Homepage

Vita

Consulting Experience

Book

Working Papers

Publications (Selected)

Journals

"Financial Distress and Bank Lending Relationships"(with S. Dahiya and A. Srinivasan), Journal of Finance (forthcoming).

"Price Formation in the OTC Corporate Bond Markets: A Field Study of the Inter-Dealer Market" (with A. Srinivasan and I. Walter), Journal of Economics and Business (forthcoming).

"A Theory of Capital Regulation and Bank Management Compensation" (with K. John and L. Senbet), Review of Financial Studies (forthcoming).

"The Determinants of Bank Interest Margins: An International Study" (with L. Schumacher) Journal of International Money and Finance (forthcoming).

"Low Inflation: The Behavior of Financial Markets and Institutions"Journal of Money, Credit and Banking (forthcoming).

"Financial Fragility and Mexico 1994 Peso Crisis: An Event Window Analysis of Market Valuation Effects," Journal of Money, Credit and Banking (with Wilson and Caprio), (forthcoming).

"A Theory of Capital Regulation and Bank Management Compensation" (with K. John and L. Senbet), Review of Financial Studies (forthcoming).

"Mexico's 'Tequila' Bank Crisis: Devaluation or Diversification Problems" (with B. Wilson and G. Caprio) The Economic Journal, (forthcoming)

"Bank Entry Competition and the Market for Corporate Securities Underwriting," Journal of Financial Economics (with A. Gande and M. Puri), (forthcoming).

"Bank Capital Structure: A Comparative analysis of US, UK, and Canada," Journal of Banking and Finance (with B. Wilson), (forthcoming).

"Highly Leveraged Loan Transaction Spreads," Journal of Banking and Finance (with L. Angbazo and J.P. Mei), 1998.

"The Effects of Bank Mergers and Acquisitions on Small Business Lending," Journal of Financial Economics (with A. Berger, et al) 1998.

"Credit Risk Measurement: Developments over the last 20 years" Journal of Banking and Finance (with E. Altman), 1998.

"Bank Underwriting of Debt Securities: Modern Evidence" Review of Financial Studies (with a. Gande, M. Puri and I. Walter), 1997.

"An Investigation of the Performance of U.S. Property-Casualty Insurance Industry (with N.K. Chidambaran and T. Pugel), Journal of Risk and Insurance, 1997.

"Contagious Bank Run and Panics: Evidence from the 1929-33 Period" Journal of Financial Intermediation (with B. Wilson), 1997.

"Alternative Models for Clearance and Settlement: The Case of the Single European Capital Market (with I. Giddy and I. Walter) Journal of Money, Credit and Banking, 1997.

"Excessive Gambling with Unfavorable Odds: Financial Institutions and Real Estate Investments" Review of Economics and Statistics (with J.P. Mei), 1997.

"Bank Equity Stakes in Borrowing Firms and Financial Distress" Review of Financial Studies (with M. Berlin and K. John), 1996.

"If History Could be Re-run: Pricing Deposit Insurance in 1933" Journal of Financial Intermediation" (with B. Wilson), 1995.

"Bank Risk and Too Big to Fail Guarantees: An Asset Pricing Perspective" Journal of Real Estate Finance and Economics (with J-P Mei), 1995.

"The Effect of Bank Capital Requirements on Bank Off-Balance Sheet Financial Innovations" Journal of Banking and Finance, 1995.

"When Does the Prime Rate Change" Journal of Banking and Finance (with L. Mester), 1995.

"Deposit Insurance and Regulatory Forbearance: Are Caps on Insured Deposits Optimal?" Journal of Money Credit and Banking (with J.F. Dreyfus and L. Allen), 1994.

"Universal Banking and Firm Risk Taking" Journal of Banking and Finance (with K. John and T. John), 1994.

"Banking and Commerce: An Overview of the Policy Issues" Journal of Banking and Finance), 1994.

"Time Variation of Risk Premiums for Insurance Companies" Journal of Risk and Insurance (with J-P. Mei), 1994.

"Managers, Owners and the Pricing of Risky Debt: An Empirical Analysis" Journal of Finance (with E. Bagnani, N. Milonas, and N. Travols), 1994.

"Banking Sector and Restructuring in Eastern Europe," Journal of Banking and Finance (with A. Sommariva), 1993.

"Forbearance and Valuation of Deposit Insurance as a Callable Put," Journal of Banking and Finance (with L. Allen), 1993.

"Prime Rate Changes: Is There An Advantage in Being First?" Journal of Business (with P. Nabar and S. Park) 1993.

"Bank Window-Dressing: Theory and Evidence" Journal of Banking and Finance, (with L. Allen), 1992.

"The Pricing of Retail Deposits: Concentration and Information" Journal of Financial Intermediation (with Allen and Udell), 1992.

"Deposit Insurance Reform" Journal of Banking and Finance (with Berlin, Udell), August 1991.

"Additions to Bank Loan-Loss Reserves: Good News or Bad New?" (with T. Grammatikos), Journal of Monetary Economics, 1990.

"Ownership Control, Regulation and Bank Risk-Taking" (with Strock and Travlos), Journal of Finance, 1990.

"Are Banks Special: The Separation of Banking from Commerce and Interest Rate Risk" (with Yourougou), Journal of Economics and Business, 1990.

"The Underpricing of New Issues in Singapore" (with J. Lim), Journal of Banking and Finance, 1990.

"Bank Size, Collateral and Net Purchase Behavior in the Federal Funds Market: Empirical Evidence (with Allen and Peristiani), Journal of Business, 1989.

"The Effects of Shifts in Monetary Policy and Reserve Accounting Regimes on Bank Reserve Management in the Federal Funds Market" (with T. Urich), Journal of Banking and Finance, 1989.

"The Effects of DIDMCA on the Profitability and Risk of Large Commercial Banks and Thrift Institutions’ (with J. Aharony and I. Swary), Journal of Banking and Finance, 1988.

"The Hedging Performance of ECU Futures" (with S. Sienkiewicz), Journal of Futures Markets, 1988.

"Intra- and Inter-Industry Effects of Bank Securities Market Activities: The Case of Discount Brokerage" (with M. Smirlock), Journal of Financial and Quantitative Analysis, 1987.

"New Tests of the Parity Hypothesis and Fiscal Policy Effects" (with J. Merrick), Journal of Monetary Economics, 1986.

"The Returns and Risks of U.S. Banks’ Foreign Currency Activities" (with T. Grammatikos and I. Swary), Journal of Finance, 1986.

"The Determinants of Country Risk: A Selective Survey of the Literature," Journal of Banking and Finance (Supplement), 1986.

"An Examination of the Contagion Effect in the International Loan Market," Journal of Banking and Finance (Supplement), 1986.

"The Effects of a Shift in Monetary Policy Regime on the Profitability and Risk of Commercial Banks" (with J. Aharony and I. Swary), Journal of Monetary Economics, 1986.

"The Large-Small Bank Dichotomy in the Federal Funds Market" (with L. Allen), Journal of Banking and Finance, 1986.

"Futures Price Variability: A Test of Maturity and Volume Effects" (with T. Grammatikos), Journal of Business, 1986.

"A Micro-Model of the Federal Funds Market" (with T. Ho), Journal of Finance, 1985.

"The Effects of the International Banking Act on Domestic Bank Profitability and Risk" (with J. Aharony and I. Swary), Journal of Money, Credit and Banking, 1985.

"Bank Regulation and Monetary Policy," Journal of Money, Credit and Banking, 1985.

"On Constructing the Group Utility Function of a Loan Syndicate" (with D. Gandhi and R. Hausman), Journal of Banking and Finance, 1985.

"On the Constancy of the International Real Rate of Interest" (with R. Tress), Journal of Monetary Economics, 1984.

"Fixed Rate Loan Commitments, Takedown Risk and the Dynamics of Hedging with Futures" (with T. Ho), Journal of Financial and Quantitative Analysis, 1983.

"Asymmetric Information, Regulatory Lag and the Value of Incentive Contracts" (with K. John), Journal of Finance, 1983.

"Stability and the Hedging Performance of Foreign Exchange Futures (with T. Grammatikos), Journal of Futures Markets, 1983.

"The Determinants of Bank Interest Margins: Theory and Empirical Evidence" (with T. Ho), Journal of Financial and Quantitative Analysis, November 1981.

"The Growth of Organizational Forms of Foreign Banks in the U.S." (with L. Goldberg), Journal of Money, Credit and Banking, August 1981.

"The Investors’ Gains from International Portfolio Investment" (with D. Gandhi, et al.), Journal of Banking and Finance, June 1981.

"A Catastrophe Model of Bank Failure" (with T. Ho), Journal of Finance, December 1980.

"Determinants of Foreign Bank Activity in the United States," Journal of Banking and Finance, December 1980.

"The Causes of U.S. Bank Expansion Overseas: The Case of Great Britain" (with L. Goldberg), Journal of Money, Credit and Banking, November 1980.

"A Stochastic Dominance Analysis of Unit Trust Performance" (with R. Woodward and C. Ward), Journal of Financial And Quantitative Analysis, June 1980.

"Bid Behavior and the Determination of Treasury Bill Rates" (with C. Ward), Oxford Bulletin of Economics and Statistics, August 1979.

"Risk, Regulation and Performance of Clearing Banks, 1965-1975" (with C. Ward), Journal of Industrial Economics, December 1976.