Articles

“Derivatives and the Bankruptcy Code: Why the Special Treatment?” (with Edward Morrison), forthcoming. (Full Paper PDF)

“Derivatives and Systemic Risk: What Role Can the Bankruptcy Code Play?,” (with Edward Morrison), forthcoming. (Full Paper PDF)

"New Proposals to Regulate Hedge Funds: SEC Rule 203(b)(3)-2," forthcoming. (Full PDF Paper)

“U.S. Corporate Governance: What Went Wrong and Can It Be Fixed,” in Market Discipline Across Countries and Industries, ed. Borio, et.al. (MIT Press), 2004, pp. 237-254. (Full Paper PDF)

“The Regulation of Hedge Funds: Financial Stability and Investor Protection,” in Hedge Funds: Risks and Regulation, ed. by T. Baums and A. Cahn (Sonderdruck : Berlin), 2004, pp. 30-51. (Full Paper PDF)

“Hedge Funds: What Do We Know?” (with Stav Gaon), Journal of Applied Corporate Finance, Vol. 15, no. 4, Summer, 2003, pp. 8-21. (Full Paper PDF)

“Hedge Fund Performance and Manager Skill,” (with M. Caglayan), Journal of Futures Markets, Vol 21, no.11, 2001, pp. 1003-1028. (Full Paper PDF)

“Hedge Fund and Commodity Fund Investment Styles in Bull and Bear Markets,” (with M. Caglayan), Journal of Portfolio Management, Vol. 27, no. 4, 2001, pp. 97-108. (Full Paper PDF)

“The Growth of Institutional Stock Ownership: A Promise Unfulfilled,” (with R. Glenn Hubbard), Journal of Applied Corporate Finance, Volume 13, no. 3, Fall, 2000, pp. 92-104. (Full Paper PDF)

"Comment on 'Is Government Regulation of Banks Necessary' (by G. Benston) and the "The Lender of Last Resort Reconsidered' (by G. Wood), Journal of Financial Services Research, Volume 18, numbers 2/3, December, 2000, pp. 229-234. (Full Paper PDF)

“Comment on ‘Do Hedge Funds Disrupt Emerging Markets?’” (by Fung, Hsieh, and Tsatsaronis, with M. Caglayan) in Brookings-Wharton Papers on Financial Services 2000, ed. by R. Litan and A. Sanatomoero, Brookings Institution Press, Wash., D.C., 2000, pp.409-418. (Full Paper PDF)

“The Collapse of Metallgescellschaft: Unhedgeable Risks, Poor Hedging Strategy, or Just Bad Luck?” (with M. Canter), in Corporate Hedging in Theory and Practice,” Risk Books (London), 1999, pp.169-188; also published in The Journal of Futures Markets, Vol. 15, no. 3, pp. 211-264, 1995. (Full paper PDF)

“Do Hedge Funds Have a Future?” Journal of Alternative Investments,” Fall, 1999, pp. 63-68. (Full Paper PDF)

“Managed Commodity Funds,” Journal of Futures Markets,” Vol. 19, no. 4, 1999, pp. 377-411.(Full Paper PDF

“Hedge Funds versus Managed Futures as Asset Classes,” Journal of Derivatives, Summer, 1999, pp. 45-64.(Full Paper PDF)

“Hedge Funds and the Collapse of Long-Term Capital Management,” Journal of Economic Perspectives, Spring, 1999, pp. 189-210. (Full Paper PDF)

“Mutual Funds and Stock and Bond Market Stability,” (with Xin Zhang), Journal of Financial Services Research, vol. 13no. 3 (June), 1998, pp. 257-282.(Full Paper PDF).

“The Transformation of the U.S. Financial System: Public Policy Implications,” in The Banking and Financial Structure in the NAFTA Countries and Chile, ed. George M. von Furstenberg, Kluwer Academic Publishers: Boston, 1996.

“Do Managed Futures Make Good Investments” (with James Park), Journal of Futures Markets, August, 1996.(Full Paper PDF)

 "OTC Derivatives Markets and Financial Fragility," Journal of Financial Services Research, December, 1995.

"The Decline of Traditional Banking: Implications for Financial Stability and Regulatory Policy," (with F. Mishkin) Economic Policy Review, Federal Reserve Bank of New York, July, 1995, pp. 27-45.

"The Collapse of Metallgesellschaft: Unhedgeable Risks, Poor Hedging Strategy, or Just Bad Luck?" (with Michael Canter) The Journal of Futures Markets, Vol.15, No.3 (May), 1995, pp. 211-264. Reprinted as a somewhat different version in Journal of Applied Corporate Finance, Spring, 1995, pp. 87-105.(Full Paper PDF)

"El Declive de la Banca Tradicional: Implicaciones para la Estabilidad Financiera y la Politica de Regulacion," (with Frederic Mishkin), Moneda y Credito, No. 200, pp. 53-84, 1995.

"Derivatives Can be Hazardous to Your Health: The Case of Metallgesellschaft," Derivatives Quarterly, Spring, 1995, pp. 8-17. (Full Paper PDF)

"Statement on Derivatives Markets and Financial Risk," Journal Applied Corporate Finance, Fall, 1994, pp. 4-7. (Full Paper PDF)

"Short-Horizon Inputs and Long-Horizon Portfolio Choice," (with William Goetzmann) Journal of Portfolio Management, Vol. 20, No. 4, summer 1994. (Full Paper PDF)

“Financial Markets in Transition - Or the Decline of Commercial Banking," Changing Capital Markets, Implications for Monetary Policy, Federal Reserve Bank of Kansas City, 1993.

“Financial Markets and Managerial Myopia: Making America More Competitive," in Reforming Financial Markets andInstitutions in the United States, ed. George Kaufman, (Boston: Kluwer Academic Publishers), 1993, pp. 141-172. (Full Paper PDF)

"Listing of Foreign Securities on U.S. Exchanges," Journal of Applied Corporate Finance, Vol. 5, No. 4 (Winter), 1993, pp. 28-36. (Full Paper PDF)

"Taxing Transactions in Futures Markets: Objectives and Effects," Journal of Financial Services Research, Vol. 7, No. 1 (February), 1993, pp. 75-93.

"Lessons from Japan for Banking and Commerce," Capital Markets in Transition, Federal Reserve Bank of Chicago, 1992.

"The Informational Role of Futures Markets," New Palgrave Dictionary of Money and Finance, 1992.

"Commentary: Internationalization of the World's Securities Markets: Economic Causes and Regulatory Consequences," Journal of Financial Services Research, No. 4, 1990. (Reprinted in International Competitiveness in Financial Services, ed. by M. Kosters and A. Meltzer, Kluwer Academic Publishers, 1991.)

"Regulatory Reform of Securities and Futures Markets: Two Years After the Crash," The Journal of International Securities Markets, Winter 1989.(Reprinted in Restructuring the American Financial System, ed. by G. Kaufman, Kluwer Academic Publishers, 1990).

"Prologue," Journal of Financial Service Research," vol. 3, numbers 2/3, December 1989, pp. 1-2.

"Market Pressure Makes Markets Honest," New York Times, January 29, 1989, p. 2.

"La Volatilita del Mercato a Pronti e la Negoziazone a Termine e di Tipo 'Future'" (with Mario Pines), Banche & Banchieri, November, 1989, pp. 729-738.

"Policies to Curb Stock Market Volatility,"Financial Market Volatility, Federal Reserve Bank of Kansas City, 1988.

"The Crash: A Report on the Reports," in Information Technology and Securities Markets Under Stress, Center for Research on Information Systems, NYU Business School, reprinted from the Journal of Financial Services Research, May, 1988.

"The Future Financial Structure: Fears and Policies," in Restructuring Banking and Financial Services in America, ed. by W. Haraf and R. Kushmeider, American Enterprise Institute, 1988, pp. 113-155. (Full Paper PDF)

"Extreme Price Movements and Margin Levels in Futures Markets,"(coauthored with Salih Neftci),The Journal of Futures Markets, December 1988, pp. 639-655.

"Commodity Pool Performance: Is the Information Contained in Pool Prospectuses Useful?" (co-authored with Cindy Ma), The Journal of Futures Markets, October 1988, pp. 589-616.

"Explaining the Events of October 1987," panel discussion, in "After the Crash, Linkages Between Stocks and Futures," pp. 32_34, published by the American Enterprise Institute, 1988.

"Futures Trading and Cash Market Volatility: Stock Index and Interest Rate Futures," The Journal of Futures Markets, August 1988, pp. 421-439.

"Studies of the 1987 Stock Market Crash: Review and Appraisal," Journal of Financial Services Research, June 1988, pp. 231-252.

"Does Futures Trading Increase Stock Market Volatility," Financial Analysts Journal, January/February 1988, pp. 63-69.

"The Impending Disaster in Financial Markets: We Must Act Soon," Hermes, Spring1988, pp. 44-49.

 "A Tremor That Shook the World: Lessons from the Crash of 1987," Commodities Law Letter, November 1987.

"Can Regulatory Reform Prevent the Impending Disaster in Financial Markets?" in Restructuring the Financial System, Federal Reserve Bank of Kansas City, 1987, pp. 1-17.

Review of The Economic Function of Futures Markets, by J. Williams, Journal of Economic Literature, June, 1987, pp.769-770. (Full Paper PDF)

"The Dark Side of Financial Innovation," in Japan and the United States Today, ed. by H. Patrick and R. Tachi, Center on Japanese Economy and Business, Columbia University, 1986.

“Stock Index Futures and Stock Market Volatility: Evidence and Implications,” Commodities Law Letter, 6: 9&10 (November & December, 1986).

Comments, on Martin Shubik, "Corporate Control, Efficient Markets, the Public Good, the Law and Economic Theory and Advice", and Robert Shiller, "Fashions, Fads and Bubbles in Financial Markets", in Knights, Raiders and Targets: the Impact of the Hostile Takeover," ed. by John C. Coffee Jr., Luis Lowenstein and Susan Rose Ackerman, N.Y.: Oxford University Press (1988).

"Concentration in Banking:  Problem or Solution?", in Deregulating Financial Services, ed. by G. Kaufman and R. Kormendi, Ballinger Publishing Co. (Cambridge, MA), 1986.

Comments, on "Technological Innovation: Implications for Regulation of Financial Institutions", by Paul M. Horvitz and "Regulatory Policy for a Changing  Financial-Services Industry", by Edward J. Kane, prepared for a conference on "Technological Innovation, Regulation, and the Monetary Economy", Columbia University, March 15, 1985, in Technological Innovation, Regulation, and the Monetary Economy, ed. by C. Lawrence and R. Shay, Ballinger Publishing Co.(Cambridge, MA), 1986. (Full Paper PDF)

"Technology and New Regulatory Challenges in Futures Markets", presented at a conference on "Technology and the Regulation of Financial Markets", in Technology and the Regulation of Financial Markets, edit by Anthony Saunders and Lawrence White (Lexington Books/Salomon Brothers Center, 1986).

"A Legal and Economic Analysis of Manipulation in Futures Markets" (with Linda N. Edwards), The Journal of Futures Markets, (Fall, 1984), 4:3, 333-366.

"The Clearing Association in Futures Markets: Guarantor and Regulator". The Journal of Futures Markets, (Winter, 1983), 3:4, 369-392; reprinted in The Industrial Organization of Futures Markets: Structure and Conduct(Lexington Books: 1984)

"Public Union Power - Reader Hyperopia or Author Myopia?" (with Linda N. Edwards), Industrial and Labor Relations Review, 1983.

Reply on Leon B. Perkinson's comment "Wellington-Winter Revisited: The Case of Municipal Sanitation Collection" (with Linda N. Edwards), Industrial and Labor Relations Review, (July 1983), 36:4.

Comment, on "Concepts of Competition and Efficient Policy in the Telecommunications Sector". Telecommunications Regulation Today and Tomorrow, ed. by Eli Noam (Harcourt Brace Jovanovich:1983), 121-125.

"Futures Markets in Transition: The Uneasy Balance Between Government and Self-Regulation". The Journal of Futures Markets 3: 2 (Summer 1983), 191-206. (Full Paper PDF)

"Public Unions, Local Government Structure and the Compensation of Municipal Sanitation Workers" (with Linda N. Edwards), Economic Inquiry, (July 1982), 20:3, 405-425.

Comment on “The Regulation of Financial and Other Futures Markets” by Hendrick S Houthakker. Journal of Finance, 37:2 (May 1982), 517-519. (Full Paper PDF)

"Reflections on the Use of Financial Futures by Commercial Banks," Bank Structure and Competition, Chicago Federal Reserve Bank, (1981).

"Wellington-Winter Revisited: Public and Private Unionism in Municipal Sanitation Collection" (with Linda N. Edwards), Industrial & Labor Relations Review, (April, 1982)35:3, 307_318. (Full Paper PDF)  Reply published in Industrial & Labor Relations Review, July, 1983, 36:4, pp. 657-659. (Full Paper PDF)

"The New ‘International Banking Facility': A Study in Regulatory Frustration. "Journal of World Business, 16: 4 (Winter 1981), 6-18.

"The Regulation of Futures Markets: A Conceptual Framework." Journal of Futures Markets, Vol. 1, 1981, Supplement, 417-440.

"Turmoil in Financial Markets: Invisible Hand of the Market-Place or Deadly Hand of Regulators?" The American Banker, (October 1, 1981), p. 4, col. 1; reprinted in Hermes, Columbia Business School, (Fall, 1981), 23-25.

"Banks and Securities Activities: Legal and Economic Perspectives on the Glass-Steagall Act," statement before U.S. Senate Committee on Banking, Housing and Urban Affairs, 97th Congress, 1st Session. Washington, D.C.: U.S. Government Printing Office, (1981), 1771-1774.

"The Regulation of Futures and Forward Trading by Depository Institutions: A Legal and Economic Analysis." Journal of Futures Markets, (Summer, 1981); reprinted in Hearings before a Subcommittee of the Committee on Government Operations, House of Representatives, 97thCongress, 1st Session. Washington, D.C.:U.S. Government Printing Office, (1981), 436-53.

"Financial Institutions and Regulation in the 21st Century: After the Crash?" Competition and Regulation in Financial Markets, ed. by A.Verheirstraeten. London: Macmillan, (1981), 1-12.

Comment, on "Unionism and Public Finance" by Paul Weiler, Conference on Urban Finance, Center for Law and Economic Studies, Columbia University. New York: Columbia University Press, (1981).

Comment, on "Current Regulatory Framework for Banks' Securities Activities as Viewed by Regulators," in Securities Activities ofCommercial Banks, ed. By A.W. Sametz. Lexington, Mass.: D.C. Heath, (1980).

"Statement on the Non-Banking Prohibitions of the Bank Holding Company Act as Applied to Foreign Bank Holding Companies," Foreign Acquisitions of U.S. Banks and the Non-Banking Activities of Foreign Bank Holding Companies. Hearings before a subcommittee of the Committee on Government Operations, House of Representatives, 96th Congress, 2nd Session. Washington, D.C.:U.S. Government Printing Office, (1980), 16-23.

Comment, on "Uncertainty, Market Structure and Performance: The Galbraith-Caves Hypothesis Revisited" (with A. Heggestad). Quarterly Journal of Economics, (November, 1979), 677-729. (Full Paper PDF)

"Regulating the Solvency of Depository Institutions: A Perspective for Deregulation" (with James Scott), Issues in Financial Regulation, ed. by Franklin R. Edwards. New York: McGraw-Hill, (1979), 65-105.

"Efficiency in Regulated and Unregulated Firms: An Iconoclastic View of the Averch-Johnson Thesis" (with E. Arzac) Problems in Public Utility Economics and Regulation, ed. by M. Crew. Lexington, Mass.: D.C. Heath, (1979), 41-47.

"Banks and Securities Activities: Legal and Economic Perspectives on the Glass-Steagall Act," in The Deregulation of the Banking and Securities Industries, ed. by Lawrence G. Goldberg and Lawrence J. White. Lexington, Mass.: Lexington Books, (1978), 273_294;reprinted in Hearings before the Committee on Banking, Housing and Urban Affairs, 97th Congress, 1st Session. Washington, D.C.:U.S. Government Printing Office, (1981), 1774-85.

"Differential State Regulation of Consumer Credit Markets: Normative and Positive Theories of Statutory Interest Rate Ceilings" (with Linda Edwards), Bank Structureand Competition. Chicago: Federal Reserve Bank, 1978.

"The Provision of Municipal Sanitation Service by Private Firms: An Empirical Analysis of the Efficiency of Alternative Market Structures and Regulatory Arrangements" (with B.J. Stevens).Journal of Industrial Economics, 27: 2 (December, 1978), 133_147. (Full Paper PDF)

Comment on "Implications of Growing Institutionalization of the Stock Market," Contemporary Studies of Economic and Financial Analysis. Greenwich, Conn.: Jai Press, 1979, 197-202. 

"The Monetary Control Act," Statement on H.R. 7, before the Committee on Banking, Finance and Urban Affairs, House of Representatives, 96th Congress, 1st Session. Washington, D.C.: U.S. Government Printing Office, 1979.

Discussion, of "Technology, Communication, and the Performance of Financial Markets. "Journal of Finance, 33: 3 (June, 1978), 845-847.

"Local Government Regulation of Residential Refuse Collection by Private Firms" (with B.J. Stevens) in The Organization and Efficiency of Solid Waste Collection, ed. E.S. Savas. Lexington, Mass.: Lexington Books, 1977, 139-151.

"Managerial Objectives in Regulated Industries: Expense Preference Behavior in Banking. "Journal of Political Economy, 85: 1 (February, 1977), 147-162. (Full Paper PDF)

Review, of "Interest Rates on Savings Deposits" by Myron B. Slovin and M.E. Shuska. Journal of Finance, 31: 50 (December, 1976), 1523-1525. (Full Paper PDF)

"More on Advertising and Competition: Reply to Chayim Herzig-Marx, The Antitrust Bulletin, 21: 1(Spring, 1976), 85-89.

"International Banking: An Overview." Edited special issue of Columbia Journal of World Business, (Winter, 1975), 7-8.

"Activities and Regulatory Issues: Foreign Banks in the United States" (with Jack Zwick).Columbia Journal of World Business, 10: 1 (Spring, 1975), 58-73. Also in the Congressional Record, 121: 35 (March 5, 1975), S3082-S3090.

"Measuring the Effectiveness of Regulations: The Case of Bank Entry Regulation" (with Linda Edwards).Journal of Law and Economics, 27: 2 (October, 1974), 445-496.

"Concentration, Monopoly, and Industrial Performance: One Man's Assessment," Industrial Concentration: The New Learning, ed. by Harvey Goldschmid, et al. Boston: Little, Brown, 1974, 427-429.

Regulation of Foreign Banking in the United States: International Reciprocity and Federal-State Conflicts." Columbia Journal of Transnational Law, 13: 2 (1974), 230-268.

"Advertising and Competition in Banking: Reply to Comment by Morton Schnabel." Antitrust Bulletin, 19: 2 (Summer, 1974), 365-367.

"School Expenditures and Educational Discrimination under the Fourteenth Amendment (with Linda Edwards), Journal of Economic Issues, 8:11 (March, 1974), 159-166.

"Economics of ‘Tying’ Arrangements: Some Proposed Guidelines for Bank Holding-Company Regulation." Antitrust Law and Economics Review, 6:3 (1973), 87-110.

"Uncertainty, Market Structure, and Performance: The Galbraith-Caves Hypothesis and Managerial Motives in Banking" (with A. Heggestad).Quarterly Journal of Economics, 87:3 (August, 1973), 455-473. (Full Paper PDF)

"Advertising and Competition in Banking. "The Antitrust Bulletin, 18:1 (Spring, 1973), 23-32.

Review, of "Business Loan Costs and Bank Market Structure." Journal of Finance, 27: 4 (September, 1972), 974-975. (Full Paper PDF)

"More on Substitutability Between Money and Near-Monies." Journal of Money, Credit, and Banking, 4: 3 (August, 1972), 551-571. (Full Paper PDF)

"Proceedings of a Conference on Banking Structure and Competition: A Review. "The Antitrust Bulletin, 15 (Winter, 1970), 879-882.

"Regulation and Competition in European Financial Markets: The Case of Banking in Belgium. "Recherches Economiques de Louvain, 36: 7 (July, 1970), 3-20.

"The One Bank Holding Company Conglomerate: Analysis and Evaluation." Vanderbilt Law Review, 22 (November, 1969), 1275-1309.

"Tie-In Sales in Banking and One Bank Holding Companies." The Antitrust Bulletin), 14 (September, 1969), 508-605.

"Bank Mergers and the Public Interest: A Legal and Economic Analysis of the 1966 Bank Merger Act." Banking Law Journal, 85 (September, 1968), 753-796.

Statement on H.R. 8696 before Committee on Banking and Currency, House of Representatives, 90th Congress, 1967.

"Wider Lending Powers Best Near-Term Aid to Savings Associations." Savings Association News, 16 (February, 1967), 1-3, 8.

"Will Savings and Loan Industry Survive Tight Money Environment?" The Commercial and Financial Chronicle, 204:1 (July 7, 1966), 24-25.

"The Banking Competition Controversy." The National Banking Review, 3 (September, 1965), 1-34.

"Concentration in Banking and Its Effects on Business Loan Rates." Review of Economics and Statistics, 46 (August, 1964), 294-301. (Full Paper PDF)

Concentration and Competition in Commercial Banking A Statistical Study. Boston, Mass. Federal Reserve Publication, 1964.