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Vidhan K. Goyal


IEMS Research Areas


Capital Structure, Debt Contracts and Financial Development and Growth


Professor Goyal is Chair Professor of Finance at the Hong Kong University of Science and Technology (HKUST). Professor Goyal serves on the editorial boards of the Journal of Corporate Finance, International Review of Finance, the Asia-Pacific Journal of Financial Studies. In academic leadership, Professor Goyal has served as the Academic Director of the Kellogg-HKUST Executive MBA program, Academic Director of the MSc Financial Analysis and Investment Management programs, Department Head, and senate member at HKUST.

Professor Goyal’s research interests are in empirical corporate finance, with an emphasis on capital structure, debt contracts, and financial development and growth. His recent research is focusing the effect of capital flows on capital structures of emerging market firms. He has received numerous research awards for his papers including the prestigious Jensen Prize for Best Paper in Corporate Finance and Citations of Excellence Award. His research has been published in the Journal of Finance, Journal of Financial Economics, Review of Finance, Journal of Financial and Quantitative Analysis, Journal of Law, Finance and Accounting, Financial Management, Journal of Business, Journal of Financial Intermediation, Journal of Corporate Finance, Finance Research Letters, and the Pacific Basin Finance Journal.

Professor Goyal has also won 12 teaching awards including the Best MBA Core Teacher Award, “Professor of the Year” award from the World’s #1-ranked EMBA program (Financial Times), and the Michael Gale Medal for Distinguished Teaching, the highest honour awarded to a single faculty in the university.

Professor Goyal is a member of the American Finance Association, the Western Finance Association and the Beta Gamma Sigma. Before joining academics, Professor Goyal has worked for the First Leasing Company of India as its Corporate Treasurer.


  • Goyal, Vidhan K. and Frank Packer, 2017. "Capital structure in emerging Asia", BIS Papers 91, 65-94.
  • Goyal, Vidhan K., and Wei Wang, 2017. "Provision of Management Incentives in Bankrupt Firms", Journal of Law, Finance, and Accounting 2, 87-123.

  • Frank, Murray and Vidhan K. Goyal, 2015, "The Profit-Leverage Puzzle Revisited." Review of Finance 19, 1415-1453.

  • Goyal, Vidhan K., and Wei Wang, 2013. "Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes." Journal of Financial and Quantitative Analysis 48, 789-817.

  • Goyal, Vidhan K., Alessandro Nova, and Laura Zanetti, 2011, "Capital Market Access and Financing of Private Firms." International Review of Finance 11, 155-179.

  • Bae, Kee-Hong, and Vidhan K. Goyal, 2010. "Corporate Governance and Stock Market Liberalization". Journal of Corporate Finance 16, 609-621 (lead article).

  • Frank, Murray, and Vidhan K. Goyal, 2009. "Capital structure decisions: Which factors are reliably important?" Financial Management 38, 1-37 (lead article).

  • Bae, Kee-Hong, and Vidhan K. Goyal, 2009. "Creditor Rights, Enforcement and Bank Loans". Journal of Finance 64, 823-860.

  • Frank, Murray, and Vidhan K. Goyal. 2008. "Tradeoff and Pecking Order Theories of Debt." In Espen Eckbo (ed.) The Handbook of Empirical Corporate Finance, Elsevier Science, Chapter 12, 135-197.

  • Goyal, Vidhan K., 2005. "Market discipline of bank risk: Evidence from subordinated debt contract". Journal of Financial Intermediation 14, 318-350.