The Wharton Financial Institutions Center

2018

#18-01
The Evolving Complexity of Capital Regulation
Richard J. Herring- January 2018

2017

#17-01
Stress Testing in Wartime and in Peacetime
Til Schuermann – March 2016

#17-02
Pricing and hedging GDP-linked bonds in incomplete markets
Consiglio, A. and S.A. Zenios

#17-03
Is Bigger Necessarily Better in Community Banking?
Joseph P. Hughes, Julapa Jagtiani and Loretta J. Mester – January 2017

#17-04
International Coordination of Financial Supervision: Why Has It Grown? Will It Be Sustained?
Richard J. Herring- May 2017

December 2016
Resolution of Global Systemically Important Financial Institutions Under the Bankruptcy Code

#16-01
Stress Testing in Wartime and in Peacetime
Til Schuermann – March 2016

#16-02
Small Business Lending: Challenges and Opportunities for Community Banks
Julapa Jagtiani and Catharine Lemieux – March 2016

#16-03
Equivalence of robust VaR and CVaR optimization
Somayyeh Lotfi and Stavros A. Zenios – April 2016

#16-04
Gone with the wind: demographic transition and domestic saving
Eduardo Cavallo, Gabriel Sánchez, Patricio Valenzuela – April 2016

#16-05
Pricing sovereign contingent convertible debt
Andrea Consiglio, Michele Tumminello & Stavros A. Zenios – July 2016

#16-06
Portfolio diversication in the sovereign credit swap markets
Andrea Consiglio, Somayyeh Lotfi & Stavros A. Zenios – July 2016

#16-07
How to Reform the Credit-Rating Process to Support a Revival of Private-Label Securitization
Richard J. Herring, Edward J. Kane

#16-08
Less Really Can be More: Why Simplicity & Comparability Should be Regulatory Objectives
Richard J. Herring

#16-09
The Corporate Complexity of Global Systemically Important Banks
Jacopo Carmassi & Richard J. Herring

#15-01
Model Risk and the Great Financial Crisis: The Rise of Modern Model Risk Management
Jeffrey A. Brown, Brad McGourty and Til Schuermann – January 2015

#15-02
Capital Controls and the Cost of Debt
Eugenia Andreasen, Martin Schindler, Patricio Valenzuela – January 2015

#15-03
Designing guarantee options in defined contributions pension plans
Andrea Consiglio, Michele Tumminello & Stavros A. Zenios – February 2015

#15-04
Depositor discipline during good and bad times: The role of the guarantor of last resort
Krzysztof Jackowicz, Oskar Kowalewski and Łukasz Kozłowski – February 2015

#15-05
The Institutions of Federal Reserve Independence
Peter Conti-Brown – April 2015

#15-06
Financial Openness, Domestic Financial Development and Credit Ratings
Eugenia Andreasen, Patricio Valenzuela – June 2015

#14-01
A Probability-Based Stress Test of Federal Reserve Assets and Income
Jens H. E. Christensen, Jose A. Lopez and Glenn D. Rudebusch, December 2013

#14-02
Bank Capital for Operational Risk: A Tale of Fragility and Instability
Mark Ames, Til Schuermann and Hal S. Scott, February 10, 2014
An updated version of this paper dated February 2015 is available here.

#14-03
Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities
Nicole M. Boyson, Rüdiger Fahlenbrach and René M. Stulz, March 2014

#14-04
Fairness and Reflexivity in the Cyprus Bail-in
Stavros A. Zenios, March 2014

#14-05
Interest Rate Risk and Bank Equity Valuations
William B. English, Skander J. Van den Heuvel and Egon Zakrajsek, April 2014

#14-06
The Federal Reserve’s Discount Window and TAF Programs: “Pushing on a String?”
Allen N. Berger, Lamont K. Black, Christa H.S. Bouwman and Jennifer Dlugosz, April 2014

#14-07
Bank Risk Taking and Liquidity Creation Following Regulatory Interventions and Capital Support
Allen N. Berger, Christa H.S. Bouwman, Thomas Kick and Klaus Schaeck, April 2014

#14-08
Deposits and Bank Capital Structure
Franklin Allen, Elena Carletti and Robert Marquez, May 2014
This is an updated version of Working Paper #13-13

#14-09
Governance, Risk Management, and Risk-Taking in Banks
René M. Stulz, June 2014

#14-10
Risk management optimization for sovereign debt restructuring
Andrea Consiglio, Stavros A. Zenios, August 2014 UPDATED MARCH 2015

#14-11
Self-reporting under SEC Reg AB and Transparency in Securitization: Evidence from loan-level disclosure of risk factors in RMBS deals
Joseph R. Mason, Michael B. Imerman and Hong Lee, June 2014

#14-12
Bank Ownership Structure, SME Lending and Local Credit Markets
Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski and Łukasz Kozłowski, August 2014

#14-13
Credit Access After Consumer Bankruptcy Filing: New Evidence
Julapa Jagtiani and Wenli Li, August 2014

#14-14
Risk profiles for re-profiling the sovereign debt of crisis countries
Andrea Consiglio, Stavros A. Zenios, August 2014

#14-15
Issuing bonds, shares or staying private? Determinants of going public in an emerging economy
Krzysztof Jackowicz, Oskar Kowalewski, Łukasz Kozłowski and Paulina Roszkowska, September 2014

#14-16
Banks and the World’s Major Banking Centers, 2010
Sang Rim Choi, Daekeun Park and Adrian E. Tschoegl, October 2014

#14-17
The Evolution of U.S. Community Banks and Its Impact on Small Business Lending
Julapa Jagtiani, Ian Kotliar and Raman Quinn Maingi, October 2014

#14-18
Interim Fund Performance and Fundraising in Private Equity
Brad M. Barber, Ayako Yasuda, October 2014

#14-20
Law and structure of the capital markets
Xian Gu and Oskar Kowalewski

#14-21
FED Liquidity Policy during the Financial Crisis: Playing For Time
Robert Eisenbeis and Richard Herring

#13-01
Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?
Craig B. Merrill, Taylor D. Nadauld, René M. Stulz and Shane Sherlund

#13-02
Examining the Impact of the Volcker Rule on Markets, Businesses, Investors, and Job Creation, Part II
James R. Barth, December 2012

#13-03
Financing Through Asset Sales
Alex Edmans and William Mann, December 2012

#13-04
Bank Regulation and Supervision in 180 Countries from 1999 to 2011
James R. Barth, Gerard Caprio, Jr., Ross Levine, January 2013

#13-05
China’s Housing Market: Is a Bubble About to Burst?
James R. Barth, Michael Lea and Tong Li, October 2012

#13-06
Why Did Financial Institutions Sell RMBS at Fire Sale Prices during the Financial Crisis?
Craig B. Merrill, Taylor D. Nadauld, René M. Stulz, and Shane M. Sherlund, February 2012

#13-07
What Determines State Capture in Poland?
Stanisław Alwasiak, Monika Lewandowska-Kalina, Lech Kalina, Oskar Kowalewski, Michał Mozdzen and Krzysztof Rybinski

#13-08
Moral Hazard in Mutural Fund Management: The Quality-Assuring Role of Fees
Michel A. Habib and D. Bruce Johnsen, March 2013

#13-09
The Cyprus Debt: Perfect Crisis and a Way Forward
Stavros A. Zenios, March 2013
This is the pre-publication verson only. The published version is available at Cyprus Economic Policy Review, Vol. 7 , No. 1 , pp. 3 – 45 (2013).

#13-10
Rollover Risk and Corporate Bond Spreads
Patricio Valenzeula

#13-11
Sovereign Ceilings “Lite”? The Impact of Sovereign Ratings on Corporate Ratings
Eduardo Borensztein, Kevin Cowan and Patricio Valenzuela

#13-12
Sources of Inconsistencies in Risk Weighted Asset Determinations
Michel Araten, May 2012

#13-13
Deposits and Bank Capital Structure
Franklin Allen and Elena Carletti, March 2013
An updated version of this paper appears are Working Paper #14-08

#13-14
Shared Auditors in Mergers and Acquisitions
Dan S. Dhaliwal, Phillip T. Lamoreaux. Lubomir P. Litov and Jordan B. Neyland, April 2013

#13-15
Lawyers and Fools: Lawyer-Directors in Public Corporations
Lubomir P. Litov, Simone M. Sepe, and Charles K. Whitehead
forthcoming, The Georgetown Law Journal, vol. 102

#13-16
Large Capital Infusions, Investor Reactions, and the Return and Risk-Performance of Financial Institutions over the Business Cycle
Elyas Elyasiani, Loretta J. Mester and Michael S. Pagano, May 2013
This paper is an updated version of #11-51

#13-17
Who Said Large Banks Don’t Experience Scale Economies? Evidence from a Risk-Return-Driven Cost Function
Joseph P. Hughes and Loretta J. Mester, April 2013
This paper is an updated version of #11-47

#13-18
Seeking Alpha, Taking Risk: Evidence from Non-Executive Pay in U.S. Bank Holding Companies
Viral Acharya, Lubomir V. Litov and Simone M. Sepe, October 2013

#13-19
The Use of Escrow Contracts in Acquisition Agreements
Sanjai Bhagat, Sandy Klasa and Lubomir V. Litov, January 2014

#13-20
Why High Leverage is Optimal for Banks
Harry DeAngelo and René M. Stulz, May 2013

#13-21
Capital Structure and Investment Dynamics with Fire Sales
Douglas Gale and Piero Gottardi, April 2013

#13-22
Estimating Ambiguity Aversion in a Portfolio Choice Experiment
David Ahn, Syngjoo Choi, Douglas Gale, and Shachar Kariv, June 2013

#13-23
BHC Derivatives Usage, Cost of Debt and Lending Patterns
Saiying (Esther) Deng, Elyas Elyasiani and Connie X. Mao, January 2013

#13-24
Bank Holding Company Performance, Risk and “Busy” Board of Directors
Elyas Elyasiani and Ling Zhang

#13-25
The Effects of Foreign and Government Ownership on Bank Lending Behavior During a Drisis in Central and Eastern Europe
Franklin Allen, Krzysztof Jackowicz and Oskar Kowalewski

#13-26
Financial Openness, Market Structure and Private Credit: An Empirical Investigation
Ronald Fischer and Patricio Valenzuela

#13-27
Does Legal Counsel Expertise Add Value? Evidence from Mergers and Acquisitions
Sandy Klasa, Lubomir P. Litov, Jordan Neyland and Simone M. Sepe, July 2013

#13-28
Measuring the Performance of Banks: Theory, Practice, Evidence, and Some Policy Implications
Joseph P. Hughes and Loretta J. Mester, August 1, 2013

#13-29
The African Financial Development and Financial Inclusion Gaps
Franklin Allen, Elena Carletti, Robert Cull, Jun “QJ” Qian, Lemma Senbet and Patricio Valenzuela, September 2013

#13-30
Stress Testing Bank Profitability
Michael Duane, Til Schuermann and Peter Reynolds, September 2013

#13-31
Innovation in Times of Financial Crises
Nina Gorovaia and Stavros A. Zenios, November 13, 2013

#13-32
Liquidity: How Banks Create It and How It Should Be Regulated
Christa H.S. Bouwman, October 2013
This is the pre-publication version only. The published article is forthcoming in The Oxford Handbook of Banking, (2nd edition; A.N. Berger, P. Molyneux, and J.O.S. Wilson (eds.))

#13-33
Stakeholder Governance, Competition and Firm Value
Franklin Allen, Elena Carletti and Robert Marquez, August 2, 2013

#13-34
The European Securities and Markets Authority: Accountability towards EU Institutions and Stakeholders
Carmine Di Noia and Matteo Gargantini

#13-35
Generating Multi-factor Arbitrage-free Scenario Trees with Global Optimization
Andrea Consiglio, Angelo Carollo and Stavros A. Zenios, January 2014

#13-36
Staggered Boards And Firm Value, Revisited
K. J. Martijn Cremers, Lubomir P. Litov and Simone M. Sepe, December 5, 2013

#13-37
Politically Connected Firms in Poland and their Access to Bank Financing
Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski and Łukasz Kozłowski

#13-38
The Case for Rapid Resolution Plans
Richard J. Herring

#12-01
Financing Firms in India
Franklin Allen, Rajesh Chakrabarti, Sankar De, Jun Qian and Meijun Qian, December 2011
An older version of this paper appears as #06-08
This is the pre-publicaton version only. The final version has been published in the Journal of Financial Interemediation Volume 21, 409-445.

#12-02
Government Interventions – Restoring or Destructing Financial Stability in the Long-Run?
Aneta Hryckiewicz, January 2012

#12-03
The IPO of Industrial and Commercial Bank of China and the ‘Chinese Model’ of Privatizing Large Financial Institutions
Franklin Allen, Jun “QJ” Qian, Susan Chenyu Shan and Mengxin Zhao, January 2012
This is an updated version of #11-63

#12-04
Target-Date Funds in 401(k) Retirement Plans
Olivia S. Mitchell and Stephen P. Utkus, March 2012

#12-05
Financial Intermediation, Markets, and Alternative Financial Sectors
Franklin Allen, Elena Carletti, Jun “QJ” Qian and Patricio Valenzuela, March 2012

#12-06
Just How Big Is the Too Big to Fail Problem?
James R. Barth, Apanard (Penny) Prabha and Phillip Swagel, March 2012

#12-07
Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya
Franklin Allen, Elena Carletti, Robert Cull, Jun Qian, Lemma Senbet and Patricio Valenzuela, April 2012
Forthcoming in NBER Volume on African Economic Successes, edited by S. Edwards, S. Johnson and D. Weil

#12-08
Stress Testing Banks
Til Schuermann, February 2013

#12-09
A Markov-Switching Multi-Fractal Inter-Trade Duration Model, with Application to U.S. Equities
Fei Chen, Francis X. Diebold and Frank Schorfheide, May 2012

#12-10
Stability and Growth Pact and Fiscal Discipline in the Eurozone
Victor Ngai, May 2012

#12-11
Improving Access to Banking: Evidence from Kenya
Franklin Allen, Elena Carletti, Robert Cull, Jun “QJ” Qian, Lemma Senbet and Patricio Valenzuela, July 2012

#12-12
Market Discipline during Crisis: Evidence from Bank Depositors in Transition Countries
Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski and Łukasz Kozłowski, July 2012

#12-13
In What Form Will the Eurozone Emerge from the Crisis?
Franklin Allen and Victor Ngai, August 2012

#12-14
Does Corporate Governance Determine Corporate Performance and Dividends During Financial Crisis: Evidence from Poland
Oskar Kowalewski, September 2012

#12-15
Scenario Analysis in the Measurement of Operational Risk Capital: A Change of Measure Approach
Kabir K. Dutta and David F. Babbel, July 2012
An earlier version of this paper appears as Working Paper #10-10. This paper is forthcoming in the Journal of Risk and Insurance.

#12-16
Breaking (Banks) Up is Hard to Do: New Perspective on Too Big To Fail
James R. Barth and Apanard (Penny) Prabha, December 2012

#12-17
The Case for Bail-ins
Thomas F. Huertas

#12-18
Default and the International Role of the Dollar
Richard J. Herring

#11-01
Stable Value Funds: Performance to Date
David F. Babbel and Miguel A. Herce, January 2011

#11-02
The Impact of Electoral Factors on Commercial Banks in CEE Countries
Krzysztof Jackowicz, Oskar Kowalewski, and Łukasz Kozłowski, January 2011

#11-03
Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach
Charles W. Calomiris, Joseph R. Mason and David C. Wheelock, January 2011

#11-04
House Price Index Methodology
Chaitra H. Nagaraja, Lawrence D. Brown and Susan M. Wachter, June 2010

#11-05
Monetary Policy, Leverage, and Bank Risk-Taking
Giovanni Dell’Ariccia, Luc Laeven and Robert Marquez, December 2010

#11-06
Venture Capital and Other Private Equity: A Survey
Andrew Metrick and Ayako Yasuda, December 2010

#11-07
Systemic Risk and the U.S. Insurance Sector
J. David Cummins and Mary A. Weiss, September 2010

#11-08
Efficiency, Productivity, and Scale Economies in the U.S. Property-Liability Insurance Industry
J. David Cummins and Xiaoying Xie, December 2010

#11-09
Bankruptcy, Finance Constraints and the Value of the Firm
Douglas Gale and Piero Gottardi

#11-10
Commentary: Capital Regulation and Risk Sharing
Douglas Gale, July 2010

#11-11
Rollover Risk and Market Freezes
Viral Acharya, Douglas Gale and Tanju Yorulmazer, October 2010

#11-12
Liquidity and Monetary Policy
Douglas Gale, October 2010

#11-13
Style Migration and the Cross-Section of Stock Returns
Hsiu-Lang Chen and Russ Wermers, December 2010

#11-14
Mutual Fund Return Predictability in Partially Segmented Markets
Ayelen Banegas, Ben Gillen, Allan Timmermann and Russ Wermers, January 2011

#11-15
The Investment Value of Mutual Fund Portfolio Disclosure
Russ Wermers, Tong Yao and Jane Zhao, December 2010

#11-16
Macro-Prudential Regulation and the New Road to Financial Stability: Looking Through Darwin’s Glasses
Charles Taylor, September 2010

#11-17
Option Anomalies and the Pricing Kernel
Peter Christoffersen, Steven Heston and Kris Jacobs, June 2010

#11-18
Market Skewness Risk and the Cross-Section of Stock Returns
Bo Young Chang, Peter Christoffersen and Kris Jacobs, July 2010

#11-19
Time-Varying Jump Intensities and Fat Tail Dynamics: Evidence from S&P500 Returns and Options
Peter Christoffersen, Kris Jacobs and Chayawat Ornthanalai, May 2010

#11-20
Is the Potential for International Diversfication Disappearing?
Peter Christoffersen, Vihang Errunza, Kris Jacobs and Xisong Jin, November 2010

#11-21
Bank Liquidity Creation, Monetary Policy, and Financial Crises
Allen N. Berger and Christa H.S. Bouwman, October 2011

#11-22
How Does Capital Affect Bank Performance During Financial Crises?
Allen N. Berger and Christa H.S. Bouwman, March 2011

#11-23
Corporate Governance Propagation through Overlapping Directors
Christa H.S. Bouwman, December 2010

#11-24
Does Sign Matter More than Size? An Investigation into the Source of Investor Overconfidence
Sankar De, Naveen. R. Gondhi and Bhimasankaram Pochiraju, November 2010

#11-25
Do Depositors Discipline Banks? An International Perspective
Allen N. Berger and Rima Turk-Ariss, November 2010

#11-26
Social Networks and Career Outcomes
Allen N. Berger, Thomas Kick, Michael Koetter and Klaus Schaeck

#11-27
The Changing Role of Central Banks
C.A.E. Goodhart

#11-28
Money, Financial Stability and Efficiency
Franklin Allen, Elena Carletti and Douglas Gale, January 2011
Published as “Money, Financial Stability, and Efficiency,” Journal of Economic Theory 149, 2014, 100-127.

#11-29
What Should Central Banks do about Real Estate Prices?
Franklin Allen and Elena Carletti, January 2011

#11-30
Entrepreneurial Spawning and Firm Characteristics
Michel A. Habib, Ulrich Hege and Pierre Mella-Barral, January 2011

#11-31
Insuring Non-Verifiable Losses and the Role of Intermediaries
Neil A. Doherty, Christian Laux, and Alexander Muermann, October 2010

#11-32
Why Are There Global Imbalances? The Case of South Korea
Franklin Allen and JooYun Hong, February 2011
This is the pre-publication version only. For the published version please see Korean Social Science Research Council 38(2), 2011, 1-33.

#11-33
Liquidity Hoarding
Douglas Gale and Tanju Yorulmazer, March 2011

#11-34
Forecasting and Stress Testing Credit Card Default Using Dynamic Models
Tony Bellotti and Jonathan Crook

#11-35
Corporate Governance and Intra-group Transactions in European Bank Holding Companies During the Crisis
Franklin Allen, Xian Gu and Oskar Kowalewski, February 2011

#11-36
How Does Capital Affect Bank Performance During Financial Crises?
Allen N. Berger and Christa H.S. Bouwman, March 2011

#11-37
Financial Crisis, Structure and Reform
Franklin Allen, Xian Gu and Oskar Kowalewski, April 2011
This is the pre-publication version only. For the published version please see Journal of Banking & Finance 36 (2012) 2960–2973.

#11-38
The Hidden Transformation. Changing Role of the State after the Collapse of Communism in Central and Eastern Europe
Oskar Kowalewski and Krzysztof Rybinski, February 2011

#11-39
Asset Prices, Financial Stability and Monetary Policy
Franklin Allen and Kenneth Rogoff, February 2011

#11-40
New Theories to Underpin Financial Reform
Franklin Allen and Elena Carletti, February 2011
This paper has been published in the Journal of Financial Stability (9) 2013, 242-249.

#11-41
Why and How to Design a Contingent Convertible Debt Requirement
Charles W. Calomiris and Richard J. Herring, November 2011

#11-42
Survival of the Reckless: Feedback, Foresight and the Evolutionary Roots of the Financial Crisis
Michael G. Jacobides and Sidney G. Winter, July 2010

#11-43
Optimal Portfolio Choice over the Life-Cycle with Flexible Work, Endogenous Retirement, and Lifetime Payouts
Jingjing Chai, Wolfram Horneff, Raimond Maurer, and Olivia S. Mitchell, May 2011
This is the prepublication version only. For the published version, please see Review of Finance, July 2011, 15(3).

#11-44
The Behavior of Savings and Asset Prices When Preferences and Beliefs are Heterogeneous
Ngoc-Khanh Tran and Richard Zeckhauser, June 2011

#11-45
Core Measures of Inflation as Predictors of Total Inflation
Theodore M. Crone, N. Neil K. Khettry, Loretta J. Mester and Jason A. Novak, June 2011

#11-46
Internal Governance Mechanisms and Pension Fund Performance
Krzysztof Jackowicz and Oskar Kowalewski, July 2011

#11-47
Who Said Large Banks Don’t Experience Scale Economies? Evidence from a Risk-Return Driven Cost Function
Joseph P. Hughes and Loretta J. Mester, July 2011
An updated version of this paper appears as #13-17

#11-48
Systemic Risk Channel and TARP: Banking Relationship Spillover in the Credit Default Swap Market
Wei-Ling Song and Cihan Uzmanoglu, August 2011

#11-49
A Markov Test for Alpha
Dean P. Foster, Robert Stine, and H. Peyton Young, September 2011

#11-50
A Strategy-Proof Test of Portfolio Returns
Dean P. Foster and H. Peyton Young, July 2011

#11-51
Large Capital Infusions, Investor Reactions, and the Return and Risk Performance of Financial Institutions over the Business Cycle and Recent Financial Crisis
Elyas Elyasiani, Loretta J. Mester and Michael S. Pagano, September 2011
An updated version of this paper appears as #13-16

#11-52
Financial Reversal in Rural China
Meijun Qian and Yasheng Huang, 2011

#11-53
Political Promotion, CEO Incentives, and the Relationship between Pay and Performance
Jerry Cao, Michael Lemmon, Xiaofei Pan, Meijun Qian and Gary Tian, 2011

#11-54
China’s Financial System: Opportunities and Challenges
Franklin Allen, Jun “QJ” Qian, Chenying Zhang and Mengxin Zhao, October 2011

#11-55
Is Your Money Safe? What Italians Know About Deposit Insurance
Laura Bartiloro, October 2011

#11-56
Identifying the Right Mix of Capital and Cash Requirements in Prudential Bank Regulation
Charles Calomiris, October 2011
forthcoming in Strengthening the Liquidity of the Financial System, edited by Richard Herring, FIC Press, Wharton Financial Institutions Center, 2011

#11-57
Bank Risk Taking and Liquidity Creation following Regulatory Interventions and Capital Support
Allen N. Berger, Christa H.S. Bouwman, Thomas Kick and Klaus Schaeck, October 2011

#11-58
Asset Commonality, Debt Maturity and Systemic Risk
Franklin Allen, Ana Babus and Elena Carletti, November 2011
forthcoming in The Journal of Financial Economics
This is an updated version of #10-30
Published as “Asset Commonality, Debt Maturity and Systemic Risk” (with A. Babus and E. Carletti), Journal of Financial Economics, 2012, 104, 519-534.

#11-59
The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers
Chitru S. Fernando, Anthony D. May and William L. Megginson

#11-60
The Effect of Liquidity on Governance
Alex Edmans, Vivian W. Fang and Emanuel Zur, November 2011

#11-61
Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-Backed Securities
Jie (Jack) He, Jun ‘QJ’ Qian and Philip E. Strahan, October 2011

#11-62
The Impact of Incentives and Communication Costs on Information Production: Evidence from Bank Lending
Jun ‘QJ’ Qian, Philip E. Strahan and Zhishu Yang, September 2011

#11-63
The IPO of Industrial and Commercial Bank of China and the ‘Chinese Model’ of Privatizing Large Financial Institutions
Franklin Allen, Jun ‘QJ’ Qian, Susan Chenyu Shan and Mengxin Zhao, October 2011
An updated version of this paper appears as #12-03

#11-64
An Alternative View on Law, Institutions, Finance and Growth
Franklin Allen, Jun ‘QJ’ Qian and Chenying Zhang, June 2011

#11-65
Contracting With Synergies
Alex Edmans, Itay Goldstein and John Zhu, November 2011

#11-66
Trends in Financial Innovation and Their Welfare Impact: An Overview
Franklin Allen, November 2011
This is the prepublication version only. The published version may be found in European Financial Management, 18(4), September 201, pp. 493-514.

#11-67
Feedback Effects and the Limits to Arbitrage
Alex Edmans, Itay Goldstein and Wei Jiang, November 2011

#11-68
The Initial Public Offering of the Industrial and Commercial Bank of China (ICBC)
Franklin Allen, Darien Huang, Jun “QJ” Qian and Mengxin Zhao, November 2011
forthcoming, M. Aoki, ed., The Frontier State of Economics: IEA XVI World Congress , “The Chinese Economy”

#11-69
Incentives to Improve the Corporate Governance of Risk in Financial Institutions
Richard J. Herring

#11-70
The Capital Conundrum
Richard J. Herring, September 2011

#11-71
The Central Role of Resolution Policy in Dealing with Systemically Important Financial Institutions
Richard J. Herring, May 2011

#11-72
Fair Value Accounting, Disclosure and Financial Stability: Does How We Keep Score Influence How the Game is Played?
Richard J. Herring

#11-73
Judicial and Administrative Approaches to Bank Resolution: Prospects for International Harmonization
Charles Hendren

#11-74
Framing and Claiming: How Information-Framing Affects Expected Social Security Claiming Behavior
Jeffrey R. Brown, Arie Kapteyn, and Olivia S. Mitchell, November 2011

#10-01
An Autoregressive Approach to House Price Modeling
Chaitra H. Nagaraja, Lawrence D. Brown and Linda H. Zhao, December 2009

#10-02
On the Size of the Active Management Industry
Lubos Pastor and Robert F. Stambaugh, January 2010

#10-03
Real-Time Macroeconomic Monitoring: Real Activity, Inflation, and Interactions
S. Boragan Aruoba and Francis X. Diebold, January 2010

#10-04
Stale Prices and the Performance Evaluation of Mutual Funds
Meijun Qian
Forthcoming, Journal of Financial and Qualitative Analysis

#10-05
High-water Marks and Hedge Fund Compensation
George O. Aragon and Jun “QJ” Qian, December 2009

#10-06
In Defense of Much, But Not All, Financial Innovation
Robert E. Litan

#10-07
Institutional Ownership, Analyst Following and Share Prices
Chitru S. Fernando, Vladimir A. Gatchev and Paul A. Spindt, February 2010

#10-08
Wind-down Plans as an Alternative to Bailouts: The Cross-Border Challenges
Richard J. Herring

#10-09
Living Wills as a Catalyst for Action
Emilios Avgouleas, Charles Goodhart and Dirk Schoenmaker, February 2010

#10-10
Scenario Analysis in the Measurement of Operational
Risk Capital: A Change of Measure Approach
Kabir K. Dutta and David F. Babbel, September 2010
An updated version of this paper appears as Working Paper #12-15. This paper is forthcoming in the Journal of Risk and Insurance.

#10-11
African Financial Systems: A Review
Franklin Allen, Isaac Otchere and Lemma W. Senbet, March 2010

#10-12
The Mortgage and Financial Crises: The Role of Credit Risk Management and Corporate Governance
William W. Lang and Julapa Jagtiani, February 2010
Forthcoming in Atlantic Economic Journal, 2010

#10-13
Tractability in Incentive Contracting
Alex Edmans and Xavier Gabaix, March 2010

#10-14
The Financial Crisis: Miss-Diagnosis and Reactionary Responses
Robert A. Eisenbeis, October 2009

#10-15
Thoughts on the Future of the Hedge Fund Industry
Christopher C. Geczy, April 2010

#10-16
Specialization, Productivity and Financing Constraints
Robert Marquez and M. Deniz Yavuz, April 2010

#10-17
Risk and the CEO Market: Why Do Some Large Firms Hire Highly-Paid, Low-Talent CEOs
Alex Edmans and Xavier Gabaix, May 2010

#10-18
The African Financial Development Gap
Franklin Allen, Elena Carletti, Robert Cull, Jun “QJ” Qian and Lemma Senbet, September 2010
Earlier version of paper

#10-19
Dynamic Incentive Accounts
Alex Edmans, Xavier Gabaix, Tomasz Sadzik and Yuliy Sannikov, May 2010
This is an updated version of #09-22

#10-20
Financial Connections and Systemic Risk
Franklin Allen, Ana Babus and Elena Carletti, July 2010
This is an updated version of #09-33
For a more recent version, please see #10-30

#10-21
How Important are Foreign Ownership Linkages for International Stock Returns?
Söhnke M. Bartram, John Griffin, and David Ng, June 2010

#10-22
The Behavior of Intoxicated Investors: The Role of Institutional Investors in Propagating the Crisis of 2007-2008
Alberto Manconi, Massimo Massa, and Ayako Yasuda, June 2010

#10-23
Behavioral Biases of Mutual Fund Investors
Warren Bailey, Alok Kuman, and David Ng, July 2010

#10-24
Private Equity Fund Returns: Do Managers Actually Leave Money on the Table?
Robert Marquez, Vikram Nanda, and M. Deniz Yavuz, August 16, 2010

#10-25
Breaking Down the Barriers: Competition, Syndicate Structure, and Underwriting Incentives
Anil Shivdasani and Wei-Ling Song, March 2010

#10-26
A Note on Scenario Analysis in the Measurement of Operational Risk Capital: A Change of Measure Approach
David F. Babbel , September 2010

#10-27
How Important Historically Were Financial Systems for Growth in the U.K., U.S., Germany, and Japan?
Franklin Allen, Forrest Capie, Caroline Fohlin, Hideaki Miyajima, Richard Sylla, Geoffrey Wood, and Yishay Yafeh, October 2010

#10-28
Transmission of Bank Liquidity Shocks in Loan and Deposit Markets: The Role of Interbank Borrowing and Market Monitoring
Franklin Allen, Aneta Hryckiewicz, Oskar Kowalewski, and Günseli Tümer-Alkan, November 2010

#10-29
Sterilization in China: Effectiveness and Cost
Chenying Zhang, September 2010

#10-30
Asset Commonality, Debt Maturity and Systemic Risk
Franklin Allen, Ana Babus, and Elena Carletti, November 2010
This is an updated version of #10-20
An updated version of this paper appears at #11-58
Published as “Asset Commonality, Debt Maturity and Systemic Risk” (with A. Babus and E. Carletti), Journal of Financial Economics, 2012, 104, 519-534.