Details about Franklin Allen

E-mail:
Homepage:	http://finance.wharton.upenn.edu/~allenf/
Phone:	215-898-3629
Postal address:	2253 Steinberg Hall - Dietrich Hall 3620 Locust Walk University of Pennsylvania Philadelphia, PA 19104
Workplace:	Finance Department, Wharton School of Business, University of Pennsylvania, (more information at EDIRC) Financial Institutions Center, Wharton School of Business, University of Pennsylvania, (more information at EDIRC)

Access statistics for papers by Franklin Allen.

Last updated 2008-12-11. Update your information in the RePEc Author Service.

Short-id: pal67

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Working Papers

2008

1. Financial system: shock absorber or amplifier?
   BIS Working Papers, Bank for International Settlements

2006

2. Credit market competition and capital regulation
   Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations
   Also in CFS Working Paper Series, Center for Financial Studies (2005) View citations
3. Financing firms in India
   Policy Research Working Paper Series, The World Bank View citations
4. Mark-to-Market Accounting and Liquidity Pricing
   CFS Working Paper Series, Center for Financial Studies
   See also Journal Article in Journal of Accounting and Economics (2008)

2005

5. Credit Risk Transfer and Contagion
   CFS Working Paper Series, Center for Financial Studies
   See also Journal Article in Journal of Monetary Economics (2006)
6. The Financial System of the EU 25
   MPRA Paper, University Library of Munich, Germany View citations

2004

7. Beauty Contests, Bubbles and Iterated Expectations in Asset Markets
   Yale School of Management Working Papers, Yale School of Management View citations
   Also in NajEcon Working Paper Reviews, www.najecon.org (2003) View citations
   Cowles Foundation Discussion Papers, Cowles Foundation, Yale University (2003) View citations
8. The Efficiency and Stability of Banks and Markets
   Research series, National Bank of Belgium View citations

2003

9. Beauty Contests, Bubbles and Iterated Expectations in Asset Markets Capital Adequacy Regulation: In Search of a Rationale
   Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania
10. Financial Fragility, Liquidity and Asset Prices
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
11. Financial Intermediaries and Markets
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    See also Journal Article in Econometrica (2004)

2002

12. Asset Price Bubbles and Stock Market Interlinkages
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
13. Law, Finance, and Economic Growth in China
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    See also Journal Article in Journal of Financial Economics (2005)
14. Payout Policy
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    See also Chapter (2003)
15. Venture Capital and Corporate Governance
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations

2001

16. Banking Regulation versus Securities Market Regulation
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
17. Comparative Financial Systems: A Survey
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
18. Do Financial Institutions Matter?
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
19. E-Finance: An Introduction
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    See also Journal Article in Journal of Financial Services Research (2002)

2000

20. Asset Price Bubbles and Monetary Policy
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
21. Optimal Currency Crises
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    See also Journal Article in Carnegie-Rochester Conference Series on Public Policy (2000)

1999

22. Corporate Governance and Competition
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
23. Diversity of Opinion and Financing of New Technologies
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    Also in Working Papers, C.V. Starr Center for Applied Economics, New York University (1998) View citations
    See also Journal Article in Journal of Financial Intermediation (1999)
24. Financial Contagion
    Levine's Working Paper Archive, David K. Levine View citations
    Also in Working Papers, C.V. Starr Center for Applied Economics, New York University (1998) View citations
    See also Journal Article in Journal of Political Economy (2001)
25. WHAT DO FINANCIAL INTERMEDIARIES DO?
    Departmental Working Papers, Tor Vergata University, CEIS View citations
    Also in Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania (1999) View citations
    See also Journal Article in Journal of Banking & Finance (2001)

1998

26. A Theory of Dividends Based on Tax Clienteles
    Yale School of Management Working Papers, Yale School of Management View citations
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
    See also Journal Article in Journal of Finance (2000)
27. Bubbles and Crises The Economic Journal
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
28. Finance Applications of Game Theory
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    Also in Cowles Foundation Discussion Papers, Cowles Foundation, Yale University (1998)
29. Financial Contagion Journal of Political Economy
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations

1996

30. Financial Markets, Intermediaries and Intertemporal Smoothing
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania
    Also in Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania (1995) View citations
    Working Papers, Federal Reserve Bank of Philadelphia (1995) View citations
    See also Journal Article in Journal of Political Economy (1997)
31. Financial Pricing of Insurance in the Multiple Line Insurance Company
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
32. The Future of the Japanese Financial System
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
33. The Theory of Financial Intermediation
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    See also Journal Article in Journal of Banking & Finance (1997)

1995

34. Universal Banking, Intertemporal Smoothing and European Financial Integration
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania
35. Universal banking, intertemporal risk smoothing, and European financial integration
    Working Papers, Federal Reserve Bank of Philadelphia View citations

1994

36. A Welfare Comparison of the German and U.S. Financial Systems
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
37. A welfare comparison of intermediaries and financial markets in Germany and the U.S
    Working Papers, Federal Reserve Bank of Philadelphia View citations
    See also Journal Article in European Economic Review (1995)

1993

38. Strategic Management and Financial Markets
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations

1991

39. Limited Market Participation and Volatility of Asset Prices
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research View citations
    Also in Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research (1991) View citations
    See also Journal Article in American Economic Review (1994)
40. Rational Expectations and Stock Market Bubbles
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
41. Rational Finite Bubbles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
42. Stock Price Manipulation, Market Microstructure and Asymetric Information
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1991) View citations
    See also Journal Article in European Economic Review (1992)

1990

43. MEASUREMENT DISTORTION AND MISSING CONTINGENCIES IN OPTIMAL CONTRACTS
    Weiss Center Working Papers, Wharton School - Weiss Center for International Financial Research View citations
    See also Journal Article in Economic Theory (1992)

1976

44. Optimal Financial Crises
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations
    See also Journal Article in Journal of Finance (1998)

Undated

45. A Note on Clienteles and the Miller Model (Revised: 5-88)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
46. A Welfare Comparison of the German and U.S. Financial Systems (Reprint 047)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
47. Arbitrage, Short Sales and Financial Innovation
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
    See also Journal Article in Econometrica (1991)
48. Capital Structure and Imperfect Competition in Product Markets (Revised: 20-85 and 11-87)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
49. Capital Structure and Imperfect Competition in Product Markets (Revision of 20-85, 24-84)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
50. Capital Structure and Imperfect Competition in Product Markets (Revision of 24-84; Revised: 11-87)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
51. Churning Bubbles (Reprint 039)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
52. Contracts to Sell Information (Revised: 6-87)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
53. Contracts to Sell Information (Revision of 12-85)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
54. Corporate Financial Structure, Incentives and Optimal Contracting (Reprint 049)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
55. Dividend Policy (Reprint 050)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
56. Estimating Divisional Cost of Capital for Insurance Companies (Reprint 037)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
57. Financial Markets, Intermediaries, and Intertemporal Smoothing (Revised 14-96)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
58. Financial Markets, Intermediaries, and Intertemporal Smoothing (Revision of 5-95) (Reprint 061)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
59. Finite Bubbles with Short Sale Constraints and Asymmetric Information (Reprint 042)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
60. Incomplete Markets and Incentives to Set Up An Options Exchange
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
61. Limited Market Participation and Volatility of Asset Prices (Revised: 2-92)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
62. Limited Market Participation and Volatility of Asset Prices (Revision of 14-91) (Reprint 043)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
63. Measurement Distortion and Missing Contingencies in Optimal Contracts (Reprint 018)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
64. Optimal Security Design
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
    See also Journal Article in Review of Financial Studies (1988)
65. Stock Markets and Resource Allocation (Reprint 036)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
66. Stock Price Manipulation (Reprint 025)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
67. Stock Price Manipulation, Market Microstructure and Asymmetric Information (Reprint 024)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
68. Tax Clienteles and the Miller Model with Incomplete Markets (Revision of 4-87)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
69. The Changing Nature of Debt and Equity: A Financial Perspective
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research
    See also Journal Article in Conference Series ; [Proceedings] (1989)
70. The Social Value of Asymmetric Information
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
    Also in Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
71. Using Genetic Algorithms to Find Technical Trading Rules (Revised: 20-95)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research View citations
72. Using Genetic Algorithms to Find Technical Trading Rules (Revision of 20-93)
    Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research

Journal Articles

2008

1. Mark-to-market accounting and liquidity pricing
   Journal of Accounting and Economics, 2008, 45, (2-3), 358-378 View citations
   See also Working Paper (2006)

2006

2. Beauty Contests and Iterated Expectations in Asset Markets
   Review of Financial Studies, 2006, 19, (3), 719-752 View citations
3. Credit risk transfer and contagion
   Journal of Monetary Economics, 2006, 53, (1), 89-111 View citations
   See also Working Paper (2005)
4. Large Investors, Price Manipulation, and Limits to Arbitrage: An Anatomy of Market Corners
   Review of Finance, 2006, 10, (4), 645-693 View citations

2005

5. Bank competition and the role of regulation
   Proceedings, 2005, (May), 121-123
6. Corporate Governance in Emerging Economies
   Oxford Review of Economic Policy, 2005, 21, (2), 164-177 View citations
7. From Cash-in-the-Market Pricing to Financial Fragility
   Journal of the European Economic Association, 2005, 3, (2-3), 535-546 View citations
8. Law, finance, and economic growth in China
   Journal of Financial Economics, 2005, 77, (1), 57-116 View citations
   See also Working Paper (2002)

2004

9. Competition and Financial Stability
   Journal of Money, Credit and Banking, 2004, 36, (3), 453-80 View citations
   Also in Proceedings, 2004, 453-486 (2004) View citations
10. Financial Crises, Liquidity, and the International Monetary System: Jean Tirole, Princeton University Press, 2002
    Journal of International Economics, 2004, 62, (1), 233-236
11. Financial Intermediaries and Markets
    Econometrica, 2004, 72, (4), 1023-1061 View citations
    See also Working Paper (2003)
12. Financial Systems in Europe, the USA, and ASIA
    Oxford Review of Economic Policy, 2004, 20, (4), 490-508 View citations
13. Liquidity and Financial Instability: An Introduction
    Journal of the European Economic Association, 2004, 2, (6), 925-928
14. Sustained Economic Growth and the Financial System
    Monetary and Economic Studies, 2004, 22, (S1), 95-119

2003

15. Commentary on Monetary policy and financial market evolution
    Review, 2003, (Jul), 27-30

2002

16. E-Finance: An Introduction
    Journal of Financial Services Research, 2002, 22, (1), 5-27 View citations
    See also Working Paper (2001)

2001

17. Financial Contagion
    Journal of Political Economy, 2001, 108, (1), 1-33 View citations
    See also Working Paper (1999)
18. Financial Structure and Financial Crisis
    International Review of Finance, 2001, 2, (1&2), 1-19 View citations
19. Presidential Address: Do Financial Institutions Matter?
    Journal of Finance, 2001, 56, (4), 1165-1175 View citations
20. What do financial intermediaries do?
    Journal of Banking & Finance, 2001, 25, (2), 271-294 View citations
    See also Working Paper (1999)

2000

21. A Theory of Dividends Based on Tax Clienteles
    Journal of Finance, 2000, 55, (6), 2499-2536 View citations
    See also Working Paper (1998)
22. Bubbles and Crises
    Economic Journal, 2000, 110, (460), 236-55 View citations
23. Optimal currency crises
    Carnegie-Rochester Conference Series on Public Policy, 2000, 53, (1), 177-230 View citations
    See also Working Paper (2000)
24. Selection Editor's Introduction
    Journal of Finance, 2000, 55, (4), 1477-1477

1999

25. Bubbles, Crises, and Policy
    Oxford Review of Economic Policy, 1999, 15, (3), 9-18 View citations
26. Diversity of Opinion and Financing of New Technologies
    Journal of Financial Intermediation, 1999, 8, (1-2), 68-89 View citations
    See also Working Paper (1999)
27. GUEST EDITOR'S INTRODUCTION: The Design of Financial Systems and Markets
    Journal of Financial Intermediation, 1999, 8, (1-2), 5-7
28. Using genetic algorithms to find technical trading rules1
    Journal of Financial Economics, 1999, 51, (2), 245-271 View citations

1998

29. Optimal Financial Crises
    Journal of Finance, 1998, 53, (4), 1245-1284 View citations
    See also Working Paper (1976)

1997

30. Financial Markets, Intermediaries, and Intertemporal Smoothing
    Journal of Political Economy, 1997, 105, (3), 523-46 View citations
    See also Working Paper (1996)
31. The theory of financial intermediation
    Journal of Banking & Finance, 1997, 21, (11-12), 1461-1485 View citations
    See also Working Paper (1996)

1995

32. A welfare comparison of intermediaries and financial markets in Germany and the US
    European Economic Review, 1995, 39, (2), 179-209 View citations
    See also Working Paper (1994)
33. Comment on Thakor and Wilson
    Journal of Banking & Finance, 1995, 19, (3-4), 717-718

1994

34. Limited Market Participation and Volatility of Asset Prices
    American Economic Review, 1994, 84, (4), 933-55 View citations
    See also Working Paper (1991)

1993

35. Churning Bubbles
    Review of Economic Studies, 1993, 60, (4), 813-36 View citations
36. Finite Bubbles with Short Sale Constraints and Asymmetric Information
    Journal of Economic Theory, 1993, 61, (2), 206-229 View citations

1992

37. Measurement Distortion and Missing Contingencies in Optimal Contracts
    Economic Theory, 1992, 2, (1), 1-26 View citations
    See also Working Paper (1990)
38. Stock price manipulation, market microstructure and asymmetric information
    European Economic Review, 1992, 36, (2-3), 624-630 View citations
    See also Working Paper (1991)
39. Stock-Price Manipulation
    Review of Financial Studies, 1992, 5, (3), 503-29 View citations

1991

40. Arbitrage, Short Sales, and Financial Innovation
    Econometrica, 1991, 59, (4), 1041-68 View citations
    See also Working Paper
41. Rational Rationing
    Economica, 1991, 58, (230), 189-98 View citations

1990

42. The market for information and the origin of financial intermediation
    Journal of Financial Intermediation, 1990, 1, (1), 3-30 View citations

1989

43. Signalling by underpricing in the IPO market
    Journal of Financial Economics, 1989, 23, (2), 303-323 View citations
44. The changing nature of debt and equity; a financial perspective
    Conference Series ; [Proceedings], 1989, 12-48
    See also Working Paper

1988

45. A Theory of Price Rigidities when Quality is Unobservable
    Review of Economic Studies, 1988, 55, (1), 139-51 View citations
46. Optimal Security Design
    Review of Financial Studies, 1988, 1, (3), 229-263 View citations
    See also Working Paper
47. Optimism Invites Deception
    The Quarterly Journal of Economics, 1988, 103, (2), 397-407 View citations

1985

48. Achieving the first best in small economies
    Journal of Public Economics, 1985, 27, (2), 255-260
49. On the Fixed Nature of Sharecropping Contracts
    Economic Journal, 1985, 95, (377), 30-48 View citations
50. Repeated principal-agent relationships with lending and borrowing
    Economics Letters, 1985, 17, (1-2), 27-31 View citations

1984

51. Mixed wage and rent contracts as reinterpretations of share contracts
    Journal of Development Economics, 1984, 16, (3), 313-317 View citations
52. Rational Expectations and the Measurement of a Stock's Elasticity of Demand
    Journal of Finance, 1984, 39, (4), 1119-25 View citations
53. Reputation and Product Quality
    RAND Journal of Economics, 1984, 15, (3), 311-327 View citations

1983

54. Admissible mean standard deviation indifference curves
    Economics Letters, 1983, 12, (1), 11-17
55. Credit Rationing and Payment Incentives
    Review of Economic Studies, 1983, 50, (4), 639-46 View citations

1982

56. On Share Contracts and Screening
    Bell Journal of Economics, 1982, 13, (2), 541-547 View citations
57. Optimal linear income taxation with general equilibrium effects on wages
    Journal of Public Economics, 1982, 17, (2), 135-143 View citations
58. Relationship between Unemployment and Vacancies in the United Kingdom: A MIMIC Approach
    Oxford Economic Papers, 1982, 34, (1), 98-107 View citations

1981

59. The Prevention of Default
    Journal of Finance, 1981, 36, (2), 271-76 View citations

Chapters

2007

1. Banks, Markets and Liquidity
   A chapter in The Structure and Resilience of the Financial System, 2007 View citations
2. Systemic Risk and Regulation
   A chapter in The Risks of Financial Institutions, 2007, pp 341-376 View citations

2003

3. Payout policy
   Chapter 07 in Handbook of the Economics of Finance, 2003, vol. 1, Part 1, pp 337-429 View citations
   See also Working Paper (2002)