012
Goyal, Vidhan K.; Wang, Wei Conference paper
Provision of Management Incentives in Bankrupt Firms
Northern Finance Association Meetings, Ontario, Canada, 28-30 September 2012
Goyal, Vidhan K.; Wang, Wei Conference paper

2011 1

Capital Market Access and Financing of Private Firms
International Review of Finance, v. 11, (2), June 2011, p. 155-179, Special Issue: Financing and Capital Structure: Part II
Goyal, Vidhan K.; Nova, Alessandro; Zanetti, Laura Article

2010 6

Equity market liberalization and corporate governance
Journal of Corporate Finance, v. 16, (5), December 2010, p. 609-621
Bae, Kee-Hong; Goyal, Vidhan K. Article
Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
FIRS Conference 2010, Florence, Italy, 7-9 June 2010
Goyal, Vidhan K.; Wei, Wang Conference paper
Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
The 6th Annual Conference on Economic Growth and Development, Indian Statistical Institute, New Delhi, India, 16-18 December 2010
Goyal, Vidhan K.; Wang, Wei Conference paper
Investor Characteristics, Relationships, and IPO Allocations
Financial Management Association Meetings, Singapore, October 2010
Goyal, Vidhan K.; Tam, Lewis Conference paper
Investor Characteristics, Relationships, and IPO Allocations
European Financial Management Association 2010 Annual Meetings, Aarhaus, Denmark, 23-26 June 2010
Goyal, Vidhan K.; Tam, Lewis Conference paper
Investor Characteristics, Relationships, and IPO Allocations
2010 China International Conference in Finance, Beijing, China, 4-7 July 2010
Goyal, Vidhan K.; Tam, Lewis Conference paper

2009 6

Capital Structure Decisions: Which Factors Are Reliably Important ?
Financial Management, v. 38, (1), 2009, p. 1-37
Frank, Murray Z.; Goyal, Vidhan K. Article
Creditor Rights, Enforcement, and Bank Loans
Journal of Finance, v. 64, (2), April 2009, p. 823-860
Bae, Kee-Hong; Goyal, Vidhan K. Article
Corporate Board Structures
QFinance: The Ultimate Resource / Bloomsbury. London, UK : Bloomsbury, 2009, p. 137-140
Goyal, Vidhan K. Book chapter
Corporate Governance and Stock Market Liberalization
Journal of Corporate Finance 2009 Special Conference on Emerging Markets, Beijing, China, 24 - 25 August 2009
Goyal, Vidhan K.; Bae, Kee-Hong Conference paper
Corporate Leverage Adjustment: How Much Do Managers Really Matter?
17th Conference on the Theories and Practice of Securities and Financial Markets, SFM, Kaohsiung, Taiwan, 11 - 12 December 2009
Goyal, Vidhan K.; Frank, Murray Conference paper
Profits and Capital Structure
American Finance Association Meetings 2009, San Francisco, USA, 3 - 5 January 2009
Frank, Murray; Goyal, Vidhan K. Conference paper

2008 4

The investment opportunity set and its proxy variables
Journal of Financial Research, v. 31, (1), 2008, p. 41-63
Adam, Tim; Goyal, Vidhan K. Article
Tradeoff and Pecking Order Theories of Debt
Handbook of Empirical Corporate Finance, v.2 / Edited by B. Espen Eckbo. Amsterdam : Elsevier, 2008, p. 135-197, Ch. 12
Goyal, Vidhan K.; Frank, Murray Book chapter
Equity market liberalization and corporate governance
4th Annual Conference on Economic Growth and Development, New Delhi, India, 17 - 18 December 2008
Bae, Kee-Hong; Goyal, Vidhan K. Conference paper
Equity Market Liberalization and Corporate Governance
6th NTU International Conference on Economics, Finance and Accounting - Financial Engineering and Financial Intermediation, Taipei, Taiwan, 20 - 22 May 2008
Bae, Kee-Hong; Goyal, Vidhan Krishan Conference paper

2006 2

On the patterns and wealth effects of vertical mergers
Journal of business, v. 79, (2), 2006, MAR, p. 877-902
Fan, Joseph P.H.; Goyal, Vidhan K. Article
Corporate Leverage Adjustment: How Much Do Managers Really Matter?
Minnesota-Wisconsin Corporate Finance Conference, Minnesota, US, 20-22 May 2006
Frank, Murray Z.; Goyal, Vidhan K. Conference paper

2005 3

Market discipline of bank risk: Evidence from subordinated debt contracts
Journal of financial intermediation, v. 14, (3), 2005, JUL, p. 318-350
Goyal, Vidhan K. Article
Creditor Rights, Enforcement and Costs of Loan Finance
Sixth CIFRA International Conference on Financial Development and Governance. Moscow, August 2005
Bae, Kee-Hong; Goyal, Vidhan K. Conference paper
Underwriter Investor relationships and information spillovers
Conference on the Theories and Practices of Securities and Financial Markets, National Sun Yat-sen University, Kaohsiung, December 2005
Goyal, Vidhan K.; Tam, Lewis H.K. Conference paper

2004 4

Asset price shocks, financial constraints, and investment: Evidence from Japan
Journal of business, v. 77, (1), 2004, JAN, p. 175-199
Goyal, Vidhan K.; Yamada, Takeshi Article
The effect of market conditions on capital structure adjustment
Finance Research Letters, v. 1, (1), 2004, p. 47-55
Frank, Murray Z.; Goyal, Vidhan K. Article
Capital Structure Decisions
American Finance Association (AFA) Meetings, San Diego, January
Frank, Murray Z.; Goyal, Vidhan K. Conference paper
Property rights protection and bank loan pricing
Financial Intermediation Research Society Conference, Capri, May
Bae, Kee-Hong; Goyal, Vidhan K. Conference paper

2003 1

Testing the pecking order theory of capital structure
Journal of financial economics, v. 67, (2), 2003, FEB, p. 217-248
Frank, Murray Z.; Goyal, Vidhan K. Article

2002 2

Board leadership structure and CEO turnover
Journal of corporate finance, v. 8, (1), 2002, JAN, p. 49-66
Goyal, Vidhan K.; Park, Chul W. Article
Growth opportunities and corporate debt policy: the case of the US defense industry
Journal of financial economics, v. 64, (1), 2002, APR, p. 35-59
Goyal, Vidhan K.; Lehn, Kenneth M.; Racic, Stanko Article

2001 3

Asset Price Bubbles, Liquidity and Investment: Evidence from Japan
Econometric Society Far Eastern Meeting, July, Kobe, Japan
Goyal, Vidhan; Yamada, Takeshi Conference paper
Market Discipline of Bank Risk Taking: Evidence from Subordinated Debt Contracts
28th European Finance Association Meeting, Barcelona, Spain, 22-25 August 2001
Goyal, Vidhan Krishan Conference paper
On the patterns and wealth effect of vertical mergers
American Finance Association (AFA) Meetings, January, Atlanta
Goyal, Vidhan; Fan, Po-Hung Conference paper

1999 1

Bank monitoring and the maturity structure of Japanese corporate debt issues
Pacific Basin Finance Journal, v. 7, (3-4), 1999, p. 229-250
Cai, Jun; Cheung, Yan-Leung; Goyal, Vidhan K. Article

1998 1

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

1994 1

The ex-date impact of rights offerings: The evidence from firms listed on the Tokyo Stock Exchange
Pacific-Basin Finance Journal, v. 2, (2-3), 1994, May, p. 277-291
Goyal, Vidhan K.; Hwang, Chuan-Yang; Jayaraman, Narayanan; Shastri, Kuldeep Article


Expand All Collapse All


Conference paper 5

Friends in Court
2021 FMA Annual Meetings, Denver, Colorado, 20-23 October 2021
Goyal, Vidhan Krishan; Madsen, Joshua; Wang, Wei
Friends in Court
CICF Conference, Shanghai, China, 6-9 July 2021
Goyal, Vidhan Krishan; Madsen, Joshua; Wang, Wei
Index Creation, Information, and External Finance
American Finance Association Annual Meetings 2021, Virtual, 3 - 5 January 2021
Goyal, Vidhan Krishan; Urban, Daniel; Zhao, Wenting
Lawyer Networks and Corporate Bankruptcies
Financial Intermediation Research Society (FIRS) Conference 2021, Vancouver, Canada, 4-6 June 2021
Goyal, Vidhan Krishan; Madsen, Joshua; Wang, Wei
Lawyer Networks and Corporate Bankruptcies
70th Annual Meeting of the Midwest Finance Association (MFA 2021), Chicago (Online), 8-21 March 2021
Goyal, Vidhan Krishan; Madsen, Joshua; Wang, Wei


Expand All Collapse All


Article 1

The Pecking Order Theory of Capital Structure
Oxford Research Encyclopedia of Economics and Finance, 2020, article number e-606
Frank, Murray; Goyal, Vidhan Krishan; Shen, Tao


Expand All Collapse All


Article 1

Banking Relationships and Creditor Rights
Quarterly Journal of Finance, 2019, article number 1950016
Goyal, Vidhan Krishan; Naaraayanan, Sankararama Lakshmi; Srinivasan, Anand


Expand All Collapse All


Article 1

Investor Myopia and CEO Turnover
International Review of Finance, v.19, (4), December 2019, p. 759-786
Goyal, Vidhan Krishan; Low, Angie

Conference paper 1

Capital Market Access and Cash Flow Allocation During the Financial Crisis
Midwest Finance Association 2018 Conference, San Antonio, Texas, 1-3 March 2018
Goyal, Vidhan Krishan; Florysiak, David J.


Expand All Collapse All


Article 1

Provision of Management Incentives in Bankrupt Firms
Journal of Law, Finance, and Accounting, v. 2, (1), June 2017, p. 87-123
Goyal, Vidhan Krishan; Wang, Wei

Conference paper 3

Index Membership and Capital Structure: International Evidence
China International Conference in Finance 2017, Hangzhou, China., 12-15 July 2017
Goyal, Vidhan Krishan; Urban, Daniel; Zhao, Wenting
Index Membership and Capital Structure: International Evidence
Financial Management Association Annual Meeting, Boston, MA, 11-14 October 2017
Goyal, Vidhan Krishan; Urban, Daniel; Zhao, Wenting
Index Membership and Capital Structure: International Evidence
12th Annual Conference of Financial Intermediation Research Society Conference 2017, Hong Kong, 5-7 Jun 2017
Goyal, Vidhan Krishan; Urban, Daniel; Zhao, Wenting


Expand All Collapse All


Conference paper 5

Banking Relationships and Loan Contracting
The 28th Asian Finance Association (FA) Annual Meeting, Bangkok, Thailand, 26-28 June, 2016
S. Lakshmi Naaraayanan; Goyal, Vidhan K.; Srinivasan, Anand
Capital Market Access and Cash Flow Allocation during the Financial Crisis
23rd Annual Meeting of the German Finance Association (DGF), Bonn, Germany, 30 September-1 October 2016
Goyal, Vidhan K.; Florysiak, David Jens
Capital Market Access and Cash Flow Allocation During the Financial Crisis
The 11th Conference on Asia-Pacific Financial Markets, Seoul, South Korea, 2-3 December 2016
Goyal, Vidhan Krishan; Florysiak, David Jens
Capital Market Access and Cash Flow Allocation During the Financial Crisis
The 28th Asian Finance Association Annual Meeting, Bangkok, Thailand, 26-28 June 2016
Goyal, Vidhan Krishan; Florysiak, David Jens
Capital Structure in Emerging Asia
BNM-BIS Conference on "Financial Systems and the Real Economy
button" data-toggle="e">Expand All Collapse All


Article 1

The profits-leverage puzzle revisited
Review of Finance, v. 19, (4), July 2015, p. 1415-1453
Frank, Murray Z.; Goyal, Vidhan K.

Conference paper 1

Provision of Management Incentives in Bankrupt Firms
1st International Conference of the Journal of Law, Finance, and Accounting (JLFA 2015), Hong Kong, 1-2 June 2015
Goyal, Vidhan K.; Wang, Wei


Expand All Collapse All


Conference paper 2

Provision of Management Incentives in Bankrupt Firms
London Business School Summer Symposium 2014, London, Britain, 9-11 June 2014
Goyal, Vidhan K.; Wang, Wei
Top Management Compensation Differences and Merger Outcomes
2014 FMA European Conference, Maastricht University, The Netherlands, 10-12 June 2014
Goyal, Vidhan Krishan; Zhang, Zilong


Expand All Collapse All


Article 1

Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
Journal of Financial and Quantitative Analysis, v. 48, (3), June 2013, p. 789-817
Goyal, Vidhan K.; Wang, Wei

Conference paper 1

Provision of Management Incentives in Bankrupt Firms
2013 China International Conference in Finance, Shanghai, China, 10-13 July 2013
Goyal, Vidhan K.; Wang, Wei


Expand All Collapse All


Conference paper 4

Provision of incentives in Chapter 11 firms
The Seventh Annual Conference on Empirical Legal Studies, Stanford Law School, Stanford, USA, 9-10 November 2012
Goyal, Vidhan K.; Wang, Wei
Provision of Management Incentives in Bankrupt Firms
The Seventh Annual Conference on Empirical Legal Studies, Stanford Law School, Palo Alto, USA, 9-10 November 2012
Goyal, Vidhan K.; Wang, Wei
Provision of Management Incentives in Bankrupt Firms
Proceedings: 2012 NTU International Conference on Finance, 2012
Goyal, Vidhan K.; Wang, Wei
Provision of Management Incentives in Bankrupt Firms
Northern Finance Association Meetings, Ontario, Canada, 28-30 September 2012
Goyal, Vidhan K.; Wang, Wei


Expand All Collapse All


Article 1

Capital Market Access and Financing of Private Firms
International Review of Finance, v. 11, (2), June 2011, p. 155-179, Special Issue: Financing and Capital Structure: Part II
Goyal, Vidhan K.; Nova, Alessandro; Zanetti, Laura


Expand All Collapse All


Article 1

Equity market liberalization and corporate governance
Journal of Corporate Finance, v. 16, (5), December 2010, p. 609-621
Bae, Kee-Hong; Goyal, Vidhan K.

Conference paper 5

Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
FIRS Conference 2010, Florence, Italy, 7-9 June 2010
Goyal, Vidhan K.; Wei, Wang
Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
The 6th Annual Conference on Economic Growth and Development, Indian Statistical Institute, New Delhi, India, 16-18 December 2010
Goyal, Vidhan K.; Wang, Wei
Investor Characteristics, Relationships, and IPO Allocations
Financial Management Association Meetings, Singapore, October 2010
Goyal, Vidhan K.; Tam, Lewis
Investor Characteristics, Relationships, and IPO Allocations
European Financial Management Association 2010 Annual Meetings, Aarhaus, Denmark, 23-26 June 2010
Goyal, Vidhan K.; Tam, Lewis
Investor Characteristics, Relationships, and IPO Allocations
2010 China International Conference in Finance, Beijing, China, 4-7 July 2010
Goyal, Vidhan K.; Tam, Lewis


Expand All Collapse All


Article 2

Capital Structure Decisions: Which Factors Are Reliably Important ?
Financial Management, v. 38, (1), 2009, p. 1-37
Frank, Murray Z.; Goyal, Vidhan K.
Creditor Rights, Enforcement, and Bank Loans
Journal of Finance, v. 64, (2), April 2009, p. 823-860
Bae, Kee-Hong; Goyal, Vidhan K.

Book chapter 1

Corporate Board Structures
QFinance: The Ultimate Resource / Bloomsbury. London, UK : Bloomsbury, 2009, p. 137-140
Goyal, Vidhan K.

Conference paper 3

Corporate Governance and Stock Market Liberalization
Journal of Corporate Finance 2009 Special Conference on Emerging Markets, Beijing, China, 24 - 25 August 2009
Goyal, Vidhan K.; Bae, Kee-Hong
Corporate Leverage Adjustment: How Much Do Managers Really Matter?
17th Conference on the Theories and Practice of Securities and Financial Markets, SFM, Kaohsiung, Taiwan, 11 - 12 December 2009
Goyal, Vidhan K.; Frank, Murray
Profits and Capital Structure
American Finance Association Meetings 2009, San Francisco, USA, 3 - 5 January 2009
Frank, Murray; Goyal, Vidhan K.


Expand All Collapse All


Article 1

The investment opportunity set and its proxy variables
Journal of Financial Research, v. 31, (1), 2008, p. 41-63
Adam, Tim; Goyal, Vidhan K.

Book chapter 1

Tradeoff and Pecking Order Theories of Debt
Handbook of Empirical Corporate Finance, v.2 / Edited by B. Espen Eckbo. Amsterdam : Elsevier, 2008, p. 135-197, Ch. 12
Goyal, Vidhan K.; Frank, Murray

Conference paper 2

Equity market liberalization and corporate governance
4th Annual Conference on Economic Growth and Development, New Delhi, India, 17 - 18 December 2008
Bae, Kee-Hong; Goyal, Vidhan K.
Equity Market Liberalization and Corporate Governance
6th NTU International Conference on Economics, Finance and Accounting - Financial Engineering and Financial Intermediation, Taipei, Taiwan, 20 - 22 May 2008
Bae, Kee-Hong; Goyal, Vidhan Krishan


Expand All Collapse All


Article 1

On the patterns and wealth effects of vertical mergers
Journal of business, v. 79, (2), 2006, MAR, p. 877-902
Fan, Joseph P.H.; Goyal, Vidhan K.

Conference paper 1

Corporate Leverage Adjustment: How Much Do Managers Really Matter?
Minnesota-Wisconsin Corporate Finance Conference, Minnesota, US, 20-22 May 2006
Frank, Murray Z.; Goyal, Vidhan K.


Expand All Collapse All


Article 1

Market discipline of bank risk: Evidence from subordinated debt contracts
Journal of financial intermediation, v. 14, (3), 2005, JUL, p. 318-350
Goyal, Vidhan K.

Conference paper 2

Creditor Rights, Enforcement and Costs of Loan Finance
Sixth CIFRA International Conference on Financial Development and Governance. Moscow, August 2005
Bae, Kee-Hong; Goyal, Vidhan K.
Underwriter Investor relationships and information spillovers
Conference on the Theories and Practices of Securities and Financial Markets, National Sun Yat-sen University, Kaohsiung, December 2005
Goyal, Vidhan K.; Tam, Lewis H.K.


Expand All Collapse All


Article 2

Asset price shocks, financial constraints, and investment: Evidence from Japan
Journal of business, v. 77, (1), 2004, JAN, p. 175-199
Goyal, Vidhan K.; Yamada, Takeshi
The effect of market conditions on capital structure adjustment
Finance Research Letters, v. 1, (1), 2004, p. 47-55
Frank, Murray Z.; Goyal, Vidhan K.

Conference paper 2

Capital Structure Decisions
American Finance Association (AFA) Meetings, San Diego, January
Frank, Murray Z.; Goyal, Vidhan K.
Property rights protection and bank loan pricing
Financial Intermediation Research Society Conference, Capri, May
Bae, Kee-Hong; Goyal, Vidhan K.


Expand All Collapse All


Article 1

Testing the pecking order theory of capital structure
Journal of financial economics, v. 67, (2), 2003, FEB, p. 217-248
Frank, Murray Z.; Goyal, Vidhan K.


Expand All Collapse All


Article 2

Board leadership structure and CEO turnover
Journal of corporate finance, v. 8, (1), 2002, JAN, p. 49-66
Goyal, Vidhan K.; Park, Chul W.
Growth opportunities and corporate debt policy: the case of the US defense industry
Journal of financial economics, v. 64, (1), 2002, APR, p. 35-59
Goyal, Vidhan K.; Lehn, Kenneth M.; Racic, Stanko


Expand All Collapse All


Conference paper 3

Asset Price Bubbles, Liquidity and Investment: Evidence from Japan
Econometric Society Far Eastern Meeting, July, Kobe, Japan
Goyal, Vidhan; Yamada, Takeshi
Market Discipline of Bank Risk Taking: Evidence from Subordinated Debt Contracts
28th European Finance Association Meeting, Barcelona, Spain, 22-25 August 2001
Goyal, Vidhan Krishan
On the patterns and wealth effect of vertical mergers
American Finance Association (AFA) Meetings, January, Atlanta
Goyal, Vidhan; Fan, Po-Hung


Expand All Collapse All


Article 1

Bank monitoring and the maturity structure of Japanese corporate debt issues
Pacific Basin Finance Journal, v. 7, (3-4), 1999, p. 229-250
Cai, Jun; Cheung, Yan-Leung; Goyal, Vidhan K.


Expand All Collapse All


Article 1

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


Expand All Collapse All


Article 1

The ex-date impact of rights offerings: The evidence from firms listed on the Tokyo Stock Exchange
Pacific-Basin Finance Journal, v. 2, (2-3), 1994, May, p. 277-291
Goyal, Vidhan K.; Hwang, Chuan-Yang; Jayaraman, Narayanan; Shastri, Kuldeep


Expand All Collapse All


2016 5

Banking Relationships and Loan Contracting
The 28th Asian Finance Association (FA) Annual Meeting, Bangkok, Thailand, 26-28 June, 2016
S. Lakshmi Naaraayanan; Goyal, Vidhan K.; Srinivasan, Anand Conference paper
Capital Market Access and Cash Flow Allocation during the Financial Crisis
23rd Annual Meeting of the German Finance Association (DGF), Bonn, Germany, 30 September-1 October 2016
Goyal, Vidhan K.; Florysiak, David Jens Conference paper
Capital Market Access and Cash Flow Allocation During the Financial Crisis
The 11th Conference on Asia-Pacific Financial Markets, Seoul, South Korea, 2-3 December 2016
Goyal, Vidhan Krishan; Florysiak, David Jens Conference paper
Capital Market Access and Cash Flow Allocation During the Financial Crisis
The 28th Asian Finance Association Annual Meeting, Bangkok, Thailand, 26-28 June 2016
Goyal, Vidhan Krishan; Florysiak, David Jens Conference paper
Capital Structure in Emerging Asia
BNM-BIS Conference on "Financial Systems and the Real Economy
http://repository.ust.hk/ir/Record/1783.1-71371" target="_blank"> The profits-leverage puzzle revisited
Review of Finance, v. 19, (4), July 2015, p. 1415-1453
Frank, Murray Z.; Goyal, Vidhan K. Article
Provision of Management Incentives in Bankrupt Firms
1st International Conference of the Journal of Law, Finance, and Accounting (JLFA 2015), Hong Kong, 1-2 June 2015
Goyal, Vidhan K.; Wang, Wei Conference paper

2014 2

Provision of Management Incentives in Bankrupt Firms
London Business School Summer Symposium 2014, London, Britain, 9-11 June 2014
Goyal, Vidhan K.; Wang, Wei Conference paper
Top Management Compensation Differences and Merger Outcomes
2014 FMA European Conference, Maastricht University, The Netherlands, 10-12 June 2014
Goyal, Vidhan Krishan; Zhang, Zilong Conference paper

2013 2

Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
Journal of Financial and Quantitative Analysis, v. 48, (3), June 2013, p. 789-817
Goyal, Vidhan K.; Wang, Wei Article
Provision of Management Incentives in Bankrupt Firms
2013 China International Conference in Finance, Shanghai, China, 10-13 July 2013
Goyal, Vidhan K.; Wang, Wei Conference paper

2012 4

Provision of incentives in Chapter 11 firms
The Seventh Annual Conference on Empirical Legal Studies, Stanford Law School, Stanford, USA, 9-10 November 2012
Goyal, Vidhan K.; Wang, Wei Conference paper
Provision of Management Incentives in Bankrupt Firms
The Seventh Annual Conference on Empirical Legal Studies, Stanford Law School, Palo Alto, USA, 9-10 November 2012
Goyal, Vidhan K.; Wang, Wei Conference paper
Provision of Management Incentives in Bankrupt Firms
Proceedings: 2012 NTU International Conference on Finance, 2012
Goyal, Vidhan K.; Wang, Wei Conference paper
Provision of Management Incentives in Bankrupt Firms
Northern Finance Association Meetings, Ontario, Canada, 28-30 September 2012
Goyal, Vidhan K.; Wang, Wei Conference paper

2011 1

Capital Market Access and Financing of Private Firms
International Review of Finance, v. 11, (2), June 2011, p. 155-179, Special Issue: Financing and Capital Structure: Part II
Goyal, Vidhan K.; Nova, Alessandro; Zanetti, Laura Article

2010 6

Equity market liberalization and corporate governance
Journal of Corporate Finance, v. 16, (5), December 2010, p. 609-621
Bae, Kee-Hong; Goyal, Vidhan K. Article
Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
FIRS Conference 2010, Florence, Italy, 7-9 June 2010
Goyal, Vidhan K.; Wei, Wang Conference paper
Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes
The 6th Annual Conference on Economic Growth and Development, Indian Statistical Institute, New Delhi, India, 16-18 December 2010
Goyal, Vidhan K.; Wang, Wei Conference paper
Investor Characteristics, Relationships, and IPO Allocations
Financial Management Association Meetings, Singapore, October 2010
Goyal, Vidhan K.; Tam, Lewis Conference paper
Investor Characteristics, Relationships, and IPO Allocations
European Financial Management Association 2010 Annual Meetings, Aarhaus, Denmark, 23-26 June 2010
Goyal, Vidhan K.; Tam, Lewis Conference paper
Investor Characteristics, Relationships, and IPO Allocations
2010 China International Conference in Finance, Beijing, China, 4-7 July 2010
Goyal, Vidhan K.; Tam, Lewis Conference paper

2009 6

Capital Structure Decisions: Which Factors Are Reliably Important ?
Financial Management, v. 38, (1), 2009, p. 1-37
Frank, Murray Z.; Goyal, Vidhan K. Article
Creditor Rights, Enforcement, and Bank Loans
Journal of Finance, v. 64, (2), April 2009, p. 823-860
Bae, Kee-Hong; Goyal, Vidhan K. Article
Corporate Board Structures
QFinance: The Ultimate Resource / Bloomsbury. London, UK : Bloomsbury, 2009, p. 137-140
Goyal, Vidhan K. Book chapter
Corporate Governance and Stock Market Liberalization
Journal of Corporate Finance 2009 Special Conference on Emerging Markets, Beijing, China, 24 - 25 August 2009
Goyal, Vidhan K.; Bae, Kee-Hong Conference paper
Corporate Leverage Adjustment: How Much Do Managers Really Matter?
17th Conference on the Theories and Practice of Securities and Financial Markets, SFM, Kaohsiung, Taiwan, 11 - 12 December 2009
Goyal, Vidhan K.; Frank, Murray Conference paper
Profits and Capital Structure
American Finance Association Meetings 2009, San Francisco, USA, 3 - 5 January 2009
Frank, Murray; Goyal, Vidhan K. Conference paper

2008 4

The investment opportunity set and its proxy variables
Journal of Financial Research, v. 31, (1), 2008, p. 41-63
Adam, Tim; Goyal, Vidhan K. Article
Tradeoff and Pecking Order Theories of Debt
Handbook of Empirical Corporate Finance, v.2 / Edited by B. Espen Eckbo. Amsterdam : Elsevier, 2008, p. 135-197, Ch. 12
Goyal, Vidhan K.; Frank, Murray Book chapter
Equity market liberalization and corporate governance
4th Annual Conference on Economic Growth and Development, New Delhi, India, 17 - 18 December 2008
Bae, Kee-Hong; Goyal, Vidhan K. Conference paper
Equity Market Liberalization and Corporate Governance
6th NTU International Conference on Economics, Finance and Accounting - Financial Engineering and Financial Intermediation, Taipei, Taiwan, 20 - 22 May 2008
Bae, Kee-Hong; Goyal, Vidhan Krishan Conference paper

2006 2

On the patterns and wealth effects of vertical mergers
Journal of business, v. 79, (2), 2006, MAR, p. 877-902
Fan, Joseph P.H.; Goyal, Vidhan K. Article
Corporate Leverage Adjustment: How Much Do Managers Really Matter?
Minnesota-Wisconsin Corporate Finance Conference, Minnesota, US, 20-22 May 2006
Frank, Murray Z.; Goyal, Vidhan K. Conference paper

2005 3

Market discipline of bank risk: Evidence from subordinated debt contracts
Journal of financial intermediation, v. 14, (3), 2005, JUL, p. 318-350
Goyal, Vidhan K. Article
Creditor Rights, Enforcement and Costs of Loan Finance
Sixth CIFRA International Conference on Financial Development and Governance. Moscow, August 2005
Bae, Kee-Hong; Goyal, Vidhan K. Conference paper
Underwriter Investor relationships and information spillovers
Conference on the Theories and Practices of Securities and Financial Markets, National Sun Yat-sen University, Kaohsiung, December 2005
Goyal, Vidhan K.; Tam, Lewis H.K. Conference paper

2004 4

Asset price shocks, financial constraints, and investment: Evidence from Japan
Journal of business, v. 77, (1), 2004, JAN, p. 175-199
Goyal, Vidhan K.; Yamada, Takeshi Article
The effect of market conditions on capital structure adjustment
Finance Research Letters, v. 1, (1), 2004, p. 47-55
Frank, Murray Z.; Goyal, Vidhan K. Article
Capital Structure Decisions
American Finance Association (AFA) Meetings, San Diego, January
Frank, Murray Z.; Goyal, Vidhan K. Conference paper
Property rights protection and bank loan pricing
Financial Intermediation Research Society Conference, Capri, May
Bae, Kee-Hong; Goyal, Vidhan K. Conference paper

2003 1

Testing the pecking order theory of capital structure
Journal of financial economics, v. 67, (2), 2003, FEB, p. 217-248
Frank, Murray Z.; Goyal, Vidhan K. Article

2002 2

Board leadership structure and CEO turnover
Journal of corporate finance, v. 8, (1), 2002, JAN, p. 49-66
Goyal, Vidhan K.; Park, Chul W. Article
Growth opportunities and corporate debt policy: the case of the US defense industry
Journal of financial economics, v. 64, (1), 2002, APR, p. 35-59
Goyal, Vidhan K.; Lehn, Kenneth M.; Racic, Stanko Article

2001 3

Asset Price Bubbles, Liquidity and Investment: Evidence from Japan
Econometric Society Far Eastern Meeting, July, Kobe, Japan
Goyal, Vidhan; Yamada, Takeshi Conference paper
Market Discipline of Bank Risk Taking: Evidence from Subordinated Debt Contracts
28th European Finance Association Meeting, Barcelona, Spain, 22-25 August 2001
Goyal, Vidhan Krishan Conference paper
On the patterns and wealth effect of vertical mergers
American Finance Association (AFA) Meetings, January, Atlanta
Goyal, Vidhan; Fan, Po-Hung Conference paper

1999 1

Bank monitoring and the maturity structure of Japanese corporate debt issues
Pacific Basin Finance Journal, v. 7, (3-4), 1999, p. 229-250
Cai, Jun; Cheung, Yan-Leung; Goyal, Vidhan K. Article

1998 1

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

1994 1

The ex-date impact of rights offerings: The evidence from firms listed on the Tokyo Stock Exchange
Pacific-Basin Finance Journal, v. 2, (2-3), 1994, May, p. 277-291
Goyal, Vidhan K.; Hwang, Chuan-Yang; Jayaraman, Narayanan; Shastri, Kuldeep Article


No Publications






Teaching Assignment

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2021-22 Winter 0 2021-22 Fall 2 2020-21 Summer 2 2020-21 Spring 1 2020-21 Winter 0 2020-21 Fall 2

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FINA2303 Financial Management
FINA4013 Corporate Valuation


EMBA5630 Managerial Finance II
UROP1100D Undergraduate Research Opportunities Series 1


EMBA5080 Managerial Finance I


FINA2303 Financial Management
FINA4013 Corporate Valuation


No Teaching Assignments


No Teaching Assignments






Research Postgraduate (RPG) Supervision From January 2019 to December 2022 (As of 30 January 2022)

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All Supervisions Current RPGs Graduated RPGs

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Current RPGs

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Doctor of Philosophy HA, Sangeun
Finance( 2018 - )

SHON, Janghoon
Finance( 2018 - )

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Graduated RPGs

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Doctor of Philosophy JIN, Shuang
Finance( Completed in 2019 )









ProjectsFrom January 2020 to December 2022

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All Projects 1

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No Projects.
Credit Supply Shocks and Pledgability of Cash Flows


信貸供給沖擊和現金流量的可抵押性 Leading


RGC - General Research Fund


Project Team (HKUST)
GOYAL Vidhan Krishan (Lead)


2021 -