Research

Publications:

  • " Should the CEO Pay Ratio Be Regulated?”, with Nejat Seyhun, Jinjing Liu, Cindy Schipani, Journal of Corporation Law, forthcoming
  • “Corporate Governance of Banks and Financial Stability”, with Asli Demirguc-Kunt, Harry Huizinga and Kebin Ma, Journal of Financial Economics, vol 130, 2018[download]
  • “Is There a Distress Risk Anomaly? Pricing of Systematic Default Risk in the Cross Section of Equity Returns”, with C. Yildizhan, Review of Finance, vol 22, 2018 [download]
  • Foreign Bank Subsidiaries’ Default Risk During the Global Crisis: What Factors Help Insulate Affiliates from Their Parents?”, with Eugenio Cerutti and Soledad Martinez Peria, , Journal of Financial Intermediation, vol 29, 2017 [download]
  • “How Does Corporate Governance Affect Bank Capitalization Strategies?” with Asli Demirguc-Kunt, Harry Huizinga and Kebin Ma, Journal of Financial Intermediation, vol 26, 2016 [download]
  • “How does Bank Competition affect Systemic Stability”, with Asli Demirguc-Kunt and M. Zhu, Journal of Financial Intermediation, vol. 23, 2014 [download]
  • “How Does Deposit Insurance Affect Bank Risk? Evidence from the Recent Crisis”, with Asli Demirguc-Kunt and M. Zhu, Journal of Banking and Finance, vol 48, 2014 [download]
  • “The Chrysler Effect: The Impact of Government Intervention on Borrowing Costs”, with A. Warburton, Journal of Banking and Finance, vol 40, 2014 [download]
  • “Has the Global Banking Sector become more Fragile over Time?” with Asli Demirguc-Kunt, Journal of Financial Stability, vol. 13, 2014 [download]
  • Risk-Absorption by the State: When is it Good Public Policy?” With Augusto de la Torre and Alain Ize, Journal of Financial Stability, vol 10, 2014 [download]
  • “Should Size Matter When Regulating Firms? Implications from Backdating of Executive Options”, with MP Narayanan, Nejat Seyhun, Cindy Schipani, Journal of Legislation & Public Policy, 15:1, 2012 [download]
  • “Stocks of Admired Companies and Spurned Ones”, with Meir Statman, Journal of Portfolio Management, vol 26, 2010 [download]
  • “Affect in a Behavioral Asset Pricing Model”, with Meir Statman and Kenneth L. Fisher, Financial Analyst Journal, 64:2, 2010 [download]

Book Chapters:

  • “Bank Runs and Moral Hazard: A review of Deposit Insurance”, with Asli Demirguc-Kunt, in the Oxford Handbook of Banking (3rd edition), Oxford University Press, forthcoming.
  • “Deposit Insurance Design and Institutional Environment”, ifo DICE Report, forthcoming.
  • “Banking Regulation and Supervision: Conceptual Framework and Stylized Facts”, Global Financial Development Report, World Bank Group, 2019
  • “Market Discipline, Global Financial Development Report, World Bank Group, 2019
  • “The Transmission of Bank Default Risk During the Global Financial Crisis”, with Eugenio Cerutti and Soledad Martinez Peria, in The Future of Large, Internationally Active Banks, World Scientific publishers, 2017.
  • “Corporate Governance and Bank Risk Taking”, with Asli Demirguc-Kunt, Harry Huizinga and Kebin Ma, in The Future of Large, Internationally Active Banks, World Scientific publishers, 2017.
  • “Understanding and improving household investment behavior in Brazil A stock market simulator as a learning-by-doing financial literacy tool”, with Aidan Coville, Vincenzo Di Maro, Martin Kanz, Arianna Legovini, Caio Piza, and Astrid Zwager, in “Enhancing financial capability and behavior in low and middle-income countries”, World Bank 2014.
  • “Revisiting the case for public guarantees: a frictions based approach”, with A. de la Torre and A. Ize, in “Emerging Issues in Financial Development: Lessons from Latin America”, World Bank, 2013.

Working Papers:

  • “Do Insiders Exploit Anomalies”, with Nejat Seyhun, Jerry Hoberg [download]
  • “The End of Market Discipline? Investor Expectations of Implicit State Guarantees”, with Viral Acharya and Joe Warburton [download]. Senate testimony on implicit guarantees [download]
    • being revised for resubmission to Journal of Finance
  • “Do Individual Investors Ignore Transaction Costs?”, with Celim Yildizhan and Snow Han [download]
    • being revised for resubmission to Review of Asset Pricing Studies
  • “Do Simulated Gains Lead to Real Losses?”, with Caio Piza, Sugata Ray, and Luqi Xu
  • “It’s Personal, Not Strictly Business: Manager Entrenchment Through Personal Relationships”, with Paul Irvine and Celim Yildizhan