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MAILING ADDRESS :
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Department of Finance,
HKUST Business School
Clear Water Bay,
HONG KONG |
TEL: (852) 2358 7678
FAX:
(852) 2358 1749
Email:
goyal "at" ust.hk |
EDUCATION :
University of Pittsburgh
University of Delhi, New
Delhi, India
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Faculty of Management
Studies, Master of Business
Administration, 1986 |
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Delhi College of
Engineering, Bachelor of Engineering
(Electronics and Telecommunications), 1984 |
ACADEMIC EXPERIENCE :
HKUST Business School, Hong Kong
University of Science and Technology, Hong Kong
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Professor of
Finance, July 2008 - present |
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Associate Professor of
Finance, July 2002 - June 2008 |
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Assistant Professor of
Finance, July 1995 - June 2002 |
PUBLICATIONS :
"Debt Maturity and Asymmetric Information: Evidence
from Default Risk Changes" (with Wei Wang), 2011,
Journal of Financial and Quantitative Analysis,
Forthcoming.
"Capital Market Access and
Financing of Private Firms" (with Alessandro Nova and Laura Zanetti), 2011,
International Review of Finance 11, 155-179.
"Corporate Governance and Stock Market
Liberalization" (with Bae, Kee-Hong), 2010, Journal of Corporate Finance 16, 609-621 (lead article).
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Received Best Paper in International Finance Award at the FMA meetings, Reno, Nevada, 2009 |
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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?" (with Murray Z. Frank),
Financial Management 38, 1-37.
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NTU International Finance
Conference Best Paper Award, (Lead article),
Taiwan, 2004 |
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Top 3 downloaded article in Financial Management (- April 2010) |
"Creditor Rights, Enforcement and
Bank Loans" (with Kee-Hong Bae), 2009,
Journal of Finance, 64, 823-860.
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Abstracted in the Finance Research: Interest Bearing Notes, World Bank Newsletter 15. |
"Tradeoff and Pecking Order Theories
of Debt" (with Murray Z. Frank), 2008. In Espen
Eckbo (editor) The Handbook of Empirical
Corporate Finance, Elsevier Science, Chapter
12, 135-197.
"Investment opportunity set and its
proxy variable" (with Tim Adam), 2008,
Journal of Financial Research, 31, 41-63.
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Abstracted in the MichiganMail, University of Michigan Business School. |
"On the patterns and wealth effects
of vertical mergers" (with Joseph P.H. Fan), 2006,
Journal of Business, 79, 877-902.
"Market discipline of bank risk: Evidence from
subordinated debt contracts" 2005, Journal of
Financial Intermediation, 14, 318-350.
"The effect of market conditions on capital
structure adjustment" (with Murray Z. Frank), 2004,
Finance Research Letters 1, 47-55.
"Asset price shocks, financial constraints, and
investment: Evidence from Japan" (with Takeshi
Yamada), 2004, Journal of Business 77,
175-199.
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Abstracted in the NBER
Report |
"Testing the
pecking order theory of capital structure" (with
Murray Frank), 2003, Journal of Financial
Economics 67, 217-248.
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2003 Jensen Prize for the
Best Paper Published in the Journal of
Financial Economics in Areas of Corporate
Finance and Organizations (Second Place
Winner) |
"Growth opportunities and corporate debt policy: the case of the U.S. defense industry" (with Kenneth Lehn and Stanko Racic), 2002,
Journal of Financial Economics 64,
35-59. "Board Leadership Structure and Chief Executive Turnover" (with Chul Park), 2002,
Journal of Corporate Finance 8, 49-66.
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Abridged in the "Patterson
Report: The link between corporate
governance and performance" published by The
Corporate Library. |
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Abridged in the "Chief
Executive" December 2002, Vol. 184. |
"Bank Monitoring, Liquidity Risk
and the Maturity Structure of Japanese Corporate
Debt Issues" (with Jun Cai and Yan-Leung Cheung),
1999, Pacific-Basin Finance Journal 7,
229-250.
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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 the
High Yield Debt" (with N. Gollapudi and J. Ogden),
1998 , Journal of Corporate Finance 4,
301-320.
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Abridged 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" (with C. Y. Hwang, N.
Jayaraman and K. Shastri), 1994, Pacific-Basin
Finance Journal 2, 277-291.
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Received Fifth Annual PACAP Finance Conference
Award in Kuala Lumpur Malaysia, June 1993. |
PRACTITIONER ARTICLES
Goyal, Vidhan K., 2009.
Corporate Board Structures,
QFinance, Bloomsbury, UK.
WORKING PAPERS
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Profits and capital structure (with Murray Frank, University of Minnesota)
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Corporate leverage adjustment: How much do managers really matter? (with Murray Frank, University of Minnesota)
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The differential effects of classified board on firm value (with Seoungpil Ahn, NUS and Keshab Shreshta, NTU)
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Underwriter investor relations and information spillovers (with Lewis Tam, University of Macau)
HONORS :
Research Awards
Jensen Prize for the Best Paper Published in the
Journal of Financial Economics in the
Areas of Corporate Finance and Organizations 2003 (Second Place Winner), joint with Murray
Z. Frank.
Best Paper Award at the 2004 NTU International
Conference on Finance, December
2004.HSBC Asset
Management Hong Kong Competitive Research Award at
the 1998 Pacific Basin Finance Conference.
PACAP Research Fellow at the
Sandra Ann Morsilli Pacific-Basin Capital Markets
Research Center, 1998-1999.
Fifth Annual PACAP Finance
Conference Award, Kuala Lumpur, Malaysia, June 1993.
Teaching Awards
Winner of the Michael Gale Medal for Distinguished Teaching,
2003, the highest honor awarded to a single faculty in the university.
Franklin Prize for Teaching Excellence, 2006.
Franklin Prize for Teaching
Excellence, 2001.
Runner-up: Franklin Prize for
Teaching Excellence, 2005.
Runner up: Franklin Prize for
Teaching Excellence, 2004.
Best MBA Core Teacher Award,
2005.
Best MBA Core Teacher Award,
2004.
Dean’s Recognition of
Excellence in Teaching, 1996, 1997, 1998, 1999,
2000, 2001, 2002. 2003, 2004, 2005, and 2006.
Academic Honors
Member of Beta Gamma Sigma
Honor Society, University of Pittsburgh Chapter.
Founding member, Korea
Economics Association, and the Center for
Experimental Business Research (cEBR).
First division with
distinction in MBA; Ranked 2nd in the University of
Delhi (1986). First division with distinction in
Engineering; Ranked 5th in the University of Delhi.
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