Murillo  Campello

Alan J. and Joyce D. Baltz Professor of Finance

Department of Finance

University of Illinois at Urbana-Champaign
4039 BIF
515 East Gregory Drive, MC- 520
Champaign, IL 61820
Phone: (217) 333-9498
E-mail: campello@illinois.edu
My webpage at the Finance Department

My webpage at the SSRN

Faculty Research Fellow
National Bureau of Economic Research

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Curriculum Vitae

Financial Times Piece on the Financial Crisis

Covered in: Reuters, Wall Street Journal

Areas of Interest

    Research: Corporate Finance, Financial Intermediation, Monetary Policy, Financial Markets, and Applied Contract Theory
    Teaching: International Finance, Corporate Finance, and Financial Intermediation

Publications

1. Internal Capital Markets in Financial Conglomerates: Evidence from Small Bank Responses to Monetary Policy , Journal of Finance 57, 2002, pp. 2773-2805.

(Nominated for the Brattle Prize.)

2. Capital Structure and Product Markets Interactions: Evidence from Business Cycles , Journal of Financial Economics 68, 2003, pp. 353-378.

3. The Cash Flow Sensitivity of Cash (with H. Almeida and M. Weisbach), Journal of Finance 59, 2004, pp. 1777-1804.

(Nominated for the Brattle Prize.)

4. Who Herds? (with D. Bernhardt and E. Kutsoati), Journal of Financial Economics 80, 2006, pp. 657-675.

5. Debt Financing: Does it Boost or Hurt Firm Performance in Product Markets?, Journal of Financial Economics 82, 2006, pp. 135-172.

6. The Financial Accelerator: Evidence from International Housing Markets (with H. Almeida and C. Liu), Review of Finance 10, 2006, pp. 1-32.

(Winner of the Goldman Sachs Best Paper Prize.)

7. Firm Balance Sheets and Monetary Policy Transmission (with A. Ashcraft), Journal of Monetary Economics 54, 2007, pp. 1515-1526.

8. Financial Constraints, Asset Tangibility, and Corporate Investment (with H. Almeida), Review of Financial Studies 20, 2007, pp. 1429-1460.

9. The Dynamics of Earnings Forecast Management (with D. Bernhardt), Review of Finance 11, 2007, pp. 287-324.

10. Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies (with V. Acharya and H. Almeida), Journal of Financial Intermediation 16, 2007, pp. 515-554.

11. Expected Returns, Yield Spreads, and Asset Pricing Tests (with L. Chen and L. Zhang), Review of Financial Studies 21, 2008, pp. 1297-1338.

12. Financing Frictions and the Substitution Effect Between Internal and External Funds (with H. Almeida), forthcoming, Journal of Financial and Quantitative Analysis

13. Corporate Financial and Investment Policies when Future Financing is not Frictionless (with H. Almeida and M. Weisbach), forthcoming, Journal of Corporate Finance

14. Are Financial Constraints Priced? Evidence from Firm Fundamentals and Stock Returns (with L. Chen), forthcoming, Journal of Money, Credit and Banking

15. The Real Effects of Financial Constraints: Evidence from a Financial Crisis (with J. Graham and C. Harvey), forthcoming, Journal of Financial Economics

Working Papers

1. Asset Tangibility and Corporate Performance under External Financing: Evidence from Firm and Industry Data

2. Corporate Financing and Investment: The Firm-Level Credit Multiplier (with D. Hackbarth)

3. Do Stock Prices Influence Corporate Decisions? Evidence from the Technology Bubble (with J. Graham)

4. Product Market Performance, Switching Costs, and Liquidation Values: The Real Effects of Financial Leverage (with Z. Fluck)

5. Liquidity Management and Corporate Investment During a Financial Crisis (with J. Graham, E. Giambona, and C. Harvey)

6. Liquidity Mergers (with H. Almeida and D. Hackbarth)

7. Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis (with H. Almeida, B. Laranjeira, and S. Weisbenner)

8. Measurement Errors in Investment Equations (with H. Almeida and A. Galvao)

9. Aggregate Risk and the Choice Between Cash and Lines of Credit (with V. Acharya and H. Almeida)

10. The Real and Financial Implications of Corporate Hedging (with C. Lin, Y. Ma, and H. Zou)

Teaching

Finance Seminar Series