Gordon Phillips / Research

Research

Publications

With Carter Braxton and Kyle Herkenhoff, “Can the Unemployed Borrow: Implications for Public Insurance,” Journal of Political Economy, September 2024, https://doi.org/10.1086/729583.
With E. Giambina and A. Kumar, “Hedging, Contract Enforceability and Competition.” Forthcoming, Review of Financial Studies, 2025.
With B. Larrain, G. Sertsios, and F. Urzúa I., "The Effects of Going Public on Firm Profitability and Strategy," Forthcoming, Review of Financial Studies, 2025.
With G. Hoberg, "Scope, Scale and Concentration: The 21st Century Firm," forthcoming, Journal of Finance, 2025.
With K. Herkenhoff, J. Lise, and G. Menzio, "Production and Learning in Teams," Econometrica, Vol. 92, March 2024, pp. 467-504, https://doi.org/10.3982/ECTA16748
With K. Herkenhoff and E. Cohen-Cole, "How Credit Constraints Impact Job Finding Rates, Sorting & Aggregate Output," The Review of Economic Studies, October, 2024, rdad104, https://doi.org/10.1093/restud/rdad104
With A. Zhdanov, “Venture Capital Investments, Merger Activity, and Competition Laws around the World” (editor's choice article), The Review of Corporate Finance Studies, Volume 13, Issue 2, May 2024, Pages 303–334, https://doi.org/10.1093/rcfs/cfad025
With V. Maksimovic and L. Yang, Do IPO firms become Myopic?, Review of Finance, Volume 27, Issue 3, May 2023, Pages 765–807, https://doi.org/10.1093/rof/rfac054
Using Computational Linguistics to Identify Competitors and Competitive Interactions, NBER Reporter, No. 4, December 2022.
With R. Nanda, Small Firm Financing: Sources, Frictions, and Policy Implications, forthcoming Handbook of the Economics of Corporate Finance: Private Equity and Entrepreneurial Finance, 2022, editors: Espen Eckbo, Gordon Phillips and Morten Sorensen, Elsevier.
With L. Fresard, Product Markets, Competition and Corporate Finance: A Review and Directions for Future Research, Handbook of Corporate Finance, editor: David Denis, Edward Elgar.
With U. Acikalin, T. Caskurlu, and G. Hoberg, “Intellectual Property Protection Lost and Competition: An Examination Using Large Language Models,” 2022 [slides]
With C. Hsu, X. Li, and Z. Ma, "Does Industry Competition Influence Analyst Coverage Decisions and Career Outcomes?," Journal of Financial and Quantitative Analysis, 2022
With K. Herkenhoff and E. Cohen-Cole, "The Impact of Consumer Credit Access on Self-Employment and Entrepreneurship," Journal of Financial Economics, 2021, https://doi.org/10.1016/j.jfineco.2021.03.004,
With S. Katie Moon, "Outsourcing Supply Contracts, Human Capital and Firm Capital Structure," Management Science, 2021.
With L. Fresard and G. Hoberg, "Innovation Activities and Integration through Vertical Acquisitions,” [online appendix], Review of Financial Studies, 2020; Oliver Williamson best paper award
With M. Li and Y. Lu, “CEOs and the Product Market: When are Powerful CEOs Beneficial?” Lead article in Journal of Financial and Quantitative Analysis, Vol. 54, December 2019, pp. 2295-2326
With J. Bai and D. Carvalho, "The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity," Journal of Finance, December 2018, pp. 2787-2836
"Finance and Industrial Organization," current issues that are explored in a PhD course taught by Gordon M. Phillips at USC, HEC Paris, Insead, Vienna, Australian Finance Research Network, and the Nordic Finance Network
With G. Hoberg, "Text-Based Industry Momentum," Journal of Financial and Quantitative Analysis, December 2018, pp. 2355-2388 [online appendix]; Sharpe best paper award
With L. Fresard and U. Hege, "Extending Industry Specialization through Cross-Border Acquisitions," Review of Financial Studies, 2017, 30 (5), 1539-1582
With G. Hoberg, "Conglomerate Industry Choice and Product Language," Management Science, August 2018, pp. 3735-55
With Giorgo Sertsios, "Financing and New Product Decisions of Private and Publicly Traded Firms," Review of Financial Studies, 2017, 30 (5), 1744-1789
With G. Hoberg, "Text-Based Network Industries and Endogenous Product Differentiation," Journal of Political Economy, October 2016
With G. Hoberg and N.H. Prabhala, "Product Market Threats, Payouts, and Financial Flexibility," Journal of Finance, 2014, Vol. 69, (1), 293-332
With H. Ortiz-Molina, "Real Asset Illiquidity and the Cost of Capital," Journal of Financial and Quantitative Analysis, 2014, 1-32 (lead article)
With V. Maksimovic and L. Yang, "Private and Public Merger Waves," Best paper award Financial Management Association, Journal of Finance, 2013, Vol. 68, (5), 2177-2217
With G. Sertsios, "How Do Firm Financial Conditions Affect Product Quality and Pricing?" Management Science, 2013, 59, Vol. 8, 1764-1782
With A. Zhdanov, "R&D and the Incentives from Merger and Acquisition Activity," Review of Financial Studies, 2013, 26, Vol. 1, 34-78
With V. Maksimovic, "Conglomerate Firms, Internal Capital Markets and the Theory of the Firm," Annual Review of Financial Economics, 2013, Vol. 5: 225-244
With A. Gomes, "Why do Public Firms Issue Private and Public Securities?" Journal of Financial Intermediation, 2012, Vol. 21, 619-658
With V. Maksimovic and N.R.Prabhala, "Post-Merger Restructuring and the Boundaries of the Firm," The Journal of Financial Economics, 2011, Vol. 102, 317-343 Reprinted as chapter 5 in "Mergers and Acquisitions", volume in The International Library of Critical Writings in Economics, ed. J. Harold Mulherin
With G. Hoberg, "Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis," The Review of Financial Studies, 2010, Vol. 23, 3773-3811. Reprinted as chapter 6 in "Mergers and Acquisitions," volume in The International Library of Critical Writings in Economics, ed. J. Harold Mulherin
With G. Hoberg, "Real and Financial Industry Booms and Busts," Journal of Finance, February, 2010, Vol. 65, 45-86
With V. Maksimovic, "Does Firm Organization Matter?" Journal of Finance. April, 2008, Vol. 63, 629-64
With P. MacKay, "How Does Industry Affect Firm Financial Structure?" formally titled "Is There an Optimal Industry Capital Structure?" December, 2005, The Review of Financial Studies
With V. Maksimovic, "Do Conglomerate Firms Allocate Resources Inefficiently Across Industries? Theory and Evidence," The Journal of Finance, April, 2002, 57 721-767. Reprinted in "Corporate Restructuring" volume in The International Library of Critical Writings in Financial Economics, ed. J. McConnell and D. Denis
With V. Maksimovic, "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales and Are There Gains?" Journal of Finance December, 2001, Vol. 56, 2019-2065. Reprinted in "Corporate Restructuring" volume in The International Library of Critical Writings in Financial Economics, ed. J. McConnell and D. Denis Also reprinted in Mergers and Corporate Governance, ed: J. Harold Mulherin
With J. Allen, "Corporate Equity Ownership, Strategic Alliances and Product Market Relationships,"Journal of Finance, December, 2000, Vol. 55, 2791-2815
With V. Maksimovic, "Asset Efficiency and Reallocation Decisions of Bankrupt Firms," Journal of Finance, October, 1998, 53, 1495-1532. Reprinted in "Empirical Corporate Finance" volume in The International Library of Critical Writings in Financial Economics, ed. M. Brennan
With D. Kovenock, "Capital Structure and Product Market Behavior: An Examination of Plant Closing and Investment Decisions," Review of Financial Studies, 1997, Vol. 10, 767-803, to be reprinted in: The International Library of Critical Writings in Financial Economics, volume editor: Michael Brennen, series editor: Richard Roll.
With D. Kovenock, "Capital Structure and Product Market Rivalry: How Do We Reconcile Theory and Evidence?" American Economic Review, May 1995, Vol. 85, 403-408
"Increased Debt and Industry Product Markets: An Empirical Analysis," Journal of Financial Economics, 1995, Vol. 37, 189-238
With R.Weiner, "Trading Performance in Forward Markets: Information vs. Normal Backwardation," The Economic Journal, 1994, Vol. 104, 76-95
With R. Weiner, "Options in Forward Contracts: Empirical Estimates from the Petroleum Market," The Review of Futures Markets, 1990, Vol. 9, 1-14

Book Chapters and Reviews

"Discussion of A Measure of Competition Based on 10-K Filings," Journal of Accounting Research, Vol. 51, 437-447, 2013
With V. Maksimovic, "Conglomerate Firms and Internal Capital Markets"Handbook of Corporate Finance: Empirical Corporate Finance, ed. B. Espen Eckbo, Handbooks in Finance Series, Elsevier/North-Holland, April, 2007, 423-475

Tuck

Tuck School of Business at Dartmouth

Research

Publications

Book Chapters and Reviews