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Gordon M. Phillips
Selected Working Papers and Publications
Current research interests are illustrated by a Ph.D. Course I have designed: BMGT 845, Interaction of Finance and Industrial Organization. Click here to see Syllabus of my Ph.D. Course.
The Need for Industrial Organization Foundations in Corporate Finance and Asset Pricing
Keynote address given to Brazilian and Nordic Finance associations, and to HEC - Paris Dauphine Ph.D. Workshop.
Hoberg-Phillips Data Library:
New industry data developed in a sequence of recent papers with Jerry Hoberg. In particular [click here for new "Hoberg-Phillips" data library] which has new "Hoberg-Phillips" industries based on computational text analysis and also different measures of industry concentration based on Census, BLS and also computational text data.
Working Papers and Publications
"Conglomerate Industry Choice and Product Differentiation," with Gerard Hoberg. [Download Paper],
"Product Market Threats, Payouts, and Financial Flexibility" with Gerard Hoberg and N.R. Prabhala. Download
here or E-mail authors for latest version.
Click here to download presentation slides for this paper.
"Text-Based Network Industries and Endogenous Product Differentiation," with Gerard Hoberg. Download here or E-mail authors for latest version.
Click here to download presentation slides for this paper.
"How Do Firm Financial Conditions Affect Product Quality and Pricing?" with Giorgo Sertsios. Download here or E-mail authors for latest version.
Click here to download presentation slides for this paper.
"R&D and the Incentives from Merger and Acquisition Activity" with Alexei Zhdanov Download here or E-mail authors for latest version.
"Asset Liquidty and the Cost of Capital," with Hernan Ortiz-Molina. Download here or E-mail authors for latest version.
"Growth, Capital Market Development and Competition for Resources within MNCs" with Susan Feinberg.Download here.
Publications:
"Public and Private Merger Waves," with Vojislav Maksimovic and Liu Yang. forthcoming Journal of Finance, 2012, Download here.
Click here to download presentation slides for this paper.
"Why do Public Firms Issue Private and Public Securities?" with Armando Gomes. forthcoming Journal of Financial Intermediation, 2012, Download here or E-mail authors for latest version.
Click here to download presentation slides for this paper.
"Post-Merger Restructuring and the Boundaries of the Firm," with Vojislav Maksimovic and N.R.Prabhala. Download here. Journal of Financial Economics, 2011, 102 317-43.
Click here to download presentation slides for this paper.
"Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis," with Jerry Hoberg. Download here. Review of Financial Studies, 2010, 23 3773-3811.
Click here to download presentation slides for this paper.
"Real and Financial Industry Booms and Busts" with Jerry Hoberg. Journal of Finance, February, 2010, 65(1) 45-86.Download here or E-mail authors for latest version.
Click here to download presentation slides for this paper.
"The Industry Life-Cycle, Acquisitions and Investment: Does Firm Organization Matter?" with Vojislav Maksimovic, Journal of Finance, 2008, 63 673-707 Download here.
Click here to download presentation slides for this paper.
"Conglomerate Firms and Internal Capital Markets" with Vojislav Maksimovic. Download here or E-mail authors for latest version. Handbook of Corporate Finance: Empirical Corporate Finance, ed. B. Espen Eckbo, Handbooks in Finance Series, Elsevier/North-Holland, 2007.
"How Does Industry Affect Firm Financial Structure?" with Peter MacKay. Click here to download in Adobe PDF Format. Review of Financial Studies. December, 2005
Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence, with Vojislav Maksimovic. In Adobe PDF Format. File size 295K. Also see the Abstract, Journal of Finance, April, 2002, 721-767. Research supported by NSF grant #9709427.
The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Gains?, with Vojislav Maksimovic. In Adobe PDF Format. File size 925K. Also see the Abstract. Research supported by NSF grant #9709427, Journal of Finance, December, 2001, 2019-2065 (lead article).
"Corporate Equity Ownership, Strategic Alliances and Product Market Relationships," with Jeff Allen. Download in Adobe PDF Format. Also see the Abstract. Journal of Finance, December, 2000, 55, 2791-2815.
"Asset Efficiency and the Reallocation
Decisions of Bankrupt Firms." with Vojislav Maksimovic.
Journal of Finance, October, 1998, 53, 1495-1532. Paper
nominated for the Smith Breeden Best Paper Prize.
Download
paper in Adobe PDF Format: File size 1,157K. In
Postscript Format: File size 5,918K. Also see the Abstract.
Research supported by NSF grant #9709427.
"Capital Structure and Product Market
Behavior: An Examination of Plant Closing and Investment Decisions,"
with Dan Kovenock, Review of Financial Studies,
1997, Volume 10:3. Download
PDF file: Click Here.
Also see the Abstract.
To
be reprinted in: The International Library of Critical Writings in
Financial Economics, volume editor: Michael Brennen, series editor:
Richard Roll.
"Capital Structure and Product Market Rivalry: How do We Reconcile the Theory and the Evidence." with Dan Kovenock. Also see the Abstract. Download full PDF: Click Here. American Economic Review, 1995, 85, 403-408.
"Increased Debt and Industry Product Markets: An Empirical Analysis," Also see the Abstract. Download full PDF: Click Here. Journal of Financial Economics, 1995, 37, 189-238.
"Trading Performance in Forward Markets: Information vs. Normal Backwardation," with Robert Weiner, Also see the Abstract. Download full PDF: Click Here. The Economic Journal, 1994, 104, 76-95.
"Options in Forward Contracts: Empirical Estimates from the Petroleum Market," with Robert Weiner, The Review of Futures Markets, 1990, 9, 1-14.
Any Comments?
gphillips@rhsmith.umd.edu
© 2004 Gordon M. Phillips