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Working Papers
"Savings Gluts and Financial Fragility" with Tano Santos and Jose A. Scheinkman (2016)
"Relationship and Transaction Lending in a Crisis" with Xavier Freixas, Leonardo Gambacorta, and Paolo Emilio Mistrulli (2016)
"Debt and Money: Financial Contraints and Sovereign Finance" (2016)
"The Capital Structure of Nations" with Haizhou Huang (2016)
"Hedging Climate Risk" with Mats Andersson and Frederic Samama
"Debt, Taxes and Liquidity" with Hui Chen and Neng Wang (2014)
"Investment, Liquidity, and Financing under Uncertainty," with Neng Wang and Jinqiang Yang (2013)
"The Good Banker" (2013)
"The Dynamics of Optimal Risk Sharing," with Christopher Harris (2013), NBER Working Paper Series, No: 16094
"Cream Skimming in Financial Markets” with Tano Santos and Jose Scheinkman (2012).
"Should Derivatives be Privileged in Bankruptcy?" with Martin Oehmke
“Executive Compensation and Risk Taking”, with Hamid Mehran, and Joel Shapiro (2010)
“Intracompany Governance and Innovation”, with Sharon Belenzon, and Tomer Berkovitz, (2009). NBER Working Paper No. w15304
Recent Publications
"Corporate Finance, Incomplete Contracts, and Corporate Control" (2013) Journal of Law, Economics, and Organization (forthcoming)
"Leadership, Coordination and Corporate Culture," with Laura Veldkamp and Markus Brunnermeier, Review of Economic Studies, (2013)
"Market Timing, Investment, and Risk Management" with Hui Chen and Neng Wang, Journal of Financial Economics, Volume 109, Issue 1: 40-62 (2011).
"Strategic conduct in credit derivative markets" with Martin Oehmke (2013), International Journal of Industrial Organization (forthcoming)
"Covenant lite lending, liquidity, and standardization of financial contracts", with Kenneth Ayotte, in Research Handbook on the Economics of Property Law, Kenneth Ayotte and Henry E. Smith (eds.), Edward Elgar, Cheltenham, UK, (2011)
“Sovereign Default Risk in Financially Integrated Economies”, with Olivier Jeanne, IMF Economic Review Volume 59, Issue 2: 162-194 (2011)
“Why Bank Governance is Different”, with Marco Becht and Ailsa Roell, Oxford Review of Economic Policy, Volume 27, Number 3, pp. 437–463 (2011)
“Capital Access Bonds: Contingent Capital with an Option to Convert”, with Frederic Samama, Economic Policy, pp. 275–317, April (2012)
“Leadership, Coordination and Corporate Culture”, with Laura Veldkamp and Markus Brunnermeier, Review of Economic Studies, (2012) forthcoming.
“Authority in Organizations: A Survey”, with Mathias Dewatripont in the Handbook of Organizational Economics (Robert Gibbons and John Roberts, eds.), Princeton University Press, forthcoming 2011
“The Credit Ratings Game”, with Xavier Freixas and Joel Shapiro, Journal of Finance, forthcoming (2011)
“Optimal Property Rights in Financial Contracting”, with Kenneth Ayotte, Review of Financial Studies, forthcoming (2011)
“A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management”, with Hui Chen and Neng Wang, Journal of Finance, forthcoming (2011)
“Credit Default Swaps and the Empty Creditor Problem”, with Martin Oehmke, Review of Financial Studies, forthcoming (2011)
“Outside and Inside Liquidity”, with Tano Santos, and José Scheinkman, Quarterly Journal of Economics, forthcoming (2011)
“Economists’ Perspectives on Leadership”, with Laura Veldkamp and Markus Brunnermeier, in Handbook of Leadership and Theory, Nitin Nohria and Rakesh Khurana (eds.), Harvard Business Press, 2010
“Satisficing Contracts”, with Antoine Faure-Grimaud, Review of Economic Studies, July 2010
“How to rethink sovereign bankruptcy: a new role for IMF?”, with David A. Skeel, Jr. in Overcoming Developing Country Debt Crises, Barry Herman, Jose Antonio Ocampo and Shari Spiegel (eds.), Oxford University Press, 2010
“Market and Public Liquidity”, with Tano Santos and Jose Scheinkman, American Economic Review, May 2009
"Thinking Ahead: The Decision Problem," with Antoine Faure-Grimaud, Review of Economic Studies, 2009
"Structuring and Restructuring Sovereign Debt: The Role of Seniority," with Olivier Jeanne, Review of Economic Studies, 2009
"Redesigning the International Lender of Last Resort," with David A. Skeel, Chicago Journal of International Law, Summer 2005
"Corporate Finance and Monetary Transmission Mechanism," with Xavier Freixas, The Review of Financial Studies, 2006, 19, 829-870
"Executive Compensation and Short-termist Behavior in Speculative Markets," with Jose Scheinkman and Wei Xiong, The Review of Economic Studies, 2006, 73, 577-611
"An introduction to the governance and taxation of not-for-profit organizations," with Hamid Mehran, Journal of Accounting Economics, 2006, 41,293-305
"Pay for Short-term Performance: Executive Compensation in Speculative Markets," with Jose Scheinkman and Wei Xiong, The Journal of Corporation Law, 2005, 30(4), 721-748
"Corporate Law and Governance," with Marco Becht and Ailsa Roell, in the Handbook of Law and Economics, edited by A.M. Polinsky and S. Shavell, November 2007
"Conflicts of Interest, Information Provision and Competition in Financial Service Industry," with Joel Shapiro and Xavier Freixas, Journal of Financial Economcis, 2007, 85(2), 297-330
"Odious debts or odious regimes?" with David Skeel, in Law and Contemporary Problems, forthcoming 2007
"Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime," with Olivier Jeanne, Journal of Political Economy, forthcoming 2008
Books
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Sovereign Wealth Funds and Long-Term Investing, with Frederic Samama and Joseph E. Stiglitz (eds), Columbia University Press, 2011 |
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The Economics of Contracts, (editor), Edward Elgar Publishing Inc., 2008 |
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Contract
Theory, with Mathias Dewatripont, MIT Press,
2005
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Credit
Markets for the Poor, with Howard Rosenthal
(eds), Russell Sage Foundation, 2005 |
Industrial
Organization and Antritrust (PDF)
Contracts
as a Barrier to Entry (joint with Philippe
Aghion), The American Economic Review,
Vol. 77, No. 3. (Jun. 1987), pp. 388-401.
Vertical
Restraints in a Model of Vertical Differentiation,
(joint with Giacomo Bonanno), The Quarterly
Journal of Economics, Vol. 103, No. 3.
(Aug. 1988), pp. 555-570.
A
Theory of Predation Based on Agency Problems
in Financial Contracting (joint with David
S. Scharfstein), The American Economic Review,
Vol. 80, No. 1. (Mar. 1990), pp. 93-106.
The
Foreclosure Effects of Vertical Mergers (joint
with Michael D. Whinston), Journal of Institutional
and Theoretical Economics, Vol. 147, pp.
207-226, 1991.
Incomplete
Contracts, Vertical Integration, and Supply Assurance (joint
with Michael Whinston), The Review of Economic
Studies, Vol. 60, No. 1. (Jan. 1993), pp.
121-148.
The
Firm as a Communication Network (joint with Mathias
Dewatripont), Quarterly Journal of Economics Vol. CIX,
No. 4. (December 1994), 809-839.
The
Time and Budget Constraints of the Firm (joint
with Mathias Dewatripont), European Economic
Review, Vol. 39, pp. 691-699, 1995.
Predatory
Pricing: Strategic Theory and Legal Policy (joint
with Joseph F. Brodley and Michael H. Riordan)
1999.
Predatory
Pricing: Response to Critique and Further Elaboration (joint
with Joseph F. Brodley, and Michael H. Riordan), The
Georgetown Law Journal, Vol. 89, No. 8, pp.
2496-2528, August 2001.
Conflicts
of Interest, Information Provision and Competition in
Banking (joint with Joel Shapiro and Xavier Freixas), NBER
Working Paper No. W10571 (June 2004).
Ownership
and Managerial Competition: Employee, Customer,
or Outside Ownership (joint with Chenggang Xu) mimeo
March 1999.
Corporate Finance
The
Financial Structure of the Firm and the Problem
of Control (joint with Philippe Aghion) European
Economic Review, Vol. 33, pp. 286-293, 1989.
A
Theory of Predation Based on Agency Problems
in Financial Contracting (joint with David
S. Scharfstein), The American Economic Review,
Vol. 80, No. 1. (Mar. 1990), pp. 93-106.
An
Incomplete Contracts Approach to Financial Contracting (joint
with Philippe Aghion), The Review of Economic
Studies, Vol. 59, No. 3. (Jul. 1992), pp.
473-494.
Debt-Renegotiation
(joint with D. Scharfstein) New Palgrave Dictionary
in Money and Finance, 1992.
Optimal
Debt Structure with Multiple Creditors (joint with
D. Scharfstein), Journal of Political Economy,
Vol. 104, pp. 1-26, 1996.
Corporate
Finance, The Theory of the Firm, and Organization (joint
with D. Scharfstein), Journal of Economic Perspectives, (Winter
1998).
Optimal
Design of Bank Bailouts: The Case of Transition
Economies (joint with Philippe Aghion and Steven
Fries), Journal of Institutional and Theoretical
Economics, Vol. 155, pp. 51-70, 1999.
Equity
Bonds and Bank Debt: Capital Structure and Financial
Market Equilibrium Under Asymmetric Information (with
Xavier Freixas), Journal of Political Economy,
(April 2000).
Contagious
Bank Failures in a Free Banking System (joint
with Philippe Aghion and Mathias Dewatripont) 2000.
Incentive
Effects of Conditional Bank Recapitalisation: Lending
and Disclosure of Non-Performing Loans (with Philippe
Aghion and Steven Fries) in Hiroshi Osano and Toshiaki
Tachibanaki (eds.) Banking, Capital Markets and Corporate
Governance, Palgrave, Oxford, (November 2001).
On
the Design of Bank Bailout POlicy in Transition Economies
(joint with Philippe Aghion and Steven Fries) in Anna
Meyendorff and Anjan V. Thakor (eds.) Designing Financial
Systems in Transition Economies: Strategies for Reform
in Central and Eastern Europe, MIT Press, (2002).
Banking
in Emerging Markets, Journal of Financial Intermediation,
Vol. 11, pp. 362-65, 2002.
Exit
Options in Corporate Finance: Liquidity versus
Incentives (joint with Philippe Aghion and Jean
Tirole) September 2000.
Liquidity
and Financial Instability: An Introduction (joint
with Franklin Allen), Journal of the European Economic
Association, forthcoming Vol. 2, No. 6, 2004.
Corporate
Finance and The Monetary Transmission Mechanism (joint
with Xavier Freixas), mimeo (2004).
Corporate Governance
Blocks,
Liquidity, and Corporate Control (with Ernst-Ludwig
von Thadden), Journal of Finance, (February
1998).
Liquidity
and Control: A Dynamic Theory of Corporate Ownership
Structure (joint with Ernst-Ludwig von Thadden), Journal
of Institutional and Theoretical Economics, Vol.
154, pp. 177-211, 1998.
Corporate Governance and Control (joint
with Marco Becht and Ailsa Roell) the Handbook of the
Economics of Finance, edited by George Constantinides,
Milton Harris and Rene Stulz, North-Holland, 2003.
Corporate
Governance and Control ECGI - Finance
Working Paper No. 02/2002.
Executive
Compensation and Short-termist Behavior in Speculative
Markets (joint with Jose Scheinkman and
Wei Xiong), March 26, 2003.
Pay
for Short-Term Performance: Executive Compensation
in Speculative Markets (joint with Jose Scheinkman
and Wei Xiong) mimeo Princeton University (2004).
Conflicts
of Interest, Information Provision and Competition
in Banking (joint with Joel Shapiro and Xavier
Freixas), NBER Working Paper No. W10571 (June
2004).
Political Economy
Government
Domestic Debt and the Risk of Default: A Political-Economics
Model of the Strategic Role of Debt (joint
with Philippe Aghion) 1990.
Economic
Theories of the Break-up and Integration of Nations (joint
with Gerard Roland and Enrico Spolaore), European
Economic Review, (May 1996).
The
Break Up of Nations: A Political Economy Analysis (joint
with Gerard Roland) Quarterly Journal of Economics,
(November 1997).
Distributional
Conflicts, Factor Mobility and Poltical Integration (joint
with Gerard Roland), American Economic Review,
Papers and Proceedings, (May 1996).
The
Political Economy of Debt Moratoria, Bailouts and
Bankruptcy (joint with Howard Rosenthal) in: Defusing
Default: Incentives and Institutions, edited
by Marco Pagano, Chapter 3, pp. 77-115, 2001.
Political
Interventionin Debt Contracts (joint Howard Rosenthal), Journal
of Political Economy, Vol. 110, pp. 1103-34, (October
2002).
Incomplete
Social Contracts (with Philippe Aghion), Journal
of the European Economic Association, Vol. 1, pp.
38-67, 2003.
Sovereign Debt
Towards
a Statutory Approach to Sovereign Debt Restructuring:
Lessons from Corporate Bankruptcy Practice Around
the World, November 23, 2002.
Inside
the Black Box: How Should A Sovereign Bankruptcy Framework
be Structured? (joint with David A. Skeel), Emory
Law Journal, Vol. 53, pp. 763-822, 2004.
Structuring
and Restructuring Sovereign Debt: The Role of Seniority (joint
with Olivier Jeanne), NBER Working Paper No. 11071,
2005.
Redesigning
the International Lender of Last Resort (joint with
David A. Skeel), 2005.
Economic Theory
Decentralization,
Duplication, and Delay (joint with Joseph
Farrell), The Journal of Political Economy,
Vol. 98, No. 4. (Aug. 1990), pp. 803-826.
Optimal
Learning by Experimentation (joint with Philippe
Aghion, Christopher Harris, Bruno Jullien), The
Review of Economic Studies, Vol. 58, No.
4. (Jun. 1991), pp. 621-654.
Strategic
Experimentation (joint with Christopher Harris),
Econometrica, (March 1999).
Strategic
Experimentation: The Undiscounted Case (joint
with Christopher Harris) in: Incentives Organization,
and Public Economics, Papers in Honour of Sir James
Mirrlees, edited by Peter J. Hammond and
Gareth D. Myles, Chapter 4, pp. 53-68, 2000.
Strategic
Experimentation: a Revision (joint with Christopher
Harris), Center Discussion Paper, University of Tilburg,
(March 1996).
Thinking
Ahead: The Decision Problem (joint with Antoine
Faure-Grimaud), JEL Classifications D81, D84, C61,
June 2005.
Economics of Transition and Development
Distribution
and Growth in Models of Imperfect Capital Markets (joint
with Philippe Aghion) European Economic Review,
Papers and Proceedings of the 6th Annual Congress of
the European Economic Association, Vol. 36 No.
2/3, pp. 603-611, (April 1992).
Privatization
in Central and Eastern Europe (joint with G. Roland), Economic
Policy, Vol. 15, pp. 275-303, (October 1992).
Privatization,
and the Separation of Ownership and Control: Lessons
from Chinese Enterprise Reform, Economics of
Transition, Vol. 3 No.1, pp. 1-12, 1995.
A
Theory of Trickle-Down Growth and Development (joint
with Philippe Aghion), Review of Economic Studies,
Vol. 64, pp. 151-172, (April 1997).
Optimal
Design of Bank Bailouts: The Case of Transition
Economies (joint with Philippe Aghion and Steven
Fries), Journal of Institutional and Theoretical
Economics, Vol. 155, pp. 51-70, 1999.
The
Great Divide and Beyond: Financial Architecture in Transition (joint
with Erik Berglof), Journal of Economic Perspectives,
Vol. 16, No. 1, (Winter 2002).
Banking
in Emerging Markets, Journal of Financial Intermediation,
Vol. 11, pp. 362-65, 2002.
The
Economics of Mass Privatization: Czechoslovakia, East
Germany, Hungary and Poland (joint with Gerard Roland), Financial
Markets Group discussion paper 155, London School
of Economics, (November 1992).
Contract Theory
The
Employment
Relation and the Theory of the Firm: Arm's Length Contracting
versus Authority (joint with Ashvin
Rajan), mimeo, 2001.
The
Principle of Maximum Deterrence Revisited, mimeo,
U.C. Berkeley, 1987.
Ownership
and Managerial Competition: Employee, Customer,
or Outside Ownership (joint with Chenggang Xu) mimeo
March 1999.
Renegotiation
and the Dynamics of Contract Design, European
Economic Review, (May 1990).
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