.:Curriculum Vitae:.  

View Anjan Thakor's CV

Major Publications

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NOTE: All articles are the sole copyright of the respective publishers. Materials are provided for educational use only.

"Correlated Leverage and its Ramifications" Journal of Financial Intermediation

"Information Reliability and Welfare: A Theory of Coarse Credit Ratings" Journal of Financial Economics, (Forthcoming).

"Strategic Information Disclosure When There is Fundamental Disagreement" Journal of Financial Intermediation, (Forthcoming).

"Bank Capital and Financial Stability: An Economic Tradeoff or a Faustian Bargain?" Annual Review of Financial Economics, (Forthcoming).

"Duration of Executive Compensation" (with Radha Gopalan, Todd Milbourn and Fenghua Song), forthcoming, Journal of Finance.

"Investor Heterogeneity, Investor-Management Disagreement and Share Repurchases" (with Sheng Huang), Review of Financial Studies, 26(10), Oct 26, pp. 2453-2491, 2013.

"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, 3434-3485

"Shareholder-Manager Disagreement and Corporate Investment" (with Toni Whited), Review of Finance. 15-2, April 2011, 277-300

"Bank Capital and Value in the Cross-Section" (with Hamid Mehran), Review of Financial Studies 24-4, April 2011, 1019-1067

"Financial System Architecture and the Co-Evolution of Banks and Capital Markets" (with Fenghua Song), The Economic Journal 120 (547), September2010, 1021-1255.

"Do Envious CEOs Cause Merger Waves?" (with Anand Goel), Review of Financial Stuides 23-2, February 2010, 487-518.

"Overconfidence, Leadership Selection and Corporate Governance" (with Anand Goel), Journal of Finance 63-6, December 2008, 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, 2013-2059.

"Relationship Banking, Fragility and the Asset-Liability Matching Problem" (with Fenghua Song), Review of Financial Studies 20-6, November 2007, 2129-2177.

"Why Do Firms Issue Equity?"(with Amy Dittmar), Journal of Finance 62-1, February 2007, 1-54.

"Information Control, Career Concerns and Corporate Governance" (with Fenghua Song), Journal of Finance, 61-4, August 2006, 1845-1896.

"The Entrepreneur's Choice Between Private and Public Ownership" (with Arnoud Boot and Gopalan Radhakrishnan), Journal of Finance 61-2, April 2006, 803-836.

"Do Loan Commitments Cause Overlending?", Journal of Money, Credit and Banking 37-6, December 2005, 1067-1100.

"Green with Envy: Implications for Corporate Investment Distortions" (with Anand Goel), Journal of Business 78-6, November 2005, 2255-2287.

"Sunflower Management and Capital Budgeting" (with Arnoud Boot and Todd Milbourn), Journal of Business 78-2, March 2005, 501-527.

"Financial Intermediation as a Beliefs-Bridge Between Optimists and Pessimists" (with Josh Coval), Journal of Financial Economics 75-3, March 2005, 535-570.

"Why Do Firms Smooth Earnings?" (with Anand Goel), Journal of Business 76-1, January 2003, 151-192.

"The Many Faces of Information Disclosure" (with Arnoud Boot), Review of Financial Studies 14-4, Winter 2001, 1021-1058.

"Managerial Career Concerns and Investments in Information" (with Todd Milbourn and Richard Shockley), RAND Journal of Economics 32-2, Summer 2001, 82-99.

"Can Relationship Banking Survive Competition?" (with Arnoud Boot), Journal of Finance 55-2, April 2000, 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, 195-214.

"Corporate Control Through Board Dismissals and Takeovers" (with David Hirshleifer), Journal of Economics and Management Strategy 7-4, Winter 1998, 489-520.

"A Brief Retrospective and Prospective Look at the Journal of Financial Intermediation: 1990-98", Journal of Financial Intermediation 7-4, October 1998, 331-337.

"Bank Efficiency and Financial System Evolution: An Analysis of Complementarity Problems in State-Dominated Economies", Research in Economics 52-3, September 1998, 271-284.

"The Economics of Bank Regulation" (with Sudipto Bhattacharya and Arnoud Boot), Journal of Money, Credit and Banking 30-4, November 1998, 745-770.

"Banking Scope and Financial Innovation" (with Arnoud Boot), Review of Financial Studies 10-4, Winter 1997, 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, 517-534.

"Financial System Architecture" (with Arnoud Boot), Review of Financial Studies 10-3, Fall 1997, 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, 917-948.

"Capital Requirements, Monetary Policy and Aggregate Bank Lending: Theory and Empirical Evidence", Journal of Finance 51-1, March 1996, 279-324.

"Capital Requirements, Loan Renegotiation, and the Borrower's Choice of Financing Source" (joint with Patricia Wilson), Journal of Banking and Finance 19-3, June 1995, 693-712.

"Moral Hazard and Secured Lending in an Infinitely Repeated Credit Market Game" (with Arnoud Boot), International Economic Review 35-3, November 1994, 899-920.

"A 'Barter' Theory of Bank Regulation and Credit Allocation" (with Jess Beltz), Journal of Money, Credit and Banking 26-3, August 1994, 679-705.

"Firm-Specific Human Capital and Optimal Capital Structure" (with Priscilla Jaggia), International Economic Review 35-2, May 1994, 283-308.

"Managerial Performance, Boards of Directors and Takeover Bidding" (joint with David Hirshleifer), Journal of Corporate Finance 1-2, March 1994, 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, 459-482.

"Reputation and Discretion in Financial Contracting" (with Arnoud Boot and Stuart Greenbaum), American Economic Review 83-5, December 1993, 1165-1183.

"Contemporary Banking Theory" (with Sudipto Bhattacharya), Journal of Financial Intermediation 3-1, October 1993, 2-50.

"Security Design" (with Arnoud Boot), Journal of Finance 48-4, September 1993, 1349-1378.

"Self-Interested Bank Regulation" (with Arnoud Boot), The American Economic Review 83-2, May 1993, 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, 292-318.

"Litigation Risk, Intermediation, and the Underpricing of Initial Public Offerings" (with Pat Hughes), Review of Financial Studies 5-4, Winter 1992, 709-742.

"Managerial Conservatism, Project Choice and Debt" (with David Hirshleifer), The Review of Financial Studies 5-3, Fall 1992, 437-470.

"Banking Deregulation: Allocational Consequences of Relaxing Entry Barriers"> (with David Besanko) Journal of Banking and Finance 16-5, September 1992, 909-932.

"Is Fairly Priced Deposit Insurance Possible?" (with Yuk-Shee Chan and Stuart Greenbaum), Journal of Finance 47-1, March 1992, 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, 825-846.

"Cooperation versus Competition in Agency" (with Ram Ramakrishnan), Journal of Law, Economics and Organization 7-2, Fall 1991, 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, 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, 458-472.

"Shareholder Preferences and Dividend Policy" (with Michael Brennan), Journal of Finance 45, September 1990, 993-1018.

"Investment 'Myopia' and the Internal Organization of Capital Allocation Decisions," Journal of Law, Economics and Organization 6-1, Spring 1990, 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, 365-381.

"Competitive Equilibrium with Type Convergence in an Asymmetrically Informed Market" Review of Financial Studies 2-1, Spring 1989, 49-71.

"Bank Reserve Requirements as an Impediment to Signaling" (with Stuart Greenbaum), Economic Enquiry 27-1, January 1989, 1-16.

"Private versus Public Ownership: Investment, Ownership Distribution, and Optimality" (with Salman Shah), Journal of Finance 43-1, March 1988, 41-59.

"Collateral and Rationing: Sorting Equilibria in Monopolistic and Competitive Credit Markets" (with David Besanko), International Economic Review 28-3, October 1987, 671-689.

"Bank Funding Modes: Securitization Versus Deposits" (with Stuart Greenbaum), Journal of Banking and Finance 11-3, September 1987, 379-401.

"Competition, Risk Neutrality and Loan Commitments" (with Arnoud Boot and Gregory Udell), Journal of Banking and Finance 11-3, September 1987, 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, 271-289.

"Optimal Capital Structure and Project Financing" (with Salman Shah), Journal of Economic Theory 42-2, August 1987, 209-243.

"Competitive Equilibrium in the Credit Market under Asymmetric Information" (with David Besanko), Journal of Economic Theory 42-1, June 1987, 167-182.

"Collateral and Competitive Equilibria with Moral Hazard and Private Information" (with Yuk Shee Chan), Journal of Finance 42-2, June 1987, 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, 365-394.

"Regulatory Pricing and Capital Investment Under Asymmetric Information About Cost" (with Wayne Lee), Southern Economic Journal 64-1, January 1987, 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, 243-253.

"Moral Hazard and Information Sharing: A Model of Financial Information Gathering Agencies" (with Marcia Millon), Journal of Finance 40-5, December 1985, 1403-1422.

"Incentive Effects of Benevolent Intervention: The Case of Government Loan Guarantees" (with Paul Chaney), Journal of Public Economics 26-2, March 1985, 169-189.

"Information Reliability and a Theory of Financial Intermediation" (with Ram Ramakrishnan), Review of Economic Studies 51-3, July 1984, 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, 344-351.

"The Valuation of Assets Under Moral Hazard" (with Ram Ramakrishnan), Journal of Finance 39-1, March 1984, 229-238.

"Screening, Market Signaling and Capital Structure Theory" (with Wayne Lee and Gautam Vora), Journal of Finance 38-5, December 1983, 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, 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, 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, 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, 717-739.

"Toward a Theory of Bank Loan Commitments", Journal of Banking and Finance 6-1, March 1982, 55-83.

"Bank Loan Commitments and Interest Rate Volatility" (with Hai Hong and Stuart Greenbaum), Journal of Banking and Finance 5, 1981, 497-510.