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.: Recognition :.

"One of the top-5 most prolific finance authors over the period 2005-2015."
 by Timo Korkeamäki, Jukka Wihvonen, Sami Vähämaa, Journal of Business Research, 84 (March), 2017, pp. 220-232.



 .: Monographs of Current Interest :.


"The Future of Data: Where Next?"
CharteredBanker Special Report, October/November 2018
www.charteredbanker.com


"Anniversary of Lehman's Collapse..."
The Conversation, September 12, 2018 6.38am EDT


"The Economic Consequences of Regulatory Protection and Extraterritorial Reach"
Center for Capital Markets -- Competitiveness


"International Financial Markets: A Diverse System is the Key to Commerce"
Center for Capital Markets-Competitiveness, Winter 2015


"Leverage, System Risk and Financial System Health: How Do We Develop a Healthy Financial System?"
Proof; Palgrave Macmillan


"The Economic Consequences of the Volcker Rule"
Monograph, 2nd revision, Friday, March 23, 2012


"The Economic Reality of Securities Class Action Litigation"
with Jeffrey S. Nielsen and David A. Gulley, Ph.D.
Monograph, Navigant Consulting, Institute for Legal Reform, U.S. Chamber Institute for Legal Reform


"The Deutsche Bank Mess"
Monograph, October 28, 2016

 .: Forthcoming :.



"Commercial Banking and Shadow Banking: The Accelerating Integration of Banks and Markets and its Implications for Regulation"
with Arnoud W. A. Boot
Forthcoming, (as chapter 3) in The Oxford Handbook of Banking (3rd edition)


"Bank Culture"
with Fenghua Song
Forthcoming, Journal of Financial Intermediation (2018), "doi: 10.1016/j.jfi.2018.06.005.


"Household Debt and Unemployment"
with Jason Roderick Donaldson and Giorgia Piacentino
Forthcoming, Journal of Finance


 .: Published :.


"Leverage, Systemic Risk and Financial System Health: How Do We Develop a Healthy Financial System?" (Proof)
SSRN Electronic Journal 10.2139/ssrn.2371745

Chapter 2: In: Lindblom T., Sjögren S., Willesson M. (eds), Governance, Regulation and Bank Stability.
Palgrave Macmillan Studies in Banking and Financial Institutions | Palgrave Macmillan, London
"Warehouse Banking"
with Jason Roderick Donaldson, Giorgia Piacentino
Journal of Financial Economics 129(2), August 2018 pp. 250-267.
"Post-Crisis Regulatory Reform in Banking: Address Insolvency Risk, Not Illiquidity!"
Journal of Financial Stability, 37 (2018), pp. 107-111.

"Creating a Purpose-Driven Organization"
with Robert E. Quinn, Harvard Business Review, July-August, 2018.


    "Harvard Ideas Cast on HBR article", July 25, 2018 -- an interview with Gerry Anderson, CEO of DTE, Anjan Thakor, and Robert Quinn.
"The Dark Side of Liquidity Creation: Leverage-Induced Systemic Risk and Implications for the Lender of Last Resort"
with Viral V. Acharya
Journal of Financial Intermediation 28, October 2016, pp. 4-21.
"Corporate Culture in Banking"
   "Behavioral Risk Management in the Financial Services Industry: The Role of Culture, Governance, and Financial Reporting."
The Economic Policy Review 22(1)
FRBNY Economic Policy Review 22(1), May 2016, pp. 1-12.
"The Highs and the Lows: A Theory of Credit Risk Assessment and Pricing Through the Business Cycle"
Journal of Financial Intermediation 25(1), January 2016, pp. 1-29.
"Caught Between Scylla and Charybdis? Regulating Bank Leverage When There is Rent-Seeking and Risk-Shifting"
Review of Corporate Finance Studies 5(1), March 2016, pp. 36-75
"The Financial Crisis of 2007-09: Why Did It Happen and What Did We Learn?"
Review of Corporate Finance Studies, 4(2), September 2015, pp. 115-205
"Lending Booms, Smart Bankers and Financial Crises"
American Economic Review 105(5), May 2015, pp. 305-309
"Strategic Information Disclosure When There is Fundamental Disagreement"
Journal of Financial Intermediation 24(2), April 2015, pp. 131-153
"Information Reliability and Welfare: A Theory of Coarse Credit Ratings"
with Anand M. Goel
Journal of Financial Economics 115(3), March 2015, pp. 541-557
"Practitioner Use of Mehran and Thakor (Why Are Bank of America's Shares Rallying?)"
by John Carney, CNBC, Wednesday, 24 Aug 2011
"Correlated Leverage and its Ramifications"
Journal of Financial Intermediation, 23(4), October 2014, pp. 471-503
"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, CEO 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
"Game Theory"
Journal of the Financial Management Association 20(1), Spring 1991, pp.71-94.
"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
***