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About the Author(s)

Malcolm Baker is director of the NBER's Program on Corporate Finance and the Robert G. Kirby Professor of Business Administration at Harvard Business School, where he is unit head for finance.

Endnotes

1. R. Vishny, "Program Report: Corporate Finance," NBER Reporter, Winter, 1994-5, pp. 1-4   Go to ⤴︎
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6. M. Baker and J. Wurgler, "Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly," NBER Working Paper 19018, May 2013; R. Fahlenbrach, R. Prilmeier, and R. Stulz, "Why Does Fast Loan Growth Predict Poor Performance for Banks?" NBER Working Paper 22089, March 2016; and M. Baron and W. Xiong, "Credit Expansion and Neglected Crash Risk," NBER Working Paper 22695, September 2016.   Go to ⤴︎
7. P. Bordalo, N. Gennaioli, and A. Shleifer, "Diagnostic Expectations and Credit Cycles," NBER Working Paper 22266, May 2016.   Go to ⤴︎
8. D. Kahneman and A. Tversky, "Subjective Probability: A Judgment of Representativeness," Cognitive Psychology, 3 (3), 1972, pp. 430-54; D. Kahneman, Thinking: Fast and Slow, New York, New York: Farrar, Straus, and Giroux, 2011; A. Tversky and D. Kahneman, "Judgment under Uncertainty: Heuristics and Biases," Science, 27 (185), 1974, 1124-31; and A. Tversky and D. Kahneman, "Extensional versus Intuitive Reasoning: the Conjunction Fallacy in Probability Judgment," Psychological Review, 90 (4), 1983, pp. 293-315.   Go to ⤴︎
9. I. Ben-David, J. Birru, and V. Prokopenya, "Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading," NBER Working Paper 22146, April 2016.   Go to ⤴︎
10. R. Greenwood and A. Shleifer, "Expectations of Returns and Expected Returns," NBER Working Paper 18686, January 2013, and The Review of Financial Studies, 27 (3), 2014, pp. 714-46.   Go to ⤴︎
11. S. Mullainathan, M. Noeth, and A. Schoar, "The Market for Financial Advice: An Audit Study," NBER Working Paper 17929, March 2012.   Go to ⤴︎
12. M. Egan, G. Matvos, and A. Seru, "The Market for Financial Adviser Misconduct," NBER Working Paper 22050, February 2016.   Go to ⤴︎
13. B. Carlin and D. Robinson, "What Does Financial Literacy Training Teach Us?" NBER Working Paper 16271, August 2010, and The Journal of Economic Education, 43 (3), 2012, pp. 235-47.   Go to ⤴︎
14. S. Agarwal, S. Chomsisengphet, N. Mahoney, and J. Stroebel, "Regulating Consumer Financial Products: Evidence from Credit Cards," NBER Working Paper 19484, September 2013, and The Quarterly Journal of Economics, 130 (1), 2015, pp. 111-64. Go to ⤴︎
15. I. Ben-David, J. Graham, and C. Harvey, "Managerial Miscalibration," NBER Working Paper 16215, July 2010, and The Quarterly Journal of Economics, 128 (4), pp. 1547-84.   Go to ⤴︎
16. R. Greenwood and S. Hanson, "Waves in Ship Prices and Investment," NBER Working Paper 19246, July 2013, and The Quarterly Journal of Economics, 130 (1), 2015, pp. 55-109. Go to ⤴︎
17. K. Shue and R. Townsend, "Growth through Rigidity: An Explanation for the Rise in CEO Pay," NBER Working Paper 21975, February 2016.   Go to ⤴︎
18. Y. Pan, T. Wang, and M. Weisbach, "CEO Investment Cycles," NBER Working Paper 19330, August 2013.   Go to ⤴︎
19. C. Parsons, J. Sulaeman, and S. Titman, "The Geography of Financial Misconduct," NBER Working Paper 20347, July 2014. Go to ⤴︎
20. J P. Gompers, W. Gornall, S. Kaplan, and I. Strebulaev, "How Do Venture Capitalists Make Decisions?" NBER Working Paper 22587, September 2016.   Go to ⤴︎
21. I. Gow, S. Kaplan, D. Larcker, and A. Zakolyukina, "CEO Personality and Firm Policies," NBER Working Paper 22435, July 2016.   Go to ⤴︎
22. U. Malmendier, G. Tate, and J. Yan, "Overconfidence and Early-life Experiences: The Impact of Managerial Traits on Corporate Financial Policies," NBER Working Paper 15659, January 2010, and The Journal of Finance, 66 (5), pp. 1687-733.   Go to ⤴︎
23. E. Benmelech and C. Frydman, "Military CEOs," NBER Working Paper 19782, January 2014, and Journal of Financial Economics, 117 (1), 2015, pp. 43-59.   Go to ⤴︎
24. A. Schoar and L. Zuo, "Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles," NBER Working Paper 17590, November 2011.   Go to ⤴︎
25. C. Frydman and D. Jenter, "CEO Compensation," NBER Working Paper 16585, December 2010, and Annual Review of Financial Economics, 2 (1), 2010, pp. 75-102. Go to ⤴︎
26. T. Chaney, D. Sraer, and D. Thesmar, "The Collateral Channel: How Real Estate Shocks Affect Corporate Investment," NBER Working Paper 16060, June 2010, and American Economic Review, 102 (6), 2012, pp. 2381-409.   Go to ⤴︎
27. G. Gorton, "The Development of Opacity in U.S. Banking," NBER Working Paper 19540, October 2013; G. Gorton, "The History and Economics of Safe Assets," NBER Working Paper 22210, April 2016.   Go to ⤴︎
28. G. Gorton, S. Lewellen, and A. Metrick, "The Safe-Asset Share," NBER Working Paper 17777, January 2012, and American Economic Review, 102 (3), 2012, pp. 101-6.   Go to ⤴︎
29. H. DeAngelo and R. Stulz, "Why High Leverage is Optimal for Banks," NBER Working Paper 19139, June 2013. Go to ⤴︎
30. N. Gennaioli, A. Shleifer, and R. Vishny, "A Model of Shadow Banking," NBER Working Paper 17115, June 2011, and The Journal of Finance, 68 (4), 2013, pp. 1331-63.   Go to ⤴︎
31. S. Hanson, A. Shleifer, J. Stein, and R. Vishny, "Banks as Patient Fixed-Income Investors," NBER Working Paper 20288, July 2014, and Journal of Financial Economics, 117 (3), 2015, pp. 449-69. Go to ⤴︎
32. O. Hart and L. Zingales, "Inefficient Provision of Liquidity," NBER Working Paper 17299, August 2011.   Go to ⤴︎
33. Z. He and A. Manela, "Information Acquisition in Rumor Based Bank Runs," NBER Working Paper 18513, November 2012, and The Journal of Finance, 71 (3), 2016, pp. 1113-58.   Go to ⤴︎
34. G. Gorton and G. Ordoñez, "Collateral Crises," NBER Working Paper 17771, January 2012, and American Economic Review, 104 (2), pp. 343-78.   Go to ⤴︎
35. V. Acharya, D. Gale, and T. Yorulmazer, "Rollover Risk and Market Freezes," NBER Working Paper 15674, January 2010, and The Journal of Finance, 66 (4), 2011, pp. 1177-209.   Go to ⤴︎
36. J. Hahm, H. S. Shin, and K. Shin, "Non-Core Bank Liabilities and Financial Vulnerability," NBER Working Paper 18428, September 2012, and Journal of Money, Credit and Banking, 45 (8), 2013, pp. 3-36. Go to ⤴︎
37. J. Stein, "Monetary Policy as Financial-Stability Regulation," NBER Working Paper 16883, March 2011, and The Quarterly Journal of Economics, 127 (1), 2012, pp. 57-95.   Go to ⤴︎
38. V. Acharya, P. Schnabl, and G. Suarez, "Securitization without Risk Transfer," NBER Working Paper 15730, February 2010, and Journal of Financial Economics, 107 (3), 2010, pp. 515-36.   Go to ⤴︎
39. I. Welch, "Levered Returns," NBER Working Paper 22150, April 2016.   Go to ⤴︎
40. M. Baker, M. Hoeyer, and J. Wurgler, "The Risk Anomaly Tradeoff of Leverage," NBER Working Paper 22116, March 2016.   Go to ⤴︎
41. S. Agarwal, D. Lucca, A. Seru, and F. Trebbi, "Inconsistent Regulators: Evidence From Banking," NBER Working Paper 17736, January 2012, and The Quarterly Journal of Economics, 129 (2), 2012, pp. 889-938. Go to ⤴︎
42. S. Chernenko and A. Sunderam, "Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds," NBER Working Paper 22391, July 2016.   Go to ⤴︎
43. D. Diamond and A. Kashyap, "Liquidity Requirements, Liquidity Choice, and Financial Stability," NBER Working Paper 22053, March 2016.   Go to ⤴︎
44. K. Milbradt and M. Oehmke, "Maturity Rationing and Collective Short-Termism," NBER Working Paper 19946, February 2014, and Journal of Financial Economics, 118 (3), 2015, pp. 553-70.   Go to ⤴︎
45. A. Falato and D. Scharfstein, "The Stock Market and Bank Risk-Taking," NBER Working Paper 22689, September 2016.   Go to ⤴︎
46. M. Kacperczyk and P. Schnabl, "Implicit Guarantees and Risk Taking: Evidence from Money Market Funds," NBER Working Paper 17321, August 2011.   Go to ⤴︎
47. S. Agarwal and I. Ben-David, "Loan Prospecting and the Loss of Soft Information," NBER Working Paper 19945, February 2014.   Go to ⤴︎
48. D. Scharfstein and A. Sunderam, "Concentration in Mortgage Lending, Refinancing Activity and Mortgage Rates," NBER Working Paper 19156, June 2013.   Go to ⤴︎
49. I. Drechsler, A. Savov, and P. Schnabl, "The Deposits Channel of Monetary Policy," NBER Working Paper 22152, April 2016.   Go to ⤴︎
50. T. Adrian, P. Colla, and H. S. Shin, "Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9," NBER Working Paper 18335, August 2012, and in D. Acemoglu, J. Parker, and M. Woodford, eds., NBER Macroeconomics Annual 2012, Volume 27, Chicago, Illinois: University of Chicago Press, 2013, pp. 159-214.   Go to ⤴︎
51. A. Shleifer and R. Vishny, "Fire Sales in Finance and Macroeconomics," NBER Working Paper 16642, December 2010, and Journal of Economic Perspectives, 25 (1), 2011, pp. 29-48.   Go to ⤴︎
52. R. Greenwood, A. Landier, and D. Thesmar, "Vulnerable Banks," NBER Working Paper 18537, November 2012, and Journal of Financial Economics, 115(3), 2015, pp. 471-85.   Go to ⤴︎
53. R. Greenwood and S. Hanson, "Issuer Quality and the Credit Cycle," NBER Working Paper 17197, July 2011, and The Review of Financial Studies, 26 (6), 2013, pp. 1483-525.   Go to ⤴︎
54. B. Becker and V. Ivashina, "Cyclicality of Credit Supply: Firm Level Evidence," NBER Working Paper 17392, September 2011, and Journal of Monetary Economics, 62, 2014, pp. 76-93.   Go to ⤴︎
55. T. Adrian and H. Shin, "Procyclical Leverage and Value-at-Risk," NBER Working Paper 18943, April 2013, and The Review of Financial Studies, 27 (2), 2014, pp. 373-403.   Go to ⤴︎
56. G. Gorton and G. Ordoñez, "Good Booms, Bad Booms," NBER Working Paper 22008, February 2016.   Go to ⤴︎
57. B. Becker and V. Ivashina, "Reaching for Yield in the Bond Market," NBER Working Paper 18909, March 2013. Go to ⤴︎
58. D. López-Salido, J. Stein, and E. Zakrajšek, "Credit-Market Sentiment and the Business Cycle," NBER Working Paper 21879, January 2016.   Go to ⤴︎
59. S. Davis, J. Haltiwanger, R. Jarmin, J. Lerner, and J. Miranda, "Private Equity and Employment," NBER Working Paper 17399, September 2011.   Go to ⤴︎
60. R. Harris, T. Jenkinson, and S. Kaplan, "Private Equity Performance: What Do We Know?" NBER Working Paper 17874, February 2012, and The Journal of Finance, 69 (5), 2014, pp. 1851-82.   Go to ⤴︎
61. L. Bebchuk, A. Brav, and W. Jiang, "The Long-Term Effects of Hedge Fund Activism," NBER Working Paper 21227, June 2015. Go to ⤴︎
62. A. Brav, W. Jiang, S. Ma, and X. Tian, "How Does Hedge Fund Activism Reshape Corporate Innovation?" NBER Working Paper 22273, May 2016.   Go to ⤴︎
63. C. Doidge, A. Karolyi, and R. Stulz, "The U.S. Listing Gap," NBER Working Paper 21181, May 2015.   Go to ⤴︎
64. P. Bond, A. Edmans, and I. Goldstein, "The Real Effects of Financial Markets," NBER Working Paper 17719, December 2011, and Annual Review of Financial Economics, 4 (1), 2012, pp. 339-60.   Go to ⤴︎
65. X. Giroud and J. Rauh, "State Taxation and the Reallocation of Business Activity: Evidence from Establishment-Level Data," NBER Working Paper 21534, September 2015.   Go to ⤴︎
66. S. Agarwal, G. Amromin, S. Chomsisengphet, T. Piskorski, A. Seru, and V. Yao, "Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program," NBER Working Paper 21512, August 2015.   Go to ⤴︎
67. X. Giroud and H. Mueller, "Firm Leverage and Unemployment during the Great Recession," NBER Working Paper 21076, April 2015.   Go to ⤴︎
68. A. Mian and A. Sufi, "Household Leverage and the Recession of 2007 to 2009," NBER Working Paper 15896, April 2010, and IMF Economic Review, 58(1), 2010, pp. 74-117; A. Mian and A. Sufi, "What Explains High Unemployment? The Aggregate Demand Channel," NBER Working Paper 17830, February 2012; A. Mian and A. Sufi, "House Price Gains and U.S. Household Spending from 2002 to 2006," NBER Working Paper 20152, May 2014; and A. Mian and A. Sufi, "Fraudulent Income Overstatement on Mortgage Applications during the Credit Expansion of 2002 to 2005," NBER Working Paper 20947, February 2015.   Go to ⤴︎
69. M. Adelino, A. Schoar, and F. Severino, "Credit Supply and House Prices: Evidence from Mortgage Market Segmentation," NBER Working Paper 17832, February 2012.   Go to ⤴︎
70. E. Benmelech, R. Meisenzahl, and R. Ramcharan, "The Real Effects of Liquidity during the Financial Crisis: Evidence from Automobiles," NBER Working Paper 22148, April 2016.   Go to ⤴︎
71. J. Brown and D. Matsa, "Locked in by Leverage: Job Search during the Housing Crisis," NBER Working Paper 22929, December 2016.   Go to ⤴︎
72. K. Herkenhoff, G. Phillips, and E. Cohen-Cole, "How Credit Constraints Impact Job Finding Rates, Sorting, and Aggregate Output," NBER Working Paper 22274, May 2016.   Go to ⤴︎
73. A. Mian, A. Sufi, and E. Verner, "Household Debt and Business Cycles Worldwide," NBER Working Paper  21581, September 2015.   Go to ⤴︎
74. C. Foote, L. Loewenstein, and P. Willen, "Cross-Sectional Patterns of Mortgage Debt during the Housing Boom: Evidence and Implications," NBER Working Paper 22985, December 2016.   Go to ⤴︎
75. M. Adelino, A. Schoar, and F. Severino, "Loan Originations and Defaults in the Mortgage Crisis: The Role of the Middle Class," NBER Working Paper 20848, January 2015, and The Review of Financial Studies, 29 (7), 2016, pp. 1635-70; and M. Adelino, A. Schoar, and F. Severino, "Loan Originations and Defaults in the Mortgage Crisis: Further Evidence," NBER Working Paper 21320, July 2015.   Go to ⤴︎
76. E. Benmelech, N. Bergman, A. Milanez, and V. Mukharlyamov, "The Agglomeration of Bankruptcy," NBER Working Paper 20254, June 2014.   Go to ⤴︎
77. M. Adelino, A. Schoar, and F. Severino, "House Prices, Collateral, and Self-Employment," NBER Working Paper 18868, March 2013, and Journal of Financial Economics, 117 (2), 2015, pp. 288-306.   Go to ⤴︎
78. P. Antràs and C. Foley, "Poultry in Motion: A Study of International Trade Finance Practices," NBER Working Paper 17091, May 2011, and Journal of Political Economy, 123 (4), 2015, pp. 853-901; and C. Foley and K. Manova, "International Trade, Multinational Activity, and Corporate Finance," NBER Working Paper 20634, October 2014, and Annual Review of Economics, 7 (1), 2015, pp. 119-46.   Go to ⤴︎
79. E. Gilje, E. Loutskina, and P. Strahan, "Exporting Liquidity: Branch Banking and Financial Integration," NBER Working Paper 19403, September 2013, and The Journal of Finance, 71 (3), 2016, pp. 1159-84.   Go to ⤴︎
80. P. Bolton, X. Freixas, L. Gambacorta, and P. Mistrulli, "Relationship and Transaction Lending in a Crisis," NBER Working Paper 19467, September 2013.   Go to ⤴︎
81. M. Campello, E. Giambona, J. Graham, and C. Harvey, "Liquidity Management and Corporate Investment during a Financial Crisis," NBER Working Paper 16309, August 2010, and The Review of Financial Studies, 24 (6), pp. 1944-79.   Go to ⤴︎
82. M. Roberts, "The Role of Dynamic Renegotiation and Asymmetric Information in Financial Contracting," NBER Working Paper 20484, September 2014.   Go to ⤴︎
83. T. Philippon, "Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation," NBER Working Paper 18077, May 2012, and American Economic Review, 105 (4), 2015, pp. 1408-38; and T. Philippon, "The FinTech Opportunity," NBER Working Paper 22476, August 2016.   Go to ⤴︎
84. J. Bai, T. Philippon, and A. Savov, "Have Financial Markets Become More Informative?" NBER Working Paper 19728, December 2013. Go to ⤴︎

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