Working Papers

From University of Pennsylvania, Wharton School, Weiss Center
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12-02: Government Interventions - Restoring or Destructing Financial Stability in the Long-Run?

Aneta Hrychiewicz

12-01: Financing Firms in India

Franklin Allen, Rajesh Chakrabarti, Sankar De, Jun Qian and Meijun Qian

11-74: Framing and Claiming: How Information-Framing Affects Expected Social Security Claiming Behavior

Jeffrey Brown, Arie Kapteyn and Olivia Mitchell

11-73: Judicial and Administrative Approached to Bank Resolution: Prospects for International Harmonization

Charles Hendren

11-72: Fair Value Accounting, Disclosure and Financial Stability: Does How We Keep Score Influence How the Game is Played?

Richard J. Herring

11-71: The Central Role of Resolution Policy in Dealing with Systemically Important Financial Institution

Richard J. Herring

11-70: The Capital Conundrum

Richard Herring

11-69: Incentives to Improve the Corporate Governance of Risk in Financial Institutons

Richard J. Herring

11-68: The Initial Public Offering of the Industrial and Commercial Bank of China (ICBC)

Franklin Allen, Darien Huang, Jun Qian and Mengxin Zhao

11-67: Feedback Effects and the Limits to Arbitrage

Alex Edmans, Itay Goldstein and Wei Jiang

11-66: Trends in Financial Innovation and Their Welfare Impact an Overview

Franklin Allen

11-65: Contracting with Synergies

Alex Edmans, Itay Goldstein and John Zhu

11-64: An Alternative View on Law, Institutions, Finance and Growth

Franklin Allen, Jun Qian and Chenying Zhang

11-63: 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

11-62: The Impact of Incentives and Communication Costs on Information Production: Evidence from Bank Lending

Jun Qian, Philip E. Strahan and Zhishu Yang

11-61: Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-Backed Securities

Jie He, Jun Qian and Philip E. Strahan

11-60: The Effect of Liquidity on Governance

Alex Edmans, Vivian W. Fang and Emanuel Zur

11-59: The Value of Investment Banking Relationships: Evidence from the Collapse of Lehman Brothers

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

11-58: Asset Commonality, Debt Maturity and Systemic Risk

Franklin Allen, Ana Babus and Elena Carletti

11-57: Bank Risk Taking and Liquidity Creation Following Regulatory Interventions and Capital Support

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

11-56: Identifying the Right Mix of Capital and Cash Requirements in Prudential Bank Regulation

Charles W. Calomiris

11-55: Is Your Money Safe? What Italians Know about Deposit Insurance

Laura Bartiloro

11-54: China's Financial System: Opportunities and Challenges

Franklin Allen, Chenying Zhang, Jun Qian and Mengxin Zhao

11-53: Political Promotion, CEO Incentives, and the Relationship between Pay and Performance

Jerry Cao, Michael Lemmon, Xiaofei Pan, Meijun Qian and Gary Tian

11-52: Financial Reversal in Rural China

Meijun Qian and Yasheng Huang

11-51: Large Capital Infusions, Investor Reactions, and the Return and Risk Performance of Financial Institutions over the Business Cycle and Recent Financial Crisis

Elyas Elyasiani, Loretta Mester and Michael S. Pagano

11-50: A Strategy-Proof Test of Portfolio Returns

Dean P. Foster and H. Peyton Young

11-49: A Markov Test for Alpha

Dean P. Foster, Robert Stine and H. Peyton Young

11-48: Systemic Risk Channel and TARP: Banking Relationship Spillover in the Credit Default Swap Market

Wei-Ling Song and Cihan Uzmanoglu

11-47: Who Said Large Banks Don't Experience Scale Economies? Evidence from a Risk-Return-Driven Cost Function

Joseph Hughes and Loretta Mester

11-46: Internal Governance Mechanisms and Pension Fund Performance

Krzysztof Jackowicz and Oskar Kowalewski

11-45: Cores Measures of Inflation as Predictors of Total Inflation

Theodore M. Crone, N. Neil K. Khettry, Loretta Mester and Jason A. Novak

11-44: The Behavior of Savings and Asset Prices When Preferences and Beliefs are Heterogeneous

Ngoc-Khanh Tran and Richard Zeckhauser

11-43: Optimal Portfolio Choice over the Life-Cycle with Flexible Work, Endogenous Retirement, and Lifetime Payouts

Jingjing Chai, Wolfram Horneff, Raimond Maurer and Olivia Mitchell

11-42: Survival of the Reckless: Feedback, Foresight and the Evolutionary Roots of the Financial Crisis

Michael G. Jacobides and Sidney Winter

11-41: Why and How to Design a Contingent Convetible Debt Requirement

Charles W. Calomiris and Richard J. Herring

11-40: New Theories to Underpin Financial Reform

Franklin Allen and Elena Carletti

11-39: Asset Prices, Financial Stability and Monetary Policy

Franklin Allen and Kenneth Rogoff

11-38: The Hidden Transformation: Changing Role of the State after the Collapse of Communism in Central and Eastern Europe

Oskar Kowalewski and Krzysztof Rybinski

11-37: Financial Crisis, Structure and Reform

Franklin Allen, Xian Gu and Oskar Kowalewski

11-36: How Does Capital Affect Bank Performance during Financial Crises?

Allen N. Berger and Christa H. S. Bouwman

11-35: Corporate Governance and Intre-group Transactions in European Bank Holding Companies during the Crisis

Franklin Allen, Xian Gu and Oskar Kowalewski

11-34: Forecasting and Stress Testing Credit Card Default Using Dynamic Models

Tony Bellotti and Jonathan Crook

11-33: Liquidity Hoarding

Douglas Gale and Tanju Yorulmazer

11-32: Why Are There Global Imbalances? The Case of South Korea

Franklin Allen and Joo Yun Hong

11-31: Insuring Non-verifiable Losses and the Role of Internediaries

Neil A. Doherty, Christian Laux and Alexander Muermann

11-30: Entrepreneurial Spawning and Firm Characteristics

Michel A. Habib, Ulrich Hege and Pierre Mella-Barral

11-29: What Should Central Banks Do about Real Estate Prices?

Franklin Allen and Elena Carletti

11-28: Money, Financial Stability and Efficiency

Franklin Allen, Elena Carletti and Douglas Gale

11-27: The Changing Role of Central Banks

C. A. E. Goodhart