Working Papers

From University of Pennsylvania, Wharton School, Weiss Center
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11-26: Social Networks and Career Outcomes

Allen N. Berger, Thomas Kick, Michael Koetter and Klaus Schaeck

11-25: Do Depositors Discipline Banks? An International Perspective

Allen N. Berger and Rima Turk-Ariss

11-24: Does Sign Matter More Than Size? An Investigation into the Source of Investor Overconfidence

Sankar De, Naveen R. Gondhi and Bhimasankaram Pochiraju

11-23: Corporate Governance Propagation through Overlapping Directors

Christa H. S. Bouwman

11-22: How Does Capital Affect Bank Performance during Financial Crises?

Allen N. Berger and Christa H. S. Bouwman

11-21: Bank Liquidity Creation, Monetary Policy, and Financial Crises

Allen N. Berger and Christa H. S. Bouwman

11-20: Is the Potential for International Diversification Disappearing?

Peter Christoffersen, Vihang Errunza, Kris Jacobs and Xisong Jin

11-19: Time-Varying Jump Intensities and Fat Tail Dynamics: Evidence from S&P500 Returns and Options

Peter Christoffersen, Kris Jacobs and Chayawat Ornthanalai

11-18: Market Skewness Risk and the Cross-Section of Stock Returns

Bo Young Chang, Peter Christoffersen and Kris Jacobs

11-17: Option Anomalies and the Pricing Kernel

Peter Christoffersen, Steven Heston and Kris Jacobs

11-16: Macro-prudential Regulation and the New Road to Financial Stability: Looking through Darwin's Glasses

Charles Taylor

11-15: The Investment Value of Mutual Fund Portfolio Disclosure

Russell Wermers, Tong Yao and Jane Zhao

11-14: Mutual Fund Return Predictability in Partially Segmented Markets

Ayelen Banegas, Allan Timmermann, Ben Gillen and Russell Wermers

11-13: Style Migration and the Cross-Section of Stock Returns

Hsiu-Lang Chen and Russell Wermers

11-12: Liquidity and Monetary Policy

Douglas Gale

11-11: Rollover Risk and Market Freezes

Viral Acharya, Douglas Gale and Tanju Yorulmazer

11-10: Capital Regulation and Risk Sharing: Commentary

Douglas Gale

11-09: Bankruptcy, Finance Constraints and the Value of the Firm

Douglas Gale and Piero Gottardi

11-08: Efficiency, Productivity, and Scale Economies in the U.S. Property-Liability Insurance Industry

J. David Cummins and Xiaoying Xie

11-07: Systemic Risk and the U.S. Insurance Sector

J. David Cummins and Mary Weiss

11-06: Venture Capital and Other Private Equity: A Survey

Andrew Metrick and Ayako Yasuda

11-05: Monetary Policy, Leverage, and Bank Risk-Taking

Giovanni Dell'ariccia, Luc Laeven and Robert Marquez

11-04: House Price Index Methodology

Chaitra H. Nagaraja, Lawrence D. Brown and Susan Wachter

11-03: Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach

Charles W. Calomiris, Joseph R. Mason and David Wheelock

11-02: The Impact of Electoral Factors on Commercial Banks in CEE Countries

Krzysztof Jackowicz, Oskar Kowalewski and Lukasz Koslowski

11-01: Stable Value Funds: Performance to Date

David Babbel and Miguel A. Herce

10-30: Asset Commonality, Debt Maturity and Systemic Risk

Franklin Allen, Ana Babus and Elena Carletti

10-29: Sterilization in China: Effectiveness and Cost

Chenying Zhang

10-28: Transmission of Bank Liquidity Shocks in Loan and Deposit Markets: The Role of Interbank Borrowing and Market Monitoring

Franklin Allen, Aneta Hryckiewicz, Oskar Kowalewski and Gunseli Tumer-Alkan

10-27: How Important Historically Were Financial Systems for Growth in the U.K., U.S., Germany, and Japan?

Franklin Allen, et al.

10-26: A Note on Scenario Analysis in the Measurement of Operational Risk Capital: A Change of Measure Approach

David Babbel

10-25: Breaking Down the Barriers: Competition, Syndicate Structure, and Underwriting Incentives

Anil Shivdasani and Wei-Ling Song

10-24: Private Equity Fund Returns: Do Managers Actually Leave Money on the Table?

Robert Marquez, Vikram Nanda and M. Deniz Yavuz

10-23: Behavioral Biases of Mutual Fund Investors

Warren Bailey, Alok Kumar and David Ng

10-22: The Behavior of Intoxicated Investors: The Role of Institutional Investors in Propagating the Crisis of 2007-2008

Alberto Manconi, Massimo Massa and Ayako Yasuda

10-21: How Important Are Foreign Ownership Linkages for International Stock Returns?

Söhnke Bartram, John Griffin and David Ng

10-20: Financial Connections and Systemic Risk

Franklin Allen, Ana Babus and Elena Carletti

10-19: Dynamic Incentive Accounts

Alex Edmans, Xavier Gabaix, Tomasz Sadzik and Yuliy Sannikov

10-18: The African Financial Development Gap

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

10-17: Risk and CEO Market: Why Do Some Large Firms Hire Highly-Paid, Low-Talent CEOs?

Alex Edmans and Xavier Gabaix

10-16: Specialization, Productivity and Financing Constraints

Robert Marquez and M. Deniz Yavuz

10-15: Thoughts on the Future of the Hedge Fund Industry

Christopher Geczy

10-14: The Financial Crisis: Miss-Diagnosis and Reactionary Responses

Robert Eisenbeis

10-13: Tractability in Incentive Contracting

Alex Edmans and Xavier Gabaix

10-12: The Mortgage Financial Crises: The Role of Credit Risk Management and Corporate Governance

William Lang and Julapa Jagtiani

10-11: African Financial Systems: A Review

Franklin Allen, Isaac Otchere and Lemma W. Senbet

10-10: Scenario Analysis in the Measurement of Operational Risk Capital: A Change of Measure Approach

Kabir K. Dutta and David Babbel

10-09: Living Wills as a Catalyst for Action

Emilios Avgouleas, Charles Goodhart and Dirk Schoenmaker

10-08: Wind-Down Plans As an Alternative to Bailouts: The Cross-Border Challenges

Richard J. Herring

10-07: Institutional Ownership, Analyst Following and Share Prices

Chitru S. Fernando, Vladimir A. Gatchev and Paul A. Spindt