2013 Working Papers

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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