NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Financial Economics

Financial Institutions and Services


2009
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

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

Why are we in a recession? 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

Multiple Ratings and Credit Spreads

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

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 in New Credit Markets: Can Individual Lenders Infer Borrower Creditworthiness in Peer-to-Peer Lending?

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 Integration and Business Cycle Synchronization

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

Multi-market Delegated Asset Management

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

Intermediated Quantities and Returns

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 J. 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 Adverse Selection with "Unused Observables"

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

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

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

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

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

w5848 Berry K. Wilson
Edward J. Kane

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

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

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

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

w5800 Lee Branstetter
Are Knowledge Spillovers International or Intranational in Scope? Microeconometric Evidence from the Japan and the United States

w5799 Malcolm Edey
John Simon

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

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?

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

w4501 Leslie E. Papke
Mitchell Petersen
James M. Poterba

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

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

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

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


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

w5206 James Bohn
Brian J. Hall

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

w4993 Franklin R. Edwards
Frederic S. Mishkin

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

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


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

w4340 Richard M. Levich
Lee R. Thomas

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

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
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

w4404 John H. Boyd
Mark Gertler

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

w4400 Gary Gorton
Reputation Formation in Early Bank Debt Markets

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 Thu Nov 26 04:34:07 2009

 
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