Vojislav Maksimovic | Smith School

Vojislav Maksimovic

William A. Longbrake Chair in Finance

Associate Director, C-BERC

Ph.D., Harvard University

Contact

301-405-2125

vmaksimovic@rhsmith.umd.edu

4435 Van Munching Hall

"Max" Maksimovic is the William A. Longbrake Chair in Finance & Professor of Finance. His recent research focuses on how a firm's organizational structure affects the flow of resources across its divisions. He has also worked on how competition in high technology industries determines the timing of initial public offerings. Maksimovic is interested in international finance, specifically in how a country's legal and institutional environment influences the financing and investment by firms. Maksimovic's research has been published in the Journal of Finance, Review of Financial Studies, Rand Journal of Economics, Journal of Financial Economics, and Journal of Financial and Quantitative Analysis. He is an associate editor of Journal of Financial Intermediations and a past member of the board of directors of the Western Finance Association.

2023

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2023, “The Rise of Star Firms: Intangible Capital and Competition?” Forthcoming Review of Financial Studies.

2022

Hoberg, G., and V. Maksimovic, “Product Life Cycles in Corporate Finance.” Review of Financial Studies. 2022 Sep;35(9):4249-99.

Maksimovic V., G. Phillips, and L. Yang, ''Are Public Firms Really Myopic? Evidence from Matching IPO Firms at Birth.” Review of Finance 2022, rfac054, https://doi-org.proxy-um.researchport.umd.edu/10.1093/rof/rfac054

2021

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2021, “Are large firms born or made? Evidence from developing countries,” Small Business Economics 57(1) 191-219.

Ayyagari, Meghana; Asli Demirguc-Kunt, and Vojislav Maksimovic, 2021, “How common are credit-less recoveries? Firm-level evidence on the role of financial markets in crisis recovery,” Journal of Corporate Finance 69.

2020

Makaew, T., and V. Maksimovic, 2020, “Competition and Operating Volatilities Around the World," Journal of Financial and Quantitative Analysis 55(2), 517- 547.

2019

Huang, M.H., Rust, R., and V. Maksimovic, 2019, “The Feeling Economy: Managing in the Next Generation of Artificial Intelligence, California Management Review 61(4), 43-65.

2017

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "What determines entrepreneurial outcomes in emerging markets? The Role of Initial Conditions" Review of Financial Studies, 30(7), 2478-2522.

2015

Hoberg, G., and V. Maksimovic, "Redefining financial constraints: a text-based analysis," Review of Financial Studies, 2015, 28(5), 1312-1352.

2014

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "Who creates jobs in developing countries?" Small Business Economics, 2014, 43(1), 75-99.

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "Bribe Payments and Innovation in Developing Countries: Are Innovating Firms Disproportionately Affected?" Journal of Financial and Quantitative Analysis, 2014, 49(01), 51-75.

2013

Maksimovic V., Phillips G., and L.Yang, "Private and Public Merger Waves," Journal of Finance, 2013, 68(5), 2177-2217.

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "What Determines the Protection of Property Rights? An Analysis of Direct and Indirect Effects," Journal of Financial Econometrics, 2013, nbs010.

2011

Maksimovic V., Phillips G., and N. Prabhala, "Post-merger restructuring and the boundaries of the firm" Journal of Financial Economics, 2011, 317-343. (to be reprinted in Mergers and Acquisitions, edited by Harold Mulherin, Elgar Publishing)

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition," Journal of Financial and Quantitative Analysis, 2011, 46, 1545-1580.

2010

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "Formal versus Informal Finance: Evidence from China," Review of Financial Studies, 2010, 3048-3097.

2008

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "How Well Do Institutional Theories Explain Firms’ Perceptions of Property Rights?" Review of Financial Studies, 2008, 21, 1831-1871.

Beck, T., Demirguc-Kunt, A., and V. Maksimovic, "Financing patterns around the world: are small firms different?" Journal of Financial Economics, 2008, 89, 467-487.

Ayyagari, M., Demirguc-Kunt, A., and V. Maksimovic, "How Important are Financing Constraints? The role of finance in the business environment" World Bank Economic Review, 2008, 22, 483-516.

Maksimovic V. and G. Phillips, "The Industry Life-Cycle and Financial Dependence: Does Firm Organization Matter?" Journal of Finance, 2008, 63, 629-665.

2006

Demirguc-Kunt, A., Love, I, and V. Maksimovic,"Business environment and the incorporation decision." Journal of Banking and Finance, 2006, 2967-2993. Publisher's Version(link is external)

Maksimovic, V., and P. Pichler, "Structuring the Initial Offering: Who to Sell to and How to Do It," Review of Finance, 2006, 1-36.

Beck, T., Demirguc-Kunt, A., and V. Maksimovic, "The influence of financial and legal institutions on firm size," Journal of Banking and Finance, 2006, 2995-3015.

Beck, T., Demirguc-Kunt, A., Laeven, L., and V. Maksimovic, "The Determinants of Financing Obstacles," Journal of International Money & Finance, 2006, 932-952.

2005

Beck, T., Demirguc-Kunt, A., and V. Maksimovic, "Financial and Legal Constraints to Firm Growth: Does Firm Size Matter?" Journal of Finance, 2005, 137-177.

2004

Beck, T., Demirguc-Kunt, A., and V. Maksimovic, "Bank Competition, Financing and Access to Credit," Journal of Money, Credit and Banking, 2004, 627-648.

2002

Demirguc-Kunt, A., and V. Maksimovic, ''Funding growth in bank-based and market-based financial systems: evidence from firm-level data," Journal of Financial Economics, 2002, 337-363.

Maksimovic V. and G. Phillips, "Do Conglomerate Firms Allocate Resources Inefficiently? Evidence from Plant-Level Data," Journal of Finance, 2002, 721-767.

2001

Maksimovic V. and G. Phillips, "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales, and are There Any Gains?" Journal of Finance, 2001, 2020-2065. Reprinted in J. Harold Mulherin (ed.), 2004, "Mergers and Corporate Governance"(Critical Writings in Financial Economics Series) (Edward Elgar Publishing).

Maksimovic, V., and P. Pichler, "Technological Innovation and Initial Public Offerings,'' Review of Financial Studies, 2001, 459-494.

Booth, L., Aivazian, A, Demirguc-Kunt, A., and V. Maksimovic, "Capital Structures in Developing Countries,'' Journal of Finance, 2001, 87-130.

1999

Maksimovic, V., Stomper A., and J. Zechner, "Capital Structure, Information Acquisition and Investment Decisions in Industry Equilibrium,'' European Finance Review, 1999, 251-271.

Demirguc-Kunt, A., and V. Maksimovic, "Institutions, Financial Markets, and Firms Debt Maturity," Journal of Financial Economics, 1999, 295-336.

1998

Demirguc-Kunt, A., and V. Maksimovic, ''Law, Finance, and Firm Growth,'' Journal of Finance, 1998, 2107-2137. Reprinted in Diane Denis and John McConnell (eds.), 2004, "Governance: An International Perspective" (Corporate Governance in the New Global Economy Series) (Edward Elgar Publishing)

Maksimovic V., and G. Phillips, "Asset Efficiency and Reallocation Decisions of Bankrupt Firms," Journal of Finance, 1998, 1495-1532.

Cadsby B., M. Frank and V. Maksimovic, "Equilibrium Dominance in Experimental Financial Markets," Review of Financial Studies, 1998, 189-232.

1996

Demirguc-Kunt, A., and V. Maksimovic, "Stock Market Development, and Firm Financing Choices," World Bank Economic Review, 1996, 341-371.

1993

Maksimovic, V., and H. Unal, "Issue Size and Underpricing in Thrift-Mutual-to-Stock Conversions," Journal of Finance, 1993, 1659-92.

1991

Maksimovic, V., and J. Zechner "Debt, Agency Costs and Industry Equilibrium,'' Journal of Finance, 1991, 1619-1645. Reprinted in Michael J. Brennan (Editor), The Theory of Corporate Finance (International Library of Critical Writings in Financial Economics), (Edward Elgar Publishing).

Maksimovic, V. and S. Titman, "Financial Policy and Reputation for Product Quality,'' Review of Financial Studies, 1991, 175-201.

1990

Maksimovic, V., "Product Market Imperfections and Loan Commitments,'' Journal of Finance, 1990, 1641-1655.

Kim, M. and V. Maksimovic, "Technology, Debt and the Exploitation of Growth Options,'' Journal of Banking and Finance, 1990, 1113-1131.

Cadsby, B., M. Frank and V. Maksimovic, "Pooling, Separating and Semi-Separating Equilibria in Financial Markets: Some Experimental Evidence,'' Review of Financial Studies, 1990, 315-343.

Eckbo, E., V. Maksimovic and J. Williams, "Truncation Bias and Cross-Sectional Estimates in Event Studies: Econometric Issues with an Application to Horizontal Mergers,'' Review of Financial Studies, 1990, 343-367.

Kim, M. and V. Maksimovic, "Debt and Input Misallocation,'' Journal of Finance, 1990, 795-816.

1989

Maksimovic, V., G. Sick and J. Zechner, "Comment on: 'Forward Markets, Stock Markets and the Theory of the Firm','' Journal of Finance, 1989, 525-528.

1988

Maksimovic, V., "Capital Structure in a Repeated Oligopoly,'' Rand Journal of Economics, 1988, 389-407.

Brennan, M.J., V. Maksimovic and J. Zechner, "Vendor Financing,'' Journal of Finance, 1988, 1127-1141.

2017-2020: National Science Foundation Research Grant (U.S) #SES-1660755/1660749, "Collaborative: Role of Intellectual Capital in predicting outcomes of Entrepreneurial Firms," ($240,000), with Meghana Ayyagari.

2009-2012: National Science Foundation Research Grant (U.S) #SES-0924902/3, "Collaborative: Tax Evasion and Corruption Around the World? Are Firms Victims or Perpetrators?" ($224,168), with Meghana Ayyagari.

2008-2010: National Science Foundation Research Grant (U.S.) #SSES-0823319, "Innovative Activity and Organizational Choice of Entrepreneurial Firms,'' ($349,259), with Brent Goldfarb and Gordon Phillips.

2006-2009: National Science Foundation Research Grant (U.S.) #SES-0550573/454, "Legal Institutions and Doing Business: A Cross-Country Analysis," ($176,585), with Meghana Ayyagari.

2002-2005: National Science Foundation Research Grant (U.S.) #SES-021804, "Firm Organization, Technology Adoption and Merger and Acquisition Activity.'' ($287,882), with Gordon Phillips.

1999 Graduate Research Board Semester Award, University of Maryland.

1997-1999: National Science Foundation Research Grant (U.S.) #SBR-9709427, "Asset Sales and Conglomerates,'' ($166,000), with Gordon Phillips.

1992-95: Social Science and Humanities Research Grant (Canada), "Agency Problems in Industry,'' ($68,000).

1991-94: Social Science and Humanities Research Grant (Canada), "Experimental Tests of Information Models in Corporate Finance,'' ($58, 357).

1991-94: Social Science and Humanities Research Grant (Canada), "Capital Budgeting -- Theory and Tests,'' ($33, 268).

1990-92: Social Science and Humanities Research Grant (Canada), "Asymmetric information Models in Corporate Finance,'' ($27, 089).

1988-90: Social Science and Humanities Research Grant (Canada), "A Test of Financial Structure Models'' ($24,012).

1990 Financial Executives Canada Award for Best Paper in Corporate Finance at NFA Meetings (with C. Bram Cadsby and M. Frank).

1992 Nomination for the Smith Breeden Prize for the Best Paper in the Journal of Finance: "Debt, Agency Costs and Industry Equilibrium. '

1999 Nomination for the Smith Breeden Prize for the Best Paper in the Journal of Finance: "Asset Efficiency and Reallocation Decisions of Bankrupt Firms."

2000 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: ''Law, Finance, and Firm Growth."

2003 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: "Do Conglomerate Firms Allocate Resources Inefficiently? Evidence from Plant-Level Data."

2003 Nomination for the Brattle Prize for the Best Corporate Finance Paper in the Journal of Finance: "The Market for Corporate Assets: Who Engages in Mergers and Asset Sales, and are There Any Gains?"

Hoberg, Gerard and Maksimovic, Vojislav, Product Life Cycles in Corporate Finance, 2018.

Ayyagari, Meghana and Maksimovic, Vojislav, "Fewer and Less Skilled? Human Capital, Competition, and Entrepreneurial Success in Manufacturing," 2018.

Maksimovic, Vojislav, Phillips, Gordon, and Liu Yang, "Do Public Firms Respond to Investment Opportunities More than Private Firms? The Impact of Initial Firm Quality," 2017.

Ayyagari, Meghana and Demirgüç-Kunt, Asli and Maksimovic, Vojislav, Are Large Firms Born or Made? Evidence from Developing Countries (August 27, 2015). World Bank Policy Research Working Paper No. 7406.

Ball, Christopher and Hoberg, Gerard and Maksimovic, Vojislav, Disclosure, Business Change and Earnings Quality (August 1, 2015).

Makaew, Tanakorn and Maksimovic, Vojislav, Industry Shocks, Operating Risk, and Corporate Financial Policies around the World (July 1, 2015).

Ayyagari, Meghana and Demirgüç-Kunt, Asli and Maksimovic, Vojislav, Does Local Financial Development Matter for Firm Lifecycle in India? (August 1, 2014). World Bank Policy Research Working Paper No. 7008.

Ayyagari, Meghana and Demirgüç-Kunt, Asli and Maksimovic, Vojislav, Do Phoenix Miracles Exist? Firm-Level Evidence from Financial Crises (September 1, 2011). World Bank Policy Research Working Paper No. 5799.

Maksimovic, Vojislav and Frank, Murray Z., Trade Credit, Collateral, and Adverse Selection (October 26, 2005). University of Maryland - Robert H. Smith School of Business and University of Minnesota.