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Details about Viral V. Acharya

E-mail:
Homepage:http://pages.stern.nyu.edu/~sternfin/vacharya/public_html/~vacharya.htm
Workplace:Finance Department, Stern School of Business, New York University (NYU), (more information at EDIRC)
London Business School (LBS), (more information at EDIRC)

Access statistics for papers by Viral V. Acharya.

Last updated 2020-09-09. Update your information in the RePEc Author Service.

Short-id: pac33


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Working Papers

2021

  1. Why Did Bank Stocks Crash During COVID-19?
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (1)

2020

  1. Divided We Fall: International Health and Trade Coordination During a Pandemic
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (1)
  2. Financial Vulnerability and Risks to Growth in Emerging Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) Downloads View citations (1)
  3. Foreign Currency Borrowing of Corporations as Carry Trades: Evidence from India
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads
  4. In the Shadow of Banks: Wealth Management Products and Issuing Banks' Risks in China
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
  5. Kicking the Can Down the Road: Government Interventions in the European Banking Sector
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (1)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) Downloads
  6. Monetary Easing, Leveraged Payouts and Lack of Investment
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) Downloads View citations (3)
  7. The Anatomy of the Transmission of Macroprudential Policies
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (5)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) Downloads
  8. The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (20)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) Downloads View citations (6)
  9. The Sensitivity of Cash Savings to the Cost of Capital
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) Downloads View citations (3)
  10. The Value of a Cure: An Asset Pricing Perspective
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads
  11. When is Debt Odious? A Theory of Repression and Growth Traps
    Working Papers, Becker Friedman Institute for Research In Economics Downloads View citations (2)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) Downloads View citations (1)
    NBER Working Papers, National Bureau of Economic Research, Inc (2020) Downloads View citations (2)
  12. Zombie Credit and (Dis-)Inflation: Evidence from Europe
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) Downloads View citations (5)

2019

  1. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (5)
    Also in HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University (2015) Downloads View citations (21)
    CFS Working Paper Series, Center for Financial Studies (CFS) (2019) Downloads View citations (6)
    Discussion Papers, Deutsche Bundesbank (2019) Downloads View citations (3)
  2. Government Guarantees and Bank Vulnerability during a Crisis: Evidence from an Emerging Market
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (1)
  3. Monetary Easing, Investment and Financial Instability
    Sciences Po publications, Sciences Po Downloads
    Also in Sciences Po publications, Sciences Po (2018) Downloads View citations (1)
    Sciences Po Economics Discussion Papers, Sciences Po Departement of Economics (2019) Downloads
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) Downloads View citations (1)

2018

  1. Bank use of sovereign CDS in the eurozone crisis: Hedging and risk incentives
    Discussion Papers, Deutsche Bundesbank Downloads
  2. Capital Flow Management with Multiple Instruments
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (1)
  3. Lender of Last Resort versus Buyer of Last Resort – Evidence from the European Sovereign Debt Crisis
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute Downloads View citations (2)

2017

  1. Monetary easing and financial instability
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library Downloads View citations (10)
  2. The Importance of a Banking Union and Fiscal Union for a Capital Markets Union
    European Economy - Discussion Papers 2015 -, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission Downloads
  3. Whatever it takes: The Real Effects of Unconventional Monetary Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (37)
    Also in SAFE Working Paper Series, Leibniz Institute for Financial Research SAFE (2017) Downloads View citations (46)

    See also Journal Article in Review of Financial Studies (2019)
  4. Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?
    Liberty Street Economics, Federal Reserve Bank of New York Downloads

2016

  1. Bank capital and dividend externalities
    BIS Working Papers, Bank for International Settlements Downloads View citations (2)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) Downloads View citations (9)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) Downloads View citations (9)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) Downloads

    See also Journal Article in Review of Financial Studies (2017)
  2. Capital markets union in Europe: Why other unions must lead the way
    ZEW policy briefs, ZEW - Leibniz Centre for European Economic Research Downloads View citations (3)
    See also Journal Article in Swiss Journal of Economics and Statistics (2016)
  3. Lender of last resort versus buyer of last resort: The impact of the European Central Bank actions on the bank-sovereign nexus
    ZEW Discussion Papers, ZEW - Leibniz Centre for European Economic Research Downloads View citations (6)
  4. Seeking Alpha - Excess Risk Taking and Competition for Managerial Talent
    EIEF Working Papers Series, Einaudi Institute for Economics and Finance (EIEF) Downloads View citations (30)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) Downloads View citations (21)
    CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy (2016) Downloads View citations (30)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) Downloads View citations (8)

    See also Journal Article in Review of Financial Studies (2016)
  5. The End of Market Discipline? Investor Expectations of Implicit Government Guarantees
    MPRA Paper, University Library of Munich, Germany Downloads View citations (40)

2014

  1. Bank lines of credit as contingent liquidity: A study of covenant violations and their implications
    Working Paper Series, European Central Bank Downloads View citations (6)
  2. Dealer financial conditions and lender-of-last resort facilities
    Staff Reports, Federal Reserve Bank of New York Downloads View citations (19)
    See also Journal Article in Journal of Financial Economics (2017)
  3. Falling short of expectations? Stress-testing the European banking system
    CEPS Papers, Centre for European Policy Studies Downloads View citations (26)
  4. Financial Dependence and Innovation: The Case of Public versus Private Firms
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) Downloads View citations (4)

    See also Journal Article in Journal of Financial Economics (2017)
  5. Is Europe Overbanked?
    Report of the Advisory Scientific Committee, European Systemic Risk Board Downloads View citations (2)
  6. Making sense of the comprehensive assessment
    SAFE Policy Letters, Leibniz Institute for Financial Research SAFE Downloads View citations (3)
  7. Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (134)
    See also Journal Article in Review of Financial Studies (2018)
  8. Seeking Alpha, Taking Risk: Evidence from Non-executive Pay in U.S. Bank Holding Companies
    Working Papers, University of Pennsylvania, Wharton School, Weiss Center Downloads View citations (5)
  9. Testing Macroprudential Stress Tests: The Risk of Regulatory Risk Weights
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (97)
    Also in LIDAM Reprints ISBA, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA) (2014) View citations (18)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) Downloads View citations (15)
    NBER Working Papers, National Bureau of Economic Research, Inc (2013) Downloads View citations (30)

    See also Journal Article in Journal of Monetary Economics (2014)

2013

  1. Corporate Governance and Value Creation: Evidence from Private Equity
    Post-Print, HAL View citations (42)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) Downloads View citations (9)

    See also Journal Article in Review of Financial Studies (2013)
  2. Credit Lines as Monitored Liquidity Insurance: Theory and Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (4)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) Downloads View citations (4)

    See also Journal Article in Journal of Financial Economics (2014)
  3. How do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (10)
    Also in Staff Reports, Federal Reserve Bank of New York (2013) Downloads View citations (14)

    See also Journal Article in Journal of Financial Intermediation (2017)
  4. Precautionary Hoarding of Liquidity and the Interbank Markets: Evidence from the Sub-Prime Crisis
    Post-Print, HAL View citations (61)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) Downloads View citations (55)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) Downloads View citations (25)

    See also Journal Article in Review of Finance (2013)
  5. The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (63)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) Downloads View citations (69)

    See also Journal Article in Journal of Financial Economics (2015)
  6. The consequences of the single supervisory mechanism for Europe's macro-prudential policy framework
    Report of the Advisory Scientific Committee, European Systemic Risk Board Downloads
  7. Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (6)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) Downloads View citations (6)

    See also Journal Article in IMF Economic Review (2014)

2012

  1. A Theory of Income Smoothing When Insiders Know More Than Outsiders
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) Downloads

    See also Journal Article in Review of Financial Studies (2015)
  2. 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 Downloads View citations (1)
    See also Chapter (2013)
    Journal Article in International Journal of Central Banking (2013)
  3. Aggregate Risk and the Choice between Cash and Lines of Credit
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) Downloads View citations (8)

    See also Journal Article in Journal of Finance (2013)
  4. Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (12)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (2011) Downloads View citations (2)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) Downloads View citations (5)
  5. 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 Downloads View citations (7)
    Also in Staff Reports, Federal Reserve Bank of New York (2010) Downloads View citations (15)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (2010) Downloads View citations (11)

    See also Journal Article in Review of Corporate Finance Studies (2016)
  6. Competition for Managers, Corporate Governance and Incentive Compensation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (2)
  7. Dividends and Bank Capital in the Financial Crisis of 2007-2009
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) Downloads View citations (32)
  8. Forbearance, resolution and deposit insurance
    Report of the Advisory Scientific Committee, European Systemic Risk Board Downloads
  9. Measuring Systemic Risk
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (35)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2010) Downloads View citations (256)
    Proceedings, Federal Reserve Bank of Chicago (2010) View citations (215)

    See also Journal Article in Review of Financial Studies (2017)
    Chapter (2013)
  10. Robust Capital Regulation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (8)
    Also in Staff Reports, Federal Reserve Bank of New York (2011) Downloads View citations (6)

    See also Journal Article in Current Issues in Economics and Finance (2012)
  11. Securitization Without Risk Transfer
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (67)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) Downloads View citations (24)

    See also Journal Article in Journal of Financial Economics (2013)
  12. The Dodd-Frank Act and Basel III: Intentions, Unintended Consequences, and Lessons for Emerging Markets
    Macroeconomics Working Papers, East Asian Bureau of Economic Research Downloads View citations (2)
    Also in Governance Working Papers, East Asian Bureau of Economic Research (2012) Downloads View citations (2)
    ADBI Working Papers, Asian Development Bank Institute (2012) Downloads View citations (2)
    Finance Working Papers, East Asian Bureau of Economic Research (2012) Downloads View citations (2)
  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 Downloads View citations (174)
    See also Journal Article in Journal of Financial Economics (2012)
  14. Wrongful Discharge Laws and Innovation
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (7)
    See also Journal Article in Review of Financial Studies (2014)

2011

  1. A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (122)
    Also in Staff Reports, Federal Reserve Bank of New York (2011) Downloads View citations (140)

    See also Journal Article in Journal of Monetary Economics (2011)
  2. A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (95)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) Downloads View citations (88)

    See also Journal Article in Journal of Finance (2014)
  3. A Transparency Standard for Derivatives
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (3)
    See also Journal Article in Financial Stability Review (2013)
    Chapter (2012)
  4. Cash Holdings and Credit Risk
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (4)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) Downloads View citations (2)

    See also Journal Article in Review of Financial Studies (2012)
  5. Counterparty Risk Externality: Centralized Versus Over-the-counter Markets
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (11)
    Also in 2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (1)

    See also Journal Article in Journal of Economic Theory (2014)
  6. Endogenous Information Flows and the Clustering of Announcements
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (30)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) Downloads View citations (1)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) Downloads View citations (1)

    See also Journal Article in American Economic Review (2011)
  7. Limits to Arbitrage and Hedging: Evidence from Commodity Markets
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (12)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) Downloads View citations (5)

    See also Journal Article in Journal of Financial Economics (2013)
  8. Market Failures and Regulatory Failures: Lessons from Past and Present Financial Crises
    ADBI Working Papers, Asian Development Bank Institute Downloads View citations (2)
    Also in Finance Working Papers, East Asian Bureau of Economic Research (2011) Downloads View citations (2)
    Macroeconomics Working Papers, East Asian Bureau of Economic Research (2011) Downloads View citations (2)
    Governance Working Papers, East Asian Bureau of Economic Research (2011) Downloads View citations (2)
  9. Sovereign Debt, Government Myopia, and the Financial Sector
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (3)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) Downloads View citations (3)

    See also Journal Article in Review of Financial Studies (2013)
  10. The Efficiency of Capital Allocation: Do Bank Regulations Matter?
    Post-Print, HAL
    Also in PSE-Ecole d'économie de Paris (Postprint), HAL (2011)
    Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL (2011) View citations (2)

2010

  1. 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 Downloads View citations (92)
  2. Labor Laws and Innovation
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (32)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) Downloads View citations (12)

    See also Journal Article in Journal of Law and Economics (2013)
  3. Leverage, Moral Hazard and Liquidity
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (5)
    See also Journal Article in Journal of Finance (2011)
  4. Liquidity Risk of Corporate Bond Returns: A Conditional Approach
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (5)
    See also Journal Article in Journal of Financial Economics (2013)
  5. Rollover Risk and Market Freezes
    Working Papers, University of Pennsylvania, Wharton School, Weiss Center Downloads View citations (20)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) Downloads View citations (7)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) Downloads View citations (57)

    See also Journal Article in Journal of Finance (2011)

2009

  1. A Theory of Slow-Moving Capital and Contagion
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (9)
  2. A Theory of Systemic Risk and Design of Prudential Bank Regulation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (318)
    See also Journal Article in Journal of Financial Stability (2009)
  3. Creditor rights and corporate risk-taking
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (6)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) Downloads View citations (6)

    See also Journal Article in Journal of Financial Economics (2011)
  4. Crisis Resolution and Bank Liquidity
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (9)
    See also Journal Article in Review of Financial Studies (2011)
  5. Endogenous choice of bank liquidity: the role of fire sales
    Bank of England working papers, Bank of England Downloads View citations (14)
  6. Private Equity vs. PLC Boards: A Comparison of Practices and Effectiveness - Summary of Research Findings
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (3)
  7. The Internal Governance of Firms
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) Downloads

    See also Journal Article in Journal of Finance (2011)

2008

  1. Corporate Governance Externalities
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    See also Journal Article in Review of Finance (2010)
  2. Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (42)
    See also Journal Article in American Economic Journal: Macroeconomics (2012)
  3. Moral Hazard, Collateral and Liquidity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (4)

2007

  1. Bankruptcy Codes and Innovation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (25)
    See also Journal Article in Review of Financial Studies (2009)
  2. Cash-in-the-market pricing and optimal resolution of bank failures
    Bank of England working papers, Bank of England Downloads View citations (23)
    See also Journal Article in Review of Financial Studies (2008)
  3. Finance and Efficiency: Do Bank Branching Regulations Matter?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (7)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) Downloads View citations (4)
    Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2006) Downloads View citations (18)

    See also Journal Article in Review of Finance (2011)
  4. Fire Sales, Foreign Entry and Bank Liquidity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (3)
  5. Fire-sale FDI
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (12)
    See also Journal Article in Korean Economic Review (2011)
  6. 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 Downloads View citations (8)
    See also Journal Article in Quarterly Journal of Finance (QJF) (2015)
  7. More Insiders, More Insider Trading: Evidence from Private Equity Buyouts
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
    See also Journal Article in Journal of Financial Economics (2010)
  8. Too many to fail - an analysis of time-inconsistency in bank closure policies
    Bank of England working papers, Bank of England Downloads View citations (240)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) Downloads View citations (2)

    See also Journal Article in Journal of Financial Intermediation (2007)

2005

  1. Cash-in-the-Market Pricing and Optimal Bank Bailout Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (4)
  2. Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (5)
    See also Journal Article in Journal of Financial Intermediation (2011)
  3. Insider Trading in Credit Derivatives
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (3)
    See also Journal Article in Journal of Financial Economics (2007)
  4. Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (4)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2005) Downloads View citations (27)

    See also Journal Article in Journal of Financial Intermediation (2007)

2004

  1. Asset Pricing with Liquidity Risk
    NBER Working Papers, National Bureau of Economic Research, Inc Downloads View citations (11)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) Downloads View citations (10)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) Downloads View citations (22)

    See also Journal Article in Journal of Financial Economics (2005)

2003

  1. Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (12)
  2. Optimal Financial Market Integration and Security Design
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (1)
    See also Journal Article in The Journal of Business (2005)
  3. Understanding the Recovery Rates on Defaulted Securities
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (22)

2002

  1. Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (41)
    See also Journal Article in Review of Financial Studies (2002)
  2. Entrepreneurial Incentives in Stock Market Economies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads
  3. Is the International Convergence of Capital Adequacy Regulation Desirable?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (4)
    See also Journal Article in Journal of Finance (2003)
  4. Pricing Credit Derivatives with Rating Transitions
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (9)
  5. Should banks be diversified? Evidence from individual bank loan portfolios
    BIS Working Papers, Bank for International Settlements Downloads View citations (27)
    See also Journal Article in The Journal of Business (2006)
  6. Should banks be diversified? evidence from individual bank portfolios
    Proceedings, Federal Reserve Bank of Chicago View citations (12)
  7. 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 Downloads View citations (30)
    Also in Proceedings, Federal Reserve Bank of Chicago (2002) View citations (10)
  8. When Does Strategic Debt Service Matter?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers Downloads View citations (9)
    See also Journal Article in Economic Theory (2006)

2000

  1. 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- Downloads View citations (7)

1999

  1. 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

  1. 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

2020

  1. Risk-Sharing and the Creation of Systemic Risk
    Journal of Risk and Financial Management, 2020, 13, (8), 1-38 Downloads

2019

  1. Economics with Market Liquidity Risk
    Critical Finance Review, 2019, 8, (1-2), 111-125 Downloads
  2. On reaching for yield and the coexistence of bubbles and negative bubbles
    Journal of Financial Intermediation, 2019, 38, (C), 1-10 Downloads View citations (10)
  3. Whatever It Takes: The Real Effects of Unconventional Monetary Policy
    Review of Financial Studies, 2019, 32, (9), 3366-3411 Downloads View citations (54)
    See also Working Paper (2017)

2018

  1. Lending implications of U.S. bank stress tests: Costs or benefits?
    Journal of Financial Intermediation, 2018, 34, (C), 58-90 Downloads View citations (21)
  2. Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans
    Review of Financial Studies, 2018, 31, (8), 2855-2896 Downloads View citations (76)
    See also Working Paper (2014)
  3. Understanding and managing interest rate risk at banks
    Macroeconomics and Finance in Emerging Market Economies, 2018, 11, (2), 218-231 Downloads View citations (3)

2017

  1. Bank Capital and Dividend Externalities
    Review of Financial Studies, 2017, 30, (3), 988-1018 Downloads View citations (13)
    See also Working Paper (2016)
  2. Dealer financial conditions and lender-of-last-resort facilities
    Journal of Financial Economics, 2017, 123, (1), 81-107 Downloads View citations (13)
    See also Working Paper (2014)
  3. Financial dependence and innovation: The case of public versus private firms
    Journal of Financial Economics, 2017, 124, (2), 223-243 Downloads View citations (59)
    See also Working Paper (2014)
  4. How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007
    Journal of Financial Intermediation, 2017, 30, (C), 1-34 Downloads View citations (6)
    See also Working Paper (2013)
  5. Measuring Systemic Risk
    Review of Financial Studies, 2017, 30, (1), 2-47 Downloads View citations (253)
    See also Working Paper (2012)
    Chapter (2013)

2016

  1. Banks’ Financial Reporting and Financial System Stability
    Journal of Accounting Research, 2016, 54, (2), 277-340 Downloads View citations (29)
  2. Capital Markets Union in Europe: Why Other Unions Must Lead the Way
    Swiss Journal of Economics and Statistics, 2016, 152, (4), 319-329 Downloads View citations (2)
    Also in Swiss Journal of Economics and Statistics (SJES), 2016, 152, (IV), 319-329 (2016) View citations (3)

    See also Working Paper (2016)
  3. Cash holdings and bank compensation
    Economic Policy Review, 2016, (Aug), 77-83 Downloads View citations (1)
  4. Caught between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk Shifting
    Review of Corporate Finance Studies, 2016, 5, (1), 36-75 Downloads View citations (19)
    See also Working Paper (2012)
  5. Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
    Review of Financial Studies, 2016, 29, (10), 2565-2599 Downloads View citations (19)
    See also Working Paper (2016)
  6. The dark side of liquidity creation: Leverage and systemic risk
    Journal of Financial Intermediation, 2016, 28, (C), 4-21 Downloads View citations (18)

2015

  1. A Crisis of Banks as Liquidity Providers
    Journal of Finance, 2015, 70, (1), 1-43 Downloads View citations (114)
  2. A Theory of Income Smoothing When Insiders Know More Than Outsiders
    Review of Financial Studies, 2015, 28, (9), 2534-2574 Downloads View citations (15)
    See also Working Paper (2012)
  3. Liquidity Risk and Correlation Risk: A Clinical Study of the General Motors and Ford Downgrade of May 2005
    Quarterly Journal of Finance (QJF), 2015, 05, (02), 1-51 Downloads View citations (11)
    See also Working Paper (2007)
  4. The “greatest” carry trade ever? Understanding eurozone bank risks
    Journal of Financial Economics, 2015, 115, (2), 215-236 Downloads View citations (274)
    See also Working Paper (2013)

2014

  1. A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk
    Journal of Finance, 2014, 69, (6), 2689-2739 Downloads View citations (420)
    See also Working Paper (2011)
  2. Counterparty risk externality: Centralized versus over-the-counter markets
    Journal of Economic Theory, 2014, 149, (C), 153-182 Downloads View citations (63)
    See also Working Paper (2011)
  3. Credit lines as monitored liquidity insurance: Theory and evidence
    Journal of Financial Economics, 2014, 112, (3), 287-319 Downloads View citations (49)
    See also Working Paper (2013)
  4. Testing macroprudential stress tests: The risk of regulatory risk weights
    Journal of Monetary Economics, 2014, 65, (C), 36-53 Downloads View citations (97)
    See also Working Paper (2014)
  5. Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
    IMF Economic Review, 2014, 62, (4), 606-655 Downloads View citations (6)
    See also Working Paper (2013)
  6. Wrongful Discharge Laws and Innovation
    Review of Financial Studies, 2014, 27, (1), 301-346 Downloads View citations (77)
    See also Working Paper (2012)

2013

  1. A Proposal for the Resolution of Systemically Important Assets and Liabilities: The Case of the Repo Market
    International Journal of Central Banking, 2013, 9, (1), 291-351 Downloads View citations (14)
    See also Working Paper (2012)
    Chapter (2013)
  2. A Theory of Arbitrage Capital
    Review of Corporate Finance Studies, 2013, 2, (1), 62-97 Downloads View citations (7)
  3. A transparency standard for derivatives
    Financial Stability Review, 2013, (17), 81-89 Downloads View citations (5)
    See also Chapter (2012)
    Working Paper (2011)
  4. Aggregate Risk and the Choice between Cash and Lines of Credit
    Journal of Finance, 2013, 68, (5), 2059-2116 Downloads View citations (88)
    See also Working Paper (2012)
  5. Corporate Governance and Value Creation: Evidence from Private Equity
    Review of Financial Studies, 2013, 26, (2), 368-402 Downloads View citations (49)
    See also Working Paper (2013)
  6. Dark Markets, by Darrell Duffie
    Quantitative Finance, 2013, 13, (1), 25-26 Downloads
  7. Labor Laws and Innovation
    Journal of Law and Economics, 2013, 56, (4), 997 - 1037 Downloads View citations (56)
    See also Working Paper (2010)
  8. Limits to arbitrage and hedging: Evidence from commodity markets
    Journal of Financial Economics, 2013, 109, (2), 441-465 Downloads View citations (132)
    See also Working Paper (2011)
  9. Liquidity risk of corporate bond returns: conditional approach
    Journal of Financial Economics, 2013, 110, (2), 358-386 Downloads View citations (91)
    See also Working Paper (2010)
  10. Precautionary Hoarding of Liquidity and Interbank Markets: Evidence from the Subprime Crisis
    Review of Finance, 2013, 17, (1), 107-160 Downloads View citations (138)
    See also Working Paper (2013)
  11. Securitization without risk transfer
    Journal of Financial Economics, 2013, 107, (3), 515-536 Downloads View citations (252)
    See also Working Paper (2012)
  12. Sovereign Debt, Government Myopia, and the Financial Sector
    Review of Financial Studies, 2013, 26, (6), 1526-1560 Downloads View citations (47)
    See also Working Paper (2011)
  13. Special Issue: Research on the Financial Crisis
    Journal of Financial Intermediation, 2013, 22, (1), 1-3 Downloads
  14. The growth of a shadow banking system in emerging markets: Evidence from India
    Journal of International Money and Finance, 2013, 39, (C), 207-230 Downloads View citations (12)

2012

  1. A tale of two overhangs:the nexus of fi nancial sector and sovereign credit risks
    Financial Stability Review, 2012, (16), 51-56 Downloads View citations (4)
  2. Capital Shortfall: A New Approach to Ranking and Regulating Systemic Risks
    American Economic Review, 2012, 102, (3), 59-64 Downloads View citations (333)
  3. Cash Holdings and Credit Risk
    Review of Financial Studies, 2012, 25, (12), 3572-3609 Downloads View citations (63)
    See also Working Paper (2011)
  4. Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking
    American Economic Journal: Macroeconomics, 2012, 4, (2), 184-217 Downloads View citations (109)
    See also Working Paper (2008)
  5. Implications of the Dodd-Frank Act
    Annual Review of Financial Economics, 2012, 4, (1), 1-38 Downloads View citations (5)
  6. Is State Ownership in the Indian Banking Sector Desirable?
    India Policy Forum, 2012, 8, (1), 1-35 Downloads
  7. Robust capital regulation
    Current Issues in Economics and Finance, 2012, 18, (May) Downloads View citations (8)
    See also Working Paper (2012)
  8. The seeds of a crisis: A theory of bank liquidity and risk taking over the business cycle
    Journal of Financial Economics, 2012, 106, (2), 349-366 Downloads View citations (152)
    See also Working Paper (2012)
  9. What Saved the Indian Banking System: State Ownership or State Guarantees?
    The World Economy, 2012, 35, (1), 19-31 Downloads View citations (5)

2011

  1. A model of liquidity hoarding and term premia in inter-bank markets
    Journal of Monetary Economics, 2011, 58, (5), 436-447 Downloads View citations (117)
    See also Working Paper (2011)
  2. Creditor rights and corporate risk-taking
    Journal of Financial Economics, 2011, 102, (1), 150-166 Downloads View citations (197)
    See also Working Paper (2009)
  3. Crisis Resolution and Bank Liquidity
    Review of Financial Studies, 2011, 24, (6), 2166-2205 Downloads View citations (106)
    See also Working Paper (2009)
  4. Cross-country variations in capital structures: The role of bankruptcy codes
    Journal of Financial Intermediation, 2011, 20, (1), 25-54 Downloads View citations (27)
    See also Working Paper (2005)
  5. Endogenous Information Flows and the Clustering of Announcements
    American Economic Review, 2011, 101, (7), 2955-79 Downloads View citations (30)
    See also Working Paper (2011)
  6. Finance and Efficiency: Do Bank Branching Regulations Matter?
    Review of Finance, 2011, 15, (1), 135-172 Downloads View citations (24)
    See also Working Paper (2007)
  7. Fire Sale FDI
    Korean Economic Review, 2011, 27, 163-202 Downloads View citations (5)
    See also Working Paper (2007)
  8. Leverage, Moral Hazard, and Liquidity
    Journal of Finance, 2011, 66, (1), 99-138 Downloads View citations (126)
    See also Working Paper (2010)
  9. Rollover Risk and Market Freezes
    Journal of Finance, 2011, 66, (4), 1177-1209 View citations (135)
    See also Working Paper (2010)
  10. The Dodd‐Frank Wall Street Reform and Consumer Protection Act: Accomplishments and Limitations
    Journal of Applied Corporate Finance, 2011, 23, (1), 43-56 View citations (2)
  11. The Internal Governance of Firms
    Journal of Finance, 2011, 66, (3), 689-720 View citations (45)
    See also Working Paper (2009)

2010

  1. Comment on "The Macroeconomics of Money Market Freezes" by Max Bruche and Javier Suarez
    Journal of Monetary Economics, 2010, 57, (1), 62-63 Downloads
  2. Corporate Governance Externalities
    Review of Finance, 2010, 14, (1), 1-33 Downloads View citations (25)
    See also Working Paper (2008)
  3. 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 Downloads View citations (73)
  4. Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007–2009
    Foundations and Trends(R) in Finance, 2010, 4, (4), 247-325 Downloads View citations (19)
  5. More insiders, more insider trading: Evidence from private-equity buyouts
    Journal of Financial Economics, 2010, 98, (3), 500-523 Downloads View citations (29)
    See also Working Paper (2007)
  6. Systemic risk and deposit insurance premiums
    Economic Policy Review, 2010, 16, (Aug), 89-99 Downloads View citations (26)

2009

  1. A theory of systemic risk and design of prudential bank regulation
    Journal of Financial Stability, 2009, 5, (3), 224-255 Downloads View citations (277)
    See also Working Paper (2009)
  2. Bankruptcy Codes and Innovation
    Review of Financial Studies, 2009, 22, (12), 4949-4988 Downloads View citations (111)
    See also Working Paper (2007)
  3. Government Guarantees: Why the Genie Needs to Be Put Back in the Bottle
    The Economists' Voice, 2009, 6, (11), 1-5 Downloads
  4. Managerial hedging, equity ownership, and firm value
    RAND Journal of Economics, 2009, 40, (1), 47-77 Downloads View citations (19)
  5. 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 Downloads View citations (13)

2008

  1. Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures
    Review of Financial Studies, 2008, 21, (6), 2705-2742 Downloads View citations (127)
    See also Working Paper (2007)
  2. Information Contagion and Bank Herding
    Journal of Money, Credit and Banking, 2008, 40, (1), 215-231 Downloads View citations (13)
    Also in Journal of Money, Credit and Banking, 2008, 40, (1), 215-231 (2008) View citations (117)

2007

  1. Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries
    Journal of Financial Economics, 2007, 85, (3), 787-821 Downloads View citations (194)
  2. Insider trading in credit derivatives
    Journal of Financial Economics, 2007, 84, (1), 110-141 Downloads View citations (256)
    See also Working Paper (2005)
  3. Is cash negative debt? A hedging perspective on corporate financial policies
    Journal of Financial Intermediation, 2007, 16, (4), 515-554 Downloads View citations (282)
    See also Working Paper (2005)
  4. Private Equity: Boom and Bust?
    Journal of Applied Corporate Finance, 2007, 19, (4), 44-53 Downloads View citations (11)
  5. Too many to fail--An analysis of time-inconsistency in bank closure policies
    Journal of Financial Intermediation, 2007, 16, (1), 1-31 Downloads View citations (273)
    See also Working Paper (2007)

2006

  1. Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios
    The Journal of Business, 2006, 79, (3), 1355-1412 Downloads View citations (206)
    See also Working Paper (2002)
  2. When does Strategic Debt-service Matter?
    Economic Theory, 2006, 29, (2), 363-378 Downloads View citations (18)
    See also Working Paper (2002)

2005

  1. Asset pricing with liquidity risk
    Journal of Financial Economics, 2005, 77, (2), 375-410 Downloads View citations (894)
    See also Working Paper (2004)
  2. Optimal Financial-Market Integration and Security Design
    The Journal of Business, 2005, 78, (6), 2397-2434 Downloads View citations (5)
    See also Working Paper (2003)

2003

  1. Is the International Convergence of Capital Adequacy Regulation Desirable?
    Journal of Finance, 2003, 58, (6), 2745-2782 Downloads View citations (103)
    See also Working Paper (2002)

2002

  1. Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy
    Review of Financial Studies, 2002, 15, (5), 1355-1383 View citations (48)
    See also Working Paper (2002)

2001

  1. Competition Among Banks, Capital Requirements and International Spillovers
    Economic Notes, 2001, 30, (3), 337-358 Downloads View citations (2)

2000

  1. On the optimality of resetting executive stock options
    Journal of Financial Economics, 2000, 57, (1), 65-101 Downloads View citations (44)
    See also Working Paper (1999)

Books

2015

  1. New Perspectives on Corporate Capital Structure
    NBER Books, National Bureau of Economic Research, Inc

2011

  1. Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance
    Economics Books, Princeton University Press View citations (52)

Edited books

2013

  1. The Social Value of the Financial Sector:Too Big to Fail or Just Too Big?
    World Scientific Books, World Scientific Publishing Co. Pte. Ltd. Downloads

Chapters

2013

  1. A Proposal for the Resolution of Systemically Important Assets and Liabilities: The Case of the Repo Market
    Chapter 10 in The Social Value of the Financial Sector Too Big to Fail or Just Too Big?, 2013, pp 159-214 Downloads View citations (14)
    See also Working Paper (2012)
    Journal Article in International Journal of Central Banking (2013)
  2. Introduction, New Perspectives on Corporate Capital Structure
    A chapter in New Perspectives on Corporate Capital Structure, 2013
  3. MEASURING SYSTEMIC RISK
    Chapter 3 in Managing and Measuring Risk Emerging Global Standards and Regulations After the Financial Crisis, 2013, pp 65-98 Downloads
    Also in Chapter 10 in Macroprudential Regulatory Policies The New Road to Financial Stability?, 2011, pp 133-143 (2011) Downloads View citations (1)

    See also Journal Article in Review of Financial Studies (2017)
    Working Paper (2012)
  4. TAXING SYSTEMIC RISK
    Chapter 4 in Managing and Measuring Risk Emerging Global Standards and Regulations After the Financial Crisis, 2013, pp 99-122 Downloads View citations (2)

2012

  1. A Transparency Standard for Derivatives
    A chapter in Risk Topography: Systemic Risk and Macro Modeling, 2012, pp 83-95 Downloads
    See also Working Paper (2011)
    Journal Article in Financial Stability Review (2013)
  2. How to Calculate Systemic Risk Surcharges
    A chapter in Quantifying Systemic Risk, 2012, pp 175-212 Downloads

2011

  1. Feeding the Beast
    A chapter in Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance, 2011 Downloads
 
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