@article{krishnamurthy_warr_2021, title={A message from the outgoing editors of The Financial Review}, volume={56}, ISSN={["1540-6288"]}, DOI={10.1111/fire.12265}, abstractNote={Financial ReviewVolume 56, Issue 2 p. 203-203 EDITORIAL A message from the outgoing editors of The Financial Review Srini Krishnamurthy, Associate Professor of FinanceSearch for more papers by this authorRichard S. Warr, Professor of Finance, Poole College of Management, NC State University, Raleigh, NC, USASearch for more papers by this author Srini Krishnamurthy, Associate Professor of FinanceSearch for more papers by this authorRichard S. Warr, Professor of Finance, Poole College of Management, NC State University, Raleigh, NC, USASearch for more papers by this author First published: 07 April 2021 https://doi.org/10.1111/fire.12265Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinked InRedditWechat No abstract is available for this article. Volume56, Issue2May 2021Pages 203-203 RelatedInformation}, number={2}, journal={FINANCIAL REVIEW}, author={Krishnamurthy, Srini and Warr, Richard S.}, year={2021}, month={May}, pages={203–203} }
 @misc{jagannathan_krishnamurthy_spizman_2021, title={Board committees and director departures}, volume={56}, ISSN={["1540-6288"]}, url={https://doi.org/10.1111/fire.12267}, DOI={10.1111/fire.12267}, abstractNote={Abstract}, number={4}, journal={FINANCIAL REVIEW}, author={Jagannathan, Murali and Krishnamurthy, Srinivasan and Spizman, Joshua}, year={2021}, month={Nov}, pages={619–644} }
 @article{jagannathan_jiao_krishnamurthy_2020, title={Missing them yet? Investment banker directors in the 21st century}, volume={60}, ISSN={["1872-6313"]}, DOI={10.1016/j.jcorpfin.2019.101512}, abstractNote={Subsequent to the stricter corporate governance listing standards adopted by the NYSE and NASDAQ in the early part of this century and the independence requirements of the Sarbanes Oxley Act of 2002 (SOX), the number of investment bankers (IB) serving on corporate boards has declined significantly. We document that the firms that lose the relationship with the investment bank after SOX become relatively more financially constrained soon after. The evidence is similar, albeit weaker, after departures of investment bankers at the advent of the financial crisis. We examine the mechanisms through which the constraints might be lowered, and observe that firms with IB directors face lower underwriting spreads when they issue equity and debt. Inconsistent with the hold-up problem associated with IB directors, the market reaction to seasoned equity offerings in firms with IB directors is less negative than comparable firms. The results point to costs associated with the increased attempts to improve board independence.}, journal={JOURNAL OF CORPORATE FINANCE}, author={Jagannathan, Murali and Jiao, Wei and Krishnamurthy, Srinivasan}, year={2020}, month={Feb} }
 @article{krishnamurthy_pelletier_warr_2018, title={Inflation and equity mutual fund flows}, volume={37}, ISSN={["1878-576X"]}, url={http://www.scopus.com/inward/record.url?eid=2-s2.0-85038835804&partnerID=MN8TOARS}, DOI={10.1016/j.finmar.2017.12.001}, abstractNote={We document a negative relation between inflation and aggregate equity mutual fund flows and hypothesize that this relation is partly due to inflation illusion on the part of investors. Inflation illusion occurs when investors fail to incorporate the effect of inflation into their estimates of nominal growth rates. Consequently, they lower their estimates of the intrinsic values of stocks and move their assets away from equities. Our results are robust to controls for alternative explanations such as inflation proxying for poorer future real cash flow growth and periods of higher inflation being associated with higher equity risk premia.}, journal={JOURNAL OF FINANCIAL MARKETS}, author={Krishnamurthy, Srinivasan and Pelletier, Denis and Warr, Richard S.}, year={2018}, month={Jan}, pages={52–69} }
 @article{krishnamurthy_warr_2018, title={Report of the Editors of The Financial Review for 2017}, volume={53}, ISSN={["1540-6288"]}, DOI={10.1111/fire.12179}, abstractNote={The Financial Review is now indexed in the Web of Science as part of the Emerging Sources Citation Index. They are tracking citations of papers published in 2015 and onward. The visibility of the journal has been steadily increasing since 2012. Importantly, journal papers have been downloaded by researchers all over the world, with the United States, the United Kingdom, Europe, China, and Australia each having a sizeable presence. Paper downloads from Wiley’s website}, number={3}, journal={FINANCIAL REVIEW}, author={Krishnamurthy, Srinivasan and Warr, Richard S.}, year={2018}, month={Aug}, pages={657–664} }
 @article{devos_krishnamurthy_narayanan_2016, title={Efficiency and Market Power Gains in Bank Megamergers: Evidence from Value Line Forecasts}, volume={45}, ISSN={["1755-053X"]}, DOI={10.1111/fima.12134}, abstractNote={This paper examines whether gains in bank megamergers occur due to efficiency improvements or the exercise of market power using financial statement line item forecasts from Value Line to infer the effect of the merger on prices and quantities. The average megamerger is associated with cost‐efficiency improvements. In the cross‐section, efficiency gains are limited to market expansion mergers while market overlap mergers and Too‐Big‐To‐Fail (TBTF) mergers exhibit monopoly gains. Efficiency gains dissipate when the resulting megabank size exceeds $150 billion in assets or 1.5% of gross domestic product indicating that banks thought to be TBTF are likely to be “Too‐Big‐To‐Be‐Efficient.”}, number={4}, journal={FINANCIAL MANAGEMENT}, author={Devos, Erik and Krishnamurthy, Srinivasan and Narayanan, Rajesh}, year={2016}, pages={1011–1039} }
 @article{chen_desai_krishnamurthy_2013, title={A First Look at Mutual Funds That Use Short Sales}, volume={48}, ISSN={["1756-6916"]}, url={http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcAuth=ORCID&SrcApp=OrcidOrg&DestLinkType=FullRecord&DestApp=WOS_CPL&KeyUT=WOS:000330462200004&KeyUID=WOS:000330462200004}, DOI={10.1017/s0022109013000264}, abstractNote={Abstract}, number={3}, journal={JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS}, author={Chen, Honghui and Desai, Hemang and Krishnamurthy, Srinivasan}, year={2013}, month={Jun}, pages={761–787} }
 @article{devos_dhillon_jagannathan_krishnamurthy_2012, title={Why are firms unlevered?}, volume={18}, ISSN={["1872-6313"]}, DOI={10.1016/j.jcorpfin.2012.03.003}, abstractNote={In this paper, we examine why firms have no debt in their capital structure. We reject the hypothesis that zero-leverage policies are driven by entrenched managers attempting to avoid the disciplinary pressures of debt. These firms do not have weaker internal or external governance mechanisms. The debt initiation decisions of these firms are not preceded by shocks to their entrenchment, such as takeover threats or the emergence of activist blockholders. Our evidence supports the hypothesis that these firms are financially constrained. Zero-debt firms are small, young, conserve cash from cash-flow, and are more likely to lease their assets. When they have access to a line of credit, they face stricter covenants and higher all-in costs than comparable control firms. They lose market share in economic downturns, consistent with the financial constraints explanation, but inconsistent with theories of predation which suggest that they may be voluntarily stockpiling debt capacity.}, number={3}, journal={JOURNAL OF CORPORATE FINANCE}, author={Devos, Erik and Dhillon, Upinder and Jagannathan, Murali and Krishnamurthy, Srinivasan}, year={2012}, month={Jun}, pages={664–682} }
 @article{how do mergers create value ? a comparison of taxes, market power, and efficiency improvements as explanations for synergies_2009, volume={22}, DOI={10.1093/rfs/hhn019}, abstractNote={There is little evidence in the literature on the relative importance of the underlying sources of merger gains. Prior literature suggests that synergies could arise due to taxes, market power, or efficiency improvements. Based on Value Line forecasts, we estimate the average synergy gains in a broad sample of 264 large mergers to be 10.03% of the combined equity value of the merging firms. The detailed data in Value Line projections allow for the decomposition of these gains into underlying operating and financial synergies. We estimate that tax savings contribute only 1.64% in additional value, while operating synergies account for the remaining 8.38%. Operating synergies are higher in focused mergers, while tax savings constitute a large fraction of the gains in diversifying mergers. The operating synergies are generated primarily by cutbacks in investment expenditures rather than by increased operating profits. Overall, the evidence suggests that mergers generate gains by improving resource allocation rather than by reducing tax payments or increasing the market power of the combined firm.}, number={3}, journal={REVIEW OF FINANCIAL STUDIES}, year={2009}, pages={1179–1211} }
 @article{krishnamurthy_zhou_zhou_2006, title={Auditor reputation, auditor independence, and the stock-market impact of Andersen's indictment on its client firms}, volume={23}, number={2}, journal={CONTEMPORARY ACCOUNTING RESEARCH}, author={KRISHNAMURTHY, S and ZHOU, J and ZHOU, N}, year={2006}, pages={465–490} }
 @article{desai_krishnamurthy_venkataraman_2006, title={Do short sellers target firms with poor earnings quality? evidence from earnings restatements}, volume={11}, DOI={10.1007/s11142-006-6396-x}, number={1}, journal={REVIEW OF ACCOUNTING STUDIES}, author={DESAI, H and KRISHNAMURTHY, S and VENKATARAMAN, K}, year={2006}, pages={71–90} }
 @article{krishnamurthy_spindt_subramaniam_al._2005, title={Does investor identity matter in equity issues? Evidence from private placements}, volume={14}, DOI={10.1016/j.jfi.2004.01.001}, abstractNote={We examine the relation between stock price performance and the identity of the investors buying the shares in private placements of equity. We find that although the shareholders not participating in the placement experience post-issue negative long-term abnormal returns, the participating investors purchase the shares at a discount and earn normal returns. For the non-participating investors, both announcement and long-term abnormal returns are significantly higher when the shares are placed with affiliated than only with unaffiliated investors. Additionally, when we exclude financially-distressed firms, we find insignificant announcement returns followed by negative long-term abnormal returns in placements to unaffiliated investors. On the other hand, consistent with affiliated investors having a certification effect, we find positive announcement returns and normal long-term returns following placements to affiliated investors. Thus, the disparity found in private placements between the positive announcement period and the negative post-issue long-term abnormal returns disappears when we control for financial distress and participating investor identity.}, number={2}, journal={JOURNAL OF FINANCIAL INTERMEDIATION}, author={KRISHNAMURTHY, S and SPINDT, P and SUBRAMANIAM, V and al.}, year={2005}, pages={210–238} }
 @article{krishnamurthy_jagannathan_2005, title={Investment Banker Directors and Affiliated Analyst Forecasts}, volume={3}, journal={Journal of Investment Management}, author={Krishnamurthy, Srinivasan and Jagannathan, Murali}, year={2005}, pages={4–20} }
 @article{stock splits, broker promotion, and decimalization_2005, volume={40}, number={4}, journal={JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS}, year={2005}, pages={873–895} }
 @article{fernando_krishnamurthy_spindt_2004, title={Are share price levels informative? Evidence from the ownership, pricing, turnover and performance of IPO firms}, volume={7}, DOI={10.1016/j.finmar.2004.01.001}, abstractNote={Abstract We ask whether a firm's choice of IPO price is informative in the sense that it relates systematically to the firm's other choices and characteristics. We find that both institutional ownership and underwriter reputation increases monotonically with the chosen IPO price level. We also find that the relationship between IPO price and underpricing is U-shaped. In contrast, post-IPO turnover displays an inverted U-shaped relation to IPO price. Moreover, firms choosing a higher (lower) stock price level experience lower (higher) mortality rates. Our results are robust to controls for market liquidity and firm size, and for partial adjustment of IPO prices based on pre-market information.}, number={4}, journal={JOURNAL OF FINANCIAL MARKETS}, author={FERNANDO, CS and KRISHNAMURTHY, S and SPINDT, PA}, year={2004}, pages={377–403} }
 @unpublished{audit committee characteristics and the perceived quality of financial reporting: an empirical analysis _2003, year={2003} }
 @article{fernando_krishnamurthy_spindt_1999, title={Is share price related to marketability? Evidence from mutual fund share splits}, volume={28}, number={3}, journal={FINANCIAL MANAGEMENT}, author={FERNANDO, CS and KRISHNAMURTHY, S and SPINDT, PA}, year={1999}, pages={54-+} }