R
René M. Stulz
Researcher at National Bureau of Economic Research
Publications - 479
Citations - 87541
René M. Stulz is an academic researcher from National Bureau of Economic Research. The author has contributed to research in topics: Equity (finance) & Market liquidity. The author has an hindex of 124, co-authored 470 publications receiving 81342 citations. Previous affiliations of René M. Stulz include Society of American Military Engineers & University of Pennsylvania.
Papers
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Managerial discretion and optimal financing policies
TL;DR: In this paper, the authors analyze a firm owned by atomistic shareholders who observe neither cash flows nor management's investment decisions and find that management is forced to invest too little when cash flow is low and too much when it is high.
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The Determinants of Firms' Hedging Policies
Clifford W. Smith,René M. Stulz +1 more
TL;DR: In this article, the authors develop a positive theory of the hedging behavior of value-maximizing corporations, treating hedging by corporations simply as one part of the firm's financing decisions.
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Tobin's Q, Corporate Diversification and Firm Performance
Larry H.P. Lang,René M. Stulz +1 more
TL;DR: The authors showed that Tobin's q and firm diversification are negatively related throughout the 1980s, and that this negative relation holds for different diversification measures and when we control f...
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The determinants and implications of corporate cash holdings
TL;DR: The authors examine the determinants and implications of holdings of cash and marketable securities by publicly traded U.S. firms in the 1971-1994 period and find evidence supportive of a static tradeoff model of cash holdings.
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The Determinants and Implications of Corporate Cash Holdings
TL;DR: The authors examined the determinants and implications of holdings of cash and marketable securities by publicly traded U.S. firms in the 1971-1994 period and found that firms with strong growth opportunities and riskier cash flows hold relatively high ratios of cash to total assets.