.: Home • Books • Bio • CV • Contact :. Materials are provided for educational use only. Click on each title to download a PDF. Note that all articles are the sole copyright of the respective publishers. .: Forthcoming :."The Highs and the Lows: A Theory of Credit Risk Assessment and Pricing Through the Business Cycle" Journal of Financial Intermediation (Forthcoming). "The Financial Crisis of 2007-09: Why Did It Happen and What Did We Learn?" Review of Corporate Finance Studies (Forthcoming). "Contemporary Financial Intermediation", 3rd edition with Boot and Greenbaum Elsevier (Forthcoming) |
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"International Financial Markets: A Diverse System is the Key to Commerce"
Center for Capital Markets-Competitiveness, Winter 2015 |
"Practitioner Use of Mehran and Thakor (Why Are Bank of America's Shares Rallying?)"
by John Carney, CNBC, Wednesday, 24 Aug 2011 |
"Lending Booms, Smart Bankers and Financial Crises"
American Economic Review 105(5), pp. 305-309 |
"Information Reliability and Welfare: A Theory of Coarse Credit Ratings"
with Anand M. Goel Journal of Financial Economics 115(3), pp. 541-557 |
"Corporate Culture in Banking"
The Economic Policy Review, Federal Reserve Bank of New York |
"Correlated Leverage and its Ramifications"
Journal of Financial Intermediation, 23(4), October 2014, pp. 471-503 |
"Strategic Information Disclosure When There is Fundamental Disagreement"
Journal of Financial Intermediation 24(2), April 2015, pp. 131-153 |
"Bank Capital and Financial Stability: An Economic Trade-Off or a Faustian Bargain?"
Annual Review of Financial Economics, Vol. 6, December 2014, pp. 185-223 |
"Duration of Executive Compensation"
with Radhakrishnan Gopalan, Todd Milbourn and Fenghua Song The Journal of Finance 69(6), December 2014, pp. 2777-2817 |
"Investor Heterogeneity, Investor-Management Disagreement and Share Repurchases"
with Sheng Huang Review of Financial Studies 26(10), October 26, 2013, pp. 2453-2491 |
"Notes on Financial System Development and Political Intervention"
with Fenghua Song World Bank Economic Review 26(1), April 2012 |
"Robust Capital Regulation"
with Viral Acharya, Hamid Mahran and Til Schuermann Federal Reserve Bank of New York Current Issues in Economics and Finance 18(3), 2012 |
"Incentives to Innovate and Financial Crisis"
Journal of Financial Economics 103(1), January 2012, pp. 130-148 |
"Managerial Autonomy, Allocation of Control Rights, and Optimal Capital Structure"
with Arnoud Boot Review of Financial Studies 24(10), October 2011, pp. 3434-3485 |
"Shareholder-Manager Disagreement and Corporate Investment"
with Toni Whited Review of Finance 15(2) April 2011, pp. 277-300 |
"Bank Capital and Value in the Cross-Section"
with Hamid Mehran Review of Financial Studies 24(4), April 2011, pp. 1019-1067 |
"Financial System Architecture and the Co-Evolution of Banks and Capital Markets"
with Fenghua Song The Economic Journal 120(547), September, 2010, pp. 1021-1255 |
"Do Envious CEOs Cause Merger Waves?"
with Anand Goel Review of Financial Stuides 23(2), February 2010, pp. 487-518 |
"Overconfidence, Leadership Selection and Corporate Governance"
with Anand Goel Journal of Finance 63(6), December 2008, pp. 2737-2784 |
"Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms Go Private?"
with Arnoud Boot and Radhakrishnan Gopalan Journal of Finance 63(4), August 2008, pp. 2013-2059 |
"Relationship Banking, Fragility and the Asset-Liability Matching Problem"
with Fenghua Song Review of Financial Studies 20(6), November 2007, pp. 2129-2177 |
"Why Do Firms Issue Equity?"
with Amy Dittmar Journal of Finance 62(1), February 2007, pp. 1-54 |
"Information Control, Career Concerns and Corporate Governance"
with Fenghua Song Journal of Finance 61(4), August 2006, pp. 1845-1896 |
"The Entrepreneur's Choice Between Private and Public Ownership"
with Arnoud Boot and Gopalan Radhakrishnan Journal of Finance 61(2) April 2006, pp. 803-836 |
"Do Loan Commitments Cause Overlending?"
Journal of Money, Credit and Banking 37(6), December 2005, pp. 1067-1100 |
"Green with Envy: Implications for Corporate Investment Distortions"
with Anand Goel Journal of Business 78(6) November 2005, pp. 2255-2287 |
"Sunflower Management and Capital Budgeting"
with Arnoud Boot and Todd Milbourn Journal of Business 78(2), March 2005, pp. 501-527 |
"Financial Intermediation as a Beliefs-Bridge Between Optimists and Pessimists"
with Josh Coval Journal of Financial Economics 75(3), March 2005, pp. 535-570 |
"Why Do Firms Smooth Earnings?"
with Anand Goel Journal of Business 76(1), January 2003, pp. 151-192 |
"The Many Faces of Information Disclosure"
with Arnoud Boot Review of Financial Studies 14(4), Winter 2001, pp. 1021-1058 |
"Managerial Career Concerns and Investments in Information"
with Todd Milbourn and Richard Shockley RAND Journal of Economics 32(2), Summer 2001 |
"Can Relationship Banking Survive Competition?"
with Arnoud Boot Journal of Finance 55(2), April 2000, pp. 679-714 |
"Megamergers and Expanded Scope: Theories of Bank Size and Activity Diversity"
with Arnoud Boot and Todd Milbourn Journal of Banking and Finance 23(2), February 1999, pp. 195-214 |
"Corporate Control Through Board Dismissals and Takeovers"
with David Hirshleifer Journal of Economics and Management Strategy 7(4), Winter 1998, pp. 489-520 |
"A Brief Retrospective and Prospective Look at the Journal of Financial Intermediation: 1990-98"
Journal of Financial Intermediation 7(4), October 1998, pp. 331-337 |
"Bank Efficiency and Financial System Evolution: An Analysis of Complementarity Problems in State-Dominated Economies"
Research in Economics 52(3), September 1998, pp. 271-284 |
"The Economics of Bank Regulation"
with Sudipto Bhattacharya and Arnoud Boot Journal of Money, Credit and Banking 30(4), November 1998, pp. 745-770 |
"Banking Scope and Financial Innovation"
with Arnoud Boot Review of Financial Studies 10(4), Winter 1997, pp. 1099-1131 (To be reprinted as a "CEPR Classic" in a book to be published by Oxford University Press (eds: Bruno Biais and Marco Pagano)) |
"Bank Loan Commitment Contracts: Data, Theory, and Tests"
with Richard Shockley Journal of Money, Credit and Banking 29(4), November 1997, pp. 517-534 |
"Financial System Architecture"
with Arnoud Boot Review of Financial Studies 10(3), Fall 1997, pp. 693-733 (To be reprinted as a "CEPR Classic" in a book to be published by Oxford University Press (eds: Bruno Biais and Marco Pagano)) |
"The Design of Financial Systems: An Overview"
Journal of Banking and Finance 20(5), June 1996, pp. 917-948 |
"Capital Requirements, Monetary Policy and Aggregate Bank Lending: Theory and Empirical Evidence"
Journal of Finance 51(1), March 1996, pp. 279-324 |
"Capital Requirements, Loan Renegotiation, and the Borrower's Choice of Financing Source"
with Patricia Wilson Journal of Banking and Finance 19(3), June 1995, pp. 693-712 |
"Moral Hazard and Secured Lending in an Infinitely Repeated Credit Market Game"
with Arnoud Boot International Economic Review 35(3), November 1994, pp. 899-920 |
"A 'Barter' Theory of Bank Regulation and Credit Allocation"
with Jess Beltz Journal of Money, Credit and Banking 26(3), August 1994, pp. 679-705 |
"Firm-Specific Human Capital and Optimal Capital Structure"
with Priscilla Jaggia International Economic Review 35(2), May 1994, pp. 283-308 |
"Managerial Performance, Boards of Directors and Takeover Bidding"
with David Hirshleifer Journal of Corporate Finance 1(2), March 1994, pp. 63-90 |
"Continuous Signalling Within Partitions: Capital Structure and the FIFO/LIFO Choice"
with Pat Hughes and Eduardo Schwartz Journal of Accounting, Auditing and Finance 9(2), Winter 1994 |
"Information, Investment Horizons and Price Reactions"
Journal of Financial and Quantitative Analysis 28(4), December 1993, pp. 459-482 |
"Reputation and Discretion in Financial Contracting"
with Arnoud Boot and Stuart Greenbaum American Economic Review) 83(5), December 1993, pp. 1165-1183 |
"Contemporary Banking Theory"
with Sudipto Bhattacharya Journal of Financial Intermediation 3(1), October 1993, pp. 2-50 |
"Security Design"
with Arnoud Boot Journal of Finance 48(4), September 1993, pp. 1349-1378 |
"Self-Interested Bank Regulation"
with Arnoud Boot The American Economic Review 83(2), May 1993, pp. 206-212 |
"Relationship Banking, Deposit Insurance and Bank Portfolio Choices"
with David Besanko in: Capital Markets and Financial Intermediation Xavier Vives and Colin Mayer (eds.), Cambridge University Press, 1993, pp. 292-318 |
"Litigation Risk, Intermediation, and the Underpricing of Initial Public Offerings"
with Pat Hughes Review of Financial Studies 5(4), Winter 1992, pp. 709-742 |
"Managerial Conservatism, Project Choice and Debt"
with David Hirshleifer The Review of Financial Studies 5(3), Fall 1992, pp. 437-470 |
"Banking Deregulation: Allocational Consequences of Relaxing Entry Barriers"
with David Besanko Journal of Banking and Finance 16(5), September 1992, pp. 909-932 |
"Is Fairly Priced Deposit Insurance Possible?"
with Yuk-Shee Chan and Stuart Greenbaum Journal of Finance 47(1), March 1992, pp. 227-246 Reprinted in Studies in Financial Institutions: Commercial Banks (eds: C.M. James and C.W. Smith, Jr.), McGraw-Hill, Inc., 1994. Also reprinted in The Regulation and Supervision of Banks (ed: Maximilian J.B. Hall), Edward Elgar Publishing, 2000 |
"Off-Balance Sheet Liabilities, Deposit Insurance and Capital Regulation,"
with Arnoud Boot Journal of Banking and Finance 15(4), September 1991, pp.825-846 |
"Cooperation versus Competition in Agency"
with Ram Ramakrishnan Journal of Law, Economics and Organization 7(2), Fall 1991, pp. 248-283 |
"Credible Commitments, Contract Enforcement Problems and Banks: Intermediation as Credibility Assurance"
with Arnoud Boot and Gregory Udell Journal of Banking and Finance 15(3), June 1991, pp. 605-632 |
"Secured Lending and Default Risk: Equilibrium Analysis, Policy Implications and Empirical Results"
with Arnoud Boot and Gregory Udell The Economic Journal 101(406), May 1991, pp. 458-472 |
"Shareholder Preferences and Dividend Policy"
with Michael Brennan Journal of Finance 45, September 1990, pp. 993-1018 |
"Investment 'Myopia' and the Internal Organization of Capital Allocation Decisions,"
Journal of Law, Economics and Organization 6(1), Spring 1990, pp. 129-154 |
"Learning, Corporate Control and Performance Requirements in Venture Capital Contracts"
with Yuk- Shee Chan and Daniel Siegel International Economic Review 31(2), May 1990, pp. 365-381 |
"Competitive Equilibrium with Type Convergence in an Asymmetrically Informed Market"
Review of Financial Studies 2(1), Spring 1989, pp. 49-71 |
"Bank Reserve Requirements as an Impediment to Signaling"
with Stuart Greenbaum Economic Enquiry 27(1), January 1989, pp. 1-16. |
"Private versus Public Ownership: Investment, Ownership Distribution, and Optimality"
with Salman Shah Journal of Finance 43(1), March 1988, pp. 41-59 |
"Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets"
with David Besanko International Economic Review 28(3), October 1987, pp. 671-689 |
"Bank Funding Modes: Securitization Versus Deposits"
with Stuart Greenbaum Journal of Banking and Finance 11(3), September 1987, pp. 379-401 |
"Competition, Risk Neutrality and Loan Commitments"
with Arnoud Boot and Gregory Udell Journal of Banking and Finance 11(3), September 1987, pp. 449-471 |
"An Economic Rationale for the Pricing Structure of Bank Loan Commitments"
with Gregory Udell Journal of Banking and Finance 11(2), June 1987, pp. 271-289 |
"Optimal Capital Structure and Project Financing"
with Salman Shah Journal of Economic Theory 42(2), August 1987, pp. 209-243 |
"Competitive Equilibrium in the Credit Market under Asymmetric Information"
with David Besanko Journal of Economic Theory 42(1), June 1987, pp. 167-182 |
"Collateral and Competitive Equilibria with Moral Hazard and Private Information"
with Yuk Shee Chan Journal of Finance 42(2), June 1987, pp. 345-363 |
"A Theory of Stock Price Responses to Alternative Corporate Cash Disbursement Methods: Stock Repurchases and Dividends"
with Aharon Ofer Journal of Finance 42, June 1987, pp. 365-394 |
"Regulatory Pricing and Capital Investment Under Asymmetric Information About Cost"
with Wayne Lee Southern Economic Journal 64(1), January 1987, pp. 720-734 |
"Information Reusability, Competition and Bank Asset Quality"
with Yuk Shee Chan and Stuart Greenbaum Journal of Banking and Finance 10(2), June 1986, pp. 243-253 |
"Moral Hazard and Information Sharing: A Model of Financial Information Gathering Agencies"
with Marcia Millon Journal of Finance 40(5), December 1985, pp. 1403-1422 |
"Incentive Effects of Benevolent Intervention: The Case of Government Loan Guarantees"
with Paul Chaney Journal of Public Economics 26(2), March 1985, pp. 169-189 |
"Information Reliability and a Theory of Financial Intermediation"
with Ram Ramakrishnan Review of Economic Studies 51(3), July 1984, pp. 415-432 |
"Interest Yields, Credit Ratings and Economic Characteristics of State Bonds: An Empirical Analysis"
with Pu Liu Journal of Money, Credit and Banking 16(3), August 1984, pp. 344-351 |
"The Valuation of Assets Under Moral Hazard"
with Ram Ramakrishnan Journal of Finance 39(1), March 1984, pp. 229-238 |
"Screening, Market Signaling and Capital Structure Theory"
with Wayne Lee and Gautam Vora Journal of Finance 38(5), December 1983, pp. 1507-1518 |
"Costly Information Production Equilibria in the Bank Credit Market with Applications to Credit Rationing"
with Richard Callaway Journal of Financial and Quantitative Analysis 18(2), June 1983, pp. 229-248 |
"Capital Accumulation and Deposit Pricing in Mutual Financial Institutions"
with Sudhakar Deshmukh and Stuart Greenbaum Journal of Financial and Quantitative Analysis 17(5), December 1982, pp. 705-725 |
"Moral Hazard, Agency Costs and Asset Prices in a Competitive Equilibrium"
with Ram Ramakrishnan Journal of Financial and Quantitative Analysis 17(4), November 1982, pp. 503-532 |
"An Exploration of Competitive Signaling Equilibria with 'Third Party' Information Production: The Case of Debt Insurance"
Journal of Finance 37(3), June 1982, pp. 717-739 |
"Toward a Theory of Bank Loan Commitments"
Journal of Banking and Finance 6(1), March 1982, pp. 55-83 |
"Bank Loan Commitments and Interest Rate Volatility"
with Hai Hong and Stuart Greenbaum) Journal of Banking and Finance 5, 1981, pp. 497-510 |
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