By Scientia Professor Ronald William Masulis

Journal articles

Masulis RW; Shen S; Zou H, 2024, 'Director Liability Protection and the Quality of Independent Directors', Management Science, http://dx.doi.org/10.1287/mnsc.2020.03743

Guo L; Kong J; Masulis RW, 2024, 'Do Employee Interests Affect Target Board Decisions About Acquisition Offers? Evidence from Changes in Unemployment Insurance', Management Science, http://dx.doi.org/10.1287/mnsc.2022.01379

Masulis RW; Mobbs S, 2023, 'Influential independent directors' reputation incentives: Impacts on CEO compensation contracts and financial reporting', Journal of Corporate Finance, 82, http://dx.doi.org/10.1016/j.jcorpfin.2023.102449

Masulis RW; Reza SW; Guo R, 2023, 'The sources of value creation in acquisitions of intangible assets', Journal of Banking and Finance, 154, http://dx.doi.org/10.1016/j.jbankfin.2023.106879

Chang X; Chen Y; Masulis RW, 2023, 'Bank Lines of Credit as a Source of Long-Term Finance', Journal of Financial and Quantitative Analysis, 58, pp. 1701 - 1733, http://dx.doi.org/10.1017/S002210902200117X

Masulis RW; Reza SW, 2023, 'Private benefits of corporate philanthropy and distortions to corporate financing and investment decisions', Corporate Governance: An International Review, 31, pp. 464 - 490, http://dx.doi.org/10.1111/corg.12476

Masulis R; Wang C; Xie F; Zhang S, 2023, 'Directors: Older and Wiser, or Too Old to Govern?', Journal of Financial and Quantitative Analysis, http://dx.doi.org/10.1017/S0022109023001151

Masulis R; Pham PK; Zein J; Ang A, 2022, 'Crises as Opportunities for Growth: The Strategic Value of Business Group Affiliation', Journal of Financial and Quantitative Analysis, forthcoming

Liu C; Masulis RW; Stanfield J, 2021, 'Why CEO option compensation can be a bad option for shareholders: Evidence from major customer relationships', Journal of Financial Economics, 142, pp. 453 - 481, http://dx.doi.org/10.1016/j.jfineco.2021.06.034

Ellul A; Goldstein I; Holden C; Masulis R; Pontiff J; Schoar A, 2021, 'Annual report of the society for financial studies for 2018–2019', Review of Financial Studies, 33, pp. 990 - 1008, http://dx.doi.org/10.1093/RFS/HHZ133

Liu C; Low A; Masulis RW; Zhang L, 2020, 'Monitoring the monitor: Distracted institutional investors and board governance', Review of Financial Studies, 33, pp. 4489 - 4531, http://dx.doi.org/10.1093/rfs/hhaa014

Masulis RW, 2020, 'A Survey of Recent Evidence on Boards of Directors and CEO Incentives', Asia-Pacific Journal of Financial Studies, 49, pp. 7 - 35, http://dx.doi.org/10.1111/ajfs.12287

Ellul A; Goldstein I; Holden C; Masulis R; Pontiff J; Schoar A, 2020, 'Annual report of the society for financial studies for 2018-2019', Review of Asset Pricing Studies, 10, pp. 179 - 197, http://dx.doi.org/10.1093/RAPSTU/RAZ009

Pham PK; Masulis R; Zein J, 2020, 'Family Business Group Expansion through IPOs: The Role of Internal Capital Markets in Financing Growth while Preserving Control', Management Science, 66, pp. 5191 - 5215, http://dx.doi.org/10.1287/mnsc.2019.3418

Dou Y; Masulis R; Zein J, 2019, 'Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans', Review of Financial Studies, http://dx.doi.org/10.1093/rfs/hhz034

Masulis R, 2019, 'How valuable are independent directors? Evidence from external distractions', Journal of Financial Economics, pp. 1 - 31, http://dx.doi.org/10.1016/j.jfineco.2018.02.014

Masulis RW; Wang C; Xie F, 2019, 'Employee-Manager Alliances and Shareholder Returns from Acquisitions', Journal of Financial and Quantitative Analysis, http://dx.doi.org/10.1017/S0022109019000036

Masulis RW; Simsir SA, 2018, 'Deal Initiation in Mergers and Acquisitions', Journal of Financial and Quantitative Analysis, 53, pp. 2389 - 2430, http://dx.doi.org/10.1017/S0022109018000509

Johnson WC; Kang JK; Masulis RW; Yi S, 2018, 'Seasoned equity offerings and customer–supplier relationships', Journal of Financial Intermediation, 33, pp. 98 - 114, http://dx.doi.org/10.1016/j.jfi.2017.09.003

Masulis RW; Reza SW, 2015, 'Agency problems of corporate philanthropy', Review of Financial Studies, 28, pp. 592 - 636, http://dx.doi.org/10.1093/rfs/hhu082

Masulis RW; Kwan A; McInish T, 2015, 'Trading rules, competition for order flow and market fragmentation', Journal of Financial Economics, 115, pp. 330 - 348, http://dx.doi.org/10.1016/j.jfineco.2014.09.010

Kwan A; Masulis R; McInish TH, 2015, 'Trading rules, competition for order flow and market fragmentation', JOURNAL OF FINANCIAL ECONOMICS, 115, pp. 330 - 348, http://dx.doi.org/10.1016/j.jfineco.2014.09.010

Masulis RW; Guo L, 2015, 'Board Structure and Monitoring: New Evidence from CEO Turnovers', The Review of Financial Studies, 28, pp. 2770 - 2811, http://dx.doi.org/10.1093/rfs/hhv038

Krishnan CNV; Masulis RW; Thomas RS; Thompson RB, 2014, 'Jurisdictional effects in M&A litigation', Journal of Empirical Legal Studies, 11, pp. 132 - 158, http://dx.doi.org/10.1111/jels.12037

Masulis RW; Mobbs S, 2014, 'Independent director incentives: Where do talented directors spend their limited time and energy?', Journal of Financial Economics, 111, pp. 406 - 429, http://dx.doi.org/10.1016/j.jfineco.2013.10.011

Karpoff JM; Lee G; Masulis RW, 2013, 'Contracting under asymmetric information: Evidence from lockup agreements in seasoned equity offerings', Journal of Financial Economics, 110, pp. 607 - 626, http://dx.doi.org/10.1016/j.jfineco.2013.08.015

Masulis R; Krishnan CVN, 2013, 'Law Firm expertise and Mergers and Acquisitions', Journal of Law and Economics, 56, pp. 189 - 226

Masulis R; Wang C; Xie F, 2012, 'Globalizing the boardroom-The effects of foreign directors on corporate governance and firm performance', Journal of Accounting and Economics, 53, pp. 527 - 554, http://dx.doi.org/10.1016/j.jacceco.2011.12.003

Masulis R; Krishnan C, 2012, 'Venture Capital Reputation', My Research Gateway 20130329 Test Case 2, pp. Chapter 4 - Chapter 4, http://dx.doi.org/10.1093/oxfordhb/9780195391596.001.0001

Hill JG; Masulis RW; Thomas RS, 2011, 'Comparing CEO employment contract provisions: Differences between Australia and the United States', Vanderbilt Law Review, 64, pp. 559 - 608, http://go.galegroup.com/ps/retrieve.do?tabID=T002&resultListType=RESULT_LIST&searchResultsType=SingleTab&searchType=AdvancedSearchForm&currentPosition=6&docId=GALE%7CA255242883&docType=Article&sort=RELEVANCE&contentSegment=&prodId=LT&contentSet=GALE%7CA255242883&searchId=R1&userGroupName=unsw&inPS=true#

Masulis R; Mobbs S, 2011, 'Are All Inside Directors the Same? Evidence from the External Directorship Market', Journal of Finance, 66, pp. 823 - 872, http://dx.doi.org/10.1111/j.1540-6261.2011.01653.x

Masulis R; Nahata R, 2011, 'Venture capital conflicts of interest: Evidence from acquisitions of venture-backed firms', Journal of Financial and Quantitative Analysis, 46, pp. 395 - 430, http://dx.doi.org/10.1017/S0022109010000827

Krishnan CNV; Ivanov V; Masulis R; Singh AK, 2011, 'Venture capital reputation, post-IPO performance, and corporate governance', Journal of Financial and Quantitative Analysis, 46, pp. 1295 - 1333, http://dx.doi.org/10.1017/S0022109011000251

Masulis RW; Nahata R, 2009, 'Financial contracting with strategic investors: Evidence from corporate venture capital backed IPOs', Journal of Financial Intermediation, 18, pp. 599 - 631, http://dx.doi.org/10.1016/j.jfi.2009.06.001

Masulis RW; Wang C; Xie F, 2009, 'Agency problems at dual-class companies', Journal of Finance, 64, pp. 1697 - 1727, http://dx.doi.org/10.1111/j.1540-6261.2009.01477.x

Faccio M; Masulis RW; Mcconnell JJ, 2006, 'Political connections and corporate bailouts', Journal of Finance, 61, pp. 2597 - 2635, http://dx.doi.org/10.1111/j.1540-6261.2006.01000.x

Huang RD; Masulis RW, 2003, 'Trading activity and stock price volatility: Evidence from the London Stock Exchange', Journal of Empirical Finance, 10, pp. 249 - 269, http://dx.doi.org/10.1016/S0927-5398(02)00048-8

Phelps BD, 2003, 'Does Market Structure Affect the Immediacy of Stock Price Responses to News?', CFA Digest, 33, pp. 40 - 41, http://dx.doi.org/10.2469/dig.v33.n2.1268

Masulis RW; Shivakumar L, 2002, 'Does market structure affect the immediacy of stock price responses to news?', Journal of Financial and Quantitative Analysis, 37, pp. 617 - 648, http://dx.doi.org/10.2307/3595014

Maris BA, 2001, 'Seasoned Public Offerings: Resolution of the “New Issues Puzzle”', CFA Digest, 31, pp. 24 - 25, http://dx.doi.org/10.2469/dig.v31.n1.810

Eckbo BE; Masulis RW; Norli Ø, 2000, 'Seasoned public offerings: Resolution of the `new issues puzzle'', Journal of Financial Economics, 56, pp. 251 - 291, http://dx.doi.org/10.1016/S0304-405X(00)00041-6

Huang RD; Masulis RW, 1999, 'FX spreads and dealer competition across the 24-hour trading day', Review of Financial Studies, 12, pp. 61 - 93, http://dx.doi.org/10.1093/rfs/12.1.61

Huang RD; Masulis RW; Stoll HR, 1996, 'Energy shocks and financial markets', Journal of Futures Markets, 16, pp. 1 - 27, http://dx.doi.org/10.1002/(SICI)1096-9934(199602)16:1<1::AID-FUT1>3.0.CO;2-Q

Eckbo BE; Masulis RW, 1995, 'Chapter 31 Seasoned equity offerings: A survey', Handbooks in Operations Research and Management Science, 9, pp. 1017 - 1072, http://dx.doi.org/10.1016/S0927-0507(05)80075-1

MASULIS RW; NG VK, 1995, 'OVERNIGHT AND DAYTIME STOCK-RETURN DYNAMICS ON THE LONDON STOCK-EXCHANGE - THE IMPACTS OF BIG-BANG AND THE 1987 STOCK-MARKET CRASH', JOURNAL OF BUSINESS & ECONOMIC STATISTICS, 13, pp. 365 - 378, http://dx.doi.org/10.2307/1392383

Masulis RW; Ng VK, 1995, 'Overnight and Daytime Stock-Return Dynamites on the London Stock Exchange: The Impacts of “Big Bang” and the 1987 Stock-Market Crash', Journal of Business & Economic Statistics, 13, pp. 365 - 378, http://dx.doi.org/10.1080/07350015.1995.10524612

Choe H; Masulis RW; Nanda V, 1993, 'Common stock offerings across the business cycle. Theory and evidence', Journal of Empirical Finance, 1, pp. 3 - 31, http://dx.doi.org/10.1016/0927-5398(93)90003-A

Eckbo BE; Masulis RW, 1992, 'Adverse selection and the rights offer paradox', Journal of Financial Economics, 32, pp. 293 - 332, http://dx.doi.org/10.1016/0304-405X(92)90030-2

LEASE RC; MASULIS RW; PAGE JR, 1991, 'An Investigation of Market Microstructure Impacts on Event Study Returns', The Journal of Finance, 46, pp. 1523 - 1536, http://dx.doi.org/10.1111/j.1540-6261.1991.tb04629.x

Dann LY; Masulis RW; Mayers D, 1991, 'Repurchase tender offers and earnings information', Journal of Accounting and Economics, 14, pp. 217 - 251, http://dx.doi.org/10.1016/0165-4101(91)90013-E

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