Details about Viral V. Acharya

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 2023-03-11. Update your information in the RePEc Author Service.

Short-id: pac33

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Working Papers

2025

1. Climate Transition Risks and the Energy Sector
   NBER Working Papers, National Bureau of Economic Research, Inc
2. Corporate Resiliency and the Choice Between Financial and Operational Hedging
   NBER Working Papers, National Bureau of Economic Research, Inc
3. Shadow Always Touches the Feet: Implications of Bank Credit Lines to Non-Bank Financial Intermediaries
   NBER Working Papers, National Bureau of Economic Research, Inc
4. Strategic Commitments to Decarbonize: The Role of Large Firms, Common Ownership, and Governments
   NBER Working Papers, National Bureau of Economic Research, Inc

2024

5. Bankruptcy Exemption of Repo Markets: Too Much Today for Too Little Tomorrow?
   NBER Working Papers, National Bureau of Economic Research, Inc
6. Fiscal Stimulus, Deposit Competition, and the Rise of Shadow Banking: Evidence from China
   NBER Working Papers, National Bureau of Economic Research, Inc
7. International Policy Coordination in a Multisectoral Model of Trade and Health Policy
   NBER Working Papers, National Bureau of Economic Research, Inc
8. Systemic Risk Measures: Taking Stock from 1927 to 2023
   NBER Working Papers, National Bureau of Economic Research, Inc
9. Where Do Banks End and NBFIs Begin?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)

2023

10. Climate Stress Testing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (16)
11. Contingent Credit Under Stress
    NBER Working Papers, National Bureau of Economic Research, Inc
12. Disasters with Unobservable Duration and Frequency: Intensified Responses and Diminished Preparedness
    NBER Working Papers, National Bureau of Economic Research, Inc
13. Do Firms Mitigate Climate Impact on Employment? Evidence from US Heat Shocks
    NBER Working Papers, National Bureau of Economic Research, Inc
14. How Do Supply Shocks to Inflation Generalize? Evidence from the Pandemic Era in Europe
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
15. Liquidity Dependence and the Waxing and Waning of Central Bank Balance Sheets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
16. When do Treasuries Earn the Convenience Yield? — A Hedging Perspective
    NBER Working Papers, National Bureau of Economic Research, Inc

2022

17. Deposit and Credit Reallocation in a Banking Panic: The Role of State-Owned Banks
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
18. Exorbitant Privilege? Quantitative Easing and the Bond Market Subsidy of Prospective Fallen Angels
    Staff Reports, Federal Reserve Bank of New York View citations (2)
    Also in BIS Working Papers, Bank for International Settlements (2022) View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022)
    NBER Working Papers, National Bureau of Economic Research, Inc (2022) View citations (4)
19. Financing Infrastructure in the Shadow of Expropriation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2022)
20. Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
21. Liquidity, Liquidity Everywhere, Not a Drop to Use – Why Flooding Banks with Central Bank Reserves May Not Expand Liquidity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022)
22. Monetary Easing, Leveraged Payouts and Lack of Investment
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (7)
23. Sovereign Debt and Economic Growth when Government is Myopic and Self-interested
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022) View citations (8)
    See also Chapter Sovereign Debt and Economic Growth When Government Is Myopic and Self-Interested, NBER Chapters, National Bureau of Economic Research, Inc (2023) (2023)
24. The Making of Fallen Angels—and What QE and Credit Rating Agencies Have to Do with It
    Liberty Street Economics, Federal Reserve Bank of New York
25. Zombie Lending: Theoretical, International and Historical Perspectives
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (28)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022)

2021

26. Bank Use of Sovereign CDS in the Eurozone Crisis: Hedging and Risk Incentives
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in Discussion Papers, Deutsche Bundesbank (2018) View citations (5)
    See also Journal Article Bank use of sovereign CDS in the Eurozone crisis: Hedging and risk incentives, Journal of Financial Intermediation, Elsevier (2022) View citations (4) (2022)
27. COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies
    IMF Working Papers, International Monetary Fund View citations (2)
28. Divided we Fall: International Health and Trade Coordination during a Pandemic
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in CRC TR 224 Discussion Paper Series, University of Bonn and University of Mannheim, Germany (2020) View citations (8)
    NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (8)
29. Efficiency or resiliency? Corporate choice between financial and operational hedging
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
30. Investment and Contagion Tradeoffs between Fair Value and Historical Cost Accounting
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
31. Why Did Bank Stocks Crash During COVID-19?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (29)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2021) View citations (31)
32. Zombie Lending and Policy Traps
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2021) View citations (21)

2020

33. Financial Vulnerability and Risks to Growth in Emerging Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (3)
34. Foreign Currency Borrowing of Corporations as Carry Trades: Evidence from India
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (4)
35. How Does Zombie Credit Affect Inflation? Lessons from Europe
    Liberty Street Economics, Federal Reserve Bank of New York
36. In the Shadow of Banks: Wealth Management Products and Issuing Banks’ Risks in China
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (15)
37. Kicking the Can Down the Road: Government Interventions in the European Banking Sector
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (8)
    See also Journal Article Kicking the Can Down the Road: Government Interventions in the European Banking Sector, The Review of Financial Studies, Society for Financial Studies (2021) View citations (33) (2021)
38. Risk-Sharing and the Creation of Systemic Risk
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    See also Journal Article Risk-Sharing and the Creation of Systemic Risk, JRFM, MDPI (2020) (2020)
39. The Anatomy of the Transmission of Macroprudential Policies
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (38)
    Also in IMF Working Papers, International Monetary Fund (2020) View citations (38)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (51)
40. 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 View citations (219)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (217)
    See also Journal Article The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID, The Review of Corporate Finance Studies, Society for Financial Studies (2020) View citations (228) (2020)
41. The Sensitivity of Cash Savings to the Cost of Capital
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (6)
42. The Value of a Cure: An Asset Pricing Perspective
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (10)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (10)
43. When is Debt Odious? A Theory of Repression and Growth Traps
    Working Papers, Becker Friedman Institute for Research In Economics View citations (6)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (6)
44. Zombie Credit and (Dis-)Inflation: Evidence from Europe
    Staff Reports, Federal Reserve Bank of New York View citations (41)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2020) View citations (53)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2020) View citations (52)

2019

45. Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    Also in Discussion Papers, Deutsche Bundesbank (2019) View citations (4)
    CFS Working Paper Series, Center for Financial Studies (CFS) (2019) View citations (7)
    HIT-REFINED Working Paper Series, Institute of Economic Research, Hitotsubashi University (2015) View citations (25)
    See also Journal Article Does the lack of financial stability impair the transmission of monetary policy?, Journal of Financial Economics, Elsevier (2020) View citations (36) (2020)
46. Government Guarantees and Bank Vulnerability during a Crisis: Evidence from an Emerging Market
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
47. Monetary Easing, Investment and Financial Instability
    Working Papers, HAL
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2018) View citations (3)
    Working Papers, HAL (2018) View citations (3)

2018

48. Capital Flow Management with Multiple Instruments
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
49. 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 View citations (11)

2017

50. Monetary easing and financial instability
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (11)
51. The Importance of a Banking Union and Fiscal Union for a Capital Markets Union
    European Economy - Discussion Papers, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission View citations (6)
52. Whatever it takes: The Real Effects of Unconventional Monetary Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (55)
    Also in SAFE Working Paper Series, Leibniz Institute for Financial Research SAFE (2017) View citations (60)
    See also Journal Article Whatever It Takes: The Real Effects of Unconventional Monetary Policy, The Review of Financial Studies, Society for Financial Studies (2019) View citations (305) (2019)
53. Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?
    Liberty Street Economics, Federal Reserve Bank of New York

2016

54. Bank capital and dividend externalities
    BIS Working Papers, Bank for International Settlements View citations (8)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (14)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) View citations (14)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014)
    See also Journal Article Bank Capital and Dividend Externalities, The Review of Financial Studies, Society for Financial Studies (2017) View citations (41) (2017)
55. Capital markets union in Europe: Why other unions must lead the way
    ZEW policy briefs, ZEW - Leibniz Centre for European Economic Research View citations (3)
    See also Journal Article Capital Markets Union in Europe: Why Other Unions Must Lead the Way, Swiss Journal of Economics and Statistics, Springer (2016) View citations (3) (2016)
56. 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 View citations (6)
57. Seeking Alpha - Excess Risk Taking and Competition for Managerial Talent
    EIEF Working Papers Series, Einaudi Institute for Economics and Finance (EIEF) View citations (47)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (26)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (12)
    CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy (2016) View citations (51)
    See also Journal Article Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent, The Review of Financial Studies, Society for Financial Studies (2016) View citations (41) (2016)
58. The End of Market Discipline? Investor Expectations of Implicit Government Guarantees
    MPRA Paper, University Library of Munich, Germany View citations (83)

2014

59. Bank lines of credit as contingent liquidity: A study of covenant violations and their implications
    Working Paper Series, European Central Bank View citations (8)
60. Dealer financial conditions and lender-of-last resort facilities
    Staff Reports, Federal Reserve Bank of New York View citations (20)
    See also Journal Article Dealer financial conditions and lender-of-last-resort facilities, Journal of Financial Economics, Elsevier (2017) View citations (25) (2017)
61. Falling short of expectations? Stress-testing the European banking system
    CEPS Papers, Centre for European Policy Studies View citations (45)
62. Financial Dependence and Innovation: The Case of Public versus Private Firms
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (5)
    See also Journal Article Financial dependence and innovation: The case of public versus private firms, Journal of Financial Economics, Elsevier (2017) View citations (180) (2017)
63. Is Europe Overbanked?
    Report of the Advisory Scientific Committee, European Systemic Risk Board View citations (30)
64. Making sense of the comprehensive assessment
    SAFE Policy Letters, Leibniz Institute for Financial Research SAFE View citations (5)
65. Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (137)
    See also Journal Article Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans, The Review of Financial Studies, Society for Financial Studies (2018) View citations (202) (2018)
66. Seeking Alpha, Taking Risk: Evidence from Non-executive Pay in U.S. Bank Holding Companies
    Working Papers, University of Pennsylvania, Wharton School, Weiss Center View citations (11)
67. Testing Macroprudential Stress Tests: The Risk of Regulatory Risk Weights
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (165)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (37)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) View citations (31)
    LIDAM Reprints ISBA, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA) (2014) View citations (161)
    See also Journal Article Testing macroprudential stress tests: The risk of regulatory risk weights, Journal of Monetary Economics, Elsevier (2014) View citations (160) (2014)

2013

68. Corporate Governance and Value Creation: Evidence from Private Equity
    Post-Print, HAL View citations (64)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (13)
    See also Journal Article Corporate Governance and Value Creation: Evidence from Private Equity, The Review of Financial Studies, Society for Financial Studies (2013) View citations (74) (2013)
69. Credit Lines as Monitored Liquidity Insurance: Theory and Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
    Also in 2012 Meeting Papers, Society for Economic Dynamics (2012) View citations (4)
    See also Journal Article Credit lines as monitored liquidity insurance: Theory and evidence, Journal of Financial Economics, Elsevier (2014) View citations (82) (2014)
70. 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 View citations (14)
    Also in Staff Reports, Federal Reserve Bank of New York (2013) View citations (16)
    See also Journal Article How do global banks scramble for liquidity? Evidence from the asset-backed commercial paper freeze of 2007, Journal of Financial Intermediation, Elsevier (2017) View citations (19) (2017)
71. Precautionary Hoarding of Liquidity and the Interbank Markets: Evidence from the Sub-Prime Crisis
    Post-Print, HAL View citations (128)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (89)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (50)
    See also Journal Article Precautionary Hoarding of Liquidity and Interbank Markets: Evidence from the Subprime Crisis, Review of Finance, European Finance Association (2013) View citations (180) (2013)
72. The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (95)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2013) View citations (91)
    See also Journal Article The “greatest” carry trade ever? Understanding eurozone bank risks, Journal of Financial Economics, Elsevier (2015) View citations (432) (2015)
73. The consequences of the single supervisory mechanism for Europe's macro-prudential policy framework
    Report of the Advisory Scientific Committee, European Systemic Risk Board
74. Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) View citations (8)
    See also Journal Article Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage, IMF Economic Review, Palgrave Macmillan (2014) View citations (11) (2014)

2012

75. 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) View citations (1)
    See also Journal Article A Theory of Income Smoothing When Insiders Know More Than Outsiders, The Review of Financial Studies, Society for Financial Studies (2015) View citations (24) (2015)
76. 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 View citations (3)
    See also Chapter A Proposal for the Resolution of Systemically Important Assets and Liabilities: The Case of the Repo Market, World Scientific Book Chapters, World Scientific Publishing Co. Pte. Ltd. (2013) View citations (20) (2013)
    Journal Article A Proposal for the Resolution of Systemically Important Assets and Liabilities: The Case of the Repo Market, International Journal of Central Banking, International Journal of Central Banking (2013) View citations (20) (2013)
77. Aggregate Risk and the Choice between Cash and Lines of Credit
    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 (13)
    See also Journal Article Aggregate Risk and the Choice between Cash and Lines of Credit, Journal of Finance, American Finance Association (2013) View citations (147) (2013)
78. Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (24)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (2011) View citations (5)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (6)
79. 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 (9)
    Also in Working Papers (Old Series), Federal Reserve Bank of Cleveland (2010) View citations (12)
    Staff Reports, Federal Reserve Bank of New York (2010) View citations (16)
    See also Journal Article Caught between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk Shifting, The Review of Corporate Finance Studies, Society for Financial Studies (2016) View citations (53) (2016)
80. Competition for Managers and Corporate Governance
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    See also Journal Article Competition for Managers and Corporate Governance, Journal of Law, Finance, and Accounting, now publishers (2021) (2021)
81. Dividends and Bank Capital in the Financial Crisis of 2007-2009
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (65)
82. Forbearance, resolution and deposit insurance
    Report of the Advisory Scientific Committee, European Systemic Risk Board
83. Measuring Systemic Risk
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (83)
    Also in Proceedings, Federal Reserve Bank of Chicago (2010) View citations (228)
    Working Papers (Old Series), Federal Reserve Bank of Cleveland (2010) View citations (303)
    See also Chapter MEASURING SYSTEMIC RISK, World Scientific Book Chapters, World Scientific Publishing Co. Pte. Ltd. (2013) View citations (5) (2013)
    Journal Article Measuring Systemic Risk, The Review of Financial Studies, Society for Financial Studies (2017) View citations (662) (2017)
84. Robust Capital Regulation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (18)
    Also in Staff Reports, Federal Reserve Bank of New York (2011) View citations (6)
    See also Journal Article Robust capital regulation, Current Issues in Economics and Finance, Federal Reserve Bank of New York (2012) View citations (9) (2012)
85. Securitization Without Risk Transfer
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (74)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (65)
    See also Journal Article Securitization without risk transfer, Journal of Financial Economics, Elsevier (2013) View citations (405) (2013)
86. The Dodd-Frank Act and Basel III: Intentions, Unintended Consequences, and Lessons for Emerging Markets
    Macroeconomics Working Papers, East Asian Bureau of Economic Research View citations (17)
    Also in ADBI Working Papers, Asian Development Bank Institute (2012) View citations (11)
    Finance Working Papers, East Asian Bureau of Economic Research (2012) View citations (17)
    Governance Working Papers, East Asian Bureau of Economic Research (2012) View citations (17)
87. 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 (318)
    See also Journal Article The seeds of a crisis: A theory of bank liquidity and risk taking over the business cycle, Journal of Financial Economics, Elsevier (2012) View citations (274) (2012)
88. Wrongful Discharge Laws and Innovation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    See also Journal Article Wrongful Discharge Laws and Innovation, The Review of Financial Studies, Society for Financial Studies (2014) View citations (185) (2014)

2011

89. A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (180)
    Also in Staff Reports, Federal Reserve Bank of New York (2011) View citations (171)
    See also Journal Article A model of liquidity hoarding and term premia in inter-bank markets, Journal of Monetary Economics, Elsevier (2011) View citations (163) (2011)
90. A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (187)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (176)
    See also Journal Article A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk, Journal of Finance, American Finance Association (2014) View citations (663) (2014)
91. A Transparency Standard for Derivatives
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    See also Chapter A Transparency Standard for Derivatives, NBER Chapters, National Bureau of Economic Research, Inc (2012) (2012)
    Journal Article A transparency standard for derivatives, Financial Stability Review, Banque de France (2013) View citations (6) (2013)
92. Cash Holdings and Credit Risk
    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 (4)
    See also Journal Article Cash Holdings and Credit Risk, The Review of Financial Studies, Society for Financial Studies (2012) View citations (139) (2012)
93. Counterparty Risk Externality: Centralized Versus Over-the-counter Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    Also in 2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (8)
    See also Journal Article Counterparty risk externality: Centralized versus over-the-counter markets, Journal of Economic Theory, Elsevier (2014) View citations (99) (2014)
94. Endogenous Information Flows and the Clustering of Announcements
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (73)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (1)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (1)
    See also Journal Article Endogenous Information Flows and the Clustering of Announcements, American Economic Review, American Economic Association (2011) View citations (73) (2011)
95. Limits to Arbitrage and Hedging: Evidence from Commodity Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (7)
    See also Journal Article Limits to arbitrage and hedging: Evidence from commodity markets, Journal of Financial Economics, Elsevier (2013) View citations (213) (2013)
96. Market Failures and Regulatory Failures: Lessons from Past and Present Financial Crises
    Macroeconomics Working Papers, East Asian Bureau of Economic Research View citations (18)
    Also in ADBI Working Papers, Asian Development Bank Institute (2011) View citations (18)
    Governance Working Papers, East Asian Bureau of Economic Research (2011) View citations (16)
    Finance Working Papers, East Asian Bureau of Economic Research (2011) View citations (17)
97. Sovereign Debt, Government Myopia, and the Financial Sector
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (6)
    See also Journal Article Sovereign Debt, Government Myopia, and the Financial Sector, The Review of Financial Studies, Society for Financial Studies (2013) View citations (71) (2013)
98. The Efficiency of Capital Allocation: Do Bank Regulations Matter?
    Post-Print, HAL
    Also in Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers), HAL (2011) View citations (2)
    PSE-Ecole d'économie de Paris (Postprint), HAL (2011)

2010

99. 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 (148)
100. Labor Laws and Innovation
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (40)
     Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (13)
     See also Journal Article Labor Laws and Innovation, Journal of Law and Economics, University of Chicago Press (2013) View citations (132) (2013)
101. Leverage, Moral Hazard and Liquidity
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
     See also Journal Article Leverage, Moral Hazard, and Liquidity, Journal of Finance, American Finance Association (2011) View citations (187) (2011)
102. Liquidity Risk of Corporate Bond Returns: A Conditional Approach
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
     See also Journal Article Liquidity risk of corporate bond returns: conditional approach, Journal of Financial Economics, Elsevier (2013) View citations (127) (2013)
103. Rollover Risk and Market Freezes
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (20)
     Also in Working Papers, University of Pennsylvania, Wharton School, Weiss Center (2010) View citations (23)
     CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (62)
     See also Journal Article Rollover Risk and Market Freezes, Journal of Finance, American Finance Association (2011) View citations (207) (2011)

2009

104. A Theory of Slow-Moving Capital and Contagion
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (10)
105. A Theory of Systemic Risk and Design of Prudential Bank Regulation
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (431)
     See also Journal Article A theory of systemic risk and design of prudential bank regulation, Journal of Financial Stability, Elsevier (2009) View citations (419) (2009)
106. Creditor rights and corporate risk-taking
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
     Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (6)
     See also Journal Article Creditor rights and corporate risk-taking, Journal of Financial Economics, Elsevier (2011) View citations (309) (2011)
107. Crisis Resolution and Bank Liquidity
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
     See also Journal Article Crisis Resolution and Bank Liquidity, The Review of Financial Studies, Society for Financial Studies (2011) View citations (154) (2011)
108. Endogenous choice of bank liquidity: the role of fire sales
     Bank of England working papers, Bank of England View citations (18)
109. Private Equity vs. PLC Boards: A Comparison of Practices and Effectiveness - Summary of Research Findings
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)
110. 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 The Internal Governance of Firms, Journal of Finance, American Finance Association (2011) View citations (81) (2011)

2008

111. Corporate Governance Externalities
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
     See also Journal Article Corporate Governance Externalities, Review of Finance, European Finance Association (2010) View citations (50) (2010)
112. 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 (42)
     See also Journal Article Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking, American Economic Journal: Macroeconomics, American Economic Association (2012) View citations (153) (2012)
113. Moral Hazard, Collateral and Liquidity
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)

2007

114. Bankruptcy Codes and Innovation
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (25)
     See also Journal Article Bankruptcy Codes and Innovation, The Review of Financial Studies, Society for Financial Studies (2009) View citations (206) (2009)
115. Cash-in-the-market pricing and optimal resolution of bank failures
     Bank of England working papers, Bank of England View citations (25)
     See also Journal Article Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures, The Review of Financial Studies, Society for Financial Studies (2008) View citations (192) (2008)
116. Finance and Efficiency: Do Bank Branching Regulations Matter?
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
     Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (8)
     Swiss Finance Institute Research Paper Series, Swiss Finance Institute (2006) View citations (19)
     See also Journal Article Finance and Efficiency: Do Bank Branching Regulations Matter?, Review of Finance, European Finance Association (2011) View citations (37) (2011)
117. Fire Sales, Foreign Entry and Bank Liquidity
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
118. Fire-sale FDI
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (12)
     See also Journal Article Fire Sale FDI, Korean Economic Review, Korean Economic Association (2011) View citations (21) (2011)
119. 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 (10)
     See also Journal Article Liquidity Risk and Correlation Risk: A Clinical Study of the General Motors and Ford Downgrade of May 2005, Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd. (2015) View citations (16) (2015)
120. More Insiders, More Insider Trading: Evidence from Private Equity Buyouts
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
     See also Journal Article More insiders, more insider trading: Evidence from private-equity buyouts, Journal of Financial Economics, Elsevier (2010) View citations (48) (2010)
121. Too many to fail - an analysis of time-inconsistency in bank closure policies
     Bank of England working papers, Bank of England View citations (414)
     Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (6)
     See also Journal Article Too many to fail--An analysis of time-inconsistency in bank closure policies, Journal of Financial Intermediation, Elsevier (2007) View citations (396) (2007)

2005

122. Cash-in-the-Market Pricing and Optimal Bank Bailout Policy
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
123. Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
     See also Journal Article Cross-country variations in capital structures: The role of bankruptcy codes, Journal of Financial Intermediation, Elsevier (2011) View citations (41) (2011)
124. Insider Trading in Credit Derivatives
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
     See also Journal Article Insider trading in credit derivatives, Journal of Financial Economics, Elsevier (2007) View citations (348) (2007)
125. Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (13)
     Also in NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations (35)
     See also Journal Article Is cash negative debt? A hedging perspective on corporate financial policies, Journal of Financial Intermediation, Elsevier (2007) View citations (413) (2007)

2004

126. Asset Pricing with Liquidity Risk
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (18)
     Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (26)
     NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (19)
     See also Journal Article Asset pricing with liquidity risk, Journal of Financial Economics, Elsevier (2005) View citations (1171) (2005)

2003

127. Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (14)
128. Optimal Financial Market Integration and Security Design
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
     See also Journal Article Optimal Financial-Market Integration and Security Design, The Journal of Business, University of Chicago Press (2005) View citations (8) (2005)
129. Understanding the Recovery Rates on Defaulted Securities
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (33)

2002

130. Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (62)
     See also Journal Article Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy, The Review of Financial Studies, Society for Financial Studies (2002) View citations (61) (2002)
131. Entrepreneurial Incentives in Stock Market Economies
     CEPR Discussion Papers, C.E.P.R. Discussion Papers
132. Is the International Convergence of Capital Adequacy Regulation Desirable?
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
     See also Journal Article Is the International Convergence of Capital Adequacy Regulation Desirable?, Journal of Finance, American Finance Association (2003) View citations (160) (2003)
133. Pricing Credit Derivatives with Rating Transitions
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (17)
134. Should banks be diversified? Evidence from individual bank loan portfolios
     BIS Working Papers, Bank for International Settlements View citations (34)
     See also Journal Article Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios, The Journal of Business, University of Chicago Press (2006) View citations (336) (2006)
135. Should banks be diversified? evidence from individual bank portfolios
     Proceedings, Federal Reserve Bank of Chicago View citations (13)
136. 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 (34)
     Also in Proceedings, Federal Reserve Bank of Chicago (2002) View citations (11)
137. When Does Strategic Debt Service Matter?
     CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (11)
     See also Journal Article When does Strategic Debt-service Matter?, Economic Theory, Springer (2006) View citations (24) (2006)

2000

138. 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 (8)

1999

139. 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 On the optimality of resetting executive stock options, Journal of Financial Economics, Elsevier (2000) View citations (57) (2000)

1998

140. 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

2022

1. Bank use of sovereign CDS in the Eurozone crisis: Hedging and risk incentives
   Journal of Financial Intermediation, 2022, 50, (C) View citations (4)
   See also Working Paper Bank Use of Sovereign CDS in the Eurozone Crisis: Hedging and Risk Incentives, CEPR Discussion Papers (2021) (2021)

2021

2. Competition for Managers and Corporate Governance
   Journal of Law, Finance, and Accounting, 2021, 6, (1), 179-219
   See also Working Paper Competition for Managers and Corporate Governance, CEPR Discussion Papers (2012) View citations (6) (2012)
3. Credit Lines and the Liquidity Insurance Channel
   Journal of Money, Credit and Banking, 2021, 53, (5), 901-938 View citations (4)
4. Kicking the Can Down the Road: Government Interventions in the European Banking Sector
   The Review of Financial Studies, 2021, 34, (9), 4090-4131 View citations (33)
   See also Working Paper Kicking the Can Down the Road: Government Interventions in the European Banking Sector, NBER Working Papers (2020) View citations (8) (2020)

2020

5. Bank lines of credit as contingent liquidity: Covenant violations and their implications
   Journal of Financial Intermediation, 2020, 44, (C) View citations (18)
6. Does the lack of financial stability impair the transmission of monetary policy?
   Journal of Financial Economics, 2020, 138, (2), 342-365 View citations (36)
   See also Working Paper Does the Lack of Financial Stability Impair the Transmission of Monetary Policy?, NBER Working Papers (2019) View citations (6) (2019)
7. Improving Monetary Transmission Through the Banking Channel: The Case for External Benchmarks in Bank Loans
   Vikalpa: The Journal for Decision Makers, 2020, 45, (1), 32-41 View citations (2)
8. Risk-Sharing and the Creation of Systemic Risk
   JRFM, 2020, 13, (8), 1-38
   See also Working Paper Risk-Sharing and the Creation of Systemic Risk, CEPR Discussion Papers (2020) (2020)
9. The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID
   The Review of Corporate Finance Studies, 2020, 9, (3), 430-471 View citations (228)
   See also Working Paper The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID, NBER Working Papers (2020) View citations (219) (2020)

2019

10. Economics with Market Liquidity Risk
    Critical Finance Review, 2019, 8, (1-2), 111-125 View citations (6)
11. On reaching for yield and the coexistence of bubbles and negative bubbles
    Journal of Financial Intermediation, 2019, 38, (C), 1-10 View citations (24)
12. Whatever It Takes: The Real Effects of Unconventional Monetary Policy
    The Review of Financial Studies, 2019, 32, (9), 3366-3411 View citations (305)
    See also Working Paper Whatever it takes: The Real Effects of Unconventional Monetary Policy, CEPR Discussion Papers (2017) View citations (55) (2017)

2018

13. Lending implications of U.S. bank stress tests: Costs or benefits?
    Journal of Financial Intermediation, 2018, 34, (C), 58-90 View citations (74)
14. Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans
    The Review of Financial Studies, 2018, 31, (8), 2855-2896 View citations (202)
    See also Working Paper Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans, CEPR Discussion Papers (2014) View citations (137) (2014)
15. Understanding and managing interest rate risk at banks
    Macroeconomics and Finance in Emerging Market Economies, 2018, 11, (2), 218-231 View citations (5)

2017

16. Bank Capital and Dividend Externalities
    The Review of Financial Studies, 2017, 30, (3), 988-1018 View citations (41)
    See also Working Paper Bank capital and dividend externalities, BIS Working Papers (2016) View citations (8) (2016)
17. Dealer financial conditions and lender-of-last-resort facilities
    Journal of Financial Economics, 2017, 123, (1), 81-107 View citations (25)
    See also Working Paper Dealer financial conditions and lender-of-last resort facilities, Staff Reports (2014) View citations (20) (2014)
18. Financial dependence and innovation: The case of public versus private firms
    Journal of Financial Economics, 2017, 124, (2), 223-243 View citations (180)
    See also Working Paper Financial Dependence and Innovation: The Case of Public versus Private Firms, CEPR Discussion Papers (2014) (2014)
19. 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 View citations (19)
    See also Working Paper How do Global Banks Scramble for Liquidity? Evidence from the Asset-Backed Commercial Paper Freeze of 2007, CEPR Discussion Papers (2013) View citations (14) (2013)
20. India’s International Integration and Challenges to Sustaining Growth
    Vikalpa: The Journal for Decision Makers, 2017, 42, (3), 168-205
21. Measuring Systemic Risk
    The Review of Financial Studies, 2017, 30, (1), 2-47 View citations (662)
    See also Chapter MEASURING SYSTEMIC RISK, World Scientific Book Chapters, 2013, 65-98 (2013) View citations (5) (2013)
    Working Paper Measuring Systemic Risk, CEPR Discussion Papers (2012) View citations (83) (2012)

2016

22. Banks’ Financial Reporting and Financial System Stability
    Journal of Accounting Research, 2016, 54, (2), 277-340 View citations (39)
23. Capital Markets Union in Europe: Why Other Unions Must Lead the Way
    Swiss Journal of Economics and Statistics, 2016, 152, (4), 319-329 View citations (3)
    Also in Swiss Journal of Economics and Statistics (SJES), 2016, 152, (IV), 319-329 (2016) View citations (3)
    See also Working Paper Capital markets union in Europe: Why other unions must lead the way, ZEW policy briefs (2016) View citations (3) (2016)
24. Cash holdings and bank compensation
    Economic Policy Review, 2016, (Aug), 77-83 View citations (1)
25. Caught between Scylla and Charybdis? Regulating Bank Leverage When There Is Rent Seeking and Risk Shifting
    The Review of Corporate Finance Studies, 2016, 5, (1), 36-75 View citations (53)
    See also Working Paper Caught between Scylla and Charybdis? Regulating bank leverage when there is rent-seeking and risk-shifting, CEPR Discussion Papers (2012) View citations (9) (2012)
26. Seeking Alpha: Excess Risk Taking and Competition for Managerial Talent
    The Review of Financial Studies, 2016, 29, (10), 2565-2599 View citations (41)
    See also Working Paper Seeking Alpha - Excess Risk Taking and Competition for Managerial Talent, EIEF Working Papers Series (2016) View citations (47) (2016)
27. The dark side of liquidity creation: Leverage and systemic risk
    Journal of Financial Intermediation, 2016, 28, (C), 4-21 View citations (61)

2015

28. A Crisis of Banks as Liquidity Providers
    Journal of Finance, 2015, 70, (1), 1-43 View citations (217)
29. A Theory of Income Smoothing When Insiders Know More Than Outsiders
    The Review of Financial Studies, 2015, 28, (9), 2534-2574 View citations (24)
    See also Working Paper A Theory of Income Smoothing When Insiders Know More Than Outsiders, CEPR Discussion Papers (2012) (2012)
30. 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 View citations (16)
    See also Working Paper Liquidity Risk and Correlation Risk: A Clinical Study of the General Motors and Ford Downgrade of May 2005, CEPR Discussion Papers (2007) View citations (10) (2007)
31. The “greatest” carry trade ever? Understanding eurozone bank risks
    Journal of Financial Economics, 2015, 115, (2), 215-236 View citations (432)
    See also Working Paper The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks, CEPR Discussion Papers (2013) View citations (95) (2013)

2014

32. A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk
    Journal of Finance, 2014, 69, (6), 2689-2739 View citations (663)
    See also Working Paper A Pyrrhic Victory? - Bank Bailouts and Sovereign Credit Risk, NBER Working Papers (2011) View citations (187) (2011)
33. Counterparty risk externality: Centralized versus over-the-counter markets
    Journal of Economic Theory, 2014, 149, (C), 153-182 View citations (99)
    See also Working Paper Counterparty Risk Externality: Centralized Versus Over-the-counter Markets, NBER Working Papers (2011) View citations (13) (2011)
34. Credit lines as monitored liquidity insurance: Theory and evidence
    Journal of Financial Economics, 2014, 112, (3), 287-319 View citations (82)
    See also Working Paper Credit Lines as Monitored Liquidity Insurance: Theory and Evidence, NBER Working Papers (2013) View citations (4) (2013)
35. Testing macroprudential stress tests: The risk of regulatory risk weights
    Journal of Monetary Economics, 2014, 65, (C), 36-53 View citations (160)
    See also Working Paper Testing Macroprudential Stress Tests: The Risk of Regulatory Risk Weights, CEPR Discussion Papers (2014) View citations (165) (2014)
36. Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage
    IMF Economic Review, 2014, 62, (4), 606-655 View citations (11)
    See also Working Paper Unintended Consequences of LOLR Facilities: The Case of Illiquid Leverage, NBER Working Papers (2013) View citations (9) (2013)
37. Wrongful Discharge Laws and Innovation
    The Review of Financial Studies, 2014, 27, (1), 301-346 View citations (185)
    See also Working Paper Wrongful Discharge Laws and Innovation, NBER Working Papers (2012) View citations (8) (2012)

2013

38. 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 View citations (20)
    See also Working Paper A proposal for the resolution of systemically important assets and liabilities: The case of the repo market, CEPR Discussion Papers (2012) View citations (3) (2012)
    Chapter A Proposal for the Resolution of Systemically Important Assets and Liabilities: The Case of the Repo Market, World Scientific Book Chapters, 2013, 159-214 (2013) View citations (20) (2013)
39. A Theory of Arbitrage Capital
    The Review of Corporate Finance Studies, 2013, 2, (1), 62-97 View citations (18)
40. A transparency standard for derivatives
    Financial Stability Review, 2013, (17), 81-89 View citations (6)
    See also Working Paper A Transparency Standard for Derivatives, NBER Working Papers (2011) View citations (7) (2011)
    Chapter A Transparency Standard for Derivatives, NBER Chapters, 2012, 83-95 (2012) (2012)
41. Aggregate Risk and the Choice between Cash and Lines of Credit
    Journal of Finance, 2013, 68, (5), 2059-2116 View citations (147)
    See also Working Paper Aggregate Risk and the Choice between Cash and Lines of Credit, CEPR Discussion Papers (2012) View citations (1) (2012)
42. Corporate Governance and Value Creation: Evidence from Private Equity
    The Review of Financial Studies, 2013, 26, (2), 368-402 View citations (74)
    See also Working Paper Corporate Governance and Value Creation: Evidence from Private Equity, Post-Print (2013) View citations (64) (2013)
43. Dark Markets, by Darrell Duffie
    Quantitative Finance, 2013, 13, (1), 25-26
44. Labor Laws and Innovation
    Journal of Law and Economics, 2013, 56, (4), 997 - 1037 View citations (132)
    See also Working Paper Labor Laws and Innovation, NBER Working Papers (2010) View citations (40) (2010)
45. Limits to arbitrage and hedging: Evidence from commodity markets
    Journal of Financial Economics, 2013, 109, (2), 441-465 View citations (213)
    See also Working Paper Limits to Arbitrage and Hedging: Evidence from Commodity Markets, NBER Working Papers (2011) View citations (14) (2011)
46. Liquidity risk of corporate bond returns: conditional approach
    Journal of Financial Economics, 2013, 110, (2), 358-386 View citations (127)
    See also Working Paper Liquidity Risk of Corporate Bond Returns: A Conditional Approach, NBER Working Papers (2010) View citations (6) (2010)
47. Precautionary Hoarding of Liquidity and Interbank Markets: Evidence from the Subprime Crisis
    Review of Finance, 2013, 17, (1), 107-160 View citations (180)
    See also Working Paper Precautionary Hoarding of Liquidity and the Interbank Markets: Evidence from the Sub-Prime Crisis, Post-Print (2013) View citations (128) (2013)
48. Securitization without risk transfer
    Journal of Financial Economics, 2013, 107, (3), 515-536 View citations (405)
    See also Working Paper Securitization Without Risk Transfer, CEPR Discussion Papers (2012) View citations (74) (2012)
49. Sovereign Debt, Government Myopia, and the Financial Sector
    The Review of Financial Studies, 2013, 26, (6), 1526-1560 View citations (71)
    See also Working Paper Sovereign Debt, Government Myopia, and the Financial Sector, NBER Working Papers (2011) View citations (7) (2011)
50. Special Issue: Research on the Financial Crisis
    Journal of Financial Intermediation, 2013, 22, (1), 1-3
51. The growth of a shadow banking system in emerging markets: Evidence from India
    Journal of International Money and Finance, 2013, 39, (C), 207-230 View citations (36)

2012

52. A tale of two overhangs:the nexus of fi nancial sector and sovereign credit risks
    Financial Stability Review, 2012, (16), 51-56 View citations (12)
53. Capital Shortfall: A New Approach to Ranking and Regulating Systemic Risks
    American Economic Review, 2012, 102, (3), 59-64 View citations (616)
54. Cash Holdings and Credit Risk
    The Review of Financial Studies, 2012, 25, (12), 3572-3609 View citations (139)
    See also Working Paper Cash Holdings and Credit Risk, NBER Working Papers (2011) View citations (7) (2011)
55. Imperfect Competition in the Interbank Market for Liquidity as a Rationale for Central Banking
    American Economic Journal: Macroeconomics, 2012, 4, (2), 184-217 View citations (153)
    See also Working Paper Imperfect Competition in the Inter-Bank Market for Liquidity as a Rationale for Central Banking, CEPR Discussion Papers (2008) View citations (42) (2008)
56. Implications of the Dodd-Frank Act
    Annual Review of Financial Economics, 2012, 4, (1), 1-38 View citations (8)
57. Is State Ownership in the Indian Banking Sector Desirable?
    India Policy Forum, 2012, 8, (1), 1-35 View citations (2)
58. Robust capital regulation
    Current Issues in Economics and Finance, 2012, 18, (May) View citations (9)
    See also Working Paper Robust Capital Regulation, CEPR Discussion Papers (2012) View citations (18) (2012)
59. 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 View citations (274)
    See also Working Paper The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-Taking over the Business Cycle, CEPR Discussion Papers (2012) View citations (318) (2012)
60. What Saved the Indian Banking System: State Ownership or State Guarantees?
    The World Economy, 2012, 35, (1), 19-31 View citations (12)

2011

61. A model of liquidity hoarding and term premia in inter-bank markets
    Journal of Monetary Economics, 2011, 58, (5), 436-447 View citations (163)
    See also Working Paper A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets, CEPR Discussion Papers (2011) View citations (180) (2011)
62. Creditor rights and corporate risk-taking
    Journal of Financial Economics, 2011, 102, (1), 150-166 View citations (309)
    See also Working Paper Creditor rights and corporate risk-taking, NBER Working Papers (2009) View citations (9) (2009)
63. Crisis Resolution and Bank Liquidity
    The Review of Financial Studies, 2011, 24, (6), 2166-2205 View citations (154)
    See also Working Paper Crisis Resolution and Bank Liquidity, NBER Working Papers (2009) View citations (12) (2009)
64. Cross-country variations in capital structures: The role of bankruptcy codes
    Journal of Financial Intermediation, 2011, 20, (1), 25-54 View citations (41)
    See also Working Paper Cross-Country Variations in Capital Structures: The Role of Bankruptcy Codes, CEPR Discussion Papers (2005) View citations (5) (2005)
65. Endogenous Information Flows and the Clustering of Announcements
    American Economic Review, 2011, 101, (7), 2955-79 View citations (73)
    See also Working Paper Endogenous Information Flows and the Clustering of Announcements, CEPR Discussion Papers (2011) View citations (73) (2011)
66. Finance and Efficiency: Do Bank Branching Regulations Matter?
    Review of Finance, 2011, 15, (1), 135-172 View citations (37)
    See also Working Paper Finance and Efficiency: Do Bank Branching Regulations Matter?, CEPR Discussion Papers (2007) View citations (5) (2007)
67. Fire Sale FDI
    Korean Economic Review, 2011, 27, 163-202 View citations (21)
    See also Working Paper Fire-sale FDI, CEPR Discussion Papers (2007) View citations (12) (2007)
68. Leverage, Moral Hazard, and Liquidity
    Journal of Finance, 2011, 66, (1), 99-138 View citations (187)
    See also Working Paper Leverage, Moral Hazard and Liquidity, NBER Working Papers (2010) View citations (13) (2010)
69. Rollover Risk and Market Freezes
    Journal of Finance, 2011, 66, (4), 1177-1209 View citations (207)
    See also Working Paper Rollover Risk and Market Freezes, NBER Working Papers (2010) View citations (20) (2010)
70. 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 (3)
71. The Internal Governance of Firms
    Journal of Finance, 2011, 66, (3), 689-720 View citations (81)
    See also Working Paper The Internal Governance of Firms, CEPR Discussion Papers (2009) (2009)

2010

72. Comment on "The Macroeconomics of Money Market Freezes" by Max Bruche and Javier Suarez
    Journal of Monetary Economics, 2010, 57, (1), 62-63
73. Corporate Governance Externalities
    Review of Finance, 2010, 14, (1), 1-33 View citations (50)
    See also Working Paper Corporate Governance Externalities, CEPR Discussion Papers (2008) View citations (1) (2008)
74. 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 View citations (182)
75. Manufacturing Tail Risk: A Perspective on the Financial Crisis of 2007–2009
    Foundations and Trends(R) in Finance, 2010, 4, (4), 247-325 View citations (56)
76. More insiders, more insider trading: Evidence from private-equity buyouts
    Journal of Financial Economics, 2010, 98, (3), 500-523 View citations (48)
    See also Working Paper More Insiders, More Insider Trading: Evidence from Private Equity Buyouts, CEPR Discussion Papers (2007) View citations (2) (2007)
77. Systemic risk and deposit insurance premiums
    Economic Policy Review, 2010, 16, (Aug), 89-99 View citations (35)

2009

78. A theory of systemic risk and design of prudential bank regulation
    Journal of Financial Stability, 2009, 5, (3), 224-255 View citations (419)
    See also Working Paper A Theory of Systemic Risk and Design of Prudential Bank Regulation, CEPR Discussion Papers (2009) View citations (431) (2009)
79. Bankruptcy Codes and Innovation
    The Review of Financial Studies, 2009, 22, (12), 4949-4988 View citations (206)
    See also Working Paper Bankruptcy Codes and Innovation, CEPR Discussion Papers (2007) View citations (25) (2007)
80. Government Guarantees: Why the Genie Needs to Be Put Back in the Bottle
    The Economists' Voice, 2009, 6, (11), 5 View citations (3)
81. Managerial hedging, equity ownership, and firm value
    RAND Journal of Economics, 2009, 40, (1), 47-77 View citations (30)
82. 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 (15)

2008

83. Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures
    The Review of Financial Studies, 2008, 21, (6), 2705-2742 View citations (192)
    See also Working Paper Cash-in-the-market pricing and optimal resolution of bank failures, Bank of England working papers (2007) View citations (25) (2007)
84. Information Contagion and Bank Herding
    Journal of Money, Credit and Banking, 2008, 40, (1), 215-231 View citations (170)
    Also in Journal of Money, Credit and Banking, 2008, 40, (1), 215-231 (2008) View citations (59)

2007

85. Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries
    Journal of Financial Economics, 2007, 85, (3), 787-821 View citations (306)
86. Insider trading in credit derivatives
    Journal of Financial Economics, 2007, 84, (1), 110-141 View citations (348)
    See also Working Paper Insider Trading in Credit Derivatives, CEPR Discussion Papers (2005) View citations (8) (2005)
87. Is cash negative debt? A hedging perspective on corporate financial policies
    Journal of Financial Intermediation, 2007, 16, (4), 515-554 View citations (413)
    See also Working Paper Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies, CEPR Discussion Papers (2005) View citations (13) (2005)
88. Private Equity: Boom and Bust?
    Journal of Applied Corporate Finance, 2007, 19, (4), 44-53 View citations (14)
89. Too many to fail--An analysis of time-inconsistency in bank closure policies
    Journal of Financial Intermediation, 2007, 16, (1), 1-31 View citations (396)
    See also Working Paper Too many to fail - an analysis of time-inconsistency in bank closure policies, Bank of England working papers (2007) View citations (414) (2007)

2006

90. Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios
    The Journal of Business, 2006, 79, (3), 1355-1412 View citations (336)
    See also Working Paper Should banks be diversified? Evidence from individual bank loan portfolios, BIS Working Papers (2002) View citations (34) (2002)
91. When does Strategic Debt-service Matter?
    Economic Theory, 2006, 29, (2), 363-378 View citations (24)
    See also Working Paper When Does Strategic Debt Service Matter?, CEPR Discussion Papers (2002) View citations (11) (2002)

2005

92. Asset pricing with liquidity risk
    Journal of Financial Economics, 2005, 77, (2), 375-410 View citations (1171)
    See also Working Paper Asset Pricing with Liquidity Risk, CEPR Discussion Papers (2004) View citations (18) (2004)
93. Optimal Financial-Market Integration and Security Design
    The Journal of Business, 2005, 78, (6), 2397-2434 View citations (8)
    See also Working Paper Optimal Financial Market Integration and Security Design, CEPR Discussion Papers (2003) View citations (1) (2003)

2003

94. Is the International Convergence of Capital Adequacy Regulation Desirable?
    Journal of Finance, 2003, 58, (6), 2745-2782 View citations (160)
    See also Working Paper Is the International Convergence of Capital Adequacy Regulation Desirable?, CEPR Discussion Papers (2002) View citations (5) (2002)

2002

95. Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy
    The Review of Financial Studies, 2002, 15, (5), 1355-1383 View citations (61)
    See also Working Paper Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy, CEPR Discussion Papers (2002) View citations (62) (2002)

2001

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

2000

97. On the optimality of resetting executive stock options
    Journal of Financial Economics, 2000, 57, (1), 65-101 View citations (57)
    See also Working Paper On the Optimality of Resetting Executive Stock Options, New York University, Leonard N. Stern School Finance Department Working Paper Seires (1999) View citations (2) (1999)

Books

2015

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

2011

2. Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance
   Economics Books, Princeton University Press View citations (75)

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.

Chapters

2023

1. Sovereign Debt and Economic Growth When Government Is Myopic and Self-Interested
   A chapter in NBER International Seminar on Macroeconomics 2023, 2023
   See also Working Paper Sovereign Debt and Economic Growth when Government is Myopic and Self-interested, National Bureau of Economic Research, Inc (2022) (2022)

2013

2. 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 View citations (20)
   See also Journal Article A Proposal for the Resolution of Systemically Important Assets and Liabilities: The Case of the Repo Market, International Journal of Central Banking (2013) View citations (20) (2013)
   Working Paper A proposal for the resolution of systemically important assets and liabilities: The case of the repo market, C.E.P.R. Discussion Papers (2012) View citations (3) (2012)
3. Introduction, New Perspectives on Corporate Capital Structure
   A chapter in New Perspectives on Corporate Capital Structure, 2013
4. MEASURING SYSTEMIC RISK
   Chapter 3 in Managing and Measuring Risk Emerging Global Standards and Regulations After the Financial Crisis, 2013, pp 65-98 View citations (5)
   Also in Chapter 10 in Macroprudential Regulatory Policies The New Road to Financial Stability?, 2011, pp 133-143 (2011) View citations (51)
   See also Journal Article Measuring Systemic Risk, Society for Financial Studies (2017) View citations (662) (2017)
   Working Paper Measuring Systemic Risk, C.E.P.R. Discussion Papers (2012) View citations (83) (2012)
5. TAXING SYSTEMIC RISK
   Chapter 4 in Managing and Measuring Risk Emerging Global Standards and Regulations After the Financial Crisis, 2013, pp 99-122 View citations (5)

2012

6. A Transparency Standard for Derivatives
   A chapter in Risk Topography: Systemic Risk and Macro Modeling, 2012, pp 83-95
   See also Working Paper A Transparency Standard for Derivatives, National Bureau of Economic Research, Inc (2011) View citations (7) (2011)
   Journal Article A transparency standard for derivatives, Banque de France (2013) View citations (6) (2013)
7. How to Calculate Systemic Risk Surcharges
   A chapter in Quantifying Systemic Risk, 2012, pp 175-212

2011

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