Working Papers

From University of Pennsylvania, Wharton School, Weiss Center
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13-35: Generating Multi-factor Arbitrage-Free Scenario Trees with Global Optimization

Andrea Consiglio, Angelo Carollo and Stavros Zenios

13-34: The European Securities and Markets Authority: Accountability towards EU Institutions and Stakeholders

Carmine Di Noia and Matteo Gargantini

13-33: Stakeholder Governance, Competition and Firm Value

Franklin Allen, Elena Carletti and Robert Marquez

13-32: Liquidity: How Banks Create It and How It Should Be Regulated

Christa H. S. Bouwman

13-31: Innovation in Times of Financial Crisis

Nina Gorovaia and Stavros A. Zenios

13-30: Stress Testing Bank Profitability

Michael Duane, Til Schuermann and Peter Reynolds

13-29: The African Financial Development and Financial Inclusion Gaps

Franklin Allen, Elena Carletti, Robert Cull, Jun Qian, Lemma Senbet and Patricio Valenzuela

13-28: Measuring the Performance of Banks: Theory, Practice, Evidence, and Some Policy Implications

Joseph Hughes and Loretta Mester

13-27: Does Legal Counsel Expertise Add Value? Evidence from Mergers and Acquisitions

Sandy Klasa, Lubomir P. Litov, Jordan Neyland and Simone M. Sepe

13-26: Financial Openness, Market Structure and Private Credit: An Empirical Investigation

Ronald Fischer and Patricio Valenzuela

13-25: The Effects of Foreign and Government Ownership on Bank Lending Behavior during a Crisis in Central and Eastern Europe

Franklin Allen, Krzysztof Jackowicz and Oskar Kowalewski

13-24: Bank Holding Company Performance, Risk and "Busy" Board of Directors

Elyas Elyasiani and Ling Zhang

13-23: BHC Derivatives Usage, Cost of Debt and Lending Patterns

Saiying Deng, Elyas Elyasiani and Connie X. Mao

13-22: Estimating Ambiguity Aversion in a Portfolio Choice Experiment

David Ahn, Syngjoo Choi, Douglas Gale and Shachar Kariv

13-21: Capital Structure and Investment Dynamics with Fire Sales

Douglas Gale and Piero Gottardi

13-20: Why High Leverage Is Optimal for Banks

Harry DeAngelo and René Stulz

13-19: The Use of Escrow Contracts in Acquisition Agreements

Sanjai Bhagat, Sandy Klasa and Lubomir P. Litov

13-18: Seeking Alpha, Taking Risk: Evidence from Non-executive Pay in U.S. Bank Holding Companies

Viral Acharya, Lubomir P. Litov and Simone M. Sepe

13-17: Who Said Large Banks Don't Experience Scale Economies? Evidence from a Risk-Return-Driven Cost Function

Joseph Hughes and Loretta Mester

13-16: Large Capital Infusions, Investor Reactions, and the Return and Risk-Performance of Financial Institutions over the Business Cycle

Elyas Elyasiani, Loretta Mester and Michael S. Pagano

13-15: Lawyers and Fools: Lawyer-Directors in Public Corporations

Lubomir P. Litov, Simone M. Sepe and Charles K. Whitehead

13-14: Shared Auditors in Mergers and Acquisitions

Dan S. Dhaliwal, Phillip T. Lamoreaux, Lubomir P. Litov and Jordan B. Neyland

13-13: Deposits and Bank Capital Structure

Franklin Allen and Elena Carletti

13-12: Sources of Inconsistencies in Risk Weighted Asset Determinations

Michel Araten

13-11: Sovereign Ceilings "Lite"? The Impact of Sovereign Ratings on Corporate Ratings

Eduardo Borensztein, Kevin Cowan and Patricio Valenzuela

13-10: Rollover Risk and Corporate Bond Spreads

Patricio Valenzuela

13-09: The Cyprus Debt: Perfect Crisis and a Way Forward

Stavros Zenios

13-08: Moral Hazard in Mutual Fund Management: The Quality-Assuring Role of Fees

Michel A. Habib and D. Bruce Johnsen

13-07: What Determines State Capture in Poland>

Stanislaw Alwasiak, Monika Lewandowska-Kalina, Lech Kalina, Oskar Kowalewski, Michal MOzdzen and Krzysztof Rybinski

13-06: Why Did Financial Institutions sell RMBS at Fire Sale Prices during the Finacial Crisis?

Craig B. Merrill, Taylor D. Nadauld, René Stulz and Shane M. Sherlund

13-05: China's Housing Market: Is a Buggle about to Burst?

James Barth, Michael Lea and Tong Li

13-04: Bank Regulation and Supervision in 180 Countries from 1999 to 2011

James Barth, Gerard Caprio and Ross Levine

13-03: Financing through Asset Sales

Alex Edmans and William Mann

13-02: Examining the Impact of the Volcker Rule on Markets, Businesses, Investors, and Job Creation, Part II

James Barth

13-01: Did Capital Requirements and Fair Value Accounting Spark Fire Sales in Distressed Mortgage-Backed Securities?

Craig B. Merrill, Taylor D. Nadauld, René Stulz and Shane Sherlund

12-17: The Case for Bail-Ins

Thomas F. Huertas

12-16: Breaking (Banks) Up Is Hard to Do: New Perspective on Too Big to Fail

James Barth and Apanard Prabha

12-15: Scenario Analysis in the Measurement of Operational Risk Capital: A Change of Measure Approach

Kabir K. Dutta and David Babbel

12-14: Does Corporate Governance Determine Corporate Performance and Dividends during Financial Crisis: Evidence from Poland

Oskar Kowalewski

12-13: In What Form Will the Eurozone Emerge from the Crisis?

Franklin Allen and Victor Ngai

12-12: Market Discipline during Crisis: Evidence from Bank Depositors in Transition Countries

Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski and Lukasz Kozlowski

12-11: Improving Access to Banking: Evidence from Kenya

Franklin Allen, Elena Carletti, Robert Cull, Jun Qian, Lemma Senbet and Patricio Valenzuela

12-10: Stability and Growth Pact and Fiscal Discipline in the Eurozone

Victor Ngai

12-09: A Markov-Switching Multi-Fractal Inter-Trade Duration Model, with Application to U.S. Equities

Fei Chen, Francis Diebold and Frank Schorfheide

12-08: Stress Testing Banks

Til Schuermann

12-07: Resolving the African Financial Development Gap: Cross-Country Comparisons and a Within-Country Study of Kenya

Franklin Allen, Elena Carletti, Robert Cull, Jun Qian, Lemma Senbet and Patricio Valenzuela

12-06: Just How Big Is the Too Big to Fail Problem?

James Barth, Apanard Prabha and Phillip Swagel

12-05: Financial Intermediation, Markets, and Alternative Financial Sectors

Franklin Allen, Jun Qian, Elena Carletti and Patricio Valenzuela

12-04: Target-Date Funds in 401(k) Retirement Plans

Olivia Mitchell and Stephen P. Utkus

12-03: The IPO of Industrial and Commercial Bank of China and the 'Chinese Model' of Privatizing Large Financial Institutions

Franklin Allen, Susan Chenyu Shan, Jun Qian and Mengxin Zhao