Working Paper

“Betting on Secession: Quantifying Political Events Surrounding Slavery and the Civil War” (with J. Pritchett), NBER WP No. 19625, November 2013, under revision, American Economic Review.

“Corporate Governance and Risk Management at Unprotected Banks: National Banks in the 1890s”(with Mark Carlson), NBER WP No. 19806, January 2014.

“No Free Shop: Why Target Companies in MBOs and Private Equity Transactions Sometimes Choose Not to Buy ‘Go Shop’ Options” (with D. Hitscherich and A. Antoniades), April 2014.

“National Bank Examinations and Operations in the Early 1890s” (with M. Carlson), October 2013.

“How To Promote Fed Independence: Perspectives from Political Economy and History,” Mar 2013.

“A Theory of Bank Liquidity Requirements”(with F. Heider, M. Hoerova), July 2014.

“How Does Credit Supply Respond to Monetary Policy and Bank Minimum Capital Requirements?”(with Shekhar Aiyar and Tomasz Wieladek), May 2014.

“Why Is it So Hard to Create Stable and Efficient Banking Systems? A Theory of Durable Financial Coalitions” (with Stephen Haber), April 2012.

"Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Micro-economic Approach” (with J. Mason and D. Wheelock), NBER WP No.16688, Jan 2011.

"The (Mythical?) Housing Wealth Effect” (with Stanley Longhofer and William Miles), NBER Working Paper No. 15705, June 2009.

"Underwriting Costs of Seasoned Equity Offerings: Cross-Sectional Determinants and Technological Change, 1980-2008” (with Margarita Tsoutsoura), Dec 2010.

“Luke’s Oikonomia: The Anthropology of Salvation,” June 2010.

“Activity-Based Valuation of Bank Holding Companies” (with Doron Nissim), NBER Working Paper No. 12918, February 2007.

“The Case for Eliminating the National Deposit Market Share Ceiling,” Dec 2006.

“Monopoly-Creating Bank Consolidation? The Merger of Fleet and BankBoston” (with Thanavut Pornrojnangkool), NBER Working Paper No. 11351, May 2005.

“The Technical Challenge to Accurately Valuing Employee Stock Options” (with Kevin Hassett, Randall Kroszner, and Lawrence Lindsey), February 2005.

“The Political Economy of Bank Entry Restrictions: Theory and Evidence from the U.S. in the 1920s” (with Carlos Ramirez), Columbia Business School, December 2004.

“Options Pricing and Accounting Practice” (with R. Glenn Hubbard), Jan. 2004.

“Do Budget Deficit Announcements Move Interest Rates?” (with Eric Engen, Kevin A. Hassett, and R. Glenn Hubbard), December 2003.

“Regulatory Policy, Predatory Lending, and Subprime Lending,” Presented to the U.S. House of Representatives Committee on Banking and Financial Services, March 2004.

“How Often Do “Conflicts of Interests” in the Investment Banking Industry Arise During Hostile Takeovers?” (with Hal J. Singer), February 2004.

“Rational Divestiture in Real Options-Based Liquidation Cycles: Evidence from Failed Bank Assets in the Great Depression” (with Joseph Mason), October 2004.

“Investment Banking Costs as a Measure of the Cost of External Finance” (with Charles Himmelberg), Columbia Business School, Revised May 2001.

“Evaluation of Citigroup’s Financial Sector Vulnerability Model,” January 2005.

"Government Credit Policy and Industrial Performance: Japanese Machine Tool Producers, 1963-1991" (with Charles P. Himmelberg), Policy Research WP 1434, Financial Sector Development Department, World Bank, March 1995.

"Optimal Contingent Bank Liquidation Under Moral Hazard" (with Charles M. Kahn and Stefan Krasa), Federal Reserve Bank of Chicago Working Paper WP-1991/13.

“Debt Maturity, Financial Asset Accumulation, and the Cost of External Finance: Evidence from the U.S. and Colombia (with T. Halouva and S. Ospina).

"Evaluating Industrial Credit Programs in Japan" (with C. Himmelberg and C. Kahn).

"Was the South Backward?: North-South Differences in Antebellum Banking" (with Larry Schweikart), Federal Reserve Bank of Chicago Working Paper, August 1988.



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