Research Papers



Guzman, Alexander, Vikas Mehrotra, Randall Morck and Maria Trujillo. 2020. How Institutional Development News Moves an Emerging Market. Journal of Business Research 112(2020) 300-319.

Chun, Hyunbae, Jung-Wook Kim & Randall Morck. 2016. Productivity Growth and Stock Returns: Firm- and Aggregate-Level Analyses. Applied Economics 1-21.

Dierker, Martin, Jung-Wook Kim, Jason Lee & Randall Morck. 2016. Investors’ Interacting Limit Order Demand and Supply Curves. Review of Finance 20(4)1517-1547. 

Kutsoati, Edward & Randall Morck. 2015. Family Ties, Inheritance Rights & Successful Poverty Alleviation: Evidence from Ghana. In Sebastian Edwards, Simon Johnson & David Weil, eds. African Success Stories. National Bureau of Economic Research and University of Chicago Press.

Deng, Yongheng, Randall Morck, Jing Wu & Bernard Yeung. 2015. China’s Pseudo-monetary. Policy. Review of Finance 19(June)55-93.

Morck, Randall & Bernard Yeung. 2014. Corporate Governance in China. Journal of Applied Corporate Finance 26(3)20-41

Fan, Joseph, Jun Huang, Randall Morck & Bernard Yeung. 2014. Institutional Determinants of Vertical Integration: Evidence from China. Journal of Corporate Finance, forthcoming.

Morck, Randall. The Social Value of Shareholder Value. 2014. Corporate Governance: An International Review 22 (3), 185-193

Suen, Victoria, Matthew Brown, Randall Morck & Peter Silverstone. 2014. Regional Brain Changes Occurring during Disobedience to “Experts” in Financial Decision-Making. PloS-One 9(1)e87321

Jing Wu, Yongheng Deng, Jun Huang, Randall Morck & Bernard Yeung. 2014. Incentives & Outcomes: China’s Environmental Policy. Capitalism & Society 9(1)1.

Morck, Randall & Bernard Yeung. 2014. Enterprise Models. Chapter 12 in Larry Neal & Jeffery Williamson, eds. Cambridge History of Capitalism, Volume II. Cambridge University Press.

Morck, Randall, Susan Perkins & Bernard Yeung. 2014. Innocents Abroad: The Hazards of International Joint Ventures with Pyramidal Group Firms. Global Strategy Journal. 4: 310-30.

Morck, Randall, Bernard Yeung & Wayne Yu. 2013. R2 and the Economy. Annual Review of Financial Economics 4(2)143-166.

Link to R2 panel data used in this paper

Fan, Joseph, Randall Morck & Bernard Yeung. 2012. Capitalizing China. In Joseph Fan & Randall Morck, eds. Capitalizing China, c. 1. University of Chicago Press and National Bureau of Economic Research.

Mehrotra, Vikas, Randall Morck, Jungwook Shim & Yupana Wiwattanakantang. 2012. Adoptive Expectations: Rising Sons in Japanese Family Firms. Journal of Financial Economics.

         Summarized by BBC Radio, The Economist & NPR radio’s Freakonomics

Morck, Randall & Bernard Yeung. 2012. Agency Problems and the Fate of Capitalism. In Dennis Mueller, ed. Oxford Handbook of Capitalism, c. 12. Oxford University Press.

Morck, Randall. 2011. Finance and Governance in Developing Economics. Annual Review of Financial Economics 3(Dec.)375-406

Morck, Randall & Bernard Yeung. 2011. Economics, History, and Causation. Business History Review 85 : pp 39-63

Morck, Randall & Fan Yang. 2011. Shanxi Banks. In Jonathan Koppell, ed. Origins of Shareholder Advocacy, c. 5. London: Palgrave Macmillan.

Mehrotra, Vikas, Randall Morck, Jungwook Shim & Yupana Wiwattanakantang. 2010. Must Love Kill the Family Firm? Entrepreneurship Theory and Practice 36(6)1121-48.

Morck, Randall & Bernard Yeung. 2010. Corporatism and the Ghost of the Third Way. Capitalism and Society5(3) article 2.

Hameed, Allaudeen, Randall Morck. Jianfeng Shen. & Bernard Yeung. 2010. Information, Analysts, and Stock Return Comovement. Review of Financial Studies, forthcoming. 

Chun, Hyunbae, Jung-Wook Kim & Randall Morck. 2010. Increased Heterogeneity among U.S. Firms: Facts and Implications. Review of Economics & Statistics 93(3).

Morck, Randall, M. Deniz Yavuz & Bernard Yeung. 2010. Banking System Control, Capital Allocation, and Economy Performance. Journal of Financial Economics 58(1-2):261–300

Morck, Randall. 2010. Loyalty, Agency Conflicts and Corporate Governance. In H. Kent Baker & John R. Nofsinger, eds. Behavioural Corporate Governance. John Wiley & Sons, 453-474.

         Earlier version of the above circulated as:

                Morck, Randall. 2009. Generalized Agency Problems. National Bureau of Economic Research working paper 15051.

Fan, Joseph P.H., Randall Morck, Lixin Colin Xu & Bernard Yeung. 2009. Institutions & Foreign Direct Investment: China vs. the Rest of the World. World Development 37(4) 852-865

Morck, Randall. 2009. Behavioral Finance in Corporate Governance – Economics and the Ethics of the Devil’s Advocate. Journal of Management and Governance 12 179-200.

Morck, Randall. 2009. The Riddle of the Great Pyramids. In Asli M. Colpan & Takashi Hikino, eds. The Oxford Handbook of Business Groups. Oxford University Press.

Morck, Randall & Bernard Yeung. 2009. Never Waste a Good Crisis: An Historical Perspective on Comparative Corporate Governance. Annual Review of Financial Economics 1 145-179.

Morck, Randall, Bernard Yeung & Minyuan Zhao. 2009. China’s New Multinationals: Policy Implications for Host Countries. In Randall Morck & Taehoon Youn, eds. The Market For Corporate Control: Comparative Perspectives. Korea Development Institute. Seoul.

Morck, Randall & Bernard Yeung. 2009. Metrics for International Business. Oxford Handbook of International Business, 2nd ed. Oxford University Press, chapter 28.

Chun, Hyunbae, Jung-Wook Kim, Randall Morck & Bernard Yeung. 2008. Creative Destruction and Firm-Specific Performance Heterogeneity. Journal of Financial Economics 89(1) 109-135.

Fogel, Kathy, Randall Morck, and Bernard Yeung. 2008. Big Business Stability and Economic Growth: Is What’s Good for General Motors Good for America? Journal of Financial Economics 89(1) 83-108.

Fogel, Kathy, Randall Morck & Bernard Yeung. 2008. Big Business Stability and Social Welfare. In Takatoshi Ito and Andrew Rose, eds. Financial Sector Development in the Pacific Rim, East Asia Seminar on Economics Volume 18. National Bureau of Economic Research conference volume, University of Chicago Press.

Morck, Randall, Bernard Yeung & Minyuan Zhao. 2008. Perspectives on China’s Outward Foreign Direct Investment. Journal of International Business Studies 39(3) 337-50.

Morck, Randall. 2008. Corporations The Palgrave Dictionary of Economics, 2nd ed., Stockton Press.

Morck, Randall & Masao Nakamura. 2007. Business Groups and the Big Push: Meiji Japan’s Mass Privatization and Subsequent Growth. Enterprise and Society 8(3) 543-601.

         Link to Dani Roderick’s blog entry re this paper

Morck, Randall & Bernard Yeung. 2007. History in Perspective – A comment on Jones and Khanna ‘Bringing History (Back) into International Business’. Journal of International Business Studies 38(2) 357-60.

Fogel, Kathy, Ashton Hawk, Randall Morck & Bernard Yeung. 2006. Institutional Obstacles to Entrepreneurship. In Mark Casson, Bernard Yeung, Anuradha Basu & Nigel Wadeson, eds. Oxford Handbook of Entrepreneurship. Oxford University Press.

Morck, Randall & Bernard Yeung. 2006. Purifying Japan’s Banks: Issues and Implications. Asian Economic Papers 5(1) 1-32.

Morck, Randall & Bernard Yeung. 2006. Some Obstacles to Good Corporate Governance in Canada. Position Paper for the Canadian Capital Markets Institute, University of Toronto.

Faleye, Olubunmi, Vikas Mehrotra & Randall Morck. 2005. When Labor Has a Voice in Corporate Governance. Journal of Financial and Quantitative Analysis 41(3) 489-510.

               A brief synopsis of this article is available as: Kwok, Mary. 2005.  Is Employee Ownership Counterproductive? Sloan Management Review 46(4)8-9.

Li, Kan, Randall Morck, Fan Yang & Bernard Yeung. 2005. Firm-Specific Variation and Openness in Emerging Markets. Review of Economics and Statistics 78(2) 286-95.

Morck, Randall, Daniel Wolfenzon & Bernard Yeung. 2005. Corporate Governance, Economic Entrenchment and Growth. Journal of Economic Literature, 43 657-722.

Morck, Randall &Bernard Yeung. 2005. Dividend Taxation and Corporate Governance. Journal of Economic Perspectives 19(3) 163-80.

Morck, Randall. 2005. How to Eliminate Pyramidal Business Groups The Double Taxation of Inter-corporate Dividends and Other Incisive Uses of Tax Policy. In James Poterba, ed. Tax Policy and the Economy 19(1) 135–79.

Morck, Randall, Bernard Yeung & Minyuan Zhao. 2005. China’s Lucky Corporate Governance. Peking University Business Forum. 中文

Morck, Randall & Lloyd Steier. 2005. The Global History of Corporate Governance: An Introduction. In Randall Morck, ed. A Global History of Corporate Governance. National Bureau of Economic Research and University of Chicago Press, 1-64.

Morck, Randall & Masao Nakamura. 2005. A Frog in a Well Knows Nothing of the Ocean – A History of Corporate Ownership in Japan. In Randall Morck, ed. A Global History of Corporate Governance.National Bureau of Economic Research and University of Chicago Press, 367-459.

Morck, Randall, Michael Percy, Gloria Tian & Bernard Yeung. 2005. The Rise and Fall of the Widely Held Firm: A History of Canadian Corporate Ownership. In Randall Morck, ed. A Global History of Corporate Governance. National Bureau of Economic Research and University of Chicago Press, 65-140.

Morck, Randall, Gloria Tian & Bernard Yeung. 2005. Who Owns Whom? Economic Nationalism and Family Controlled Pyramidal Groups in Canada. In Lorraine Eden & Wendy Dobson, eds. Governance, Multinationals and Growth: Essays in Honour of Ed Safarian. Elgar, Cheltenham, U.K, 44-67.

Morck, Randall. 2005. Impediments to the Commercialization of Canadian Innovation. Position paper submitted to Industry Canada, Ottawa.

Durnev, Artyom, Kan Li, Randall Morck, Bernard Yeung. 2004. Capital Markets & Capital Allocation: Implications for Economies in Transition. Economics of Transition 12(4) 593-634.

Huang, Yasheng, Randall Morck, and Bernard Yeung. 2004. ASEAN & the FTAA: External Threats & Institutional Weaknesses. Business & Politics 6(1) 1-43

Morck, Randall. 2004. Regulating Competitively – Corporate Governance Reform for the Long Run. Position Paper, Capital Markets Institute, University of Toronto.

Durnev, Artyom, Randall Morck, and Bernard Yeung. 2003. Value Enhancing Capital Budgeting and Firm-Specific Stock Returns Variation. Journal of Finance 59(1) 65-106.

Durnev, Artyom, Randall Morck, Bernard Yeung & Paul Zarowin. 2003. Does Greater Firm-specific Return Variation Mean More or Less Informed Stock Pricing? Journal of Accounting Research 41(5) 797-836.

Fox, Merritt, Randall Morck, Bernard Yeung, & Art Durnev. 2003. Law, Share Price Accuracy & Economic Performance: The New Evidence. University of Michigan Law Review 102(3) 331-86.

Morck, Randall & Bernard Yeung. 2003. Agency Problems in Large Family Business Groups. Entrepreneurship, Theory & Practice 27(4) 367-82.

Morck, Randall & Bernard Yeung. 2003. Family Control and the Rent Seeking Society. Entrepreneurship, Theory & Practice 28(4) 391-409.

Morck, Randall & Bernard Yeung. 2003. Japanese Economic Success and the Curious Characteristics of Japanese Stock Prices. In Kunio Saito and Juro Teranishi, eds. Designing Financial Systems in East Asia and Japan. Routledge Taylor & Francis Group).

Morck, Randall & Bernard Yeung. 2002. Why Firms Diversify: Internalization versus Agency Problems. In Hand, John & Baruch Lev, eds. In tangible Assets (Oxford Management Readers Series) Oxford University Press.

Morck, Randall & Bernard Yeung. 2002. The Puzzle of the Harmonious Stock Prices, World Economics 3(3).

Non-technical version of Morck, R., B.Yeung and W. Yu. 2000. The Information Content of Stock Markets: Why Do Emerging Markets Have Synchronous Stock Price Movements? Journal of Financial Economics 58(1) 215-260.

Morck, Randall, and Bernard Yeung. 2002. The Economic Determinants of Innovation. In Someshwar Rao & Andrew Sharpe, eds. Productivity Issues in Canada. University of Calgary Press, Industry Canada, and Public Works and Government Services Canada, 361-418.

Acs, Zoltan, Randall Morck & Bernard Yeung. 2001. Entrepreneurship, Globalization & Public Policy. Journal of International Management 7 235-251

Morck, Randall, Jungsywan Spanski & Bernard Yeung. 2001. Habitual and Occasional Lobbyers in the US Steel Industry – An EM Algorithm Approach. Economic Inquiry, 39(3) 365-79.

Morck, Randall & Bernard Yeung. 2001. The Economic Underpinnings of a Knowledge Based Economy. In Louis & Elizabeth Lefebvre, eds. The Knowledge Based Economy. Kluwer Academic Press.

Morck, Randall & Bernard Yeung. 2001. Canadian Public Policy a Knowledge Based Economy. In Louis & Elizabeth Lefebvre, eds. The Knowledge Based Economy. Kluwer Academic Press.

Morck, Randall & Masao Nakamura. 2001. Japanese Corporate Governance & Macroeconomic Problems. In Masao Nakamura, ed. The Japanese Business and Economic System – History and Prospects for the 21st Century. Palgrave, Houndmills, UK, 325-49.

Kaul, Aditya, Vikas Mehrotra & Randall Morck. 2000. Demand Curves for Stocks Do Slope Down. Journal of Finance. 55(2) 893-912.

Morck, Randall, Masao Nakamura & Anil Shivdasani. 2000. Banks, Ownership Structure & Firm Value in Japan. Journal of Business. 73(4) 539-68.

Morck, Randall & Bernard Yeung. 2000. Bring China Into the W.T.O. Japan and the World Economy 12(3) 289-294.

Morck, Randall. 2000. Telling the Crackpots from the Geniuses. Policy Options. 21(6) 27-29.

Morck, Randall, David Stangeland & Bernard Yeung. 2000. Inherited Wealth, Corporate Control & Economic Growth: The Canadian Disease? In Randall Morck, ed. Concentrated Corporate Ownership. National Bureau of Economic Research and University of Chicago Press, 319-69.

Acs, Zoltan, Randall Morck & Bernard Yeung. 2000. Small Firms, Globalization & Canadian Public Policy. Centre for International Business Studies Joint Series of Competitiveness 20(Nov.). Western Centre for Economic Research.

Acs, Zoltan,. Randall Morck & Bernard Yeung. 1999. Productivity Growth & Firm Size Distribution. In Zoltan Acs, Bo Carlsson & Charlie Karlson, eds. Entrepreneurship, Small and Medium Sized Enterprises & the Macroeconomy. Cambridge University Press, 367-396.

Bigelli, Marco, Vikas Mehrotra, Randall Morck & Wayne Yu. 1999. Changes in Management Ownership & the Valuation Effects of Equity Offerings. Journal of Management and Governance 2: 297–308

Morck, Randall & Masao Nakamura. 1999. Banks and Corporate Control in Japan. Journal of Finance. 54(1) 319-340.

Morck, Randall & Bernard Yeung. 1999. Foreign Investment & Emerging Markets. Transition. World Bank, August.

Acs, Zoltan, Randall Morck & Bernrad Yeung. 1999. Evolution, Community and the Global Economy[s1] . In Zoltan Acs, ed. Are Small Firms Important? – Their Role and Impact. United States Office of Advocacy and Kluwer Academic, 147-157.

         Also circulated as Small Firms and Globalization. United States Small Business                          Administration position paper.

Lenway, Stefanie, Randall Morck & Bernard Yeung. 1998. The Effect of Protectionism in the American Steel Industry: An Empirical Analysis. In Joanne Oxley and Bernard Yeung, eds. Structural Change, Industrial Location & Competitiveness. Edward Elgar, 513-542.

Morck, Randall & Bernard Yeung. 1998. The Corporate Response: Innovation in the Information Age. Industry Canada, Ottawa.

Acs, Zoltan,. Randall Morck, J Myles Shaver & Bernard Yeung. 1997. The Internationalization of Small and Medium-Sized Enterprises: A Policy Perspective. Small Business Economics 9 7-20.

        Reprinted in:

               Zoltan Acs & Bernard Yeung, eds. Small and Medium Sized Enterprises in the Global Economy, University of Michigan Press.

               Bernard Yeung & Joanne Oxley eds. Globalization of the World Economy Structural Change, Industrial Location, and Competitiveness. Edward Elgar, Cheltenham UK.

Mitchell, Will, Randall. Morck, Bernard Yeung & Myles Shaver. 1997. Causality between International Expansion and Investment in Intangibles, with Implications for Financial Performance and Firm Survival. In J-F Hennert, ed. Global Competition and Market Entry Strategies. Elsevier, North-Holland, 1997.

Morck, Randall. 1997. The Corporate Governance Consequences of the Intercorporate Dividend Tax Exemption. Corporate Governance Review 9(9) 9-12.

Morck, Randall & Bernard Yeung. 1997. Financial Regulation in the Global Economy as Property Rights. In Thomas J. Courchene & Edwin H. Neave, eds. Reforming the Canadian Financial Sector: Canada in Global Perspective. John Deutsche Institute for the Study of Economic Policy, Queen’s University.

Morck, Randall, Stephanie Lenway & Bernard Yeung. 1996. Rent Seeking, Innovation and Protectionism and the American Steel Industry: An Empirical Study. Economic Journal 106(435) 410-421.

Morck, Randall & David Stangeland. 1996. On the Mercantilist Objectives of Canadian State Owned Enterprises. Canadian Journal of Economics. 29(1) 249-255.

Morck, Randall. 1996. The Market and the Closely Held Corporation in Canada. Canadian Investment Review. Spring 49-50.

Morck, Randall. 1996. Overhauling Executive Stock Options. In Edward Iacobucci & Michael Trebilcock, eds. Value for Money. C.D. Howe Institute Toronto, 139-155.

Daniels, Ron & Randall Morck.1995. Canadian Corporate Governance: The Challenge. In R. Daniels and R. Morck, eds. Corporate Decision Making in Canada Industry Canada and the University of Calgary Press, 3-40.

Daniels, Ron, Randall Morck & David Stangeland. 1995. High Gear: A Case Study of the Hees-Edper Corporate Group. In R. Daniels and R. Morck, eds. Corporate Decision Making in Canada Industry Canada and the University of Calgary Press, 223-240.

Daniels, Ron & Randall Morck.1995. Canadian Corporate Governance: Policy Options. In R. Daniels and R. Morck, eds. Corporate Decision Making in Canada Industry Canada and the University of Calgary Press, 661-696.

Morck, Randall. 1995. The Economics of Concentrated Ownership. Canadian Business Law Journal 26(1) 63-85.

Morck, Randall & Harold Morowitz. 1995. Value and Information – A Profit Maximizing Strategy for Maxwell’s Demon. (joint with Harold Morowitz) Complexity – The Journal of the Santa Fe Institute. 1(2)

Morck, Randall & Masao Nakamura. 1995. Banks and Corporate Governance in Canada. In R. Daniels and R. Morck, eds. Corporate Decision Making in Canada Industry Canada and the University of Calgary Press, 481-501.

Morck, Randall & Bernard Yeung. 1995. The Corporate Governance of Multinationals. In R. Daniels and R. Morck, eds. Corporate Decision Making in Canada Industry Canada and the University of Calgary Press., 433-456.

Morck, Randall. 1994. Corporate Ownership and Management The Palgrave Dictionary of Money and Finance, Stockton Press.

Harris, David, Randall Morck, Joel Slemrod & Bernard Yeung. 1993. Income Shifting in U.S. Multinational Corporations. In J. Slemrod et al., eds. International Aspects of Taxation. National Bureau of Economic Research and the University of Chicago Press.

Morck, Randall & Bernard Yeung. 1993. Internalization: An Event Study Test. Journal of International Economics 33(1/2) 41-56.

Morck, Randall & Bernard Yeung. 1991. Why Investors Value Multinationality. Journal of Business 64(2)

Morck, Randall & Bernard Yeung. 1991. Foreign Acquisitions: When do They Make Sense? Managerial Finance17(6).

Barone-Adesi, Giovanni & Randall Morck. 1990. A Test of Rational Expectation in the Index Option Market. Advances In Futures and Options Research 5(1) 137-147.

Morck, Randall, Andrei Shleifer & Robert Vishny. 1990. The Stock Market and Investment: Is the Market a Side Show? Brookings Papers on Economic Activity 1990(2) 157-202.

Morck, Randall, Andrei Shleifer & Robert Vishny. 1990. Do Managerial Objectives Drive Bad Acquisitions? Journal of Finance 45(1) 31-48.

        Reprinted in Richard Roll (series ed.) and Michael Brennen, ed. 2001 Empirical International Library of Critical Writings in Financial Economics, Volume 7. Elgar, 105-122.

Morck, Randall. 1990. Takeovers, the Economy & Public Policy. In Jack Mintz, ed. Takeovers &Tax Policy. The John Deutsch Institute for the Study of Economic Policy, Queen’s University, Kingston.

Morck, Randall, Eduardo Schwartz & David Stangeland. 1989. The Valuation of Forestry Resources under Stochastic Prices and Inventories. Journal of Financial and Quantitative Analysis 24(4) 473-487.

Morck, Randall, Andrei Shleifer & Robert Vishny. 1989. Alternative Mechanisms for Corporate Control. American Economic Review 79(4) 842-52.

Morck, Randall, Andrei Shleifer & Robert Vishny. 1988. Management Ownership and Market Valuation: An Empirical Analysis. Journal of Financial Economics 20(1/2) 293-315.

Morck, Randall, Andrei Shleifer & Robert Vishny. 1988. Characteristics of Targets of Hostile and Friendly Takeovers. In Allan Auerbach, ed. Corporate Takeovers: Causes and Consequences. National Bureau of Economic Research and University of Chicago Press, 101-129.

Bodie, Zvi, Jay Light, Randall Morck & Robert Taggart. 1987. Funding and Asset Allocation in Corporate Pension Plans: An Empirical Investigation. In Bodie, Shoven and Wise, eds. Issues in Pension Economics. National Bureau of Economic Research and the University of Chicago Press.

Bulow, Jeremy, Randall Morck & Lawrence Summers. 1987. How Does the Market Value Unfunded Pension Liabilities. In Bodie, Shoven and Wise, eds. Issues in Pension Economics. National Bureau of Economic Research and the University of Chicago Press, 81-104.

Bodie, Zvi, Jay Light, Randall Morck & Robert Taggart. 1985. Corporate Pension Policy: An Empirical Investigation. Financial Analysts Journal, Sept./Oct.

Feldstein, Martin & Randall Morck. 1984. Pension Funding Decisions, Interest Rate Assumptions and Share Prices. In Zvi Bodie and John Shoven, eds. Financial Aspects of the U.S. Pension System. National Bureau of Economic Research and the University of Chicago Press.

Feldstein, Martin & Randall Morck. 1983. Pension Funds and the Value of Equities. Financial Analysts Journal, Sept./Oct.


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