Michael W. Faulkender

Publications23
h-index15
Citations3,804
Highly Influential Citations448
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Corporate Financial Policy and the Value of Cash
We examine the cross-sectional variation in the marginal value of corporate cash holdings that arises from differences in corporate financial policy. We begin by providing semi-quantitative… Expand
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Does the Source of Capital Affect Capital Structure?
Empirical examinations of capital structure have led some to conclude that firms are under-levered. Implicit in this argument and much of the empirical work on leverage is the assumption that the… Expand
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Inside the black box: The role and composition of compensation peer groups
This paper considers the features of the newly disclosed compensation peer groups and demonstrates their significant role in explaining variations in chief executive officer (CEO) compensation beyond… Expand
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Hedging or Market Timing? Selecting the Interest Rate Exposure of Corporate Debt
This paper examines whether firms are hedging or timing the market when selecting the interest rate exposure of their new debt issuances. I use a more accurate measure of the interest rate exposure… Expand
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Cash Flows and Leverage Adjustments
Recent research has emphasized the impact of transaction costs on firm leverage adjustments. We recognize that cashflow realizations can provide opportunities to adjust leverage at relatively low… Expand
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The Two Sides of Derivatives Usage: Hedging and Speculating with Interest Rate Swaps
Existing cross-sectional findings on nonfinancial firms’ use of derivatives that are usually interpreted as the result of hedging may alternatively be due to speculation. Panel data examinations can… Expand
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Cash Holdings Among Small Businesses
I examine the frictions of financial distress, information asymmetry, agency costs, and taxes and the effects they have on observed cash positions of small firms. Firms with higher costs of financial… Expand
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Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act
The American Jobs Creation Act (AJCA) significantly lowered US firms' tax cost when accessing their unrepatriated foreign earnings. Using this temporary shock to the cost of internal financing, we… Expand
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Is Disclosure an Effective Cleansing Mechanism? The Dynamics of Compensation Peer Benchmarking
Firms routinely justify CEO compensation by benchmarking against companies with highly paid CEOs. We examine whether the 2006 regulatory requirement of disclosing compensation peers mitigated firms'… Expand
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Investment and Capital Constraints: Repatriations Under the American Jobs Creation Act
The American Jobs Creation Act (AJCA) significantly lowered US firms' tax cost when accessing their unrepatriated foreign earnings. Using this temporary shock to the cost of internal financing, we… Expand
  • 75
  • 5