Published Papers

“Shareholder Protection and the Cost of Capital,” with Chen Lin and Wensi Xie, forthcoming Journal of Law and Economics.

“Social Networks in the Global Banking Sector,” with Jongsub Lee and Felix Suntheim, forthcoming Journal of Accounting and Economics.

“Borrowing beyond borders: foreign assets, lender choice, and loan pricing in the syndicated loan market,” with Jennifer Itzkowitz and Andy Naranjo, Journal of Corporate Finance, Vol. 42 (February 2017)

“The Financial Implications of Supply Chain Changes,” with Chen Lin and Zhongyan Zhu, Management Science, Vol. 62 No. 9 (September 2016).

“Corporate Socially Responsible Investments: CEO Altruism, Reputation, and Shareholder Interests,” with Richard Borghesi and Andy Naranjo, Journal of Corporate Finance, Vol. 26 (June 2014).

“Political Connections and the Cost of Bank Loans,” with Liangliang Jiang, Chen Lin and Yue Ma, Journal of Accounting Research, Vol. 52 No. 1 (March 2014).

“Regulatory Arbitrage and International Bank Flows,” with Chen Lin and Yue Ma, Journal of Finance, Vol. 67 No. 5 (October 2012).

“Media Ownership, Concentration and Corruption in Bank Lending,” with Chen Lin and Yue Ma, Journal of Financial Economics, May 2011.

“Creditor Rights, Information Sharing, and Bank Risk Taking,” with Chen Lin, Ping Lin and Yue Ma, Journal of Financial Economics, Vol. 96 No. 3 (June 2010).

“Credit Default Swap Spreads as Viable Substitutes for Credit Ratings,” with Mark Flannery and Frank Partnoy, University of Pennsylvania Law Review, Vol. 158 No. 7 (June 2010).

“To Guide or Not to Guide? Causes and Consequences of Stopping Quarterly Earnings Guidance,” with Baruch Lev and Jennifer Tucker, Contemporary Accounting Research, Vol. 27 No. 1 (March 2010).

“Value, Survival and the Evolution of Firm Organizational Structure,” with Richard Borghesi and Andy Naranjo, Financial Management, Vol. 36 No. 3 (September 2007).

“What A Difference a Month Makes: Stock Analyst Valuations Following Initial Public Offerings,” with Christopher James and Jason Karceski, Journal of Financial and Quantitative Analysis, Vol.41 No. 1 (March 2006).

“Cross-Country Evidence on the Value of Corporate Industrial and International Diversification,” with Larry Fauver and Andy Naranjo Journal of Corporate Finance, Vol. 10 No. 5, (November 2004).

“Capital Market Development, International Integration, Legal Systems, and the Value of Corporate Diversification: A Cross-Country Analysis,” with Larry Fauver and Andy Naranjo, Journal of Financial and Quantitative Analysis, Vol. 38 No. 1 (March 2003).

“Do Relationships Have Limits? Banking Relationships, Financial Constraints and Investment,” with Christopher James, Journal of Business, Vol. 74 No. 3 (July 2001).

“Where do Merger Gains Come From? Bank Mergers from the Perspective of Insiders and Outsiders,” with Christopher James and Michael Ryngaert, Journal of Financial Economics, Vol. 60 No. 2-3 (May 2001).

“The Role of Managerial Incentives in Bank Acquisitions,” with Charles Hadlock and Michael Ryngaert, Journal of Banking and Finance, Vol. 23 No. 2-4 (February 1999).

“Market Responses to Federal Examinations of Commercial Banking Firms,” with Mark Flannery, Journal of Money, Credit and Banking, February 1999.

“Do Bank Internal Capital Markets Promote Lending?” with Christopher James, Journal of Banking and Finance, Vol. 22 No. 6-8 (August 1998).

“Some Evidence That Banks Use Internal Capital Markets to Lower Capital Costs,” with Christopher James, Journal of Applied Corporate Finance, Vol. 11 No. 2 (Summer 1998).

“Capital Market Frictions and the Role of Internal Capital Markets in Banking,” with Christopher James and David Marcus, Journal of Financial Economics, Vol. 46 No. 2 (November 1997).

“Equity Issuance and Adverse Selection: A Direct Test Using Conditional Stock Offers,” with Michael Ryngaert, Journal of Finance, Vol. 52 No. 1 (March 1997).

“Bank Information Monopolies and the Mix of Private and Public Debt Claims,” with Christopher James, Journal of Finance, Vol. 51 No. 5 (December 1996).

“Evolution or Extinction: Where Are Banks Headed?” with Christopher James, Journal of Applied Corporate Finance, Vol. 9 No. 2 (Summer 1996).

“The Value Added by Bank Acquisitions: Lessons from Wells Fargo’s Acquisition of First Interstate,” with Michael Ryngaert, Journal of Applied Corporate Finance, Vol. 9 No. 2 (Summer 1996).

“CEO Compensation and Bank Risk: Is Compensation in Banking Structured to Promote Risk-Taking?” with Christopher James, Journal of Monetary Economics Vol. 36 No. 2 (November 1995).

“Liquidation Under Moral Hazard: Optimal Debt Maturity and Loan Commitments,” with Subramanyam Venkataraman, Journal of Banking and Finance, Vol. 20 No. 1 (January 1996).

The Overall Gains from Large Bank Mergers,” with Michael Ryngaert, Journal of Banking and Finance. Vol. 18, No. 6 (December 1994).

“Information Revelation, Lock-in, and Bank Loan Commitments,” with Subramanyam Venkataraman, Journal of Financial Intermediation Vol. 3, No. 4 (September 1994).

“Optimal Maturity Structure with Multiple Debt Claims,” with Subramanyam Venkataraman, Journal of Financial and Quantitative Analysis Vol. 29, No. 2 (June 1994).

“Financing Multiple Investment Projects,” with Mark Flannery and Subramanyam Venkataraman, Financial Management, Vol. 22 No. 2 (Summer 1993).

“Management and Organizational Changes in Banking: A Comparison of Regulatory Intervention with Private Creditor Actions in Nonbank Firms,” with Christopher James, Carnegie-Rochester Conference Series on Public Policy, Vol. 38 (June 1993).

“Factors Influencing the Decisions of Bank Managers: The Evidence from Investment Portfolios,” with Arnold Heggestad, Journal of Banking and Finance, Vol. 16 No. 4 (August 1992).

“The Links Between Trading Time and Market Volatility: Two Examinations of the Private Information Hypothesis,” with Michael Ryngaert, Journal of Financial Research, Vol. 15 No. 2 (Summer 1992).

“Teaser Rates in Conventional Adjustable-Rate Mortgage (ARM) Markets,” with J. Sa-Aadu and James Shilling, Journal of Real Estate Finance and Economics, 4:19-31 (1991).

“The Policy Implications of the Underground Economy,” Journal of Economics and Business, Vol. 42 No. 1 (February 1990).