Richard T. Thakor

About

Richard T. Thakor is an Associate Professor of Finance at the University of Minnesota, Carlson School of Management. His office is located at 321 19th Avenue South, 3-255, Minneapolis, MN 55455, and he can be reached by phone at 612-626-7817 or via email at rthakor@umn.edu. His professional webpage, along with links to Google Scholar, SSRN, and LinkedIn, provides additional information about his academic activities and contributions. The available information indicates his role involves teaching and research in the field of finance, although specific details about his research focus, background, or key contributions are not provided in the page text.

Research topics

• Business
• Finance
• Economics
• Industrial organization
• Computer Security
• Microeconomics
• Computer Science
• Political Science
• Marketing
• Medicine

Selected publications

• IPO peer effects

  Journal of Financial Economics · 2021 · 118 citations

  Senior authorCorresponding
  PublisherDOI

• Financing Biomedical Innovation

  Annual Review of Financial Economics · 2022 · 42 citations

  Senior authorCorresponding

  We review the recent literature on financing biomedical innovation, with a specific focus on the drug development process and how it may be enhanced to improve outcomes. We begin by laying out stylized facts about the structure of the drug development process and its associated costs and risks, and we present evidence that the rate of discovery for life-saving treatments has declined over time while costs have increased. We make the argument that these structural features require drug developmen…

  PublisherOA PDFDOI

• Find and Replace: R&D Investment Following the Erosion of Existing Products

  Management Science · 2022-03-01 · 31 citations

  articleSenior author

  How do innovative firms react when existing products experience negative shocks? We explore this question with detailed project-level data from drug development firms. Using the Food and Drug Administration public health advisories as idiosyncratic negative shocks to approved drugs, we examine how drug makers react through investment decisions. Following these shocks, affected firms increase research and development (R&D) expenditures, driven by a higher likelihood of acquiring external inno…

  PublisherDOI

• Trust, Transparency, and Complexity

  Review of Financial Studies · 2023 · 30 citations

  1st authorCorresponding

  Abstract This paper develops a theory that generates an equilibrium relationship between product complexity, transparency, and trust in firms. Complexity, transparency, and the evolution of trust are all endogenous, and equilibrium transparency is nonmonotonic. The least-trusted firms choose the lowest product complexity, remain opaque, and substitute ex ante third-party verification for information disclosure and trust. Firms with an intermediate level of trust choose an intermediate level of c…

  PublisherDOI

• Merchants of Death: The Effect of Credit Supply Shocks on Hospital Outcomes

  American Economic Review · 2024-10-30 · 22 citations

  articleSenior author

  This study examines the link between credit supply and hospital health outcomes. We use bank stress tests as exogenous shocks to credit access for hospitals that have lending relationships with tested banks. We find that affected hospitals shift their operations to increase resource utilization following a negative credit shock but reduce the quality of their care to patients across a variety of measures, including a significant increase in risk-adjusted readmission and mortality rates. The resu…

  PublisherDOI

Frequent coauthors

• Andrew W. Lo

  54 shared

• Cyrus Aghamolla

  Rice University

  52 shared

• Pinar Karaca‐Mandic

  University of Minnesota

  39 shared

• Xuelin Li

  39 shared

• Nittai Bergman

  31 shared

• Rajkamal Iyer

  29 shared

• Robert C. Merton

  25 shared

• Tomas Philipson

  University of Maryland, College Park

  10 shared

Education

• PhD Financial Economics, Finance

  Massachusetts Institute of Technology

  2016

• MS Management Research, Finance

  Massachusetts Institute of Technology

  2015

• MSc Finance and Economics

  The London School of Economics and Political Science

  2008

• BA Economics, Psychology

  Washington University in Saint Louis

  2007

Awards & honors

• Poets & Quants Top 50 Undergraduate Business Professors of 2…

Similar researchers at University of Minnesota

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• Andrew Wintonh-45
• Murray Z Frankh-40