The Theory and Practice of Corporate Finance: Evidence from the Field

By John R. Graham, Campbell R. Harvey. 2001

5,643 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/21f423b4a16d4df764f225a33e9c5ef83ec8df96

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Citations in the corpus

The timing of financing decisions: An examination of the correlation in financing waves (2008, background): “The procyclical behavior of equity issues has been noted in the literature as early as Hickman (1954). More recently, Choe, Masulis, and Nanda (1993) document procyclical seasoned equity offerings and Lowry (2003) documents procyclical initial public offerings. At issue is why these patterns are pro”
Capital Market-Driven Corporate Finance (2009, background): “For example, Graham & Harvey (2001) find that CFOs endorse the following statements: “The amount by which our stock is undervalued or overvalued was an important or very important consideration” in issuing equity; “If our stock price has recently risen, the price at which we can sell is ‘high’”;…”
The Impact of Firm Location on Equity Issuance (2008, result): “This is also consistent with the CFO survey results of Graham and Harvey (2001), which list recent stock price performance as the third most important factor in determining firms’ equity issuance decisions.”
What’s in an education? Implications of CEO education for bank performance (2016, background): “This is likely if executives with higher MBA Education utilise the general managerial knowledge gleaned from quality business education to improve performance through a superior choice of firm policies (Graham and Harvey, 2001; Graham et al., 2013).”
Impact of Macroeconomic Variables on Stock Markets: Evidence from Emerging Markets (2015, methodology): “Exchange rate: Gunasekarage et al. (2004) and Adam and Tweneboah (2008) used national currency per United States dollar (USD) as a proxy for exchange rate.”
Financial Flexibility, Risk Management, and Payout Choice (2014, result): “DeAngelo and DeAngelo (2007) support their argument by pointing out that it is consistent with both extant empirical evidence and with survey evidence from CFOs (Graham and Harvey 2001). A similar survey on payout policy by Brav et al. (2005) finds that CFOs view the flexibility of repurchases as on”
Corporate disclosure, cost of capital and reputation: evidence from finance directors (2008, positive): “Our evidence is consistent with that of Graham et al (2005) for the USA, that the commonest motive for disclosure is promotion of a reputation for transparency.”
Policy uncertainty, investment, and the cost of capital (2018, positive): “CFOs, Graham and Harvey (2001) document that almost three-quarters of the survey participants indicate that they use the NPV criterion to evaluate investment opportunities.”
Corporate Share Repurchases in the 1990s: What Role Do Stock Options Play? (2000, background): “If management does not have a target level of cash payouts or believes its stock is overvalued, it may instead use an option-induced cut in dividend growth to retain more earnings.”
Firms' Use of Accounting Discretion to Influence Their Credit Ratings (2013, background): “Recent survey evidence presented by Graham and Harvey (2001) shows that chief financial officers pay strong attention to their firms’ credit ratings when making capital structure decisions.”
The Effects of Financial Development on Foreign Direct Investment (2014, background): “See Graham and Harvey (2001)’s survey of chief financial officers on their capital structure choice.”
The Pecking Order, Debt Capacity, and Information Asymmetry (2010, positive): “If anything, firms appear more likely to follow the pecking order’s financing hierarchy when information asymmetry is low, in contrast to the predictions of Myers and Majluf (1984) and the conclusion of Bharath, Pasquariello, and Wu (2009), but consistent with several theoretical studies (Cooney and”
The throne vs. the kingdom: Founder control and value creation in startups (2017, background): “…response rates vary between 10 and 20 percent, higher than the typical response rates for surveys targeting similar levels of executives (e.g., Graham and Harvey, 2001) and for the sensitivity of the questions asked (e.g., about private-company financing history and performance, and about…”