NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Economics: Financial Institutions and Services


2014
w20335 Alan Moreira
Alexi Savov

The Macroeconomics of Shadow Banking

w20310 Justin Murfin
Mitchell Petersen

Loans on Sale: Credit Market Seasonality, Borrower Need, and Lender Rent Seeking

w20286 Claudia M. Buch
Linda S. Goldberg

International Banking and Liquidity Risk Transmission: Lessons from Across Countries

w20300 Alex Edmans
Lucius Li
Chendi Zhang

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

w20288 Samuel G. Hanson
Andrei Shleifer
Jeremy C. Stein
Robert W. Vishny

Banks as Patient Fixed-Income Investors

w20285 Ricardo Correa
Linda S. Goldberg
Tara Rice

Liquidity Risk and U.S. Bank Lending at Home and Abroad

w20282 Itamar Drechsler
Qingyi Freda Drechsler

The Shorting Premium and Asset Pricing Anomalies

w20278 Asli Demirgüç-Kunt
Edward J. Kane
Luc Laeven

Deposit Insurance Database

w20274 René M. Stulz
Governance, Risk Management, and Risk-Taking in Banks

w20255 Tri Vi Dang
Gary Gorton
Bengt Holmström
Guillermo Ordonez

Banks as Secret Keepers

w20246 Marcin Kacperczyk
Jaromir B. Nosal
Luminita Stevens

Investor Sophistication and Capital Income Inequality

w20241 David Lucca
Amit Seru
Francesco Trebbi

The Revolving Door and Worker Flows in Banking Regulation

w20239 Felipe Kast
Dina Pomeranz

Saving More to Borrow Less: Experimental Evidence from Access to Formal Savings Accounts in Chile

w20230 Gabriel Chodorow-Reich
Effects of Unconventional Monetary Policy on Financial Institutions

w20207 Oliver Hart
Luigi Zingales

Banks Are Where The Liquidity Is

w20176 Stephen G. Dimmock
William C. Gerken
Zoran Ivković
Scott J. Weisbenner

Capital Gains Lock-In and Governance Choices

w20165 Anil K Kashyap
Dimitrios P. Tsomocos
Alexandros P. Vardoulakis

How does macroprudential regulation change bank credit supply?

w20152 Atif Mian
Amir Sufi

House Price Gains and U.S. Household Spending from 2002 to 2006

w20149 Karthik Krishnan
Debarshi Nandy
Manju Puri

Does Financing Spur Small Business Productivity? Evidence from a Natural Experiment

w20147 Thomas F. Hellmann
Veikko Thiele

Friends or Foes: The Interrelationship between Angel and Venture Capital Markets

w20144 Bruno Crépon
Florencia Devoto
Esther Duflo
William Pariente

Estimating the Impact of Microcredit on Those Who Take It Up: Evidence from a Randomized Experiment in Morocco

w20141 Itamar Drechsler
Alexi Savov
Philipp Schnabl

A Model of Monetary Policy and Risk Premia

w20138 Jonathan B. Berk
Jules H. van Binsbergen
Binying Liu

Matching Capital and Labor

w20124 Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla
Ivonne Siegelin

Accounting and Actuarial Smoothing of Retirement Payouts in Participating Life Annuities

w20100 Paul S. Willen
Evaluating Policies to Prevent another Crisis: An Economist’s View

w20078 Howard Bodenhorn
Eugene N. White

The Evolution of Bank Boards of Directors in New York, 1840-1950

w20072 Robert F. Stambaugh
Investment Noise and Trends

w20046 Kamran Bilir
Davin Chor
Kalina Manova

Host-Country Financial Development and Multinational Activity

w20015 Sumit Agarwal
Gene Amromin
Itzhak Ben-David
Souphala Chomsisengphet
Yan Zhang

Second Liens and the Holdup Problem in Mortgage Renegotiation

w19984 Nicole Boyson
Rüdiger Fahlenbrach
René M. Stulz

Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities

w19972 Harold L. Cole
Thomas F. Cooley

Rating Agencies

w19957 Peter Koudijs
Hans-Joachim Voth

Leverage and Beliefs: Personal Experience and Risk Taking in Margin Lending

w19952 Wenli Li
Ishani Tewari
Michelle J. White

Using Bankruptcy to Reduce Foreclosures: Does Strip-down of Mortgages Affect the Supply of Mortgage Credit?

w19945 Sumit Agarwal
Itzhak Ben-David

Do Loan Officers’ Incentives Lead to Lax Lending Standards?

w19891 Lubos Pastor
Robert F. Stambaugh
Lucian A. Taylor

Scale and Skill in Active Management

w19890 Darrell Duffie
Martin Scheicher
Guillaume Vuillemey

Central Clearing and Collateral Demand

w19885 Zhiguo He
Arvind Krishnamurthy

A Macroeconomic Framework for Quantifying Systemic Risk

w19854 Xavier Gabaix
Matteo Maggiori

International Liquidity and Exchange Rate Dynamics

w19850 Olivier Coibion
Yuriy Gorodnichenko
Marianna Kudlyak
John Mondragon

Does Greater Inequality Lead to More Household Borrowing? New Evidence from Household Data

w19845 Manuel Adelino
Song Ma
David T. Robinson

Firm Age, Investment Opportunities, and Job Creation

w19834 Alexander Ljungqvist
Wenlan Qian

How Constraining Are Limits to Arbitrage? Evidence from a Recent Financial Innovation

w19827 Manuela Angelucci
Dean Karlan
Jonathan Zinman

Microcredit Impacts: Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco

w19806 Charles W. Calomiris
Mark Carlson

Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s


2013
w19773 Viral V. Acharya
Bruce Tuckman

Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage

w19747 David Yermack
Is Bitcoin a Real Currency? An economic appraisal

w19744 Carlos Garriga
Finn E. Kydland
Roman Sustek

Mortgages and Monetary Policy

w19723 Kenneth N. Kuttner
Ilhyock Shim

Can Non-Interest Rate Policies Stabilize Housing Markets? Evidence from a Panel of 57 Economies

w19707 Viral V. Acharya
Hanh Le
Hyun Song Shin

Bank Capital and Dividend Externalities

w19702 Sarah A. Janzen
Michael R. Carter

After the Drought: The Impact of Microinsurance on Consumption Smoothing and Asset Protection

w19701 Daron Acemoglu
Simon Johnson
Amir Kermani
James Kwak
Todd Mitton

The Value of Connections in Turbulent Times: Evidence from the United States

w19696 Dean Karlan
Adam Osman
Jonathan Zinman

Follow the Money: Methods for Identifying Consumption and Investment Responses to a Liquidity Shock

w19682 Jonathan Zinman
Consumer Credit: Too Much or Too Little (or Just Right)?

w19681 Andrea Frazzini
David Kabiller
Lasse H. Pedersen

Buffett’s Alpha

w19669 Kerry Back
Tao Li
Alexander Ljungqvist

Liquidity and Governance

w19643 Jakub W. Jurek
Erik Stafford

The Cost of Capital for Alternative Investments

w19635 Alejandro Justiniano
Giorgio Primiceri
Andrea Tambalotti

The Effects of the Saving and Banking Glut on the U.S. Economy

w19633 William Gornall
Ilya A. Strebulaev

Financing as a Supply Chain: The Capital Structure of Banks and Borrowers

w19629 Xi Wu
Li Gan

Multiple Dimensions of Private Information in Life Insurance Markets

w19612 Morten Sorensen
Neng Wang
Jinqiang Yang

Valuing Private Equity

w19606 Sumit Agarwal
Itzhak Ben-David
Vincent Yao

Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market

w19572 Anton Korinek
Jonathan Kreamer

The Redistributive Effects of Financial Deregulation

w19570 Clemens Sialm
Zheng Sun
Lu Zheng

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds

w19569 Clemens Sialm
Laura Starks
Hanjiang Zhang

Defined Contribution Pension Plans: Sticky or Discerning Money?

w19568 Ralph S.J. Koijen
Motohiro Yogo

Shadow Insurance

w19540 Gary Gorton
The Development of Opacity in U.S. Banking

w19532 Erwann Michel-Kerjan
Paul Raschky
Howard Kunreuther

Corporate Demand for Insurance: New Evidence from the U.S. Terrorism and Property Markets

w19517 Keith Brown
Cristian Tiu

The Interaction of Spending Policies, Asset Allocation Strategies, and Investment Performance at University Endowment Funds

w19514 Markus K. Brunnermeier
Martin Oehmke

Predatory Short Selling

w19484 Sumit Agarwal
Souphala Chomsisengphet
Neale Mahoney
Johannes Stroebel

Regulating Consumer Financial Products: Evidence from Credit Cards

w19472 Shawn Cole
Martin Kanz
Leora Klapper

Incentivizing Calculated Risk-Taking: Evidence from an Experiment with Commercial Bank Loan Officers

w19467 Patrick Bolton
Xavier Freixas
Leonardo Gambacorta
Paolo Emilio Mistrulli

Relationship and Transaction Lending in a Crisis

w19459 Andrew Ang
Richard C. Green
Yuhang Xing

Advance Refundings of Municipal Bonds

w19421 Hui Chen
Michael Michaux
Nikolai Roussanov

Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty

w19403 Erik Gilje
Elena Loutskina
Philip E. Strahan

Exporting Liquidity: Branch Banking and Financial Integration

w19399 Benjamin R. Handel
Igal Hendel
Michael D. Whinston

Equilibria in Health Exchanges: Adverse Selection vs. Reclassification Risk

w19393 Liran Einav
Amy Finkelstein
Paul Schrimpf

The Response of Drug Expenditures to Non-Linear Contract Design: Evidence from Medicare Part D

w19389 Arvind Krishnamurthy
Stefan Nagel

Interpreting Repo Statistics in the Flow of Funds Accounts

w19380 Ross Levine
Yona Rubinstein

Liberty for More: Finance and Educational Opportunities

w19379 Ramana Nanda
Matthew Rhodes-Kropf

Innovation and the Financial Guillotine

w19378 Marc Martos-Vila
Matthew Rhodes-Kropf
Jarrad Harford

Financial vs. Strategic Buyers

w19373 Benjamin R. Handel
Jonathan T. Kolstad

Health Insurance for “Humans”: Information Frictions, Plan Choice, and Consumer Welfare

w19345 Andreas Fuster
Paul S. Willen

Payment Size, Negative Equity, and Mortgage Default

w19343 Harald Uhlig
Sovereign Default Risk and Banks in a Monetary Union

w19337 Simon Gilchrist
Egon Zakrajsek

The Impact of the Federal Reserve's Large-Scale Asset Purchase Programs on Corporate Credit Risk

w19323 Dean Corbae
Erwan Quintin

Leverage and the Foreclosure Crisis

w19309 Andrew Ang
Assaf A. Shtauber
Paul C. Tetlock

Asset Pricing in the Dark: The Cross Section of OTC Stocks

w19303 Daniel Paravisini
Antoinette Schoar

The Incentive Effect of IT: Randomized Evidence from Credit Committees

w19300 Lily Fang
Victoria Ivashina
Josh Lerner

Combining Banking with Private Equity Investing

w19299 Lily Fang
Victoria Ivashina
Josh Lerner

The Disintermediation of Financial Markets: Direct Investing in Private Equity

w19292 Gary B. Gorton
Andrew Metrick

The Federal Reserve and Financial Regulation: The First Hundred Years

w19257 Bo Becker
Marcus Opp

Replacing Ratings

w19206 Vanya Horneff
Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection

w19205 Yothin Jinjarak
Ilan Noy
Huanhuan Zheng

Capital Controls in Brazil – Stemming a Tide with a Signal?

w19184 Oliver D. Hart
Luigi Zingales

Liquidity and Inefficient Investment

w19159 Kirsten Wandschneider
Lending to Lemons: Landschafts-Credit in 18th Century Prussia

w19156 David S. Scharfstein
Adi Sunderam

Concentration in Mortgage Lending, Refinancing Activity and Mortgage Rates

w19139 Harry DeAngelo
René M. Stulz

Why High Leverage is Optimal for Banks

w19133 Ajay K. Agrawal
Christian Catalini
Avi Goldfarb

Some Simple Economics of Crowdfunding

w19125 Joshua Aizenman
Mahir Binici
Michael M. Hutchison

Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis

w19120 Michael Ewens
Matthew Rhodes-Kropf

Is a VC Partnership Greater than the Sum of its Partners?

w19119 Manuela Angelucci
Dean Karlan
Jonathan Zinman

Win Some Lose Some? Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco

w19106 Dean Karlan
Jonathan Zinman

Long-Run Price Elasticities of Demand for Credit: Evidence from a Countrywide Field Experiment in Mexico

w19093 Franziska Bremus
Claudia Buch
Katheryn Russ
Monika Schnitzer

Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity

w19069 Victor Stango
Jonathan Zinman

Borrowing High vs. Borrowing Higher: Sources and Consequences of Dispersion in Individual Borrowing Costs

w19056 James D. Hamilton
Jing Cynthia Wu

Risk Premia in Crude Oil Futures Prices

w19051 Tobias Berg
Manju Puri
Jorg Rocholl

Loan officer Incentives and the Limits of Hard Information

w19050 Rajkamal Iyer
Manju Puri
Nicholas Ryan

Do Depositors Monitor Banks?

w19039 Viral V. Acharya
Sascha Steffen

The “Greatest” Carry Trade Ever? Understanding Eurozone Bank Risks

w19038 Valentina Bruno
Hyun Song Shin

Capital Flows, Cross-Border Banking and Global Liquidity

w19032 Jingjing Chai
Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Exchanging Delayed Social Security Benefits for Lump Sums: Could This Incentivize Longer Work Careers?

w19030 Andrew Ang
Bingxu Chen
Suresh Sundaresan

Liability Investment with Downside Risk

w18950 Esther Duflo
Abhijit Banerjee
Rachel Glennerster
Cynthia G. Kinnan

The Miracle of Microfinance? Evidence from a Randomized Evaluation

w19022 Guillermo Ordonez
Sustainable Shadow Banking

w19018 Malcolm Baker
Jeffrey Wurgler

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly

w19004 Randall Morck
M. Deniz Yavuz
Bernard Yeung

State-controlled Banks and the Effectiveness of Monetary Policy

w18984 Karthik Balakrishnan
Mary B. Billings
Bryan T. Kelly
Alexander Ljungqvist

Shaping Liquidity: On the Causal Effects of Voluntary Disclosure

w18968 Viral V. Acharya
Robert Engle
Diane Pierret

Testing Macroprudential Stress Tests: The Risk of Regulatory Risk Weights

w18965 Stuart A. Gabriel
Matthew E. Kahn
Ryan K. Vaughn

Congressional Influence as a Determinant of Subprime Lending

w18946 Martin Čihák
Asli Demirgüč-Kunt
Erik Feyen
Ross Levine

Financial Development in 205 Economies, 1960 to 2010

w18944 John H. Cochrane
Finance: Function Matters, not Size.

w18943 Tobias Adrian
Hyun Song Shin

Procyclical Leverage and Value-at-Risk

w18942 Valentina Bruno
Hyun Song Shin

Capital Flows and the Risk-Taking Channel of Monetary Policy

w18923 Anil K Kashyap
Natalia Kovrijnykh

Who Should Pay for Credit Ratings and How?

w18910 Umit G. Gurun
Gregor Matvos
Amit Seru

Advertising Expensive Mortgages

w18909 Bo Becker
Victoria Ivashina

Reaching for Yield in the Bond Market

w18903 Jongha Lim
Berk A. Sensoy
Michael S. Weisbach

Indirect Incentives of Hedge Fund Managers

w18895 Kris James Mitchener
Gary Richardson

Does “Skin in the Game” Reduce Risk Taking? Leverage, Liability and the Long-Run Consequences of New Deal Banking Reforms

w18892 Viral V. Acharya
Heitor Almeida
Filippo Ippolito
Ander Perez

Credit Lines as Monitored Liquidity Insurance: Theory and Evidence

w18891 Viral V. Acharya
Marco Pagano
Paolo Volpin

Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent

w18890 Mary Amiti
David E. Weinstein

How Much do Bank Shocks Affect Investment? Evidence from Matched Bank-Firm Loan Data

w18867 Man Lung Chan
Kalina Manova

Financial Development and the Choice of Trade Partners

w18857 Augustin Landier
David Sraer
David Thesmar

Banks' Exposure to Interest Rate Risk and The Transmission of Monetary Policy

w18850 Patrick Bajari
Chenghuan Sean Chu
Denis Nekipelov
Minjung Park

A Dynamic Model of Subprime Mortgage Default: Estimation and Policy Implications

w18843 Tomasz Piskorski
Amit Seru
James Witkin

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market

w18793 Berk A. Sensoy
Yingdi Wang
Michael S. Weisbach

Limited Partner Performance and the Maturing of the Private Equity Industry

w18789 Matthew S. Jaremski
National Banking's Role in U.S. Industrialization, 1850-1900

w18766 Jaromir Nosal
Guillermo Ordoñez

Uncertainty as Commitment

w18764 Veronika K. Pool
Clemens Sialm
Irina Stefanescu

It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans

w18737 Ricardo J. Caballero
Emmanuel Farhi

A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy

w18733 James R. Barth
Gerard Caprio
Jr.
Ross Levine

Bank Regulation and Supervision in 180 Countries from 1999 to 2011

w18732 Gary B. Gorton
Guillermo Ordoñez

The Supply and Demand for Safe Assets

w18713 Stephen H. Haber
Aldo Musacchio

These Are the Good Old Days: Foreign Entry and the Mexican Banking System

w18706 Claude B. Erb
Campbell R. Harvey

The Golden Dilemma

w18698 Naoki Aizawa
Hanming Fang

Equilibrium Labor Market Search and Health Insurance Reform


2012
w18611 Gary Gorton
Andrew Metrick

Securitization

w18582 Fabian Duarte
Justine S. Hastings

Fettered Consumers and Sophisticated Firms: Evidence from Mexico's Privatized Social Security Market

w18609 Sumit Agarwal
Efraim Benmelech
Nittai Bergman
Amit Seru

Did the Community Reinvestment Act (CRA) Lead to Risky Lending?

w18608 Jennifer Brown
Dylan B. Minor

Misconduct in Credence Good Markets

w18601 Daniel Gottlieb
Kent Smetters

Narrow Framing and Life Insurance

w18549 Tobias Adrian
Brian Begalle
Adam Copeland
Antoine Martin

Repo and Securities Lending

w18541 Takatoshi Ito
Kenta Yamada
Misako Takayasu
Hideki Takayasu

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets

w18538 Britta Augsburg
Ralph De Haas
Heike Harmgart
Costas Meghir

The Impacts of Microcredit: Evidence from Bosnia and Herzegovina

w18537 Robin Greenwood
Augustin Landier
David Thesmar

Vulnerable Banks

w18528 Victoria Ivashina
David S. Scharfstein
Jeremy C. Stein

Dollar Funding and the Lending Behavior of Global Banks

w18513 Zhiguo He
Asaf Manela

Information Acquisition in Rumor Based Bank Runs

w18483 Harry Huizinga
Johannes Voget
Wolf Wagner

International Taxation and Cross-Border Banking

w18471 Nick Netzer
Florian Scheuer

A Game Theoretic Foundation of Competitive Equilibria with Adverse Selection

w18465 Kristin Forbes
The "Big C": Identifying Contagion

w18463 Dean Karlan
Robert Darko Osei
Isaac Osei-Akoto
Christopher Udry

Agricultural Decisions after Relaxing Credit and Risk Constraints

w18455 Gary B. Gorton
Andrew Metrick

Who Ran on Repo?

w18444 Isaac Ehrlich
Yong Yin

The Problem of the Uninsured

w18427 Charles W. Calomiris
Joseph R. Mason
Marc Weidenmier
Katherine Bobroff

The Effects of Reconstruction Finance Corporation Assistance on Michigan’s Banks’ Survival in the 1930s

w18412 Justine S. Hastings
Brigitte C. Madrian
William L. Skimmyhorn

Financial Literacy, Financial Education and Economic Outcomes

w18398 Markus K. Brunnermeier
Martin Oehmke

Bubbles, Financial Crises, and Systemic Risk

w18397 Gary B. Gorton
Some Reflections on the Recent Financial Crisis

w18394 John Y. Campbell
Tarun Ramadorai
Benjamin Ranish

How Do Regulators Influence Mortgage Risk: Evidence from an Emerging Market

w18388 Jonathan Rose
Kenneth A. Snowden

The New Deal and the Origins of the Modern American Real Estate Loan Contract

w18379 Enrique G. Mendoza
Marco E. Terrones

An Anatomy of Credit Booms and their Demise

w18358 Michael J. Fishman
Jonathan A. Parker

Valuation, Adverse Selection, and Market Collapses

w18356 Jongha Lim
Bernadette A. Minton
Michael Weisbach

Syndicated Loan Spreads and the Composition of the Syndicate

onb12-15 Aviva Aron-Dine
Liran Einav
Amy Finkelstein
Mark Cullen

Moral hazard in health insurance: How important is forward looking behavior?

w18346 Gordon M. Phillips
Alexei Zhdanov

R&D and the Incentives from Merger and Acquisition Activity

w18335 Tobias Adrian
Paolo Colla
Hyun Song Shin

Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9

w18311 Sumit Agarwal
Gene Amromin
Itzhak Ben-David
Souphala Chomsisengphet
Tomasz Piskorski
Amit Seru

Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program

w18269 Donghoon Lee
Christopher J. Mayer
Joseph Tracy

A New Look at Second Liens

w18339 John Y. Campbell
Mortgage Market Design

w18321 Ralph S.J. Koijen
Motohiro Yogo

The Cost of Financial Frictions for Life Insurers

w18304 Efraim Benmelech
An Empirical Analysis of the Fed's Term Auction Facility

w18303 Luca Guerrieri
Matteo Iacoviello
Raoul Minetti

Banks, Sovereign Debt and the International Transmission of Business Cycles

w18297 Albert N. Link
Christopher J. Ruhm
Donald S. Siegel

Private Equity and the Innovation Strategies of Entrepreneurial Firms: Empirical Evidence from the Small Business Innovation Research Program

w18289 Janvier D. Nkurunziza
Léonce Ndikumana
Prime Nyamoya

The Financial Sector in Burundi

w18270 Craig B. Merrill
Taylor D. Nadauld
René M. Stulz
Shane Sherlund

Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?

w18264 Carola Frydman
Eric Hilt
Lily Y. Zhou

Economic Effects of Runs on Early 'Shadow Banks': Trust Companies and the Impact of the Panic of 1907

w18220 Brigitte C. Madrian
Matching Contributions and Savings Outcomes: A Behavioral Economics Perspective

w18208 Jennifer Brown
David A. Matsa

Boarding a Sinking Ship? An Investigation of Job Applications to Distressed Firms

w18184 Jonathan B. Berk
Jules H. van Binsbergen

Measuring Managerial Skill in the Mutual Fund Industry

w18174 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

Money Doctors

w18173 William N. Goetzmann
Sharon Oster

Competition Among University Endowments

w18158 John Chalmers
Jonathan Reuter

What is the Impact of Financial Advisors on Retirement Portfolio Choices and Outcomes?

w18141 Paul Gompers
Vladimir Mukharlyamov
Yuhai Xuan

The Cost of Friendship

w18137 André de Souza
Anthony W. Lynch

Does Mutual Fund Performance Vary over the Business Cycle?

w18102 Markus K. Brunnermeier
Thomas M. Eisenbach
Yuliy Sannikov

Macroeconomics with Financial Frictions: A Survey

w18096 Raymond Fisman
Daniel Paravisini
Vikrant Vig

Cultural Proximity and Loan Outcomes

w18080 Edward Kutsoati
Randall Morck

Family Ties, Inheritance Rights, and Successful Poverty Alleviation: Evidence from Ghana

w18077 Thomas Philippon
Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation

w18050 Martijn Cremers
Antti Petajisto
Eric Zitzewitz

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation

w18043 Armen Hovakimian
Edward J. Kane
Luc Laeven

Variation in Systemic Risk at US Banks During 1974-2010

w18027 Raghuram Rajan
Rodney Ramcharan

The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s.

w18021 Matthew Jaremski
Peter L. Rousseau

Banks, Free Banks, and U.S. Economic Growth

w18004 Asli Demirguc-Kunt
Erik Feyen
Ross Levine

The Evolving Importance of Banks and Securities Markets

w17952 Dean Karlan
Melanie Morten
Jonathan Zinman

A Personal Touch: Text Messaging for Loan Repayment

w17945 Steven Grenadier
Andrey Malenko
Ilya A. Strebulaev

Investment Busts, Reputation, and the Temptation to Blend in with the Crowd

w17942 David T. Robinson
Berk A. Sensoy

Do Private Equity Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance

w17929 Sendhil Mullainathan
Markus Noeth
Antoinette Schoar

The Market for Financial Advice: An Audit Study

w17921 Ing-Haw Cheng
Andrei Kirilenko
Wei Xiong

Convective Risk Flows in Commodity Futures Markets

w17911 Olivia S. Mitchell
Stephen Utkus

Target-Date Funds in 401(k) Retirement Plans

w17899 Hanming Fang
Edward Kung

Why Do Life Insurance Policyholders Lapse? The Roles of Income, Health and Bequest Motive Shocks

w17886 Pierluigi Balduzzi
Jonathan Reuter

Heterogeneity in Target-Date Funds: Optimal Risk Taking or Risk Matching?

w17874 Robert S. Harris
Tim Jenkinson
Steven N. Kaplan

Private Equity Performance: What Do We Know?

w17868 Charles W. Calomiris
Doron Nissim

Crisis-Related Shifts in the Market Valuation of Banking Activities

w17858 Juliano J. Assunção
Efraim Benmelech
Fernando S. S. Silva

Repossession and the Democratization of Credit

w17857 Robin McKnight
Jonathan Reuter
Eric Zitzewitz

Insurance as Delegated Purchasing: Theory and Evidence from Health Care

w17856 Jongha Lim
Bernadette A. Minton
Michael S. Weisbach

Equity-Holding Institutional Lenders: Do they Receive Better Terms?

w17854 Kay Giesecke
Francis A. Longstaff
Stephen Schaefer
Ilya Strebulaev

Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective

w17851 Pascaline Dupas
Sarah Green
Anthony Keats
Jonathan Robinson

Challenges in Banking the Rural Poor: Evidence from Kenya's Western Province

w17838 Viral V. Acharya
Nada Mora

Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis

w17822 Shekhar Aiyar
Charles W. Calomiris
Tomasz Wieladek

Does Macro-Pru Leak? Evidence from a UK Policy Experiment

w17808 Howard Bodenhorn
Voting Rights, Share Concentration, and Leverage at Nineteenth-Century US Banks

w17802 Aviva Aron-Dine
Liran Einav
Amy Finkelstein
Mark R. Cullen

Moral Hazard in Health Insurance: How Important Is Forward Looking Behavior?

w17780 Joon-Ho Hahm
Frederic S. Mishkin
Hyun Song Shin
Kwanho Shin

Macroprudential Policies in Open Emerging Economies

w17777 Gary B. Gorton
Stefan Lewellen
Andrew Metrick

The Safe-Asset Share

w17771 Gary B. Gorton
Guillermo Ordonez

Collateral Crises

w17768 Arvind Krishnamurthy
Stefan Nagel
Dmitry Orlov

Sizing Up Repo

w17751 Jack Favilukis
David Kohn
Sydney C. Ludvigson
Stijn Van Nieuwerburgh

International Capital Flows and House Prices: Theory and Evidence

w17743 Abhijit Banerjee
Arun G. Chandrasekhar
Esther Duflo
Matthew O. Jackson

The Diffusion of Microfinance

w17736 Sumit Agarwal
David Lucca
Amit Seru
Francesco Trebbi

Inconsistent Regulators: Evidence From Banking


2011
w17686 Eric van Wincoop
International Contagion Through Leveraged Financial Institutions

w17685 Dwight Jaffee
John M. Quigley

The Future of the Government Sponsored Enterprises: The Role for Government in the U.S. Mortgage Market

w17660 Martin Goetz
Luc Laeven
Ross Levine

The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks

w17615 Marcin Kacperczyk
Stijn Van Nieuwerburgh
Laura Veldkamp

Time-Varying Fund Manager Skill

w17599 Patrick Bolton
Martin Oehmke

Should Derivatives be Privileged in Bankruptcy?

w17568 Wonho Wilson Choi
Andrew Metrick
Ayako Yasuda

A Model of Private Equity Fund Compensation

w17567 Alex Edmans
Vivian W. Fang
Emanuel Zur

The Effect of Liquidity on Governance

w17558 Viral V. Acharya
A Transparency Standard for Derivatives

w17542 Viral V. Acharya
Raghuram G. Rajan

Sovereign Debt, Government Myopia, and the Financial Sector

w17523 Marco Da Rin
Thomas F. Hellmann
Manju Puri

A survey of venture capital research

w17522 Kristian Rydqvist
Joshua Spizman
Ilya A. Strebulaev

Government Policy and Ownership of Financial Assets

w17518 Todd A. Gormley
Simon Johnson
Changyong Rhee

Ending "Too Big To Fail": Government Promises vs. Investor Perceptions

w17517 Alon Brav
Wei Jiang
Hyunseob Kim

The Real Effects of Hedge Fund Activism: Productivity, Risk, and Product Market Competition

w17516 John Y. Campbell
João F. Cocco

A Model of Mortgage Default

w17505 Vasily Kartashov
Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Lifecycle Portfolio Choice with Systematic Longevity Risk and Variable Investment-Linked Deferred Annuities

w17491 Diane Del Guercio
Jonathan Reuter

Mutual Fund Performance and the Incentive to Generate Alpha

w17490 Francis X. Diebold
Kamil Yilmaz

On the Network Topology of Variance Decompositions: Measuring the Connectedness of Financial Firms

w17454 Tobias Adrian
Markus K. Brunnermeier

CoVaR

w17468 Efraim Benmelech
Eyal Dvir

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis

w17459 Benjamin R. Handel
Adverse Selection and Switching Costs in Health Insurance Markets: When Nudging Hurts

w17443 Alejandro Komai
Gary Richardson

A Brief History of Regulations Regarding Financial Markets in the United States: 1789 to 2009

w17437 Gary Richardson
Patrick Van Horn

When the Music Stopped: Transatlantic Contagion During the Financial Crisis of 1931

w17428 David T. Robinson
Berk A. Sensoy

Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity

w17422 Jakub W. Jurek
Erik Stafford

Crashes and Collateralized Lending

w17403 Erwann Michel-Kerjan
Paul Raschky
Howard Kunreuther

Corporate Demand for Insurance: An Empirical Analysis of the U.S. Market for Catastrophe and Non-Catastrophe Risks

w17399 Steven J. Davis
John C. Haltiwanger
Ron S. Jarmin
Josh Lerner
Javier Miranda

Private Equity and Employment

w17392 Bo Becker
Victoria Ivashina

Cyclicality of Credit Supply: Firm Level Evidence

onb11-02 Pierluigi Balduzzi
Jonathan Reuter

Heterogeneity in Target-Date Funds and the Pension Protection Act of 2006

onb11-10 Liran Einav
Amy Finkelstein
Stephen Ryan
Paul Schrimpf
Mark Cullen

Selection on moral hazard in health insurance

w17368 John R. Graham
Si Li
Jiaping Qiu

Managerial Attributes and Executive Compensation

w17358 Claudio Raddatz
Sergio L. Schmukler

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios

w17355 Nicola Cetorelli
Linda S. Goldberg

Liquidity management of U.S. global banks: Internal capital markets in the great recession

w17325 Ralph Koijen
Stijn Van Nieuwerburgh
Motohiro Yogo

Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice

w17321 Marcin Kacperczyk
Philipp Schnabl

Implicit Guarantees and Risk Taking: Evidence from Money Market Funds

w17299 Oliver D. Hart
Luigi Zingales

Inefficient Provision of Liquidity

w17292 Clemens Sialm
T. Mandy Tham

Spillover Effects in Mutual Fund Companies

w17281 Darrell Duffie
Systemic Risk Exposures: A 10-by-10-by-10 Approach

w17269 Isil Erel
Taylor D. Nadauld
René M. Stulz

Why Did U.S. Banks Invest in Highly-Rated Securitization Tranches?

w17266 Raghuram G. Rajan
Rodney Ramcharan

Constituencies and Legislation: The Fight over the McFadden Act of 1927

w17252 Pierre-Olivier Gourinchas
Maurice Obstfeld

Stories of the Twentieth Century for the Twenty-First

w17238 Jie (Jack) He
Jun 'QJ' Qian
Philip E. Strahan

Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-backed Securities

w17192 Efraim Benmelech
Nittai K. Bergman
Ricardo Enriquez

Negotiating with Labor Under Financial Distress

w17181 Thomas Åstebro
Carlos J. Serrano

Business Partners, Financing, and the Commercialization of Inventions

w17149 Bryan T. Kelly
Hanno Lustig
Stijn Van Nieuwerburgh

Too-Systemic-To-Fail: What Option Markets Imply About Sector-wide Government Guarantees

w17136 Viral V. Acharya
Itamar Drechsler
Philipp Schnabl

A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk

w17134 Jingjing Chai
Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply

w17122 Yael V. Hochberg
Joshua D. Rauh

Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments

w17115 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

A Model of Shadow Banking

w17102 Quamrul Ashraf
Boris Gershman
Peter Howitt

Banks, Market Organization, and Macroeconomic Performance: An Agent-Based Computational Analysis

w17076 Deniz Igan
Prachi Mishra
Thierry Tressel

A Fistful of Dollars: Lobbying and the Financial Crisis

w17073 Andrew K. Rose
Tomasz Wieladek

Financial Protectionism: the First Tests

w17065 Christopher J. Mayer
Edward Morrison
Tomasz Piskorski
Arpit Gupta

Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide

w17050 Annamaria Conti
Marie C. Thursby
Frank Rothaermel

Show Me the Right Stuff: Signals for High Tech Startups

w17038 Rüdiger Fahlenbrach
Robert Prilmeier
René M. Stulz

This Time Is the Same: Using Bank Performance in 1998 to Explain Bank Performance During the Recent Financial Crisis

w17028 Victor Stango
Jonathan Zinman

Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees

w17020 Ximena Cadena
Antoinette Schoar

Remembering to Pay? Reminders vs. Financial Incentives for Loan Payments

w17007 Robert J. Shiller
Rafal M. Wojakowski
M. Shahid Ebrahim
Mark B. Shackleton

Continuous Workout Mortgages

w17006 Leonard Nakamura
Durable Financial Regulation: Monitoring Financial Instruments as a Counterpart to Regulating Financial Institutions

w17000 Viral V. Acharya
Alberto Bisin

Counterparty Risk Externality: Centralized Versus Over-the-counter Markets

w16998 Gianni De Nicolò
Marcella Lucchetta

Systemic Risks and the Macroeconomy

w16994 Douglas W. Diamond
Raghuram Rajan

Illiquid Banks, Financial Stability, and Interest Rate Policy

w16975 Daniel Paravisini
Veronica Rappoport
Philipp Schnabl
Daniel Wolfenzon

Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data

w16969 Liran Einav
Amy Finkelstein
Stephen P. Ryan
Paul Schrimpf
Mark R. Cullen

Selection on Moral Hazard in Health Insurance

w16967 Manju Puri
Jörg Rocholl
Sascha Steffen

Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects

w16944 Ximena Cadena
Antoinette Schoar
Alexandra Cristea
Héber M. Delgado-Medrano

Fighting Procrastination in the Workplace: An Experiment

w16941 Isil Erel
Brandon Julio
Woojin Kim
Michael S. Weisbach

Macroeconomic Conditions and Capital Raising

w16940 Robert C. Feenstra
Zhiyuan Li
Miaojie Yu

Exports and Credit Constraints Under Incomplete Information: Theory and Evidence from China

w16923 Laura Bottazzi
Marco Da Rin
Thomas F. Hellmann

The Importance of Trust for Investment: Evidence from Venture Capital

w16918 Josh Lerner
Ulrike Malmendier

With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship

w16902 Radha Iyengar
Giulia Ferrari

Comparing Economic and Social Interventions to Reduce Intimate Partner Violence: Evidence from Central and Southern Africa

w16896 Viral V. Acharya
Irvind Gujral
Nirupama Kulkarni
Hyun Song Shin

Dividends and Bank Capital in the Financial Crisis of 2007-2009

w16890 Lisa D. Cook
Were the Nigerian Banking Reforms of 2005 A Success ... And for the Poor?

w16875 Viral V. Acharya
Lars A. Lochstoer
Tarun Ramadorai

Limits to Arbitrage and Hedging: Evidence from Commodity Markets

w16871 Yongheng Deng
Randall Morck
Jing Wu
Bernard Yeung

Monetary and Fiscal Stimuli, Ownership Structure, and China's Housing Market

w16849 Taylor D. Nadauld
Michael S. Weisbach

Did Securitization Affect the Cost of Corporate Debt?

w16842 Yingcong Lan
Neng Wang
Jinqiang Yang

The Economics of Hedge Funds: Alpha, Fees, Leverage, and Valuation

w16825 Eugene N. White
“To Establish a More Effective Supervision of Banking”: How the Birth of the Fed Altered Bank Supervision

w16820 Ajay K. Agrawal
Christian Catalini
Avi Goldfarb

The Geography of Crowdfunding

w16804 Patrick Bolton
Tano Santos
Jose A. Scheinkman

Cream Skimming in Financial Markets

w16801 Andrew Ang
Sergiy Gorovyy
Gregory B. van Inwegen

Hedge Fund Leverage

w16792 Jeffrey R. Brown
Robert Clark
Joshua Rauh

The Economics of State and Local Public Pensions

w16787 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession

w16784 Patrick Bayer
Christopher Geissler
James W. Roberts

Speculators and Middlemen: The Role of Intermediaries in the Housing Market

w16780 Josh Lerner
Peter Tufano

The Consequences of Financial Innovation: A Counterfactual Research Agenda

w16766 Efraim Benmelech
Jennifer Dlugosz
Victoria Ivashina

Securitization without Adverse Selection: The Case of CLOs

w16763 Michael D. Bordo
David C. Wheelock

The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933

w16752 Russell Cooper
Hubert Kempf

Deposit Insurance Without Commitment: Wall St. Versus Main St

w16740 Justine S. Hastings
Olivia S. Mitchell

How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors

w16738 Li Gan
Feng Huang
Adalbert Mayer

A Simple Test of Private Information in the Insurance Markets with Heterogeneous Insurance Demand

w16728 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

Behavioral Economics Perspectives on Public Sector Pension Plans

w16727 Thomas Philippon
Philipp Schnabl

Informational Rents, Macroeconomic Rents, and Efficient Bailouts

w16688 Charles W. Calomiris
Joseph Mason
David Wheelock

Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach


2010
w16652 Andrew Metrick
Ayako Yasuda

Venture Capital and Other Private Equity: A Survey

w16642 Andrei Shleifer
Robert W. Vishny

Fire Sales in Finance and Macroeconomics

w16620 Julio J. Rotemberg
A Behavioral Model of Demandable Deposits and its Implications for Financial Regulation

w16613 Fabio Ghironi
Viktors Stebunovs

The Domestic and International Effects of Interstate U.S. Banking

w16607 Markus K. Brunnermeier
Martin Oehmke

The Maturity Rat Race

w16595 Gabriel Jiménez
Atif R. Mian
José-Luis Peydró
Jesús Saurina

Local Versus Aggregate Lending Channels: The Effects Of Securitization On Corporate Credit Supply In Spain

w16586 Christopher J. Mayer
Tomasz Piskorski
Alexei Tchistyi

The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers

onb10-05 John Chalmers
Jonathan Reuter

What is the Impact of Financial Advisors on Retirement Portfolio Choices & Outcomes?

w16558 Randall Morck
Shareholder Democracy in Canada

w16521 James A. Brander
Qianqian Du
Thomas F. Hellmann

The Effects of Government-Sponsored Venture Capital: International Evidence

w16490 Randall Morck
Bernard Yeung

Agency Problems and the Fate of Capitalism

w16469 Francis X. Diebold
Georg Strasser

On the Correlation Structure of Microstructure Noise: A Financial Economic Approach

w16467 John Cawley
Chad Meyerhoefer

The Medical Care Costs of Obesity: An Instrumental Variables Approach

w16460 Mark Carlson
Kris James Mitchener
Gary Richardson

Arresting Banking Panics: Fed Liquidity Provision and the Forgotten Panic of 1929

w16456 George Pennacchi
Mahdi Rastad

Portfolio Allocation for Public Pension Funds

w16453 Joshua Rauh
Robert Novy-Marx

Policy Options for State Pension Systems and Their Impact on Plan Liabilities

w16452 Jere R. Behrman
Olivia S. Mitchell
Cindy Soo
David Bravo

Financial Literacy, Schooling, and Wealth Accumulation

w16433 Melissa Schettini Kearney
Peter Tufano
Jonathan Guryan
Erik Hurst

Making Savers Winners: An Overview of Prize-Linked Savings Products

w16409 Henning Bohn
Should Public Retirement Plans be Fully Funded?

w16406 Gopi Shah Goda
The Impact of State Tax Subsidies for Private Long-Term Care Insurance on Coverage and Medicaid Expenditures

w16404 Bo Becker
Todd Milbourn

How did increased competition affect credit ratings?

w16395 Viral V. Acharya
Ouarda Merrouche

Precautionary Hoarding of Liquidity and Inter-Bank Markets: Evidence from the Sub-prime Crisis

w16376 Jeffrey Wurgler
On the Economic Consequences of Index-Linked Investing

w16369 Ji-Woong Chung
Berk A. Sensoy
Lea H. Stern
Michael S. Weisbach

Pay for Performance from Future Fund Flows: The Case of Private Equity

w16335 Steven N. Kaplan
Tobias J. Moskowitz
Berk A. Sensoy

The Effects of Stock Lending on Security Prices: An Experiment

w16329 Jonathan Reuter
Eric Zitzewitz

How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach

onb10-12 Liran Einav
Amy Finkelstein
Iuliana Pascu
Mark Cullen
MD

How General Are Risk Preference? Choices under Uncertainty in Different Domains

w16312 Diane Del Guercio
Jonathan Reuter
Paula A. Tkac

Broker Incentives and Mutual Fund Market Segmentation

w16272 Alicia M. Robb
David T. Robinson

The Capital Structure Decisions of New Firms

w16245 Charles Courtemanche
Kenneth A. Snowden

Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets

w16244 Kenneth A. Snowden
The Anatomy of a Residential Mortgage Crisis: A Look Back to the 1930s

w16242 Kenneth A. Snowden
Covered Farm Mortgage Bonds in the Late Nineteenth Century U.S.

w16228 Francesco Giavazzi
Alberto Giovannini

Central Banks and the Financial System

w16223 Monica Billio
Mila Getmansky
Andrew W. Lo
Loriana Pelizzon

Econometric Measures of Systemic Risk in the Finance and Insurance Sectors

w16214 Ravi Jagannathan
Andrei Jirnyi
Ann Sherman

Why Don't Issuers Choose IPO Auctions? The Complexity of Indirect Mechanisms

w16191 Alberto Manconi
Massimo Massa
Ayako Yasuda

The Behavior of Intoxicated Investors: The role of institutional investors in propagating the crisis of 2007-2008

w16182 Kimie Harada
Takatoshi Ito
Shuhei Takahashi

Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies

w16178 Andrew Ellul
Vijay Yerramilli

Stronger Risk Controls, Lower Risk: Evidence from U.S. Bank Holding Companies

w16177 Franklin Allen
Ana Babus
Elena Carletti

Financial Connections and Systemic Risk

w16176 Ing-Haw Cheng
Harrison Hong
Jose A. Scheinkman

Yesterday's Heroes: Compensation and Creative Risk-Taking

w16175 Antje Berndt
Burton Hollifield
Patrik Sandås

The Role of Mortgage Brokers in the Subprime Crisis

w16174 Davin Chor
Kalina Manova

Off the Cliff and Back? Credit Conditions and International Trade during the Global Financial Crisis

w16107 Atif Mian
Amir Sufi
Francesco Trebbi

The Political Economy of the Subprime Mortgage Credit Expansion

w16094 Patrick Bolton
Christopher Harris

The Dynamics of Optimal Risk Sharing

w16079 Viral V. Acharya
Philipp Schnabl

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09

w16068 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

Neglected Risks, Financial Innovation, and Financial Fragility

w16031 Lucian A. Bebchuk
Itay Goldstein

Self-Fulfilling Credit Market Freezes

w16008 Andrew Ang
Vineer Bhansali
Yuhang Xing

Build America Bonds

w16007 Susan E. Woodward
Robert E. Hall

Diagnosing Consumer Confusion and Sub-Optimal Shopping Effort: Theory and Mortgage-Market Evidence

w15968 Wenli Li
Michelle J. White
Ning Zhu

Did Bankruptcy Reform Cause Mortgage Default to Rise?

w15956 Ross Levine
An Autopsy of the U.S. Financial System

w15937 Andrew Ang
Nicolas P.B. Bollen

Locked Up by a Lockup: Valuing Liquidity as a Real Option

w15919 Zhiguo He
In Gu Khang
Arvind Krishnamurthy

Balance Sheet Adjustments in the 2008 Crisis

w15884 Randall Morck
Fan Yang

The Shanxi Banks

w15817 Marcus Miller
Joseph E. Stiglitz

Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?

w15837 Viral V. Acharya
S. Viswanathan

Leverage, Moral Hazard and Liquidity

w15831 William R. Kerr
Josh Lerner
Antoinette Schoar

The Consequences of Entrepreneurial Finance: A Regression Discontinuity Analysis

w15824 Price V. Fishback
Alfonso Flores-Lagunes
William Horrace
Shawn E. Kantor
Jaret Treber

The Influence of the Home Owners’ Loan Corporation on Housing Markets During the 1930s

w15823 Michael Anderson
Carlos Dobkin
Tal Gross

The Effect of Health Insurance Coverage on the Use of Medical Services

w15821 Denis Gromb
Dimitri Vayanos

Limits of Arbitrage: The State of the Theory

w15806 Gara Afonso
Anna Kovner
Antoinette Schoar

Stressed not Frozen: The Fed Funds Market in the Financial Crisis

w15802 Diego Aragon
Andrew Caplin
Sumit Chopra
John V. Leahy
Yann LeCun
Marco Scoffier
Joseph Tracy

Reassessing FHA Risk

w15787 Gary B. Gorton
Questions and Answers about the Financial Crisis

w15785 Thomas Philippon
Vasiliki Skreta

Optimal Interventions in Markets with Adverse Selection

w15761 Hanming Fang
Edward Kung

How Does Life Settlement Affect the Primary Life Insurance Market?

w15730 Viral V. Acharya
Philipp Schnabl
Gustavo Suarez

Securitization without risk transfer

w15710 Kris James Mitchener
David C. Wheelock

Does the Structure of Banking Markets Affect Economic Growth? Evidence from U.S. State Banking Markets

w15686 Liran Einav
Amy Finkelstein
Iuliana Pascu
Mark R. Cullen

How general are risk preferences? Choices under uncertainty in different domains.

w15682 Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios

w15674 Viral V. Acharya
Douglas Gale
Tanju Yorulmazer

Rollover Risk and Market Freezes

w15652 Andrei Shleifer
Robert W. Vishny

Asset Fire Sales and Credit Easing

w15646 Lubos Pastor
Robert F. Stambaugh

On the Size of the Active Management Industry

w15632 Shai Bernstein
Josh Lerner
Morten Sørensen
Per Strömberg

Private Equity and Industry Performance

w15631 Charles Yuji Horioka
Shizuka Sekita

The Degree of Judicial Enforcement and Credit Markets: Evidence from Japanese Household Panel Data


2009
w15627 Ant Bozkaya
William R. Kerr

Labor Regulations and European Private Equity

w15608 John Chalmers
Jonathan Reuter

How Do Retirees Value Life Annuities? Evidence from Public Employees

w15586 Alma Cohen
Peter Siegelman

Testing for Adverse Selection in Insurance Markets

w15575 Randall Morck
M. Deniz Yavuz
Bernard Yeung

Banking System Control, Capital Allocation, and Economy Performance

w15573 Eugene N. White
Lessons from the Great American Real Estate Boom and Bust of the 1920s

w15567 Viral V. Acharya
Hyun Song Shin
Tanju Yorulmazer

Crisis Resolution and Bank Liquidity

w15556 Mary Amiti
David E. Weinstein

Exports and Financial Shocks

w15538 Marcin Kacperczyk
Philipp Schnabl

When Safe Proved Risky: Commercial Paper During the Financial Crisis of 2007-2009

w15529 Stephen Brown
William Goetzmann
Bing Liang
Christopher Schwarz

Trust and Delegation

w15515 Christian Laux
Christian Leuz

Did Fair-Value Accounting Contribute to the Financial Crisis?

w15512 Moritz Schularick
Alan M. Taylor

Credit Booms Gone Bust: Monetary Policy, Leverage Cycles and Financial Crises, 1870–2008

w15499 William Kerr
Ramana Nanda

Banking Deregulations, Financing Constraints, and Firm Entry Size

w15498 William Kerr
Ramana Nanda

Financing Constraints and Entrepreneurship

w15482 Zhiguo He
Wei Xiong

Dynamic Debt Runs

w15472 Wenli Li
Michelle J. White

Mortgage Default, Foreclosure, and Bankruptcy

w15458 Pietro Veronesi
Luigi Zingales

Paulson's Gift

w15450 Marcin Kacperczyk
Stijn Van Nieuwerburgh
Laura Veldkamp

Rational Attention Allocation Over the Business Cycle

w15449 Martijn Cremers
Roberta Romano

Institutional Investors and Proxy Voting on Compensation Plans: The Impact of the 2003 Mutual Fund Voting Disclosure Regulation

w15447 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU

w15425 Guillermo A. Calvo
FINANCIAL CRISES AND LIQUIDITY SHOCKS: A Bank-Run Perspective

w15405 Stavros Panageas
Optimal taxation in the presence of bailouts

w15404 Ravi Jagannathan
Mudit Kapoor
Ernst Schaumburg

Causes of the Great Recession of 2007-9: The Financial Crisis is the Symptom not the Disease!

w15403 Charles Calomiris
Banking Crises and the Rules of the Game

w15389 Michael D. Bordo
Joseph G. Haubrich

Credit Crises, Money and Contractions: an historical view

w15384 René M. Stulz
Credit Default Swaps and the Credit Crisis

w15336 George O. Aragon
Philip E. Strahan

Hedge Funds as Liquidity Providers: Evidence from the Lehman Bankruptcy

w15335 Narasimhan Jegadeesh
Roman Kräussl
Joshua Pollet

Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices

w15331 Dion Bongaerts
K.J. Martijn Cremers
William N. Goetzmann

Tiebreaker: Certification and Multiple Credit Ratings

w15327 Clemens Sialm
Laura Starks

Mutual Fund Tax Clienteles

w15325 Bronwyn H. Hall
Josh Lerner

The Financing of R&D and Innovation

w15317 Ning Tang
Olivia S. Mitchell
Gary R. Mottola
Stephen Utkus

The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans

onb09-15 John Chalmers
Jonathan Reuter

Is Retiree Demand for Life Annuities Rational? Evidence from Public Employees

w15297 Lasse Heje Pedersen
When Everyone Runs for the Exit

w15283 Atif R. Mian
Amir Sufi

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis

w15242 Rajkamal Iyer
Asim Ijaz Khwaja
Erzo F.P. Luttmer
Kelly Shue

Screening Peers Softly: Inferring the Quality of Small Borrowers

w15212 Rüdiger Fahlenbrach
René M. Stulz

Bank CEO Incentives and the Credit Crisis

w15197 Douglas W. Diamond
Raghuram G. Rajan

Illiquidity and Interest Rate Policy

w15180 Andrea Beltratti
René M. Stulz

Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation

w15159 Manuel Adelino
Kristopher Gerardi
Paul S. Willen

Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization

w15145 Luigi Guiso
Paola Sapienza
Luigi Zingales

Moral and Social Constraints to Strategic Default on Mortgages

w15143 Cindy R. Alexander
Mark A. Chen
Duane J. Seppi
Chester S. Spatt

The Role of Advisory Services in Proxy Voting

w15138 Emmanuel Farhi
Jean Tirole

Collective Moral Hazard, Maturity Mismatch and Systemic Bailouts

w15108 Olivia S. Mitchell
Gary R. Mottola
Stephen P. Utkus
Takeshi Yamaguchi

Default, Framing and Spillover Effects: The Case of Lifecycle Funds in 401(k) Plans

w15102 Henry Chen
Paul Gompers
Anna Kovner
Josh Lerner

Buy Local? The Geography of Successful and Unsuccessful Venture Capital Expansion

w15083 Raghuram G. Rajan
Rodney Ramcharan

Land and Credit: A Study of the Political Economy of Banking in the United States in the Early 20th Century

w15079 Jingjing Chai
Wolfram Horneff
Raimond Maurer
Olivia S. Mitchell

Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts

w15072 Harald Uhlig
A Model of a Systemic Bank Run

w15045 Efraim Benmelech
Jennifer Dlugosz

The Credit Rating Crisis

w15040 Arvind Krishnamurthy
Amplification Mechanisms in Liquidity Crises

w15038 Vincent Glode
Burton Hollifield
Marcin Kacperczyk
Shimon Kogan

Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry

w14971 Roger K. Loh
René M. Stulz

When are Analyst Recommendation Changes Influential?

w14943 Andrei Shleifer
Robert W. Vishny

Unstable Banking

w14929 Thomas Philippon
Philipp Schnabl

Efficient Recapitalization

w14925 Douglas W. Diamond
Raghuram G. Rajan

Fear of Fire Sales and the Credit Freeze

w14903 Jennifer Huang
Clemens Sialm
Hanjiang Zhang

Risk Shifting and Mutual Fund Performance

w14890 Darren J. Kisgen
Philip E. Strahan

Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?

w14888 John Whalley
Yufei Yuan

Global Financial Structure and Climate Change

w14887 Sebnem Kalemli-Ozcan
Elias Papaioannou
José Luis Peydró

Financial Regulation, Financial Globalization and the Synchronization of Economic Activity

w14878 Efraim Benmelech
Jennifer Dlugosz

The Alchemy of CDO Credit Ratings

w14871 Francis A. Longstaff
Brett Myers

Valuing Toxic Assets: An Analysis of CDO Equity

w14868 Bronwyn H. Hall
Business and Financial Method Patents, Innovation, and Policy

w14867 Patrick Bolton
Tano Santos
Jose A. Scheinkman

Outside and Inside Liquidity

w14861 Shai Bernstein
Josh Lerner
Antoinette Schoar

The Investment Strategies of Sovereign Wealth Funds

w14859 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?

w14843 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Financial Openness and Productivity

w14769 Philippe Aghion
John Van Reenen
Luigi Zingales

Innovation and Institutional Ownership

w14761 Vasiliki Skreta
Laura Veldkamp

Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation

w14757 Lubos Pastor
Robert F. Stambaugh

Are Stocks Really Less Volatile in the Long Run?

w14739 Douglas W. Diamond
Raghuram Rajan

The Credit Crisis: Conjectures about Causes and Remedies

w14735 Reint Gropp
Anil Kashyap

A New Metric for Banking Integration in Europe

w14714 Bronwyn H. Hall
Grid Thoma
Salvatore Torrisi

Financial Patenting in Europe

w14712 Patrick Bolton
Xavier Freixas
Joel Shapiro

The Credit Ratings Game

w14693 Pascaline Dupas
Jonathan Robinson

Savings Constraints and Microenterprise Development: Evidence from a Field Experiment in Kenya

w14649 Gary B. Gorton
Information, Liquidity, and the (Ongoing) Panic of 2007

w14644 Thomas Philippon
Ariell Reshef

Wages and Human Capital in the U.S. Financial Industry: 1909-2006


2008
w14625 Patrick Bajari
Chenghuan Sean Chu
Minjung Park

An Empirical Model of Subprime Mortgage Default From 2000 to 2007

w14623 Josh Lerner
Morten Sørensen
Per Strömberg

Private Equity and Long-Run Investment: The Case of Innovation

w14616 J. Christina Wang
Susanto Basu
John G. Fernald

A General-Equilibrium Asset-Pricing Approach to the Measurement of Nominal and Real Bank Output

w14615 Susanto Basu
Robert Inklaar
J. Christina Wang

The Value of Risk: Measuring the Service Output of U.S. Commercial Banks

w14614 J. Christina Wang
Susanto Basu

Risk Bearing, Implicit Financial Services and Specialization in the Financial Industry

w14612 Markus K. Brunnermeier
Deciphering the Liquidity and Credit Crunch 2007-08

w14609 Zhi Da
Pengjie Gao
Ravi Jagannathan

Informed Trading, Liquidity Provision, and Stock Selection by Mutual Funds

w14576 Edward J. Kane
Rosalind Bennett
Robert Oshinsky

Evidence of Improved Monitoring and Insolvency Resolution after FDICIA

w14574 Zhiguo He
Wei Xiong

Delegated Asset Management, Investment Mandates, and Capital Immobility

w14531 Kalina Manova
Credit Constraints, Heterogeneous Firms, and International Trade

w14525 Thomas J. Brennan
Andrew W. Lo

Impossible Frontiers

w14518 Kimie Harada
Takatoshi Ito

Did Mergers Help Japanese Mega-Banks Avoid Failure? Analysis of the Distance to Default of Banks

w14517 Zhiguo He
Arvind Krishnamurthy

Intermediary Asset Pricing

w14496 Andrew Ang
Vineer Bhansali
Yuhang Xing

Taxes on Tax-Exempt Bonds

w14488 Joshua D. Rauh
Amir Sufi

Capital Structure and Debt Structure

w14476 Alberto Giovannini
Why the European Securities Market is Not Fully Integrated

w14468 Atif Mian
Amir Sufi
Francesco Trebbi

The Political Economy of the U.S. Mortgage Default Crisis

w14465 Amir E. Khandani
Andrew W. Lo

What Happened To The Quants In August 2007?: Evidence from Factors and Transactions Data

w14427 Alexander W. Blocker
Laurence J. Kotlikoff
Stephen A. Ross

The True Cost of Social Security

w14401 Takeo Hoshi
Anil K Kashyap

Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan

w14398 Gary B. Gorton
The Subprime Panic

w14366 Zhiguo He
Arvind Krishnamurthy

A Model of Capital and Crises

w14358 Gary B. Gorton
The Panic of 2007

w14351 Rajnish Mehra
Facundo Piguillem
Edward C. Prescott

Costly Financial Intermediation in Neoclassical Growth Theory

w14347 Raghuram G. Rajan
Rodney Ramcharan

Landed Interests and Financial Underdevelopment in the United States

w14343 Robert Novy-Marx
Joshua D. Rauh

The Intergenerational Transfer of Public Pension Promises

w14332 Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan: Impact of CVaR Cost Constraints

w14324 Josh Lerner
The Litigation of Financial Innovations

w14280 Rajkamal Iyer
Manju Puri

Understanding Bank Runs: The Importance of Depositor-Bank Relationships and Networks

w14273 Ross Levine
Alexey Levkov
Yona Rubinstein

Racial Discrimination and Competition

w14250 Manju Puri
Rebecca Zarutskie

On the Lifecycle Dynamics of Venture-Capital- and Non-Venture-Capital-Financed Firms

w14232 Lauren Cohen
Andrea Frazzini
Christopher Malloy

Hiring Cheerleaders: Board Appointments of "Independent" Directors

w14222 Julio J. Rotemberg
Liquidity Needs in Economies with Interconnected Financial Obligations

w14219 Robert E. Hall
Susan E. Woodward

The Burden of the Nondiversifiable Risk of Entrepreneurship

w14210 Dwight Jaffee
Howard Kunreuther
Erwann Michel-Kerjan

Long Term Insurance (LTI) for Addressing Catastrophe Risk

w14202 Alberto F. Alesina
Francesca Lotti
Paolo Emilio Mistrulli

Do Women Pay More for Credit? Evidence from Italy

w14195 Steven N. Kaplan
Mark M. Klebanov
Morten Sorensen

Which CEO Characteristics and Abilities Matter?

w14180 Alexander Ljungqvist
Matthew Richardson
Daniel Wolfenzon

The Investment Behavior of Buyout Funds: Theory and Evidence

w14148 Alexander Peter Groh
Oliver Gottschalg

The Opportunity Cost of Capital of US Buyouts

w14144 Joost Driessen
Tse-Chun Lin
Ludovic Phalippou

A New Method to Estimate Risk and Return of Non-Traded Assets from Cash Flows: The Case of Private Equity Funds

w14120 Gary Richardson
Patrick Van Horn

Intensified Regulatory Scrutiny and Bank Distress in New York City During the Great Depression

w14113 Luc Laeven
Ross Levine

Bank Governance, Regulation, and Risk Taking

w14101 Nicola Cetorelli
Linda S. Goldberg

Banking Globalization, Monetary Transmission, and the Lending Channel

w14090 Kris J. Mitchener
Mari Ohnuki

Institutions, Competition, and Capital Market Integration in Japan

w14085 Sharon Katz
Earnings Quality and Ownership Structure: The Role of Private Equity Sponsors

w14083 Christopher J. Mayer
Karen Pence

Subprime Mortgages: What, Where, and to Whom?

w14078 Olivia S. Mitchell
John Piggott
Cagri Kumru

Managing Public Investment Funds: Best Practices and New Challenges

w14068 Nicole M. Boyson
Christof W. Stahel
Rene M. Stulz

Hedge Fund Contagion and Liquidity

w14055 Wolfram J. Horneff
Raimond H. Maurer
Olivia S. Mitchell
Michael Z. Stamos

Asset Allocation and Location over the Life Cycle with Survival-Contingent Payouts

w14049 Enrique G. Mendoza
Marco E. Terrones

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data

w14029 James A. Brander
Edward Egan
Thomas F. Hellmann

Government Sponsored versus Private Venture Capital: Canadian Evidence

w13966 Francisco J. Gomes
Laurence J. Kotlikoff
Luis M. Viceira

Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds

w13936 Atif Mian
Amir Sufi

The Consequences of Mortgage Credit Expansion: Evidence from the 2007 Mortgage Default Crisis

w13895 Edward J. Kane
Regulation and Supervision: An Ethical Perspective

w13884 Woodrow T. Johnson
James M. Poterba

Taxes and Mutual Fund Inflows Around Distribution Dates

w13874 Efraim Benmelech
Nittai K. Bergman

Collateral Pricing

w13822 Sumit Agarwal
John C. Driscoll
Xavier Gabaix
David Laibson

Learning in the Credit Card Market

w13802 Evan Gatev
Philip Strahan

Liquidity Risk and Syndicate Structure

w13798 Philip Strahan
Liquidity Production in 21st Century Banking

w13786 Joseph Chen
Samuel Hanson
Harrison Hong
Jeremy C. Stein

Do Hedge Funds Profit From Mutual-Fund Distress?

w13752 Alma Cohen
Asymmetric Learning in Repeated Contracting: An Empirical Study

w13746 David M. Cutler
Amy Finkelstein
Kathleen McGarry

Preference Heterogeneity and Insurance Markets: Explaining a Puzzle of Insurance

w13726 Julia Coronado
Olivia S. Mitchell
Steven A. Sharpe
S. Blake Nesbitt

Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values


2007
w13708 John R. Graham
Si Li
Jiaping Qiu

Corporate Misreporting and Bank Loan Contracting

w13702 Lucian A. Bebchuk
Zvika Neeman

Investor Protection and Interest Group Politics

w13694 Sumit Agarwal
Chunlin Liu
Nicholas S. Souleles

The Reaction of Consumer Spending and Debt to Tax Rebates -- Evidence from Consumer Credit Data

w13693 Todd Sinai
Nicholas S. Souleles

Net Worth and Housing Equity in Retirement

w13656 James J. Choi
David Laibson
Brigitte C. Madrian

Mental Accounting in Portfolio Choice: Evidence from a Flypaper Effect

w13641 Vladimir Atanasov
Vladimir Ivanov
Kate Litvak

The Impact of Litigation on Venture Capitalist Reputation

w13636 Marco Da Rin
María Fabiana Penas

The Effect of Venture Capital on Innovation Strategies

w13625 Zhi Da
Pengjie Gao
Ravi Jagannathan

When Does a Mutual Fund's Trade Reveal its Skill?

w13597 Charles W. Calomiris
Bank Failures in Theory and History: The Great Depression and Other "Contagious" Events

w13593 Edward J. Kane
Incentive Conflict In Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries

w13560 Thomas Philippon
Financiers vs. Engineers: Should the Financial Sector be Taxed or Subsidized?

w13504 Harrison Hong
Jose A. Scheinkman
Wei Xiong

Advisors and Asset Prices: A Model of the Origins of Bubbles

w13487 Sumit Agarwal
John C. Driscoll
David Laibson

Optimal Mortgage Refinancing: A Closed Form Solution

w13359 Howard C. Kunreuther
Erwann O. Michel-Kerjan

Evaluating The Effectiveness of Terrorism Risk Financing Solutions

w13438 Jeffrey R. Brown
Guaranteed Trouble: The Economic Effects of the Pension Benefit Guaranty Corporation

w13437 Thomas Philippon
Ariell Reshef

Skill Biased Financial Development: Education, Wages and Occupations in the U.S. Financial Sector

w13405 Thomas Philippon
Why Has the U.S. Financial Sector Grown so Much? The Role of Corporate Finance.

w13399 Kaoru Hosono
Koji Sakai
Kotaro Tsuru

Consolidation of Banks in Japan: Causes and Consequences

w13381 James Poterba
Steven Venti
David A. Wise

The Changing Landscape of Pensions in the United States

w13352 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

The Impact of Employer Matching on Savings Plan Participation under Automatic Enrollment

w13299 Thorsten Beck
Ross Levine
Alexey Levkov

Big Bad Banks? The Impact of U.S. Branch Deregulation on Income Distribution

w13282 Long Chen
Lu Zhang

Neoclassical Factors

w13275 David Card
Michael Ransom

Pension Plan Characteristics and Framing Effects in Employee Savings Behavior

w13270 Steven N. Kaplan
Joshua Rauh

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes?

w13265 Michelle J. White
Bankruptcy Reform and Credit Cards

w13240 Joshua Rauh
Risk Shifting versus Risk Management: Investment Policy in Corporate Pension Plans

w13218 Robert S. Pindyck
Governance, Issuance Restrictions, And Competition In Payment Card Networks

w13207 Marvin Goodfriend
Bennett T. McCallum

Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration

w13202 Rüdiger Fahlenbrach
René M. Stulz

Managerial Ownership Dynamics and Firm Value

w13191 Sumit Agarwal
John C. Driscoll
Xavier Gabaix
David Laibson

The Age of Reason: Financial Decisions Over the Lifecycle

w13124 Ulrike Malmendier
Devin Shanthikumar

Do Security Analysts Speak in Two Tongues?

w13091 James Poterba
Steven F. Venti
David A. Wise

Rise of 401(k) Plans, Lifetime Earnings, and Wealth at Retirement

w13083 James Poterba
Steven Venti
David A. Wise

New Estimates of the Future Path of 401(k) Assets

w13081 Veronica Cacdac Warnock
Francis E. Warnock

Markets and Housing Finance

w13056 Robert E. Hall
Susan E. Woodward

The Incentives to Start New Companies: Evidence from Venture Capital

w13042 Jonathan B. Berk
Ian Tonks

Return Persistence and Fund Flows in the Worst Performing Mutual Funds

w13005 Hirofumi Uchida
Gregory F.Udell
Wako Watanabe

Bank Size and Lending Relationships in Japan

w12970 Jules H. van Binsbergen
Michael W. Brandt

Optimal Asset Allocation in Asset Liability Management

w12967 Kristopher Gerardi
Harvey S. Rosen
Paul Willen

Do Households Benefit from Financial Deregulation and Innovation? The Case of the Mortgage Market

w12959 Emmanuel Farhi
Mikhail Golosov
Aleh Tsyvinski

A Theory of Liquidity and Regulation of Financial Intermediation

w12942 Wolfram J. Horneff
Raimond H. Maurer
Olivia S. Mitchell
Michael Z. Stamos

Money in Motion: Dynamic Portfolio Choice in Retirement

w12939 Markus K. Brunnermeier
Lasse Heje Pedersen

Market Liquidity and Funding Liquidity

w12938 Mark Carlson
Kris James Mitchener

Branch Banking as a Device for Discipline: Competition and Bank Survivorship During the Great Depression

w12918 Charles W. Calomiris
Doron Nissim

Activity-Based Valuation of Bank Holding Companies

w12897 T. Clifton Green
Narasimhan Jegadeesh
Yue Tang

Gender and Job Performance: Evidence from Wall Street

w12896 Ricardo J. Caballero
Arvind Krishnamurthy

Collective Risk Management in a Flight to Quality Episode

w12874 Boyan Jovanovic
Balàzs Szentes

On the Return to Venture Capital

w12866 Narasimhan Jegadeesh
Woojin Kim

Do Analysts Herd? An Analysis of Recommendations and Market Reactions

w12862 Asli Demirguc-Kunt
Edward J. Kane
Luc Laeven

Determinants of Deposit-Insurance Adoption and Design

w12851 Efraim Benmelech
Tobias J. Moskowitz

The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century

w12834 James Poterba
Steven Venti
David A. Wise

The Decline of Defined Benefit Retirement Plans and Asset Flows

w12827 Alexander Muermann
Howard Kunreuther

Self-Protection and Insurance with Interdependencies


2006
w12767 Jonathan E. Alevy
Michael S. Haigh
John List

Information Cascades: Evidence from An Experiment with Financial Market Professionals

w12742 Darius Lakdawalla
George Zanjani

Catastrophe Bonds, Reinsurance, and the Optimal Collateralization of Risk-Transfer

w12720 Sendhil Mullainathan
Joshua Schwartzstein
Andrei Shleifer

Coarse Thinking and Persuasion

w12705 Edward J. Kane
Basel II: A Contracting Perspective

w12695 Hamid Mehran
Rene M. Stulz

The Economics of Conflicts of Interest in Financial Institutions

w12637 Dale F. Gray
Robert C. Merton
Zvi Bodie

A New Framework for Analyzing and Managing Macrofinancial Risks of an Economy

w12626 Jerry Cao
Josh Lerner

The Performance of Reverse Leveraged Buyouts

w12622 Charles Calomiris
Thanavut Pornrojnangkool

Relationship Banking and the Pricing of Financial Services

w12612 Atif Mian
Asim Ijaz Khwaja

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market

w12592 Paul Gompers
Anna Kovner
Josh Lerner
David Scharfstein

Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs

w12536 Jeffrey R. Brown
Norma B. Coe
Amy Finkelstein

Medicaid Crowd-Out of Private Long-Term Care Insurance Demand: Evidence from the Health and Retirement Survey

w12503 Howard Kunreuther
Mark Pauly

Rules Rather Than Discretion: Lessons from Hurricane Katrina

w12461 Josef Lakonishok
Louis Chan
Stephen G. Dimmock

Benchmarking Money Manager Performance: Issues and Evidence

w12449 Howard Kunreuther
Reflections on U.S. Disaster Insurance Policy for the 21st Century

w12446 David H. Krantz
Howard Kunreuther

Goals and Plans in Protective Decision Making

w12444 Olivia S. Mitchell
John Piggott
Michael Sherris
Shaun Yow

Financial Innovation for an Aging World

w12443 Gautam Gowrisankaran
John Krainer

The Welfare Consequences of ATM Surcharges: Evidence from a Structural Entry Model

w12401 Alberto Arenas de Mesa
David Bravo
Jere R. Behrman
Olivia S. Mitchell
Petra E. Todd

The Chilean Pension Reform Turns 25: Lessons From the Social Protection Survey

w12359 Yingjin Hila Gan
Christopher Mayer

Agency Conflicts, Asset Substitution, and Securitization

w12348 W. Kip Viscusi
Patricia Born

The Catastrophic Effects of Natural Disasters on Insurance Markets

w12345 Eduardo Levy Yeyati
Liquidity Insurance in a Financially Dollarized Economy

w12343 William O. Brown
Jr.
J. Harold Mulherin
Marc D. Weidenmier

Competing With the NYSE

w12340 Marco Arena
Carmen Reinhart
Francisco Vázquez

The Lending Channel in Emerging Economics: Are Foreign Banks Different?

w12297 Vojislav Maksimovic
Gordon Phillips

The Industry Life Cycle and Acquisitions and Investment: Does Firm Organization Matter?

w12295 Michelle Lowry
Micah S. Officer
G. William Schwert

The Variability of IPO Initial Returns

w12289 Hanming Fang
Michael P. Keane
Dan Silverman

Sources of Advantageous Selection: Evidence from the Medigap Insurance Market

w12252 Ana Carla A. Costa
Joao M.P. De Mello

Judicial Risk and Credit Market Performance: Micro Evidence from Brazilian Payroll Loans

w12234 Evan Gatev
Til Schuermann
Philip E. Strahan

Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions

w12170 Edward J. Kane
Inadequacy of Nation-Based and VaR-Based Safety Nets in the European Union

w12151 Ravi Jagannathan
Ann E. Sherman

Why Do IPO Auctions Fail?

w12165 Robert Engle
Robert Ferstenberg

Execution Risk

w12112 Amy Finkelstein
James Poterba

Testing for Asymmetric Information Using 'Unused Observables' in Insurance Markets: Evidence from the U.K. Annuity Market

w12086 Patricia Born
W. Kip Viscusi
Tom Baker

The Effects of Tort Reform on Medical Malpractice Insurers' Ultimate Losses

w12074 Kris James Mitchener
Are Prudential Supervision and Regulation Pillars of Financial Stability? Evidence from the Great Depression

w12069 Howard Kunreuther
Erwann Michel-Kerjan

Looking Beyond TRIA: A Clinical Examination of Potential Terrorism Loss Sharing

w12009 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States

w11984 Leora Friedberg
Anthony Webb

Life is Cheap: Using Mortality Bonds to Hedge Aggregate Mortality Risk

w11983 Elena Loutskina
Philip E. Strahan

Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates

w11979 James Choi
David Laibson
Brigitte Madrian

Reducing the Complexity Costs of 401(k) Participation Through Quick Enrollment(TM)

w11974 James Poterba
Joshua Rauh
Steven Venti
David Wise

Lifecycle Asset Allocation Strategies and the Distribution of 401(k) Retirement Wealth

w11964 Jeffrey Brown
James Poterba

Household Ownership of Variable Annuities

w11914 A. Burak Güner
Ulrike Malmendier
Geoffrey Tate

Financial Expertise of Directors


2005
w11891 Frederic Mishkin
Is Financial Globalization Beneficial?

w11865 Edward J. Kane
Confronting Divergent Interests in Cross-Country Regulatory Arrangements

w11861 Luca Benzoni
Pierre Collin-Dufresne
Robert S. Goldstein

Can Standard Preferences Explain the Prices of out of the Money S&P 500 Put Options

w11860 Edward J. Kane
Can the European Community Afford to Neglect the Need for More Accountable Safety-Net Management?

w11851 Xavier Gabaix
Arvind Krishnamurthy
Olivier Vigneron

Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market

w11830 Stephen G. Cecchetti
Lianfi Li

Do Capital Adequacy Requirements Matter for Monetary Policy?

w11814 Frederic S. Mishkin
How Big a Problem is Too Big to Fail?

w11783 Farley Grubb
The U.S. Constitution and Monetary Powers: An Analysis of the 1787 Constitutional Convention and Constitutional Transformation of the Nation's Monetary System Emerged

w11766 Marcin Kacperczyk
Clemens Sialm
Lu Zheng

Unobserved Actions of Mutual Funds

w11747 Henry Hongbo Jin
Olivia S. Mitchell
John Piggott

Socially Responsible Investment in Japanese Pensions

w11741 Guenter Franke
Jan Pieter Krahnen

Default Risk Sharing Between Banks and Markets: The Contribution of Collateralized Debt Obligations

w11735 David K. Musto
Nicholas S. Souleles

A Portfolio View of Consumer Credit

w11734 Howard Bodenhorn
Usury Ceilings, Relationships and Bank Lending Behavior: Evidence from Nineteenth Century

w11728 Raghuram G. Rajan
Has Financial Development Made the World Riskier?

w11726 Olivia S. Mitchell
Stephen P. Utkus
Tongxuan (Stella) Yang

Turning Workers into Savers? Incentives, Liquidity, and Choice in 401(k) Plan Design

w11698 Philipp Hartmann
Stefan Straetmans
Casper G. De Vries

Banking System Stability: A Cross-Atlantic Perspective

w11697 Kee-Hong Bae
Rene M. Stulz
Hongping Tan

Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts

w11695 Robert Cull
Lance E. Davis
Naomi R. Lamoreaux
Jean-Laurent Rosenthal

Historical Financing of Small- and Medium-Sized Enterprises

w11666 Loriana Pelizzon
Stephen Schaefer

Pillar 1 vs. Pillar 2 Under Risk Management

w11624 Zsuzsanna Fluck
Kedran Garrison
Stewart C. Myers

Venture Capital Contracting and Syndication: An Experiment in Computational Corporate Finance

w11608 James O'Brien
Jeremy Berkowitz

Estimating Bank Trading Risk: A Factor Model Approach

w11579 Bernadette A. Minton
René Stulz
Rohan Williamson

How Much Do Banks Use Credit Derivatives to Reduce Risk?

w11556 Lance E. Davis
Larry Neal
Eugene N. White

The Highest Price Ever: The Great NYSE Seat Sale of 1928-1929 and Capacity Constraints

w11526 Andrea Frazzini
Owen A. Lamont

Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns

w11500 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Concentration and Fragility: Impact and Mechanics

w11499 Luc Laeven
Ross Levine

Is There a Diversification Discount in Financial Conglomerates?

w11498 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Supervision and Corruption in Lending

w11493 M. Hashem Pesaran
Til Schuermann
Björn-Jakob Treutler

Global Business Cycles and Credit Risk

w11478 Michael Greenstone
Paul Oyer
Annette Vissing-Jorgensen

Mandated Disclosure, Stock Returns, and the 1964 Securities Acts Amendments

w11461 Alma Cohen
Liran Einav

Estimating Risk Preferences from Deductible Choice

w11459 Evgeny Lyandres
Le Sun
Lu Zhang

Investment-Based Underperformance Following Seasoned Equity Offerings

w11442 Mark Carey
Rene M. Stulz

The Risks of Financial Institutions

w11385 Paul Gompers
Anna Kovner
Josh Lerner
David Scharfstein

Venture Capital Investment Cycles: The Impact of Public Markets

w11370 Menzie D. Chinn
Hiro Ito

What Matters for Financial Development? Capital Controls, Institutions, and Interactions

w11365 Linda S. Goldberg
The International Exposure of U.S. Banks

w11363 Gary Gorton
Ping He

Bank Credit Cycles

w11357 Joshua D. Coval
Erik Stafford

Asset Fire Sales (and Purchases) in Equity Markets

w11351 Charles W. Calomiris
Thanavut Pornrojnangkool

Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston

w11350 Antonio Geldson de Carvalho
Charles W. Calomiris
Joao Amaro de Matos

Venture Capital as Human Resource Management

w11340 Geert Bekaert
Seonghoon Cho
Antonio Moreno

New-Keynesian Macroeconomics and the Term Structure

w11333 Charles W. Calomiris
Donna M. Hitscherich

Banker Fees and Acquisition Premia for Targets in Cash Tender Offers: Challenges to the Popular Wisdom on Banker Conflicts

w11294 Armando Gomes
Gordon Phillips

Why Do Public Firms Issue Private and Public Securities?

w11291 Mark Carlson
Kris James Mitchener

Branch Banking, Bank Competition, and Financial Stability

w11271 Ivica Dus
Raimond Maurer
Olivia S. Mitchell

Betting on Death and Capital Markets in Retirement: A Shortfall Risk Analysis of Life Annuities

w11256 Kenneth A. Carow
Edward J. Kane
Rajesh P. Narayanan

Winners and Losers from Enacting the Financial Modernization Statute

w11190 Gary Gorton
Nicholas Souleles

Special Purpose Vehicles and Securitization

w11136 Josh Lerner
Antoinette Schoar
Wan Wong

Smart Institutions, Foolish Choices? The Limited Partner Performance Puzzle

w11103 Patrick de Fontnouvelle
John Jordan
Eric Rosengren

Implications of Alternative Operational Risk Modeling Techniques

w11074 Gabriel D. Carroll
James J. Choi
David Laibson
Brigitte Madrian
Andrew Metrick

Optimal Defaults and Active Decisions

w11052 Jun Qian
Philip E. Strahan

How Law and Institutions Shape Financial Contracts: The Case of Bank Loans

w11039 Amy Finkelstein
Kathleen McGarry
Amir Sufi

Dynamic Inefficiencies in Insurance Markets: Evidence from long-term care insurance

w11037 Philippe Jorion
Bank Trading Risk and Systemic Risk


2004
w11011 David J. Brophy
Paige P. Ouimet
Clemens Sialm

PIPE Dreams? The Performance of Companies Issuing Equity Privately

w10983 Thorsten Beck
Asli Demirguc-Kunt
Luc Laeven
Ross Levine

Finance, Firm Size, and Growth

w10982 Philip E. Strahan
Evan Gatev
Til Schuermann

How do Banks Manage Liquidity Risk? Evidence from Equity and Deposit Markets in the Fall of 1998

w10978 Mihir A. Desai
Alexander Dyck
Luigi Zingales

Theft and Taxes

w10951 Charles W. Calomiris
Joseph R. Mason

Resolving the Puzzle of the Underissuance of National Bank Notes

w10908 Stephen G. Cecchetti
Stefan Krause

Deposit Insurance and External Finance

w10870 Howard Kunreuther
Erwann Michel-Kerjan

Policy Watch: Challenges for Terrorism Risk Insurance in the United States

w10845 Raghuram G. Rajan
Dollar Shortages and Crises

w10832 Nicola Cetorelli
Philip E. Strahan

Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets

w10812 Ulrike Malmendier
Devin Shanthikumar

Are Investors Naive About Incentives?

w10782 Jeffrey R. Brown
Amy Finkelstein

Supply or Demand: Why is the Market for Long-Term Care Insurance So Small?

w10770 Marcin Kacperczyk
Clemens Sialm
Lu Zheng

On the Industry Concentration of Actively Managed Equity Mutual Funds

w10685 Malcolm Baker
Lubomir Litov
Jessica A. Wachter
Jeffrey Wurgler

Can Mutual Fund Managers Pick Stocks? Evidence from the Trades Prior to Earnings Announcements

w10650 Li Jin
Robert Merton
Zvi Bobie

Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?

w10620 Robert C. Merton
Zvi Bodie

The Design of Financial Systems: Towards a Synthesis of Function and Structure

w10571 Patrick Bolton
Xavier Freixas
Joel Shapiro

Conflicts of Interest, Information Provision, and Competition in Banking

w10535 Thomas Hellman
Laura Lindsey
Manju Puri

Building Relationships Early: Banks in Venture Capital

w10491 Steven Drucker
Manju Puri

The Tying of Lending and Equity Underwriting

w10479 Howard Bodenhorn
Bank Chartering and Political Corruption in Antebellum New York: Free Banking as Reform

w10464 Mark V. Pauly
Olivia Mitchell
Yuhui Zeng

Death Spiral or Euthanasia? The Demise of Generous Group Health Insurance Coverage

w10388 Jeffrey R. Brown
J. David Cummins
Christopher M. Lewis
Ran Wei

An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance

w10348 Josh Lerner
Antoinette Schoar

Transaction Structures in the Developing World

w10340 Olivia S. Mitchell
John Piggott

Unlocking Housing Equity in Japan

w10327 Dimitri Vayanos
Flight to Quality, Flight to Liquidity, and the Pricing of Risk

w10259 Jeremy C. Stein
Why Are Most Funds Open-End? Competition and the Limits of Arbitrage

w10223 Josh Lerner
The New New Financial Thing: The Sources of Innovation Before and After State Street

w10202 Susan E. Woodward
Robert E. Hall

Benchmarking the Returns to Venture


2003
w10184 Kenneth A. Froot
Risk Management, Capital Budgeting and Capital Structure Policy for Insurers and Reinsurers

w10179 Howard Kunreuther
Erwann Michel-Kerjan
Beverly Porter

Assessing, Managing, and Financing Extreme Events: Dealing with Terrorism

w10158 Gerard Caprio
Luc Laeven
Ross Levine

Governance and Bank Valuation

w10135 Dirk Krueger
Harald Uhlig

Competitive Risk Sharing Contracts with One-Sided Commitment

w10097 Steven N. Kaplan
Frederic Martel
Per Stromberg

How Do Legal Differences and Learning Affect Financial Contracts?

w10071 Douglas W. Diamond
Raghuram G. Rajan

Liquidity Shortages and Banking Crises

w10070 Douglas W. Diamond
Raghuram G. Rajan

Money in a Theory of Banking

w9975 David McCarthy
Olivia S. Mitchell

International Adverse Selection in Life Insurance and Annuities

w9957 Amy Finkelstein
Kathleen McGarry

Private Information and its Effect on Market Equilibrium: New Evidence from Long-Term Care Insurance

w9956 Evan Gatev
Philip E. Strahan

Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market

w9921 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Bank Concentration and Crises

w9919 Mark V. Pauly
Yuhui Zeng

Adverse Selection and the Challenges to Stand-Alone Prescription Drug Insurance

w9890 Asli Demirguc-Kunt
Luc Laeven
Ross Levine

Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation

w9888 Bradley Herring
Mark Pauly

Incentive-Compatible Guaranteed Renewable Health Insurance

w9883 Elizabeth W. Croft
Barbara J. Spencer

Fees and Surcharging in automatic teller machine networks: Non-bank ATM providers versus large banks

w10623 Kenneth A. Carow
Edward J. Kane
Rajesh Narayanan

How Have Borrowers Fared in Banking Mega-Mergers?

w9816 Paul Gompers
Josh Lerner
David Scharfstein

Entrepreneurial Spawning: Public Corporations and the Genesis of New Ventures, 1986-1999

w9807 Steven Kaplan
Antoinette Schoar

Private Equity Performance: Returns, Persistence and Capital

w9710 Donald Morgan
Philip Strahan

Foreign Bank Entry and Business Volatility: Evidence from U.S. States and Other Countries

w9704 Donald Morgan
Bertrand Rime
Philip Strahan

Bank Integration and State Business Cycles

w9645 Colin Mayer
Koen Schoors
Yishay Yafeh

Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK

w9643 Joe Peek
Eric S. Rosengren

Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan

w9642 Yasushi Hamao
Jianping Mei
Yexiao Xu

Idiosyncratic Risk and the Creative Destruction in Japan

w9624 Charles Calomiris
Joseph R. Mason

How to Restructure Failed Banking Systems: Lessons from the U.S. in the 1930's and Japan in the 1990's

w9602 Alma Cohen
Rajeev Dehejia

The Effect of Automobile Insurance and Accident Liability Laws in Traffic Fatalities

w9595 Luigi Zingales
Raghuram G. Rajan

Banks and Markets: The Changing Character of European Finance

w9582 Raymond Fisman
Inessa Love

Financial Dependence and Growth Revisited

w9575 Youngjae Lim
Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence

w9583 Raymond Fisman
Inessa Love

Financial Development and the Composition of Industrial Growth


2002
w9388 Eduardo Jallath-Coria
Tridas Mukhopadhyay
Amir Yaron

How Well Do Banks Manage Their Reserves?

w9385 Takero Doi
Takeo Hoshi

Paying for the FILP

w9384 Anil K. Kashyap
Sorting Out Japan's Financial Crisis

w9379 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law and Finance: why Does Legal Origin Matter?

w9368 Mitsuhiro Fukao
Financial Sector Profitability and Double-Gearing

w9335 Steven Shavell
Minimum Asset Requirements

w9323 James R. Barth
Gerard Caprio
Jr.
Ross Levine

Bank Regulation and Supervision: What Works Best?

w9322 Armen Hovakimian
Edward J. Kane
Luc Laeven

How Country and Safety-Net Characteristics Affect Bank Risk-Shifting

w9299 Mark V. Pauly
Bradley Herring
David Song

Health Insurance on the Internet and the Economics of Search

w9271 Jeffrey R. Brown
Randall S. Kroszner
Brian H. Jenn

Federal Terrorism Risk Insurance

w9268 Daniel Bergstresser
James Poterba

Asset Allocation and Asset Location: Household Evidence from the Survey of Consumer Finances

w9251 Antonio E. Bernardo
Ivo Welch

Financial Market Runs

w9250 Olivia S. Mitchell
Stephen P. Utkus

The Role of Company Stock in Defined Contribution Plans

w9195 Marie-Eve Lachance
Olivia S. Mitchell

Understanding Individual Account Guarantees

w9158 Gary Gorton
Lixin Huang

Liquidity, Efficiency and Bank Bailouts

w9146 Josh Lerner
Antoinetter Schoar

The Illiquidity Puzzle: Theory and Evidence from Private Equity

w9137 Gary Gorton
Lixin Huang

Banking Panics and the Origin of Central Banking

w9102 Gary Gorton
Lixin Huang

Bank Panics and the Endogeneity of Central Banking

w9092 Olivia S. Mitchell
David McCarthy

Annuities for an Ageing World

w9089 Thorsten Beck
Asli Demirguc-Kunt
Ross Levine

Law, Endowment, and Finance

w9070 Reena Aggarwal
Nagpurnanand R. Prabhala
Manju Puri

Institutional Allocation In Initial Public Offerings: Empirical Evidence

w8960 Raymond Fisman
Inessa Love

Trade Credit, Financial Intermediary Development and Industry Growth

w8928 Gary Gorton
Andrew Winton

Financial Intermediation

w8923 Luigi Guiso
Paola Sapienza
Luigi Zingales

Does Local Financial Development Matter?

w8891 Robert L. Clark
Olivia S. Mitchell

Strengthening Employment-Based Pensions in Japan

w8877 Mark J. Garmaise
Tobias J. Moskowitz

Confronting Information Asymmetries: Evidence from Real Estate Markets

w8874 Mark J. Garmaise
Tobias J. Moskowitz

Informal Financial Networks: Theory and Evidence

w8805 Jay Ritter
Ivo Welch

A Review of IPO Activity, Pricing, and Allocations

w8782 Ivo Welch
Columbus' Egg: The Real Determinant of Capital Structure

w8781 James M. Poterba
John B. Shoven

Exchange Traded Funds: A New Investment Option for Taxable Investors

w8764 Steven N. Kaplan
Per Stromberg

Characteristics, Contracts, and Actions: Evidence from Venture Capitalist Analyses

w8731 Marie-Eve Lachance
Olivia S. Mitchell

Guaranteeing Defined Contribution Pensions: The Option to Buy-Back a Defined Benefit Promise


2001
w8653 Mary Margaret Myers
James M. Poterba
Douglas A. Shackelford

Copycat Funds: Information Disclosure Regulation and the Returns to Active Management in the Mutual Fund Industry

w8652 Arturo Bris
Ivo Welch

The Optimal Concentration of Creditors

h0137 Howard Bodenhorn
Short-Term Loans and Long-Term Relationships: Relationship Lending in Early America

w8594 Kenneth A. Carow
Edward J. Kane

Event-Study Evidence of the Value of Relaxing Longstanding Regulatory Restraints on Banks, 1970-2000

w8586 Michelle Lowry
G. William Schwert

Biases in the IPO Pricing Process

w8567 Olivia S. Mitchell
Developments in Decumulation: The Role of Annuity Products in Financing Retirement

w8544 B. Douglas Bernheim
Katherine Grace Carman
Jagadeesh Gokhale
Laurence J. Kotlikoff

The Mismatch Between Life Insurance Holdings and Financial Vulnerabilities: Evidence from the Survey of Consumer Finances

w8505 Paul A. Gompers
Josh Lerner

The Really Long-Run Performance of Initial Public Offerings: The Pre-NASDAQ Evidence

w8493 Edward J. Kane
Asli Demirguc-Kunt

Deposit Insurance Around the Globe: Where Does it Work?

w8399 Edward J. Kane
Using Deferred Compensation to Strengthen the Ethicsof Financial Regulation

w8386 Stijn Claessens
Daniela Klingebiel
Luc Laeven

Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?

w8329 Marianne Baxter
Social Security as a Financial Asset: Gender-Specific Risks and Returns

w8224 Edward J. Kane
Financial Safety Nets: Reconstructing and Modeling a Policymaking Metaphor

w8202 Steven N. Kaplan
Per Stromberg

Venture Capitalists As Principals: Contracting, Screening, and Monitoring

w8173 Stephen J. Brown
William N. Goetzmann

Hedge Funds With Style

w8091 Suzanne Doyle
Olivia S. Mitchell
John Piggott

Annuity Values in Defined Contribution Retirement Systems: The Case of Singapore and Australia

w8087 Frederic S. Mishkin
Financial Policies and the Prevention of Financial Crises in Emerging Market Countries


2000
w8045 Amy Finkelstein
James Poterba

Adverse Selection in Insurance Markets: Policyholder Evidence from the U.K. Annuity Market

w8008 Lee J. Alston
Andres Gallo

Evolution and Revolution in the Argentine Banking System under Convertibility: The Roles of Crises and Path Dependence

w8003 Edward J. Kane
Tara Rice

Bank Runs and Banking Policies: Lessons for African Policymakers

w7997 Takatoshi Ito
Kimie Harada

Japan Premium and Stock Prices: Two Mirrors of Japanese Banking Crises

w7976 Christian Keuschnigg
Soren Bo Nielsen

Tax Policy, Venture Capital, and Entrepreneurship

w7935 Michelle Lowry
G. William Schwert

IPO Market Cycles: Bubbles or Sequential Learning?

w7926 Frederic S. Mishkin
Prudential Supervision: Why Is It Important and What are the Issues?

w7919 Charles W. Calomiris
Joseph R. Mason

Causes of U.S. Bank Distress During the Depression

w7877 Joshua S. Gans
Scott Stern

When Does Funding Research by Smaller Firms Bear Fruit?: Evidence from the SBIR Program

w7845 Michael Klein
Joe Peek
Eric Rosengren

Troubled Banks, Impaired Foreign Direct Investment: The Role of Relative Access to Credit

w7786 Ann E. Sherman
Sheridan Titman

Building the IPO Order Book: Underpricing and Participation Limits With Costly Information

w7764 Douglas W. Diamond
Raghuram G. Rajan

Banks, Short Term Debt and Financial Crises: Theory, Policy Implications and Applications

w7705 Jeremy C. Stein
Information Production and Capital Allocation: Decentralized vs. Hierarchical Firms

w7701 Michael D. Bordo
Anna J. Schwartz

Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts

w7689 Allen N. Berger
Margaret K. Kyle
Joseph M. Scalise

Did U.S. Bank Supervisors Get Tougher During the Credit Crunch? Did They Get Easier During the Banking Boom? Did It Matter to Bank Lending?

w7685 Mitchell A. Petersen
Raghuram G. Rajan

Does Distance Still Matter? The Information Revolution in Small Business Lending

w7669 John B. Shoven
Joel Dickson
Clemens Sialm

Tax Externalities of Equity Mutual Funds

w7660 Steven N. Kaplan
Per Stromberg

Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts

w7620 Rafael La Porta
Florencio Lopezde-Silanes
Andrei Shleifer

Government Ownership of Banks

w7563 Luigi Guiso
Paola Sapienza
Luigi Zingales

The Role of Social Capital in Financial Development

w7514 Edward J. Kane
Capital Movements, Banking Insolvency, and Silent Runs in the Asian Financial Crisis


1999
w7430 Douglas W. Diamond
Raghuram G. Rajan

Liquidity Risk, Liquidity Creation and Financial Fragility: A Theory of Banking

w7431 Douglas W. Diamond
Raghuram G. Rajan

A Theory of Bank Capital

w7428 Rafael La Porta
Florencio Lopez-deSilanes
Andrei Shleifer
Robert W. Vishny

Investor Protection: Origins, Consequences, and Reform

w7381 Olivia Mitchell
New Trends in Pension Benefit and Retirement Provisions

w7372 B. Douglas Bernheim
Lorenzo Forni
Jagadeesh Gokhale
Laurence J. Kotlikoff

The Adequacy of Life Insurance: Evidence from the Health and Retirement Survey

w7360 Douglas Holtz-Eakin
John W. Phillips
Harvey S. Rosen

Estate Taxes, Life Insurance, and Small Business

w7319 Randall S. Kroszner
Philip E. Strahan

Bankers on Boards: Monitoring, Conflicts of Interest, and Lender Liability

w7287 Kenneth A. Froot
The Evolving Market for Catastrophic Event Risk

w7286 Kenneth A. Froot
The Market for Catastrophe Risk: A Clinical Examination

w7253 Michael Hutchison
Kathleen McDill

Are All Banking Crises Alike? The Japanese Experience in International Comparison

w7250 Takeo Hoshi
Anil Kashyap

The Japanese Banking Crisis: Where Did It Come From and How Will It End?

w7215 Louis K.C. Chan
Hsiu-Lang Chen
Josef Lakonishok

On Mutual Fund Investment Styles

w7192 John B. Shoven
Clemens Sialm

Asset Location in Tax-Deferred and Conventional Savings Accounts

w7187 Eugene N. White
California Banking in the Nineteenth Century: The Art and Method of the Bank of A. Levy

w7156 Edward J. Kane
How Offshore Financial Competition Disciplines Exit Resistence by Incentive-Conflicted Bank Regulators

w7110 Roger H. Gordon
Wei Li

Government as a Discriminating Monopolist in the Financial Market: The Case of China

w6655 Frederic S. Mishkin
Financial Consolidation: Dangers and Opportunities

w6918 James M. Poterba
Mark J. Warshawsky

The Costs of Annuitizing Retirement Payouts from Individual Accounts

w6913 Leslie A. Jeng
Andrew Metrick
Richard Zeckhauser

The Profits to Insider Trading: A Performance-Evaluation Perspective

w6906 Paul A. Gompers
Josh Lerner

What Drives Venture Capital Fundraising?

w6892 Fredric S. Mishkin
Philip E. Strahan

What Will Technology Do to Financial Structure?


1998
w6823 Edward J. Kane
Kimberly DeTrask

Covering Up Trading Losses: Opportunity-Cost Accounting as an Internal Control Mechanism

w6730 Takatoshi Ito
Yuri Nagatake Sasaki

Impacts of the Basle Capital Standard on Japanese Banks' Behavior

w6723 Paul A. Gompers
Andrew Metrick

Institutional Investors and Equity Prices

w6649 Charles W. Calormiris
Berry Wilson

Bank Capital and Portfolio Management: The 1930's Capital Crunch and Scramble to Shed Risk

w6637 Randall S. Kroszner
Philip E. Strahan

What Drives Deregulation? Economics and Politics of the Relaxation of Bank Branching Restrictions

w6633 Edward J. Kane
Capital Movements, Asset Values, and Banking Policy in Globalized Markets

w6552 Robert J. Shiller
Allan N. Weiss

Moral Hazard in Home Equity Conversion

w6505 David Bates
Roger Craine

Valuing the Futures Market Clearinghouse's Default Exposure During the 1987 Crash

w6475 Jeffrey I. Bernstein
Total Factor Productivity Growth in the Canadian Life Insurance Industry: 1979-1989

w6451 Edward J. Kane
Berry K. Wilson

A Contracting-Theory Interpretation of the Origins of Federal Deposit Insurance

w6394 Judith Chevalier
Glenn Ellison

Career Concerns of Mutual Fund Managers


1997
w6257 Andrew W. Lo
A. Craig MacKinlay
June Zhang

Econometric Models of Limit-Order Executions

w6240 James F. Moore
Olivia S. Mitchell

Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study

w6063 Eugene N. White
The Legacy of Deposit Insurance: The Growth, Spread, and Cost of Insuring Financial Intermediaries

w4890 John R. Graham
Campbell R. Harvey

Market Timing Ability and Volatility Implied in Investment Newletters' Asset Allocation Recommendations

w6015 Stephen G. Cecchetti
Understanding the Great Depression: Lessons for Current Policy

w6001 James M. Poterba
The History of Annuities in the United States

w5909 Stephen J. Brown
William N. Goetzmann
Roger G. Ibbotson

Offshore Hedge Funds: Survival and Performance 1989-1995

w5902 David F. Bradford
Kyle D. Logue

The Influence of Income Tax Rules on Insurance Reserves


1996
w5852 Judith Chevalier
Glenn Ellison

Are Some Mutual Funds Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance

w5849 Frederic S. Mishkin
Bank Consolidation: A Central Banker's Perspective

w5848 Berry K. Wilson
Edward J. Kane

The Demise of Double Liability as an Optimal Contract for Large-Bank Stockholders

w5830 Jon A. Christopherson
Wayne E. Ferson
Debra A. Glassman

Conditioning Manager Alphas on Economic Information: Another Look at the Persistence of Performance

w5799 Malcolm Edey
John Simon

Australia's Retirement Income System: Implications for Saving and Capital Markets

w5711 Armen Hovakimian
Edward J. Kane

Risk-Shifting by Federally Insured Commercial Banks

w5669 John Cawley
Tomas Philipson

An Empirical Examination of Information Barriers to Trade in Insurance

w5610 John Y. Campbell
Consumption and the Stock Market: Interpreting International Experience

w5602 Mitchell A. Petersen
Raghuram G. Rajan

Trade Credit: Theories and Evidence

w5600 Frederic S. Mishkin
Understanding Financial Crises: A Developing Country Perspective

w5453 Gary Gorton
Frank A. Schmid

Universal Banking and the Performance of German Firms

w5442 Charles W. Calomiris
Charles M. Kahn

The Efficiency of Self-Regulated Payments Systems: Learning From the Suffolk System


1995
w5275 Susan J. Suponcic
Sharon Tennyson

Rate Regulation and the Industrial Organization of Automobile Insurance

w5245 Dwight Jaffee
Thomas Russell

The Causes and Consequences of Rate Regulation in the Auto Insurance Industry

w5244 Gary Gorton
Andrew Winton

Bank Capital Regulation in General Equilibrium

w5210 Nicholas Economides
R. Glenn Hubbard
Darius Palia

The Political Economy of Branching Restrictions and Deposit Insurance: A Model of Monopolistic Competition among Small and Large Banks

w5206 James Bohn
Brian J. Hall

Property and Casualty Solvency Funds as a Tax and Social Insurance System

w5143 Stewart C. Myers
Raghuram G. Rajan

The Paradox of Liquidity

w5100 Gary Gorton
Richard Rosen

Banks and Derivatives

w5078 Karl E. Case
Robert J. Shiller
Allan N. Weiss

Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate

t0179 Charles Goodhart
Takatoshi Ito
Richard Payne

One Day in June, 1994: A Study of the Working of Reuters 2000-2 Electronic Foreign Exchange Trading System

w4993 Franklin R. Edwards
Frederic S. Mishkin

The Decline of Traditional Banking: Implications for Financial Stabilityand Regulatory Policy


1994
w4954 Edward L. Glaeser
Jose A. Scheinkman

Neither a Borrower nor a Lender Be: An Economic Analysis of Interest Restrictions and Usury Laws

h0064 Shawn E. Kantor
A Prelude to the Welfare State: Compulsory State Insurance and Workers' Compensation in Minnesota, Ohio, and Washington, 1911-1919

w4921 Mitchell A. Petersen
Raghuram G. Rajan

The Effect of Credit Market Competition on Lending Relationships

w4858 James Dow
Gary Gorton

Noise Trading, Delegated Portfolio Management, and Economic Welfare

w4830 Robert J. Shiller
Allan N. Weiss

Home Equity Insurance

w4701 Edward J. Kane
Min-Teh Yu

How Much Did Capital Forbearance Add to the Cost of the S&L Insurance Mess

w4665 Sylvester J. Schieber
John B. Shoven

The Consequences of Population Aging on Private Pension Fund Saving and Asset Markets

w4648 Edward J. Kane
Robert Hendershott

"The Federal Deposit Insurance Fund That Didn't Put A Bite on U.S. Tax Payers"


1993
w4546 Michael D. Bordo
Hugh Rockoff
Angela Redish

A Comparison of the United States and Canadian Banking Systems in the Twentieth Century: Stability vs. Efficiency?

w4501 Leslie E. Papke
Mitchell Petersen
James M. Poterba

Did 401(k) Plans Replace Other Employer Provided Pensions?

w4440 Patric H. Hendershott
William R. Schultz

Equity and Nonequity Determinants of FHA Single-Family Mortgage Foreclosures in the 1980s

w4421 Takeo Hoshi
Anil Kashyap
David Scharfstein

The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan

w4408 Charles W. Calomiris
Corporate-Finance Benefits from Universal Banking: Germany and the United States, 1870-1914

w4404 John H. Boyd
Mark Gertler

U.S. Commercial Banking: Trends, Cycles, and Policy

w4400 Gary Gorton
Reputation Formation in Early Bank Debt Markets

w4391 James M. Poterba
Steven F. Venti
David A. Wise

Do 401(k) Contributions Crowd Out Other Persoanl Saving?

w4340 Richard M. Levich
Lee R. Thomas

Internationally Diversified Bond Portfolios: The Merits of Active Currency Risk Management

w4273 Gary Gorton
James A. Kahn

The Design of Bank Loan Contracts, Collateral, and Renegotiation


1992
w4247 Gary Gorton
Richard Rosen

Corporate Control, Portfolio Choice, and the Decline of Banking

w3979 Jeffrey I. Bernstein
Information Spillovers, Margins, Scale and Scope: With an Application to Canadian Life Insurance


1991
w3770 Patric H. Hendershott
An Altered U.S. Housing Finance System: Implications for Housing

w3765 Alan J. Auerbach
Laurence Kotlikoff

Life Insurance Inadequacy - Evidence From a Sample of Older Widows


Generated Wed Jul 30 00:00:59 2014

 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us