Details about Viral V. Acharya

Access statistics for papers by Viral V. Acharya.

Last updated 2012-07-11. Update your information in the RePEc Author Service.

Short-id: pac33

Working Papers

2013

1. Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
   CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012)

2012

2. A Theory of Income Smoothing When Insiders Know More Than Outsiders
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011)
3. A proposal for the resolution of systemically important assets and liabilities: The case of the repo market
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
4. Aggregate Risk and the Choice between Cash and Lines of Credit
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (3)
   See also Chapter (2010)
5. Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
   NBER Working Papers, National Bureau of Economic Research, Inc
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011)
   Research Working Paper, Federal Reserve Bank of Kansas City (2011)
6. Caught between Scylla and Charybdis? Regulating bank leverage when there is rent-seeking and risk-shifting
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
   Also in Staff Reports, Federal Reserve Bank of New York (2010) View citations (11)
   Working Paper, Federal Reserve Bank of Cleveland (2010) View citations (4)
   Working paper, Regulation2point0 (2010) View citations (4)
7. Competition for Managers, Corporate Governance and Incentive Compensation
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
8. Dividends and Bank Capital in the Financial Crisis of 2007-2009
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (1)
9. Measuring Systemic Risk
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Working Paper, Federal Reserve Bank of Cleveland (2010) View citations (35)
10. Precautionary hoarding of liquidity and inter-bank markets: Evidence from the sub-prime crisis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (24)
11. Robust Capital Regulation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in Staff Reports, Federal Reserve Bank of New York (2011) View citations (1)
    See also Journal Article in Current Issues in Economics and Finance (2012)
12. Securitization Without Risk Transfer
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (7)
13. The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)

2011

14. A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
    Also in Staff Reports, Federal Reserve Bank of New York (2011) View citations (19)
    See also Journal Article in Journal of Monetary Economics (2011)
15. A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (16)
16. A Transparency Standard for Derivatives
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Chapter (2012)
17. Cash Holdings and Credit Risk
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (2)
18. Counterparty Risk Externality: Centralized Versus Over-the-counter Markets
    NBER Working Papers, National Bureau of Economic Research, Inc
19. Endogenous Information Flows and the Clustering of Announcements
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (1)
    See also Journal Article in American Economic Review (2011)
20. Limits to Arbitrage and Hedging: Evidence from Commodity Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (2)
21. Market Failures and Regulatory Failures: Lessons from Past and Present Financial Crises
    Macroeconomics Working Papers, East Asian Bureau of Economic Research
    Also in ADBI Working Papers, Asian Development Bank Institute (2011)
    Governance Working Papers, East Asian Bureau of Economic Research (2011)
    Finance Working Papers, East Asian Bureau of Economic Research (2011)
22. Sovereign Debt, Government Myopia, and the Financial Sector
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011)

2010

23. Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
24. Labor Laws and Innovation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (8)
25. Leverage, Moral Hazard and Liquidity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    See also Journal Article in Journal of Finance (2011)
26. Liquidity Risk of Corporate Bond Returns
    NBER Working Papers, National Bureau of Economic Research, Inc
27. Rollover Risk and Market Freezes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (38)
    See also Journal Article in Journal of Finance (2011)

2009

28. A Theory of Slow-Moving Capital and Contagion
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
29. A Theory of Systemic Risk and Design of Prudential Bank Regulation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (59)
    See also Journal Article in Journal of Financial Stability (2009)
30. Corporate Governance and Value Creation: Evidence from Private Equity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
31. Creditor rights and corporate risk-taking
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (5)
    See also Journal Article in Journal of Financial Economics (2011)
32. Crisis Resolution and Bank Liquidity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
    See also Journal Article in Review of Financial Studies (2011)
33. Endogenous choice of bank liquidity: the role of fire sales
    Bank of England working papers, Bank of England View citations (5)
34. Private Equity vs. PLC Boards: A Comparison of Practices and Effectiveness - Summary of Research Findings
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
35. The Internal Governance of Firms
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009)
    See also Journal Article in Journal of Finance (2011)

2008

36. Corporate Governance Externalities
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    See also Journal Article in Review of Finance (2010)
37. Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (36)
    See also Journal Article in American Economic Journal: Macroeconomics (2012)
38. Moral Hazard, Collateral and Liquidity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)

2007

39. Bankruptcy Codes and Innovation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (13)
    See also Journal Article in Review of Financial Studies (2009)
40. Cash-in-the-market pricing and optimal resolution of bank failures
    Bank of England working papers, Bank of England View citations (18)
    See also Journal Article in Review of Financial Studies (2008)
41. Finance and Efficiency: Do Bank Branching Regulations Matter?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (3)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2006) View citations (9)
    See also Journal Article in Review of Finance (2011)
42. Fire Sales, Foreign Entry and Bank Liquidity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
43. Fire-sale FDI
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (12)
44. Liquidity Risk and Correlation Risk: A Clinical Study of the General Motors and Ford Downgrade of May 2005
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
45. More Insiders, More Insider Trading: Evidence from Private Equity Buyouts
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    See also Journal Article in Journal of Financial Economics (2010)
46. Too many to fail - an analysis of time-inconsistency in bank closure policies
    Bank of England working papers, Bank of England View citations (14)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (4)
    See also Journal Article in Journal of Financial Intermediation (2007)

2005

47. Cash-in-the-Market Pricing and Optimal Bank Bailout Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
48. Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    See also Journal Article in Journal of Financial Intermediation (2011)
49. Insider Trading in Credit Derivatives
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    See also Journal Article in Journal of Financial Economics (2007)
50. Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (39)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (1)
    See also Journal Article in Journal of Financial Intermediation (2007)

2004

51. Asset Pricing with Liquidity Risk
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (7)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (22)
    See also Journal Article in Journal of Financial Economics (2005)

2003

52. Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
53. Optimal Financial Market Integration and Security Design
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    See also Journal Article in The Journal of Business (2005)
54. Understanding the Recovery Rates on Defaulted Securities
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (14)

2002

55. Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (25)
    See also Journal Article in Review of Financial Studies (2002)
56. Entrepreneurial Incentives in Stock Market Economies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
57. Is the International Convergence of Capital Adequacy Regulation Desirable?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    See also Journal Article in Journal of Finance (2003)
58. Pricing Credit Derivatives with Rating Transitions
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
59. Should banks be diversified? Evidence from individual bank loan portfolios
    BIS Working Papers, Bank for International Settlements View citations (16)
    See also Journal Article in The Journal of Business (2006)
60. The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (21)
    See also Journal Article in Proceedings (2002)
61. When Does Strategic Debt Service Matter?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (9)
    See also Journal Article in Economic Theory (2006)

2000

62. Costly Financing, Optimal Payout Policies and the Valuation of Corporate Debt
    New York University, Leonard N. Stern School Finance Department Working Paper Seires, New York University, Leonard N. Stern School of Business- View citations (5)

1999

63. On the Optimality of Resetting Executive Stock Options
    New York University, Leonard N. Stern School Finance Department Working Paper Seires, New York University, Leonard N. Stern School of Business- View citations (2)
    See also Journal Article in Journal of Financial Economics (2000)

1998

64. Contract Renegotiation and the Optimality of resetting Executive Stock Options
    New York University, Leonard N. Stern School Finance Department Working Paper Seires, New York University, Leonard N. Stern School of Business- View citations (1)

Journal Articles

2012

1. Capital Shortfall: A New Approach to Ranking and Regulating Systemic Risks
   American Economic Review, 2012, 102, (3), 59-64 View citations (5)
2. Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking
   American Economic Journal: Macroeconomics, 2012, 4, (2), 184-217
   See also Working Paper (2008)
3. Robust capital regulation
   Current Issues in Economics and Finance, 2012, (May)
   See also Working Paper (2012)
4. What Saved the Indian Banking System: State Ownership or State Guarantees?
   The World Economy, 2012, 35, (1), 19-31

2011

5. A model of liquidity hoarding and term premia in inter-bank markets
   Journal of Monetary Economics, 2011, 58, (5), 436-447 View citations (8)
   See also Working Paper (2011)
6. A tale of two overhangs:the nexus of fi nancial sector and sovereign credit risks
   Financial Stability Review, 2011, (16), 51-56
7. Creditor rights and corporate risk-taking
   Journal of Financial Economics, 2011, 102, (1), 150-166 View citations (6)
   See also Working Paper (2009)
8. Crisis Resolution and Bank Liquidity
   Review of Financial Studies, 2011, 24, (6), 2166-2205 View citations (4)
   See also Working Paper (2009)
9. Cross-country variations in capital structures: The role of bankruptcy codes
   Journal of Financial Intermediation, 2011, 20, (1), 25-54 View citations (1)
   See also Working Paper (2005)
10. Endogenous Information Flows and the Clustering of Announcements
    American Economic Review, 2011, 101, (7), 2955-79 View citations (1)
    See also Working Paper (2011)
11. Finance and Efficiency: Do Bank Branching Regulations Matter?
    Review of Finance, 2011, 15, (1), 135-172
    See also Working Paper (2007)
12. Leverage, Moral Hazard, and Liquidity
    Journal of Finance, 2011, 66, (1), 99-138 View citations (15)
    See also Working Paper (2010)
13. Rollover Risk and Market Freezes
    Journal of Finance, 2011, 66, (4), 1177-1209 View citations (10)
    See also Working Paper (2010)
14. The Dodd‐Frank Wall Street Reform and Consumer Protection Act: Accomplishments and Limitations
    Journal of Applied Corporate Finance, 2011, 23, (1), 43-56
15. The Internal Governance of Firms
    Journal of Finance, 2011, 66, (3), 689-720 View citations (3)
    See also Working Paper (2009)

2010

16. Comment on "The Macroeconomics of Money Market Freezes" by Max Bruche and Javier Suarez
    Journal of Monetary Economics, 2010, 57, (1), 62-63
17. Corporate Governance Externalities
    Review of Finance, 2010, 14, (1), 1-33 View citations (5)
    See also Working Paper (2008)
18. Do Global Banks Spread Global Imbalances? Asset-Backed Commercial Paper during the Financial Crisis of 2007–09
    IMF Economic Review, 2010, 58, (1), 37-73
19. More insiders, more insider trading: Evidence from private-equity buyouts
    Journal of Financial Economics, 2010, 98, (3), 500-523
    See also Working Paper (2007)
20. Systemic risk and deposit insurance premiums
    Economic Policy Review, 2010, (Aug), 89-99 View citations (8)

2009

21. A theory of systemic risk and design of prudential bank regulation
    Journal of Financial Stability, 2009, 5, (3), 224-255 View citations (44)
    See also Working Paper (2009)
22. Bankruptcy Codes and Innovation
    Review of Financial Studies, 2009, 22, (12), 4949-4988 View citations (6)
    See also Working Paper (2007)
23. Government Guarantees: Why the Genie Needs to Be Put Back in the Bottle
    The Economists' Voice, 2009, 6, (11), 1-5
24. Managerial hedging, equity ownership, and firm value
    RAND Journal of Economics, 2009, 40, (1), 47-77 View citations (7)
25. Private Equity vs. PLC Boards in the U.K.: A Comparison of Practices and Effectiveness
    Journal of Applied Corporate Finance, 2009, 21, (1), 45-56 View citations (1)

2008

26. Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures
    Review of Financial Studies, 2008, 21, (6), 2705-2742 View citations (20)
    See also Working Paper (2007)
27. Information Contagion and Bank Herding
    Journal of Money, Credit and Banking, 2008, 40, (1), 215-231 View citations (10)

2007

28. Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries
    Journal of Financial Economics, 2007, 85, (3), 787-821 View citations (35)
29. Insider trading in credit derivatives
    Journal of Financial Economics, 2007, 84, (1), 110-141 View citations (39)
    See also Working Paper (2005)
30. Is cash negative debt? A hedging perspective on corporate financial policies
    Journal of Financial Intermediation, 2007, 16, (4), 515-554 View citations (41)
    See also Working Paper (2005)
31. Private Equity: Boom and Bust?
    Journal of Applied Corporate Finance, 2007, 19, (4), 44-53 View citations (3)
32. Too many to fail--An analysis of time-inconsistency in bank closure policies
    Journal of Financial Intermediation, 2007, 16, (1), 1-31 View citations (55)
    See also Working Paper (2007)

2006

33. Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios
    The Journal of Business, 2006, 79, (3), 1355-1412 View citations (30)
    See also Working Paper (2002)
34. When does Strategic Debt-service Matter?
    Economic Theory, 2006, 29, (2), 363-378 View citations (3)
    See also Working Paper (2002)

2005

35. Asset pricing with liquidity risk
    Journal of Financial Economics, 2005, 77, (2), 375-410 View citations (197)
    See also Working Paper (2004)
36. Optimal Financial-Market Integration and Security Design
    The Journal of Business, 2005, 78, (6), 2397-2434 View citations (2)
    See also Working Paper (2003)

2003

37. Is the International Convergence of Capital Adequacy Regulation Desirable?
    Journal of Finance, 2003, 58, (6), 2745-2782 View citations (31)
    See also Working Paper (2002)

2002

38. Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy
    Review of Financial Studies, 2002, 15, (5), 1355-1383 View citations (23)
    See also Working Paper (2002)
39. Should banks be diversified? evidence from individual bank portfolios
    Proceedings, 2002, (May), 308-334 View citations (1)
40. The effects of focus and diversification on bank risk and return: evidence from individual bank loan portfolios
    Proceedings, 2002, (May) View citations (16)
    See also Working Paper (2002)

2000

41. On the optimality of resetting executive stock options
    Journal of Financial Economics, 2000, 57, (1), 65-101 View citations (17)
    See also Working Paper (1999)

Chapters

2012

1. A Transparency Standard for Derivatives
   A chapter in Risk Topography: Systemic Risk and Macro Modeling, 2012
   See also Working Paper (2011)
2. How to Calculate Systemic Risk Surcharges
   A chapter in Quantifying Systemic Risk, 2012, pp 175-212

2010

3. Aggregate Risk and the Choice between Cash and Lines of Credit
   A chapter in Wealth, Financial Intermediation and the Real Economy, 2010
   See also Working Paper (2012)