Working Papers

From University of Pennsylvania, Wharton School, Weiss Center
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18-01: The Evolving Complexity of Capital Regulation

Richard J. Herring

17-04: International Coordination of FInancial Supervision: Why Has It Grown? Will It Be Sustained?

Richard J. Herring

17-03: Is Bigger Necessarily Better in Community Banking?

Joseph Hughes, Julapa Jagtiani and Loretta Mester

17-02: Pricing and Hedging GDP-Linked Bonds in Incomplete Markets

Andrea Consiglio and Stavros Zenios

17-01: Stress Testing in Wartime and in Peacetime

Til Schuermann

16-09: The Corporate Complexity of Global Systemically Important Banks

Jacopo Carmassi and Richard Herring

16-08: Less Really Can Be More: Why Simplicity and Comparability Should be Regulatory Objectives

Richard J. Herring

16-07: How to Reform the Credit-Rating Process to Support a Revival of Private-Label Securitization

Richard Herring and Edward Kane

16-06: Portfolio Diversification in the Sovereign Credit Swap Markets

Andrea Consiglio, Somayyeh Lotfi and Stavros Zenios

16-05: Pricing Sovereign Contingent Convertible Debt

Andrea Consiglio, Michele Tumminello and Stavros Zenios

16-04: Gone with the Wind: Demographic Transition and Domestic Saving

Eduardo Cavallo, Gabriel Sanchez and Patricio Valenzuela

16-03: Equivalence of Robust VaR and CVaR Optimization

Somayyeh Lotfi and Stravros A. Zeniosn

16-02: Small Business Lending: Challenges and Opportunities for Community Banks

Julapa Jagtiani and Catharine Lemieux

16-01: Stress Testing in Wartime and in Peacetime

Til Schuermann

15-14: German Landesbanks in the Post-guarantee Reality

Matej Senkarcin

15-13: The Case for Contingent Convertible Debt for Sovereignst

Andrea Consiglio and Stavros Zenios

15-12: Inequality and Private Credit

Ronald Fischer, Diego Huerta and Patricio Valenzuela

15-11: Stress Testing Convergence

German Gutierrez, Til Schuermann and Michael Duane

15-10: Corporate Structures, Transparency and Resolvability of Global Systemically Important Banks

Jacopo Carmassi and Richard J. Herring

15-09: Prestige without Purpose? Reputation, Differentiation, and Pricing in U.S. Equity Underwriting

Chitru S. Fernando, Vladimir A. Gatchev, Anthony D. May and William L. Megginson

15-08: The Causal Effect of Option Pay on Corporate Risk Management

Tor-Erik Bakke, Hamed Mahmudi, Chitru S. Fernando and Jesus M. Salas

15-07: Why Do Firms Engage in Selective Hedging? Evidence from the Gold Mining Industry

Tim R. Adam, Chitru S. Fernando and Jesus M. Salas

15-06: Financial Openness, Domestic Financial Development and Credit Ratings

Eugenia Andreasen and Patricio Valenzuela

15-05: The Institutions of Federal Reserve Independence

Peter Conti-Brown

15-04: Depositor Discipline During Good and Bad Times: The Role of the Guarantor of Last Resort

Krzysztof Jackowicz, Oskar Kowalewski and Lukasz Kozlowski

15-03: Desinging Guarantee Options in Defined Contributions Pension Plans

Andrea Consiglio, Michele Tumminello and Stavros A. Zenios

15-02: Capital Controls and the Cost of Debt

Eugenia Andreasen, Martin Schindler and Patricio Valenzuela

15-01: Model Risk and the Great Financial Crisis: The Rise of Modern Model Risk Management

Jeffrey A. Brown, Brad McGourty and Til Schuermann

14-21: FED Liquidity Policy during the Financial Crisis: Playing for Time

Robert Eisenbeis and Richard Herring

14-20: Law and Structure of the Capital Markets

Xian Gu and Oskar Kowalewski

14-18: Interim Fund Performand and Fundraising in Private Equity

Brad Barber and Ayako Yasuda

14-17: The Evolution of U.S. Community Banks and Its Impact on Small Business Lending

Julapa Jagtiani, Ian Kotliar and Raman Quinn Maingi

14-16: Banks and the World's Major Banking Centers, 2010

Sang Rim Choi, Daekeun Park and Adrian Tschoegl

14-15: Issuing Bonds, Shares or Staying Private? Determinants of Going Public in an Emerging Economy

Krzystof Jackowicz, Oskar Kowalewski, Lukasz Kozlowski and Paulina Roszkowska

14-14: Risk Profiles for Re-profiling the Sovereign Debt of Crisis Countries

Andrea Consiglio and Stavros Zenios

14-13: Credit Access after Consumer Bankruptcy Filing: New Evidence

Julapa Jagtiani and Wenli Li

14-12: Bank Ownership Structure, SME Lending and Local Credit Markets

Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski and Lukasz Kozlowski

14-11: Self-Reporting under SEC Reg AB and Transparency in Securitization: Evidence from Loan-Level Disclosure of Risk Factors in RMBS Deals

Joseph R. Mason, Michael B. Imerman and Hong Lee

14-10: Risk Management Optimization for Sovereign Debt Restructuring

Andrea Consiglio and Stavros Zenios

14-09: Governance, Risk Management, and Risk-Taking in Banks

René Stulz

14-08: Deposits and Bank Capital Structure

Franklin Allen, Elena Carletti and Robert Marquez

14-07: Bank Risk Taking and Liquidity Creation Following Regulatory Interventions and Capital Support

Allen N. Berger, Christa H. S. Bouwman, Thomas Kick and Klaus Schaeck

14-06: The Federal Reserve's Discount Window and TAF Programs: "Pushing on a String?"

Allen N. Berger, Lamont K. Black, Christa H. S. Bouwman and Jennifer Dlugosz

14-05: Interest Rate Risk and Bank Equity Valuations

William B. English, Skander Van den Heuvel and Egon Zakrajšek

14-04: Fairness and Reflexivity in the Cyprus Bail-In

Stavros Zenios

14-03: Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities

Nicole M. Boyson, Ruediger Fahlenbrach and René Stulz

14-02: Bank Capital for Operational Risk: A Tale of Fragility and Instability

Mark Ames, Til Schuermann and Hal S. Scott

14-01: A Probability-Based Stress Test of Federal Reserve Assets and Income

Jens H. E. Christensen, Jose Lopez and Glenn Rudebusch

13-37: Politically Connected Firms in Poland and Their Access to Bank Financing

Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski and Lukasz Kozlowski

13-36: Staggered Boards and Firm Value, Revisited

K. J. Martijn Cremers, Lubomir P. Litov and Simone M. Sepe