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Selected Bibliography for Steven Neil Kaplan
Neubauer Family Distinguished Service Professor of Entrepreneurship and Finance



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Published Works | Working Papers

Published Works  

"The Effects of Stock Lending on Security Prices: An Experiment." Steven N. Kaplan, Tobias J. Moskowitz and Berk A. Sensoy; Journal of Finance, 2013, 68(5), pp. 1891-936.
http://dx.doi.org/10.1111/jofi.12051

"It's the Market: The Broad-Based Rise in the Return to Top Talent." Steven N. Kaplan and Joshua Rauh; Journal of Economic Perspectives, 2013, 27(3), pp. 35-56.
http://dx.doi.org/10.1257/jep.27.3.35

"Family, Education, and Sources of Wealth among the Richest Americans, 1982-2012." Steven N. Kaplan and Joshua D. Rauh; American Economic Review, 2013, 103(3), pp. 158-62.
http://dx.doi.org/10.1257/aer.103.3.158

"Which CEO Characteristics and Abilities Matter?" Steven N. Kaplan, Mark M. Klebanov and Morten Sorensen; The Journal of Finance, 2012, 67(3), pp. 973-1007.
http://dx.doi.org/10.1111/j.1540-6261.2012.01739.x

"How Has CEO Turnover Changed?" Steven N. Kaplan and Bernadette A. Minton; International Review of Finance, 2012, 12(1), pp. 57-87.
http://dx.doi.org/10.1111/j.1468-2443.2011.01135.x

"It Ain't Broke: The Past, Present, and Future of Venture Capital." Steven N. Kaplan and Josh Lerner; Journal of Applied Corporate Finance, 2010, 22(2), pp. 36-47.
http://dx.doi.org/10.1111/j.1745-6622.2010.00272.x

"Big Bad Bonuses?: Should Bankers Get Their Bonuses?" Steven N. Kaplan; Finance & Development, 2010, 47(1), pp. 42.
http://www.imf.org/external/pubs/ft/fandd/2010/03/kaplan2.htm

"Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?" Steven N. Kaplan and Joshua Rauh; Review of Financial Studies, 2010, 23(3), pp. 1004-50.
http://rfs.oxfordjournals.org/cgi/content/abstract/23/3/1004

"Leveraged Buyouts and Private Equity." Steven N. Kaplan and Per Stromberg; Journal of Economic Perspectives, 2009, 23(1), pp. 121-46.
http://search.ebscohost.com/login.aspx?direct=true&db=eoh&AN=EP36434810

"Should Investors Bet on the Jockey or the Horse? Evidence from the Evolution of Firms from Early Business Plans to Public Companies." Steven N. Kaplan, Berk A. Sensoy and Per Stromberg; Journal of Finance, 2009, 64(1), pp. 75-115.
http://dx.doi.org/10.1111/j.1540-6261.2008.01429.x

"Are U.S. CEOs Overpaid? A Response to Bogle and Walsh." Steven N. Kaplan; Academy of Management Perspectives, 2008, 22(3), pp. 28-34.
http://search.ebscohost.com/login.aspx?direct=true&db=bsh&AN=34587993

"Are U.S. CEOs Overpaid?" Steven N. Kaplan; Academy of Management Perspectives, 2008, 22(2), pp. 5-20.
http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=32739755

"Are CEOs Really Overpaid?" Steven N. Kaplan; Corporate Board, 2007, 28(167), pp. 8-12.
http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=27357360

"Are CEOs Overpaid?" Steven N. Kaplan; WorldatWork Journal, 2007, 16(3), pp. 22.

"How do Legal Differences and Experience Affect Financial Contracts?" Steven N. Kaplan, Frederic Martel and Per Stromberg; Journal of Financial Intermediation, 2007, 16(3), pp. 273-311.
http://dx.doi.org/10.1016/j.jfi.2007.03.005

"Private Equity Performance: Returns, Persistence, and Capital Flows." Steven N. Kaplan and Antoinette Schoar; Journal of Finance, 2005, 60(4), pp. 1791.
http://search.epnet.com/login.aspx?direct=true&db=bth&an=17672483

"Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses." Steven N. Kaplan and Per Strömberg; Journal of Finance, 2004, 59(5), pp. 2177.
http://dx.doi.org/10.1111/j.1540-6261.2004.00696.x

"Venture Capitalists as Economic Principals." Steven N. Kaplan and Per Strömberg; NBER Reporter, 2003, (Summer), pp. 22-25.
http://search.epnet.com/login.aspx?direct=true&db=bth&an=10346023

"Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts." Steven N. Kaplan and Per Strömberg; Review of Economic Studies, 2003, 70(2), pp. 281-315.
http://dx.doi.org/10.1111/1467-937X.00245

"Valuation and New Economy Firms," Steven N. Kaplan, in W. C. Hunter, G. Kaufman and M. Pomerleano: Asset Price Bubbles. MIT Press, 2003, pp. 581

"The State of U.S. Corporate Governance: What's Right and What's Wrong?" Holmstrom Bengt and Steven N Kaplan; The Bank of America Journal of Applied Corporate Finance, 2003, 15(3), pp. 8.

"The Dangers of Too Much Governance." Bengt Holmstrom and Steven N Kaplan; MIT Sloan Management Review, 2003, 45(1), pp. 96.
http://search.epnet.com/login.aspx?direct=true&db=bth&an=11163013

"What Is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies." Hietala Pekka, Steven N Kaplan and David T Robinson; Financial Management, 2003, 32(3), pp. 5.
http://search.epnet.com/login.aspx?direct=true&db=bth&an=10956904

"U.S. Boards of Directors: Post-Enron." Steven N. Kaplan; Corporate Board Member, 2002, (Special Supplement).

"Business-to-Business E-Commerce: Value Creation, Value Capture and Valuation," Luis Garicano and Steven N. Kaplan, in M. R. Baye: The Economics of the Internet and E-Commerce. Amsterdam ; Boston, 2002, pp. 268

"The Effects of Business-to-Business E-Commerce on Transaction Costs." Luis Garicano and Steven N. Kaplan; Journal of Industrial Economics, 2001, 49(4), pp. 463-85.
http://dx.doi.org/10.1111/1467-6451.00158

"Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s." Bengt Holmstrom and Steven N. Kaplan; Journal of Economic Perspectives, 2001, 15(2), pp. 121.
http://links.jstor.org/sici?sici=0895-3309%28200121%2915%3A2%3C121%3ACGAMAI%3E2.0.CO%3B2-S

"Venture Capitalists as Principals: Contracting, Screening, and Monitoring." Steven N Kaplan and Per Stromberg; American Economic Review, 2001, 91(2), pp. 426.
http://links.jstor.org/sici?sici=0002-8282%28200105%2991%3A2%3C426%3AVCAPCS%3E2.0.CO%3B2-R

"Investment-Cash Flow Sensitivities Are Not Valid Measures of Financing Constraints." Steven N. Kaplan and Luigi Zingales; Quarterly Journal of Economics, 2000, 115(2), pp. 707-12.
http://search.epnet.com/login.aspx?direct=true&db=bth&an=3128105

"B2b E-Commerce Hubs: Towards a Taxonomy of Business Models." Steven N. Kaplan and Mohan Sawhney; Harvard Business Review, 2000, 78(3), pp. 97.
http://search.epnet.com/login.aspx?direct=true&db=bth&an=3049548

Mergers and Productivity; Steven N. Kaplan; Chicago: University of Chicago Press, 2000

"A Clinical Exploration of Value Creation and Destruction in Acquisitions: Organizational Design, Incentives, and Internal Capital Markets," Steven N. Kaplan, Mark L. Mitchell and Karen H. Wruck, in S. N. Kaplan: Mergers and Productivity. Chicago: University of Chicago Press, 2000, pp. 337

"Let's Get Vertical." Steven N. Kaplan and Mohan Sawhney; Business 2.0, 1999, (September).

"How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions That Became Distressed." Gregor Andrade and Steven N. Kaplan; Journal of Finance, 1998, 53(5), pp. 1443-93.
http://links.jstor.org/sici?sici=0022-1082%28199810%2953%3A5%3C1443%3AHCIF%28E%3E2.0.CO%3B2-5

"Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?" Steven N. Kaplan and Luigi Zingales; Quarterly Journal of Economics, 1997, 112(1), pp. 169-215.
http://links.jstor.org/sici?sici=0033-5533%28199702%29112%3A1%3C169%3ADIFSPU%3E2.0.CO%3B2-U

"The Evolution of U.S. Corporate Governance: We Are All Henry Kravis Now." Steven N. Kaplan; Journal of Private Equity, 1997, (Fall), pp. 7-14.

"Corporate Governance and Corporate Performance: A Comparison of Germany, Japan, and the U.S." Steven N. Kaplan; The Bank of America Journal of Applied Corporate Finance, 1997, 9(4), pp. 86.

"Those Japanese Firms with Their Disdain for Shareholders: Another Fable of the Academy." Steven N. Kaplan and J. Mark Ramseyer; Washington University Law Quarterly, 1996, 74(2), pp. 403-18.
http://heinonline.org/HOL/Page?handle=hein.journals/walq74&id=413&collection=journals

"The Market Pricing of Cash Flow Forecasts: Discounted Cash Flow vs. The Method of "Comparables"." Steven N. Kaplan and Richard S. Ruback; The Bank of America Journal of Applied Corporate Finance, 1996, 8(4), pp. 45.

"Valuation in Corporate Control Transactions," Steven N. Kaplan, Proceedings of AIMR Seminar, Equity Analysis. The Role of Corporate Financial Decision Making, 1995

"Corporate Governance and Incentives in German Companies: Evidence from Top Executive Turnover and Firm Performance." Steven N. Kaplan; European Financial Management, 1995, 1(1), pp. 23.

"Taking Stock of the RJR Nabisco Buyout." Steven N. Kaplan, Wall Street Journal - Eastern Edition, March 30, 1995, A14.

"The Homogeneity of Japanese Boards." Steven N. Kaplan; Directors and Boards, 1995, 19(3), pp. 31.

"Corporate Governance in Germany, Japan, and the United States: A Comparison," Steven N. Kaplan, in J. Doukas and L. H. P. Lang: Research in International Business and Finance. Greenwich, Conn: JAI Press, 1995, pp. 335

"The Valuation of Cash Flow Forecasts: An Empirical Analysis." Steven N. Kaplan and Richard S. Ruback; Journal of Finance, 1995, 50(4), pp. 1059-93.
http://links.jstor.org/sici?sici=0022-1082%28199509%2950%3A4%3C1059%3ATVOCFF%3E2.0.CO%3B2-Z

"Federated's Acquisition and Bankruptcy: Lessons and Implications." Steven N. Kaplan; Washington University Law Quarterly, 1994, 72(3), pp. 1103-226.
http://heinonline.org/HOL/Page?handle=hein.journals/walq72&id=1115&collection=journals

"Campeau's Acquisition of Federated: Post Bankruptcy Results." Steven N. Kaplan; Journal of Financial Economics, 1994, 35(1), pp. 123.
http://dx.doi.org/10.1016/0304-405X(94)90020-5

"Appointments of Outsiders to Japanese Boards: Determinants and Implications for Managers." Steven N. Kaplan and Bernadette A. Minton; Journal of Financial Economics, 1994, 36(2), pp. 225.
http://dx.doi.org/10.1016/0304-405X(94)90025-6

"Top Executives, Turnover, and Firm Performance in Germany." Steven N. Kaplan; Journal of Law, Economics, & Organization, 1994, 10(1), pp. 142-59.
http://links.jstor.org/sici?sici=8756-6222%28199404%2910%3A1%3C142%3ATETAFP%3E2.0.CO%3B2-J

"Top Executive Rewards and Firm Performance: A Comparison of Japan and the United States." Steven N. Kaplan; Journal of Political Economy, 1994, 102(3), pp. 510-46.
http://links.jstor.org/sici?sici=0022-3808%28199406%29102%3A3%3C510%3ATERAFP%3E2.0.CO%3B2-O

"The Staying Power of Leveraged Buyouts." Steven N. Kaplan; The Continental Bank Journal of Applied Corporate Finance, 1993, 6(1), pp. 15.

"The Evolution of Buyout Pricing and Financial Structure (or, What Went Wrong) in the 1980s." Steven N. Kaplan and Jeremy C. Stein; The Continental Bank Journal of Applied Corporate Finance, 1993, 6(1), pp. 72.

"The Evolution of Buyout Pricing and Financial Structure in the 1980s." Steven N. Kaplan and Jeremy C. Stein; Quarterly Journal of Economics, 1993, 108(2), pp. 313-57.
http://links.jstor.org/sici?sici=0033-5533%28199305%29108%3A2%3C313%3ATEOBPA%3E2.0.CO%3B2-X

"Management Buyouts," Steven N. Kaplan, in P. Newman, M. Milgate and J. Eatwell: The New Palgrave Dictionary of Money & Finance. London : Macmillan ; New York : Stockton Press: 1992

"Conventional Wisdom." Steven N. Kaplan; Harvard Business Review, 1992, 70(5), pp. 184.
http://search.epnet.com/login.aspx?direct=true&db=bth&an=9852855

"The Success of Acquisitions: Evidence from Divestitures." Steven N. Kaplan and Michael S. Weisbach; Journal of Finance, 1992, 47(1), pp. 107-38.
http://links.jstor.org/sici?sici=0022-1082%28199203%2947%3A1%3C107%3ATSOAEF%3E2.0.CO%3B2-J

"The Staying Power of Leveraged Buyouts." Steven N. Kaplan; Journal of Financial Economics, 1991, 29(2), pp. 287.
http://dx.doi.org/10.1016/0304-405X(91)90004-4

"The Effects of LBOs on Tax Revenues," Steven N. Kaplan, Michael Jensen and Laura Stiglen, in E. Altman: The High Yield Debt Market. Homewood, IL: Dow Jones-Irwin, 1990, pp. 306

"How Risky Is the Debt in Highly Leveraged Transactions?" Steven N. Kaplan and Jeremy C. Stein; Journal of Financial Economics, 1990, 27(1), pp. 215.
http://dx.doi.org/10.1016/0304-405X(90)90027-W

"Outside Directorships and Corporate Performance." Steven N. Kaplan and David Reishus; Journal of Financial Economics, 1990, 27(2), pp. 389.
http://dx.doi.org/10.1016/0304-405X(90)90061-4

"Sources of Value in Management Buyouts," Steven N. Kaplan, in Y. Amihud: Leveraged Management Buyouts. Homewood, Ill: Dow Jones-Irwin, 1989, pp. 268

"Campeau's Acquisition of Federated: Value Destroyed or Value Added." Steven N. Kaplan; Journal of Financial Economics, 1989, 25(2), pp. 191.
http://dx.doi.org/10.1016/0304-405X(89)90081-0

"The Effects of Management Buyouts on Operating Performance and Value." Steven Kaplan; Journal of Financial Economics, 1989, 24(2), pp. 217.
http://dx.doi.org/10.1016/0304-405X(89)90047-0

"Management Buyouts: Evidence on Taxes as a Source of Value." Steven Kaplan; Journal of Finance, 1989, 44(3), pp. 611-32.
http://links.jstor.org/sici?sici=0022-1082%28198907%2944%3A3%3C611%3AMBEOTA%3E2.0.CO%3B2-C

Sources of Value in Management Buyouts; Steven N. Kaplan; Ph.D Dissertation, Harvard University, 1988.

 

Working Papers  


Executive Compensation and Corporate Governance in the U.S.: Perceptions, Facts and Challenges; Steven N. Kaplan; NBER  Working Paper Series No. 18395; Cambridge: National Bureau of Economic Research, 2012.
http://www.nber.org/papers/w18395

Private Equity Performance: What Do We Know?; Robert S. Harris, Tim Jenkinson and Steven N. Kaplan; NBER  Working Paper Series No. 17874; Cambridge: National Bureau of Economic Research, 2012.
http://www.nber.org/papers/w17874

The Effects of Stock Lending on Security Prices: An Experiment; Steven N. Kaplan, Tobias J. Moskowitz and Berk A. Sensoy; NBER Working Paper Series   No. 16335; Cambridge: National Bureau of Economic Research, 2010.
http://www.nber.org/papers/w16335

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?; Steven N. Kaplan and Joshua Rauh; NBER Working Paper Series no. 13270; Cambridge: National Bureau of Economic Research, 2007.
http://www.nber.org/papers/w13270

How Has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs; Steven N. Kaplan and Bernadette Minton; NBER working paper series ; no. w12465; Cambridge, Mass.: National Bureau of Economic Research, 2006.
http://www.nber.org/papers/w12465

What Are Firms? Evolution from Birth to Public Companies; Steven N. Kaplan, Berk A. Sensoy and Per Strömberg; NBER Working Papers Series no. 11581; Cambridge: National Bureau of Economic Research, 2005.
http://papers.nber.org/papers/W11581

How do Legal Differences and Learning Affect Financial Contracts?; Steven N. Kaplan, Frédéric Martel and Per Strömberg; NBER working paper series no. 10097.; Cambridge: National Bureau of Economic Research, 2003.
http://www.nber.org/papers/W10097

Private Equity Performance: Returns, Persistence and Capital; Steven Kaplan and Antoinette Schoar; NBER Working Paper Series, no. 9807; Cambridge: National Bureau of Economic Research, 2003.
http://papers.nber.org/papers/9807

How Do Legal Differences and Learning Affect Financial Contracts?; Steven N. Kaplan, Frederic Martel and Per Stromberg; NBER Working Paper Series, no. 10097; Cambridge: National Bureau of Economic Research, 2003.
http://papers.nber.org/papers/100097

The State of U.S. Corporate Governance: What's Right and What's Wrong?; Bengt Holmstrom and Steven N. Kaplan; NBER Working Paper Series, no. 9613; Cambridge: National Bureau of Economic Research, 2003.
http://papers.nber.org/papers/9613

Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses; Steven N. Kaplan and Per Stromberg; NBER Working Papers, no. 8764; Cambridge: National Bureau of Economic Research, 2002.
http://papers.nber.org/papers/8764
 

What Is the Price of Hubris? Using Takeover Battles to Infer Overpayments and Synergies; Pekka Hietala, Steven N. Kaplan and David T. Robinson; NBER Working Paper Series, no. 9264; Cambridge: National Bureau of Economic Research, 2002.
http://papers.nber.org/papers/9264

Venture Capitalists as Principals : Contracting, Screening, and Monitoring; Steven N. Kaplan and Per Strömberg; NBER working paper series no. 8202.; Cambridge: National Bureau of Economic Research, 2001.
http://www.nber.org/papers/W8202

Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s; Bengt Holmstrom and Steven N. Kaplan; NBER Working Paper Series, no. 8220; Cambridge: National Bureau of Economic Research, 2001.
http://papers.nber.org/papers/8220

The Effects of Business-to-Business E-Commerce on Transaction Costs; Luis Garicano and Steven N. Kaplan; NBER working paper series ;; no. 8017; Cambridge: National Bureau of Economic Research, 2000.
http://www.nber.org/papers/W8017

Investment-Cash Flow Sensitivities Are Not Valid Measures of Financing Constraints; Steven N. Kaplan and Luigi Zingales; NBER Working Paper Series, no. 7659; Cambridge: National Bureau of Economic Research, 2000.
http://papers.nber.org/papers/7659

Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts; Steven N. Kaplan and Per Stromberg; NBER Working Paper Series, no. 7660; Cambridge: National Bureau of Economic Research, 2000.
http://papers.nber.org/papers/7660

A Clinical Exploration of Value Creation and Destruction in Acquisitions: Organizational Design, Incentives, and Internal Capital Markets; Steven N. Kaplan, Mark L. Mitchell and Karen H. Wruck; NBER Working Papers, no. 5999; Cambridge: National Bureau of Economic Research, 1997.
http://papers.nber.org/papers/5999

How Costly Is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions That Became Distressed; Gregor Andrade and Steven N. Kaplan; NBER Working Paper Series, no. 6145; Cambridge: National Bureau of Economic Research, 1997.
http://papers.nber.org/papers/6145

Do Financing Constraints Explain Why Investment Is Correlated with Cash Flow?; Steven N. Kaplan and Luigi Zingales; NBER Working Paper Series, no. 5267; Cambridge: National Bureau of Economic Research, 1995.
http://papers.nber.org/papers/5267

The Valuation of Cash Flow Forecasts: An Empirical Analysis; Steven N. Kaplan and Richard S. Ruback; NBER Working Paper Series, no. 4724; Cambridge: National Bureau of Economic Research, 1994.
http://papers.nber.org/papers/4724

"Outside" Intervention in Japanese Companies: Its Determinants and Its Implications for Managers; Steven N. Kaplan and Bernadett A. Minton; NBER Working Paper Series, no. 4276; Cambridge: National Bureau of Economic Research, 1993.
http://papers.nber.org/papers/4276

Top Executives, Turnover and Firm Performance in Germany; Steven N. Kaplan; NBER Working Paper Series, no. 4416; Cambridge: National Bureau of Economic Research, 1993.
http://papers.nber.org/papers/4416

Top Executive Rewards and Firm Performance: A Comparison of Japan and the U.S; Steven N. Kaplan; NBER Working Paper Series, no. 4065; Cambridge: National Bureau of Economic Research, 1992.
http://papers.nber.org/papers/4065

The Staying Power of Leveraged Buyouts; Steven Kaplan; NBER Working Paper Series no.3653; Cambridge: National Bureau of Economic Research, 1991.
http://www.nber.org/papers/w3653

The Evolution of Buyout Pricing and Financial Structure; Steven Kaplan and Jeremy C. Stein; NBER Working Paper Series, no. 3695; Cambridge: National Bureau of Economic Research, 1991.
http://papers.nber.org/papers/3695

How Risky Is the Debt in Highly Leveraged Transactions? Evidence from Public Recapitalizations; Steven N. Kaplan and Jeremy C. Stein; NBER Working Paper Series, no. 3390; Cambridge: National Bureau of Economic Research, 1990.
http://papers.nber.org/papers/3390

The Holding Period Distinction of the Capital Gains Tax; Steven N. Kaplan; NBER Working Paper Series, no. 762; Cambridge: National Bureau of Economic Research, 1981.
http://papers.nber.org/papers/0762

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