2002 Working Paper Series

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#02-01
Deregulation, Consolidation, and Efficiency:
Evidence From the Spanish Insurance Industry
J. David Cummins and Maria Rubio-Misas, November 2001
This is the preprint version only. For the published version please see:, Journal of Money, Credit and Banking. 38(2), 323-356, 2004.

#02-02-B
Deposit Insurance and Risk Management of the U.S. Banking System: How Much? How Safe? Who Pays?
Andrew Kuritzkes ,Til Schuermann and Scott Weiner, April 2002
Forthcoming as "Insurance and Risk Management of the U.S. Banking System: What is the Loss Distribution Faced by the FDIC?,"   Journal of Financial Services Research.

#02-03
The Future of Stock Exchanges in Emerging Economies: Evolution and Prosepcts
Stijn Claessens, Daniela Klingebiel, and Sergio L. Schmukler, February 2002

#02-04
Wall Street’s Credibility Problem: Misaligned Incentives and Dubious Fixes?
Leslie Boni and Kent L. Womack, February 2002

#02-05
The Future of the New Issues Market
Jay R. Ritter, January 2002

#02-06
The Demand for Homeowners Insurance with Bundled Catastrophe Coverage
Martin F. Grace, Robert W. Klein and Paul R. Kleindorfer, January 2002
This is the preprint version only. For the published version please see: Journal of Risk and Insurance, 71: 351-379. 2004.

#02-07
The Role of Insurance in Managing Extreme Events: Implications for Terrorism Coverage
Howard Kunreuther, December 2001

#02-08
Risk Analysis and Risk Management in an Uncertain World
Howard Kunreuther, December 2001

#02-09
Risk Management, Capital Structure and Lending at Banks
A. Sinan Cebenoyan and Philip E. Strahan, October 2001
This is the preprint version only. For the published version please see: Journal of Banking and Finance 28(1), 19-43. 2004.

#02-10
Bank Integration and Business Volatility
Donald Morgan, Bertrand Rime and Philip E. Strahan, December 2001
This is the preprint version only. For the published version please see: "Bank Integration and State Business Cycles,", Quarterly Journal of Economics 119(4), 1555-1585, 2004.

#02-11
The Immediacy Implications of Exchange Orgzanization
James T. Moser, January 2002

#02-12
Throwing Good Money after Bad? Board Connections and Conflicts in Bank Lending
Randall S. Kroszner and Philip E. Strahan, August 2001

#02-13
Callable Bonds and Hedging
Levent Güntay, N.R. Prabhala and Haluk Unal, February 2002

#02-14
The Future of Securities Exchanges
Ruben Lee, February 2002

#02-15
Changes in the Ownership and Governance of Securities Exchanges: Causes and Consequences
Benn Steil, February 2002

#02-16
The Structure of the US Equity Markets
Marshall E. Blume, March 2002

#02-17
Information Technology and the Organization of Securities Markets
Paul G. Mahoney, February 2002

#02-18
Do Bankers Sacrifice Value to Build Empires? Managerial Incentives, Industry Consolidation and Financial Performance
Joseph P. Hughes, William W. Lang, Loretta J. Mester, Choon-Geol Moon and Michael S. Pagano, February 2002
This is a preprint version only. For the published version, please see: Journal of Banking and Finance, 27, pp. 417-447. 2003.

#02-19
Implications of Auction Theory for New Issues Markets
Lawrence M. Ausubel, March 2002

#02-20
A Real Options Approach to Bankruptcy Costs: Evidence from Failed Commercial Banks During the 1990s
Joseph R. Mason, March 2002
This is a preprint version only. For the published version, please see:Journal of Business, July 2005 (79:3), pp. 1523-53..

#01-33-B
Is the Offer Price in IPOs Informative? Underpricing, Ownership Structure, and Performance
Chitru S. Fernando, Srinivasan Krishnamurthy and Paul A. Spindt, February 2002

#02-21
Pricing the Risk of Recovery in Default with APR Violation
Haluk Unal, Dilip Madan and Levent Güntay, August 2001
This is a preprint version only. For the published version, please see: Journal of Banking & Finance, 27(6), pp 1001–1025.

#02-22
Asset Price Bubbles and Stock Market Interlinkages
Franklin Allen and Douglas Gale, April 2002
This is a preprint version only. For the published version, please see Asset Price Bubbles, edited by W.C. Hunter, G.G. Kaufman, and M. Pomerleano. MIT Press. Pp. 323-336. 2003.

#02-23
Micro Effects of Macro Announcements: Real-Time Price Discovery in Foreign Exchange?
Torben G. Andersen, Tim Bollerslev, Francis X. Diebold and Clara Vega, April 2002
This is the preprint version only. For the published version please see: American Economic Review, 93, 38-62, 2003.

#02-24-B
Economic Consequences of SEC Disclosure Regulation
Brian J. Bushee and Christian Leuz, February 2003
This is the preprint version only. For the published version please see: Journal of Accounting and Economics 39, 233-264, 2005.

#02-25
On Measuring Skewness and Kurtosis in Short Rate Distributions: The Case of the US Dollar London Inter Bank Offer Rates
Kabir K. Dutta and David F. Babbel, June 2002

#02-26
Extracting Probabilistic Information from the Prices of Interest Rate Options: Tests of Distributional Assumptions
Kabir K. Dutta and David F. Babbel, June 2002

#02-27
Parametric and Nonparametric Volatility Measurement
Torben G. Andersen, Tim Bollerslev and Francis X. Diebold, July 2002
Forthcoming, L.P. Hansen and Y. Ait-Sahalia (eds.), Handbook of Financial Econometrics. Amsterdam: North-Holland.

#02-28
Financial Intermediation
Gary Gorton and Andrew Winton, March 2002

#02-29
Bank Panics and the Endogeneity of Central Banking
Gary Gorton and Lixin Huang,June 2002

#02-30
The Scarcity of Effective Monitors and Its Implications For Corporate Takeovers and Ownership Structures
Gary Gorton and Matthias Kahl, July 2002

#02-31
Banking Prices and the Origin of Central Banking
Gary Gorton and Lixin Huang, August 2001

#02-32
Corporate Governance and Equity Prices
Paul A. Gompers, Joy L. Ishii and Andrew Metrick, July 2002
This is the preprint version only. For the published version please see: The Quarterly Journal of Economics 118(1), February, 107-155.

#02-33
Liquidity, Efficiency and Bank Bailouts
Gary Gorton and Lixin Huang, August 2002
This is the preprint version only. For the published version please see: American Eonomic Review 94(3), June 2004, 455-483.

#02-34
Forecasting the Term Structure of Government Bond Yields
Francis X. Diebold and Canlin Li, August 2002
This is the preprint version only. For the published version please see: Journal of Econometrics, 130, 337-364, 2006.

#02-35
Bank Asset Liquidation and the Propagation of the U.S. Great Depression
Ali Anari, James Kolari, and Joseph Mason, August 2002
This is the preprint version only. For the published version please see:Journal of Money, Credit and Banking. August 2005 (37:4), pp. 753-773.

#02-36
Banks and the World's Major Banking Centers, 2000
Sang Rim Choi, Daekeun Park and Adrian E. Tschoegl, July 2002
This is the preprint version only. For the published version please see: Banks and the World's Major Banking Centers, 2000. 2003. Weltwirtschaftliches Archiv 139 (3): 550-568 (with Sang-Rim Choi and Daekun Park).

#02-37
An Evolutionary View of Internationalization: Chase Manhattan Bank, 1917 to 1996
Gino Cattani and Adrian E. Tschoegl, August 2002

#02-38
Financial Integration, Dis-integration and Emerging Re-Integration in the Eastern Mediterranean, c.1850 to the Present
Adrian E. Tschoegl, August 2002
This is the preprint version only. For the published version please see:"Financial Integration, Dis-Integration and Emerging Re-Integration in the Eastern Meditteranean, c. 1850 tto the Present." Financial Markets, Instruments and Institutions 13(5): 244-284. 2004.

#99-02-C
Checking Accounts and Bank Monitoring
Loretta J. Mester, Leonard I. Nakamura and Micheline Renault, July 2002

#02-39
The Real Effects of U.S. Banking Deregulation
Philip E. Strahan, September 2002
Published in Federal Reserve Bank of St. Louis Review. 2003.

#02-40
Catastrophic Events, Parameter Uncertainty and the Breakdown of Implicit Long-term Contracting in the Insurance Market: The Case of Terrorism Insurance
J. David Cummins and Christopher M. Lewis, July 2002
This is a preprint version only. For the published version, please see: Journal of Risk and Uncertainty, 26 (2/3), pp. 153-178. 2003.

#02-41
The Benefits of a Secondary Market For Life Insurance Policies
Neil A. Doherty and Hal J. Singer, October 2002

#02-42
Weather Forecasting for Weather Derivatives
Sean D. Campbell and Francis X. Diebold, December 2002
This is the preprint version only. For the published version please see: Journal of the American Statistical Association, 100, pp. 6-16. 2005.

#02-43
Commonality in Liquidity: Transmission of Liquidity Shocks across Investors and Securities
Chitru S. Fernando, November 2002

#02-44
Law, Finance, and Economic Growth in China
This is the preprint version only. For the published version please see: Journal of Financial Economics, 77(2005), 57-116.