University of Neuchâtel, Switzerland, Licence es Sciences Économiques, 1975.
GRADUATE STUDIES
London School of Economics, 1975-1976, Visiting Graduate Student.
Massachusetts Institute of Technology (MIT), 1976-1980, Ph.D. in Economics.
ACADEMIC APPOINTMENTS
Ohio State University; Everett D. Reese Chair of Banking and Monetary Economics, 1996 to present.
University of Southern California, Visiting Professor, 2007.
University of Chicago, Visiting Professor, Stigler Center, 2003-2004.
Northwestern University, Visiting Scholar, Kellogg School of Management, 2003-2004.
Harvard University; Business School, August 1996 to July 1997, Bower Fellow.
Ohio State University; Director of the Dice Center for Research in Financial Economics, 1995 to present.
Ohio State University; Ralph Kurtz Chair in Finance, 1993-1996.
Ohio State University; Riklis Chair in Business and its Environments, 1988-1993.
Ohio State University; Professor of Finance, 1985 to present.
University of Chicago; Visiting Professor of Finance, 1986-1987.
Massachusetts Institute of Technology; Visiting Associate Professor of Finance, Fall 1985.
Ohio State University; Associate Professor of Finance, 1983-1985.
University of Rochester; Assistant Professor of Finance and Economics, 1980-1983.
OTHER RELEVANT POSITIONS HELD
Research Associate, National Bureau of Economic Research. (Asset Pricing Group and Corporate Finance Group).
Director, NBER Project on the Risks of Financial Institutions, 2005 to 2023.
Chairman, Scientific Council, Swiss Finance Institute, 2006 to 2019.
Finance Research Advisory Committee, Office of Financial Research, U.S. Treasury, 2016 to 2019.
Board of Directors, American Finance Association, 1988 to 2000, 2002 to 2006.
Consultant to the World Bank, the IMF, the NYSE, Federal Reserve Bank of New York, corporations, and law firms.
Expert testimony in federal courts, state courts, and domestic and international arbitrations.
Taught executives in Europe, Asia and North America (open enrollment as well as for firms, courses on risk management, banking, derivatives, corporate valuation, investments).
Advisory Committee, Morningstar, 2000-2002.
Director, Banque Bonhôte, 2002 to 2020.
Director, Wegelin Fund Management, 1999 to 2010.
President, Gamma Foundation, 2002 to 2013.
Director, Community First Financial Group, Inc., 2001 to 2010.
Director, Peninsula Banking Group, Inc., 2001 to 2010.
Trustee, Global Association of Risk Professionals, 2002-2020; executive committee, 2004-2011; chair of governance committee, 2011-2020; vice-chair, 2017-2019.
Vice-Chairman, Board of Trustees, Global Association of Risk Professionals, 2019 to 2020.
Chairman, Financial Risk Management Examination Certification Committee, Global Association of Risk Professionals, 2002 to 2020.
Chairman, New York Federal Reserve Bank/GARP Global Risk Forum (2011, 2013, 2016, 2019), Bank of England/GARP Global Risk Forum (2012, 2014, 2017, 2020), Hong Kong Monetary Authority/GARP Global Risk Forum (2013, 2015).
International Advisory Committee, NCCR, 2002 to 2011.
External Reviewer, London Business School Finance Department, 2005, New York University Finance Department, 2022.
Financial Advisory Roundtable (FAR), Federal Reserve Bank of New York, 2006 to 2010.
Guest Contributor, Harvard Law School Corporate Governance Blog.
Squam Lake Group, member, 2008 to present.
Senior Academic Fellow, Asia Bureau of Finance and Economic Research, 2012 to 2023.
Fellow, Wharton Center for Financial Institutions, 2013 to present.
Nominating Committee, American Finance Association, 2004 (Chair), 2016, 2018.
HONORS, SCHOLARSHIPS AND FELLOWSHIPS
Advanced Researcher Fellowship, Swiss National Science Foundation, 1978-1980.
Dean’s Research Professorship, Ohio State University, Spring 1984.
Pacesetter Research Award, Ohio State University, April 1986.
President-Elect (1993) and President (1994), International Economics and Finance Society.
Docteur Honoris Causa, University of Neuchâtel, Switzerland, 1998.
Eastern Finance Association Scholar Award, 1998.
Selected keynote speeches: ABFER, Asia-Pacific Finance Association, Bank of the Netherlands Governance Conference, Bocconi Derivatives Annual Conference, Drexel Corporate Governance Conference, Eastern Finance Association, European Corporate Finance Institute, European Finance Association, European Financial Management Association, Financial Management Association, Financial Management Association European Conference, FDIC Annual Conference, Rising Stars Conference, Fourth Annual Conference on Asia-Pacific Financial Markets of the Korean Securities Association, French Finance Association, German Finance Association, Infiniti Conference, Notre Dame/SEC Conference, Northern Finance Association, Swiss Banking Association 100th Anniversary Conference, Western Finance Association, World Finance Conference, China International Conference in Finance, South Carolina Conference on Banking and Fixed Income, Asian Finance Association Conference, Seoul Asian Financial Forum, Oklahoma University Energy and Commodities Finance Research Conference, ECGI Roundtable Riga, ECGI Annual Meeting, Institutional Investor Private Markets Summit, 7th HEC Paris Workshop, Asian Pacific Risk and Insurance Association, Institute for Private Capital Annual Research Conference.
Assurant Lecture, Georgia Tech University, 2004.
Fellow, Financial Management Association, 2000.
Fellow, American Finance Association, 2005.
Fellow, European Corporate Governance Institute, 2005.
Vice-President (2002), Program Chair, (2003), President (2004), Western Finance Association.
Vice-President (2002), President-elect (2003), President (2004), American Finance Association.
Who’s Who in Banking and Finance; Who’s Who in Economics.
Jensen Prize for best article in Corporate Finance in the Journal of Financial Economics, 2000, 2008; runner-up, 2011.
William F. Sharpe Award for the best paper published in the Journal of Financial and Quantitative Analysis during the year 2003.
Selected by the magazine Treasury and Risk Management as one of the 100 most influential people in finance (June 2004).
René M. Stulz Scholar Development Fund, created in 2005 by former Ph.D. students.
Fama/DFA Prize for best article in Capital Markets and Asset Pricing in the Journal of Financial Economics, 2005.
Nominated for a Brattle Prize for best paper in Corporate Finance in the Journal of Finance in 2005.
Risk Who’s Who, Charter Member, 2006.
Best paper, First Asian-Pacific Capital Markets Conference, Seoul, 2006.
Outstanding Academic Contribution to Corporate Governance Award, Drexel University, 2009.
Risk Manager of the year award, Global Association of Risk Professionals, 2009.
Swiss Finance Institute/Banque Privée Espirito Santo Prize 2010.
Trailblazer in Finance Award, 2014.
Reuters, Highly-Cited Researchers, first time in 2014.
Ohio State University, Distinguished Scholar Award, 2016.
Special issue of the Journal of Applied Corporate Finance in honor of René M. Stulz.
Best Paper Award, Southern Finance Association Meeting, 2023.
Honorary Doctor of Laws, University College Dublin, 2023.
CONGRESSIONAL TESTIMONY
“Over-the-Counter Derivatives Markets Act of 2009,” testimony to the House Committee on Financial Services, 2009.
“Oversight of the Mutual Fund Industry: Ensuring Market Stability and Investor Confidence,” Subcommittee on Capital Markets and Government Sponsored Enterprises, House of Representatives Committee on Financial Services, 2011.
BOOKS
Risk Management and Derivatives, Southwestern College Publishing, 2003.
Handbook of the Economics of Finance, volumes 1 and 2, edited with George Constantinides and Milton Harris, North-Holland, 2003.
Handbook of the Economics of Finance, volumes 3 and 4, edited with George Constantinides and Milton Harris, Elsevier, 2003.
International Capital Markets, 3 volumes, edited with Andrew Karolyi, Edward Elgar, 2003.
Readings for the Financial Risk Manager, edited with Richard Apostolik, Wiley, 2004.
Readings for the Financial Risk Manager, edited with Richard Apostolik, Wiley, 2005.
The Risks of Financial Institutions, edited with Mark Carey, University of Chicago Press, 2006.
The Squam Lake Report: Fixing the Financial System, co-authored with the Squam Lake Group, Princeton University Press, 2010.
Private markets, public markets, and the 21st century corporation, manuscript in progress.
PUBLISHED PAPERS
“On the Effects of Barriers to International Investment,” Journal of Finance, 1981, v36(4), 923-934; reprinted in Emerging Markets, Geert Bekaert and Campbell R. Harvey, ed., Edward Elgar Publishing, 2004, 1-36.
“A Model of International Asset Pricing,” Journal of Financial Economics, 1981, v9(4), 383-406.
“The Forward Exchange Rate and Macroeconomics,” Journal of International Economics, 1982, v12(3/4), 285-299.
“Options on the Minimum or the Maximum of Two Risky Assets: Analysis and Applications,” Journal of Financial Economics, 1982, v10(2), 161-185, reprinted in Options Markets, vol. 2, George Constantinides and A. G. Malliaris, eds., Edward Elgar Publishing, 2001.
“On the Determinants of Net Foreign Investment,” Journal of Finance, 1983, v38(2), 459-468.
“The Demand for Foreign Bonds,” Journal of International Economics, 1983, v15(3/4), 225-238.
“Optimal Hedging Policies,” Journal of Financial and Quantitative Analysis, 1984, v19(2), 127-140.
“Currency Preferences, Purchasing Power Risks and the Determination of Exchange Rates in an Optimizing Model,” Journal of Money, Credit and Banking, 1984, v16(3), 302-316; reprinted in Monetary Policy and Uncertainty, Manfred J. M. Neumann, ed., Nomos, 1986.
“Pricing Capital Assets in an International Setting: An Introduction,” Journal of International Business Studies (Winter 1984), 55-73; reprinted in International Financial Management: Theory and Applications, Donald R. Lessard, ed., John Wiley & Sons, 1985.
“Macroeconomic Time-Series, Business Cycles and Macroeconomic Policies,” with Walter Wasserfallen, Carnegie-Rochester Conference Series on Public Policy (Spring 1985), 9-55.
“An Analysis of Secured Debt,” with Herb Johnson, Journal of Financial Economics, 1985, v14(4), 501-522, reprinted in The Debt Market, vol. 3, Steve A. Ross, editor, Edward Elgar, 2000.
“The Determinants of Firm’s Hedging Policies,” with Clifford W. Smith, Journal of Financial and Quantitative Analysis, 1985, v20(4), 391-406; reprinted in Studies in Financial Institutions: Commercial Banks, C. James and C.W. Smith, eds., McGraw Hill, 1993, and in Corporate Hedging in Theory and Practice: Lessons from Metallgesellschaft, Christopher L. Culp and Merton H. Miller, eds., Risk Publications, London, 1999.
“Asset Pricing and Expected Inflation,” Journal of Finance, 1986, v41(1), 209-224.
“Risk Bearing, Labor Contracts and Capital Markets,” with Patricia B. Reagan, Research in Finance, 1986, v6, 217-232.
“Interest Rates and Monetary Policy Uncertainty,” Journal of Monetary Economics, 1986, v17(3), 331-348.
“Time-Varying Risk Premia, Imperfect Information and the Forward Exchange Rate,” International Journal of Forecasting, 1987, v3(1), 171-178.
“The Pricing of Options with Default Risk,” with Herb Johnson, Journal of Finance, 1987, v42(2), 267-280.
“An Equilibrium Model of Exchange Rate Determination and Asset Pricing with Non-Traded Goods and Imperfect Information,” Journal of Political Economy, 1987, v95(5), 1024-1040.
“Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control,” Journal of Financial Economics, 1988, v20(1/2), 25-54, reprinted in M.C. Jensen and C.W. Smith, eds., The Modern Theory of Corporate Finance, McGraw-Hill, 1989 (second edition).
“Risk and the Economy: A Finance Perspective,” with K.C. Chan, Risk and the Economy, in C.C. Stone, ed., Financial Risk: Theory, Evidence and Implications, Proceedings of the Eleventh Annual Economic Conference of the Federal Reserve Bank of St. Louis, Kluwer Academic Publishers, 1988.
“Capital Mobility and the Current Account,” Journal of International Finance and Money, 1988, v7(2), 167-180.
“The Eurobond Market and Corporate Financial Policy: A Test of the Clientele Hypothesis,” with Yong Cheol Kim, Journal of Financial Economics, 1988, v22(2), 189-205.
“Contracts, Delivery Lags, and Currency Risks,” with Patricia Reagan, Journal of International Money and Finance, 1989, v8(1), 89-104.
“The Pricing of Stock Index Options in General Equilibrium,” with Warren Bailey, Journal of Financial and Quantitative Analysis, 1989, v24(1), 1-12.
“Managerial Performance, Tobin’s q, and the Gains from Successful Tender Offers,” with Larry Lang and Ralph Walkling, Journal of Financial Economics, 1989, v24(1), 137-154.
“Real Exchange Rate Dynamics and the Financial Theory of the Trading Firm,” in Recent Developments in International Banking and Finance, S. Khoury and A. Ghosh, eds., Probus Publishing Company,1989, v3, 247-262.
“Properties of Daily Stock Returns from the Pacific Rim Stock Markets: Evidence and Implications,” with Warren Bailey and Edward Ng, in S.G. Rhee and R. Chang, eds., Pacific-Basin Capital Markets Research, North Holland, 1990, 155-171.
“The Pricing of Currency Options: A Review,” in R. E. Schwartz and C. W. Smith, eds., Handbook of Currency and Interest Rate Risk Management, Simon & Schuster, 1990, 5/1-5/20.
“Stock Index Futures in Switzerland: Pricing and Hedging Performance,” with Walter Wasserfallen and Thomas Stucki, Review of Futures Markets, 1990, v9(3), 576-592.
“The Distribution of Target Ownership and the Division of Gains in Successful Takeovers,” with Ralph A. Walkling and Moon H. Song, Journal of Finance, 1990, v45(3), 817-834.
“Managerial Discretion and Optimal Financing Policies,” Journal of Financial Economics, 1990, v26(1), 3-26, reprinted in The Theory of Corporate Finance, M.J. Brennan, ed., Edward Elgar, 1995.
“Benefits of International Diversification: The Case of Pacific Basin Stock Markets,” with Warren Bailey, Journal of Portfolio Management, 1990, v16(4), 57-61.
“A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns,” with Ralph A.Walkling and Larry H. Lang, Journal of Financial Economics, 1991, v29(2), 315-335.
“Is There a Global Market for Convertible Bonds?” with Yong-Cheol Kim, Journal of Business, 1992, v65(1), 75-92.
“Industry Contagion Effects of Bankruptcy and Firm Size,” with Larry Lang, in Ed Altman, ed., Bankruptcy and Distressed Restructurings, Business One Irwin, 1992, 215-221.
“Contagion and Competitive Intra-Industry Effects of Bankruptcy Announcements,” with Larry Lang, Journal of Financial Economics, 1992, v32(1), 45-60.
“Global Financial Markets and the Risk Premium on U.S. Equity,” with K.C. Chan and Andrew Karolyi, Journal of Financial Economics, 1992, v32(2), 137-168.
“Portfolio Management and Exchange Rate Risks: New Theoretical and Empirical Perspectives,” with Warren Bailey and Edward Ng, S. Khoury and A. Ghosh, eds., Recent Developments in International Banking and Finance, 1992, v6, 230-248.
“Optimal Hedging of Stock Portfolios Against Foreign Exchange Risk: Theory and Applications” with Warren Bailey and Edward Ng, Global Finance Journal, 1992, v3(2), 97-114.
“Contracting Costs, Inflation and Relative Price Volatility,” with Patricia Reagan, Journal of Money, Credit and Banking, 1993, v25(3), Part 2, 585-601.
“Tobin’s q, Diversification, and Firm Performance,” with Larry Lang, Journal of Political Economy, 1994, v102(6), 1248-1280, reprinted in Empirical Corporate Finance, vol. IV, Michael Brennan, ed., Edward Elgar, 2001.
“International Asset Pricing: An Integrative Survey,” Handbook of Modern Finance, R. Jarrow, M. Maksimovic and W. Ziemba, eds., North Holland-Elsevier, 1995, 201-223.
“Asset Sales, Firm Performance and the Agency Costs of Managerial Discretion,” with Larry Lang and Annette Poulsen, Journal of Financial Economics, 1994, v37(1), 3-37, reprinted in Empirical Corporate Finance, vol. III, Michael J. Brennan, ed., Edward Elgar, 2001.
“The Cost of Capital in Internationally Integrated Markets,” European Financial Management, European Financial Management, 1995, 11-22.
“An Analysis of the Wealth Effects of Japanese Offshore Dollar-Denominated Convertible and Warrant Bond Issues,” with Jun-Koo Kang, Yong-Cheol Kim and Kyung-Joo Park, Journal of Financial and Quantitative Analysis, 1995, v30(2), 257-270.
“Globalization of Capital Markets and the Cost of Capital: The Case of Nestlé,” Journal of Applied Corporate Finance, 1995, v8(3,Fall), 30-38.
“Foreign Equity Investment Restrictions, Capital Flight, and Shareholder Wealth Maximization,” with Walter Wasserfallen, Review of Financial Studies,1995, v8(4), 1019-1057.
“Leverage, Investment and Firm Growth,” with Larry Lang and Eli Ofek, Journal of Financial Economics, 1996, v40(1), 3-29.
“How Different is Japanese Corporate Finance?”, with Jun-Koo Kang, Review of Financial Studies, 1996, v9(1), 109-139.
“Information, Trading and Stock Returns: Lessons from Dually-Listed Securities,” with K.C. Chan, Wai-Ming Fong, and Bong-Chan Kho, Journal of Banking and Finance,1996, v20(7),
1161-1187.
“Timing, Investment Opportunities, Managerial Discretion, and the Security Issue Decision,” with Kooyul Jung and Yong-Cheol Kim, Journal of Financial Economics, 1996, v42(2), 159-185,reprinted in Empirical Corporate Finance, vol. III, Michael J. Brennan, ed., Edward Elgar, 2001.
“Why Do Markets Move Together? An Investigation of U.S.-Japan Stock Return Comovements,” with G. Andrew Karolyi, Journal of Finance, 1996, v51(3), 951-986.
“Rethinking Risk Management,” Journal of Applied Corporate Finance, 1996 (Fall), 8-24. Reprinted in Corporate Hedging in Theory and Practice: Lessons from Metallgesellschaft, Christopher L Culp and Merton H. Miller, eds., Risk Publications, London, 1999, and in Corporate Risk: Strategies and Management, Gregory W. Brown and Donald H. Chew, eds., Risk Publications, London, 1999.
“Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan,” with Jun-Koo Kang, Journal of Financial Economics, 1997, v46(1), 3-28.
“Are Internal Capital Market Efficient?” with Hyun-Han Shin, Quarterly Journal of Economics, 1998, v113(2), 531-552.
“The Determinants and Implications of Corporate Cash Holdings,” with Tim Opler, Lee Pinkowitz, and Rohan Williamson, Journal of Financial Economics, 1999, v52(1), 3-46. A shortened version of this paper appeared as “Corporate Cash Holdings,” Journal of Applied Corporate Finance, 2001 v14(1), 55-79.
“Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997,” with Hyuk Choe and Bong-Chan Kho, Journal of Financial Economics, 1999, v54(2), 227-264.
“The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan,” with Yong-Cheol Kim and Jun-Koo Kang, Review of Financial Studies, 1999, v12(3), 519-534.
“International Portfolio Flows and Security Markets”, in International Capital Flows, edited by Martin Feldstein, University Chicago Press, 1999, 257-293, reprinted in Emerging Markets, Geert Bekaert and Campbell R. Harvey, ed., Edward Elgar Publishing, 2004, 387-423.
“Globalization, Corporate Finance and the Cost of Capital,” Journal of Applied Corporate Finance, 1999, v12(3), 8-25. Pre-publication Working Paper.
“Do Banking Shocks Affect Firm Performance? An Analysis of the Japanese Experience,” with Jun-Koo Kang, Journal of Business, 2000, v73(1), 1-23.
“Banks, the IMF, and the Asian crisis,” with Bong-Chan Kho, Pacific Basin Finance Journal, 2000, v8(2), 177-216.
“U.S. Banks, Crises, and Bailouts: From Mexico to LTCM,” with Bong-Chan Kho and Dong Lee, American Economic Review, 2000, v90(2), 28-31.
“Financial Structure, Corporate Finance and Economic Growth,” International Review of Finance, 2000, v1(1), 11-38.
“Merton Miller and Modern Finance,” Financial Management, 2000, v29(4), 119-131. Pre-publication Working Paper. Reprinted in the Journal of Applied Corporate Finance,
2001(Winter), 8-20.
“International Competition and Exchange Rate Shocks: A Cross-Country Industry and Analysis of Stock Returns,” with John Griffin, Review of Financial Studies, 2001, v14(1), 215-241.
“Divestitures and the Liquidity of the Market for Corporate Assets,” with Frederick Schlingemann and Ralph A. Walkling, Journal of Financial Economics, 2002, v64(1), 117-144, reprinted in Corporate Restructuring, vol. 2, John Campbell and David J. Denis, ed., Edward Elgar Publishing, 2005.
“Should we Fear Capital Flows?,” in International Financial Markets: The Challenge of Globalization, Leonardo Auernheimer (Editor), University of Chicago Press, 2003, Chicago, Ill.
“Corporate Governance and the Home Bias,” with Magnus Dahlquist, Lee Pinkowitz, and Rohan Williamson, Journal of Financial and Quantitative Analysis, 2003, v38(1), 87-110.
“Equity Market Liberalizations as Country IPOs,” with Rodolfo Martell, American Economic Review, Papers and Proceedings, 2003, v93(2), 97-101.
Pre-publication Working Paper.
“Culture, Openness, and Finance,” with Rohan Williamson, Journal of Financial Economics, 2003, v70(3), 313-349.
“A New Approach to Measuring Financial Contagion,” with Kee-Hong Bae and Andrew Karolyi, Review of Financial Studies, 2003, v16, 717-763.
“Are Financial Assets Priced Locally or Globally?,” with Andrew Karolyi, in Constantinides, George, Milton Harris and René Stulz (eds.), The Handbook of the Economics of Finance, North Holland, 2003.
“Why are Foreign Firms that List in the U.S. Worth More?” with Craig Doidge and Andrew Karolyi, Journal of Financial Economics, 2004, v71(2), 205-238.
“Daily Cross-Border Flows: Pushed or Pulled?,” with Federico Nardari and John Griffin, Review of Economics and Statistics, 2004, v86(3), 641-657.
“Firm Size and the Gains from Acquisitions,” with Sara B. Moeller and Frederik P. Schlingemann, Journal of Financial Economics, 2004, v73, 201-228.
“Should we Fear Derivatives?” Journal of Economic Perspectives, 2004, v18(3), 173-192; reprinted in The ICFAI Journal of Derivatives Markets, 2005, v2(1), 42-53.
“Wealth Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in the Recent Merger Wave,” with Sara B. Moeller and Frederik P. Schlingemann, Journal of Finance, 2005, v60(2), 757-782.
“Do Domestic Investors have an Edge? The Trading Experience of Foreign Investors in Korea,” with Hyuk Choe and Bong-Chan Kho, Review of Financial Studies, 2005, v18(3),795-829. Pre-publication Working Paper.
“The Limits of Financial Globalization,” Journal of Finance, 2005, v60(4), 1595-1638; reprinted in Journal of Applied Corporate Finance, 2007, v19(1), 8-15.
“Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-Country Analysis,” with Lee Pinkowitz and Rohan Williamson, Journal of Finance, 2006, v61(6) 2725-2751; reprinted in Journal of Applied Corporate Finance, 2007, v19(1), 81-87.
“Dividend Policy and the Earned/Contributed Capital mix: A Test of the Life-cycle Theory,” with Harry DeAngelo and Linda DeAngelo, Journal of Financial Economics, 2006, v81(2), 227-254.
“Enterprise Risk Management: Theory and Practice,” with Brian W. Nocco, Journal of Applied Corporate Finance, Fall 2006, v18(8), 8-20.
“Do Investors Trade more when Stocks have Performed Well? Evidence from 46 Countries,” with John M. Griffin and Federico Nardari, Review of Financial Studies, 2007, v20(3), 905-951.
“Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership,” with Jean Helwege and Christo Pirinsky, Journal of Finance, 2007, 62 (3), 995-1028.
“Hedge Funds: Past, Present, and Future,” Journal of Economic Perspectives, 2007, v21(2), 175-194.
“The Economics of Conflicts of Interests in Financial Institutions,” with Hamid Mehran, Journal of Financial Economics, 2007, v85(2), 267-296.
“Why Do Countries Matter so much for Corporate Governance?” with Craig Doidge and Andrew Karolyi, Journal of Financial Economics, 2007, v86, 1-39.
“How do Diversity of Opinion and Information Asymmetry Affect Acquirer Returns?” with Sara B. Moeller and Frederik P. Schlingemann, Review of Financial Studies, 2007, v20(6), 2047-2078.
“Do Local Analysts know more? A Cross-Country Study of Performance of Local Analysts and Foreign Analysts,” with Kee-Hong Bae and Hongping Tan, Journal of Financial Economics, 2008 v88(3), 581-606.
“Why Do Private Acquirer Pay so Little Compared to Public Acquirers?” with Leonce L. Bargeron, Frederik P. Schlingemann, and Chad J. Zutter, Journal of Financial Economics, 2008, v89(3), 375-390.
“Risk Management Failures: What Are They and When Do They Happen?” Journal of Applied Corporate Finance, 2008, v20, No. 4, 39-48.
“Private Benefits of Control, Ownership, and the Cross-Listing Decision,” with Craig Doidge, G. Andrew Karolyi, Karl V. Lins, and Darius P. Miller, Journal of Finance, 2009, v64, 425-466.
“Has New York Become Less Competitive than London in Global Markets? Evaluating Foreign Listing Choices Over Time,” with Craig Doidge, and G. Andrew Karolyi, Journal of Finance Economics, 2009, v91, No. 3, 253-277.
“Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences,” with Reena Aggarwal, Isil Erel, and Rohan Williamson, Review of Financial Studies, 2009, v22(8), 3171-3209.
“Managerial Ownership Dynamics and Firm Value,” with Rüdiger Fahlenbrach, Journal of Financial Economics, 2009, v92(3), 342-361.
“How Much Do Banks Use Credit Derivatives to Hedge Loans?” with Bernadette Minton and Rohan Williamson, Journal of Financial Services Research, 2009, v35(1), 1-31.
“Securities Laws, Disclosure, and National Capital Markets in the age of Financial Globalization,” Journal of Accounting Research, 2009, v47(2), 349-390.
“Why Do U.S. Firms Hold so Much More Cash than They Used to?” with Thomas W. Bates, and Kathleen M. Kahle, Journal of Finance, 2009, v64(5), 1985-2021.
“Financial Globalization, Governance, and the Evolution of the Home Bias,” with Bong-Chan Kho, René M. Stulz and Francis E. Warnock, Journal of Accounting Research, 2009, v47(2), 597-635.
“Seasoned Equity Offerings, Market Timing and the Corporate Lifecycle,” with Harry DeAngelo and Linda DeAngelo, Journal of Financial Economics, 2010, v95(3), 275-295.
“Why do Firms Appoint CEOs as Outside Directors?” with Rüdiger Fahlenbrach and Angie Low, Journal of Financial Economics, 2010, v97(1), 12-32.
“Credit Default Swaps and the Credit Crisis,” Journal of Economic Perspectives, 2010, v.24(1), 73-92.
“Why Do Foreign Firms Leave U.S. Equity Markets?,” with Craig Doidge and G. Andrew Karolyi, Journal of Finance, v.65(4), 1507-1553.
“Hedge Fund Contagion and Liquidity Shocks,” with Nicole M. Boyson and Christof W. Stahel, Journal of Finance, 2010, v65(5), 1789-1816.
“Bank CEO incentives and the credit crisis,” with Rüdiger Fahlenbrach, Journal of Financial Economics, 2011, v99, 11-26.
“When are analyst recommendation changes influential?,” with Roger K. Loh, Review of Financial Studies, 2011, v24(2), 593-627.
“The credit crisis around the globe: Why did some banks perform better?,” with Andrea Beltratti, Journal of Financial Economics, 2012, v105(1), 1-17.
“Why are U.S. stocks more volatile?,” with Söhnke M. Bartram and Gregory Brown, Journal of Finance, 2012, v67(4), 1329-1370.
“Market Institutions, Financial Market Risks, and The Financial Crisis,” with Mark Carey, Anil K Kashyap, and Raghuram Rajan, Journal of Financial Economics, 2012, v104(3),421-424.
“This Time Is the Same: Using Bank Performance in 1998 to Explain Bank Performance during the Recent Financial Crisis,” with Rüdiger Fahlenbrach and Robert Prilmeier, Journal of Finance, 2012, v67(6), 2139-2185.
“Access to Capital, Investment, and the Financial Crisis,” with Kathy Kahle, Journal of Financial Economics, 2013, v110(2), 280-299.
“The U.S. left behind? Financial globalization and the rise of IPOs outside the U.S.,” with Craig Doidge and G. Andrew Karolyi, Journal of Financial Economics, 2013, v110(3), 546-573.
“Why Did Holdings of High – Rated Securitization Tranches Differ So Much Across Banks?” with Isil Erel and Taylor Nadauld, The Review of Financial Studies, 2014, v27(2), 404-453.
“Liquid-Claim Production, Risk Management, and Bank Capital Structure: Why High Leverage is Optimal for Banks,” with Harry DeAngelo, Journal of Financial Economics, 2015, v116, 219-236.
“Corporate Acquisitions, Diversification, and the Firm’s Lifecycle” with Asli M. Arikan, Journal of Finance, 2016, v71(1) 139-194.
“Do U.S. Firms Hold More Cash than Foreign Firms?” with Lee Pinkowitz and Rohan Williamson, The Review of Financial Studies, 2016, v29(2) 309-348.
“Why Don’t All Banks Practice Regulatory Arbitrage? Evidence from the Usage of Trust Preferred Securities” with Nicole Boyson and Rüdiger Fahlenbrach, The Review of Financial Studies, 2016, v29(7) 1821-1859.
“Risk Management, Governance, Culture, and Risk Taking in Banks” Economic Policy Review, Federal Reserve Bank of New York, 2016, v22(1), 43-59. (A shorter version was published as “Risk-Taking and Risk Management by Banks,” Journal of Applied Corporate Finance, 2015, v27(1), 8-18.)
“Firm Rigidities and the Decline of Growth Opportunities” with Claudio Loderer and Urs Walchli, Management Science, 2016, 63(9), 3000-3020.
“Portable Country Governance and Cross-Border Acquisitions,” with Jesse A. Ellis, Sara B. Moeller, and Frederik P. Schlingemann, Journal of International Business Studies, 2017, v48(2)148-173.
“The U.S. Listing Gap,” with Craig Doidge and Andrew Karolyi, Journal of Financial Economics, 2017, v123, 464-487.
“Is the US Public Corporation in Trouble?” with Kathy Kahle, Journal of Economic Perspectives, 2017, v31(3) 67-88.
“Do Independent Director Departures Predict Future Bad Events?” with Rüdiger Fahlenbrach and Angie Low, 2017, The Review of Financial Studies, v30(7), 2131-2358.
“What is the shareholder wealth impact of target CEO retention in private equity deals” with Leonce L. Bargeron, Frederik P. Schlingemann, and Chad J. Zutter, Journal of Corporate Finance, 2017, v46, 186-206.
“Why Does Fast Loan Growth Predict Poor Performance for Banks?” with Rüdiger Fahlenbrach and Robert Prilmeier, The Review of Financial Studies, 2018, v31 (3) 1014-1063.
“Corporate Deleveraging and Financial Flexibility,” with Harry DeAngelo and Andrei Gonçalves, The Review of Financial Studies, 31(8), 3122-3174.
“Eclipse of the Public Corporation or Eclipse of the Public Markets” with Craig Doidge, Kathleen Kahle, and Andrew Karolyi, Journal of Applied Corporate Finance, 2018, v30 (1) 8-16.
“Is Sell-Side Research More Valuable in Bad Times?” with Roger K. Loh, Journal of Finance, 2018, v73(3), 959-1013.
“Do Firms Issue More Equity When Markets Become More Liquid?” with Rogier M. Hanselaar and Mathijs A. van Dijk, Journal of Financial Economics, 2019, v133, 64-82.
“Are the largest banks valued more highly?” with Bernadette Minton and Alvaro Taboada, 2019, Review of Financial Studies, 32(12), 4604-4652.
“FinTech, BigTech, and the Future of Banks,” 2019, Journal of Applied Corporate Finance, 31(4), 86-97.
“Why Is Contagion Asymmetric During the European Sovereign Crisis?” with Andrea Beltratti, 2019, Journal of International Money and Finance, 99.
“Does the stock market make firms more productive?” with Ben Bennett and Zexi Wang, Journal of Financial Economics, 2020, 136(2), 281-306.
“Public Versus Private Equity,” 2020, Oxford Economic Policy Review, 36(2), 275-290.
“Why Does Equity Capital Flow out of High Tobin’s q Industries,” with Dong Wook Lee and Hyun-Han Shin, 2020, Review of Financial Studies, 34,(4) 1867-1906.
“Risk Management, Firm Reputation, and the Impact of Successful Cyberattacks on Target Firms,” with Shinichi Kamiya, Jun-Koo Kang, Jungmin Kim, and Andreas Milidonis, Journal of Financial Economics, 2021, v139(3) 719-749.
“Why Are Firms with More Managerial Ownership Worth Less?” with Kornelia Fabisik, Rüdiger Fahlenbrach, and Jérôme Taillard, Journal of Financial Economics, 2021, 140(3), 699-725.
“How Valuable is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis” with Rüdiger Fahlenbrach and Kevin Rageth, Review of Financial Studies, Review of Financial Studies, 2021, 34(11), 5474-5521.
“Were there Fire Sales in the RMBS Market?” with Craig B. Merrill, Taylor D. Nadauld, and Shane M. Sherlund, Journal of Monetary Economics, 2021, 122, 12-37.
“Why Are Payouts So High in the 2000s?” with Kathleen Kahle, Journal of Financial Economics, 2021, 142(3), 1359-1380.
“Have Exchange-Listed Firms Become Less Important for the Economy?” with Frederik P. Schlingemann, Journal of Financial Economics, 2022, 143(2),927-958.
“Are Analyst Short-Term Trade Ideas Valuable?” with Justin Birru, Sinan Gokkaya, and Xi Liu, Journal of Finance, 2022, 77(3), 1829-1875.
“Leverage and Cash Dynamics” with Harry DeAngelo and Andrei S. Gonçalves, Review of Finance, 2022, 26(5)1101-1144.
“Do Firms with Specialized M&A Staff Make Better Acquisitions?” with Sinan Gokkaya and Xi Liu, Journal of financial Economics, 2023, 147(1) 75-105.
“Crises Risk and Risk Management” European Financial Management, 2023, 29, (5)1377-1400.
“Are Analyst “Top Picks” Informative?” with Justin Birru, Sinan Gokkaya and Xi Liu, Review of Financial Studies, 2024, 37 (5), 1538-1583.
“Models Behaving Badly: The Limits of Data-Driven Lending” with Itzhak Ben-David and Mark J. Johnson, Review of Finance, forthcoming.
PROFESSIONAL JOURNAL ARTICLES, BOOK REVIEWS, NOTES AND COMMENTS
Review of “Managing Foreign Exchange Risk,” Richard J. Herring, ed., Journal of Money, Credit and Banking (February 1985), 124-125.
“On Capital Mobility in the World Economy,” Carnegie-Rochester Conference Series on Public Policy (Spring, 1986), 105-114.
“Portfolio Management in International Capital Markets,” Financial Markets and Portfolio Management (1, 1986), 18-23.
“Portfolio Insurance, Program Trading and the Crash of 1987,” Financial Markets and Portfolio Management (1, 1988), 11-22.
“SMI Futures,” with T. Stucki and W. Wasserfallen, Financial Markets and Portfolio Management (4, 1989), 288-300.
“Benefits of International Diversification with Daily Data: The Case of Pacific-Basin Stock Markets,” with Warren Bailey, Journal of Portfolio Management (4,1990), 57-61.
“Portfolio Insurance with Options and Futures on the SMI,” with T. Stucki and W. Wasserfallen, Financial Markets and Portfolio Management (2,1990), 99-115.
“Securities Transaction Taxes: Lessons from the International Experience,” in The Globalization of Equity Markets, Jeffrey Frankel, ed., University of Chicago Press, 1994.
“Identifying and Quantifying Exposures,” with Rohan Williamson, in Financial Risk and the Corporate Treasury: New Developments in Strategy and Control,” Robert Jameson, ed., Risk Publications, London, 1997, 33-51. Reprinted in Corporate Risk: Strategies and Management, Gregory W. Brown and Donald H. Chew, eds., Risk Publications, London, 1999. Pre-publication Working Paper
“What’s Wrong with Modern Capital Budgeting?,” Financial Practice and Education, Fall/Winter 1999, p.5-9. Pre-publication Working Paper
“Diminishing the Threats to Shareholder Wealth,” Financial Times, Mastering Risk Series, April 25, 2000.
“Why Risk Management is not Rocket Science,” Financial Times, Mastering Risk Series, June 27, 2000.
“An Emotional High for Stocks?,” a review of “Irrational Exuberance” by Robert J. Shiller, Science (June 30, 2000), 2323.
“Demystifying Financial Derivatives,” The Milken Institute Review, Third Quarter 2005, 20-31.
“Merton Miller,” New Palgrave Dictionary, 2006.
“Financial Derivatives: Lessons from the Subprime Crisis,” The Milken Institute Review, First Quarter 2009, 59-70.
“Six Ways Companies Mismanage Risk,” Harvard Business Review, February 2009, v87(3), 86-94.
“In Defense of Derivatives and How to Regulate Them,” Wall Street Journal, April 7, 2009.
SELECTED RESEARCH IN PROGRESS AND WORKING PAPERS
“Has the Bond Market Really Become Less Liquid?” with Mike Anderson.
“Creative Destruction, Stock Return Volatility, and the Number of Listed Firms” with Söhnke Bartram and Gregory Brown.
“Bank Payout Policy, Regulation, and Politics” with Rüdiger Fahlenbrach and Minsu Ko.
“The US Equity Valuation Premium, Globalization, and Climate Change Risks” with Craig Doidge and Andrew Karolyi.
“Why Do Bank Boards Have Risk Committees?” with James Tompkins, Rohan Williamson, and Zhongxia Ye.
“How Important is Moral Hazard for Distressed Banks?” with Itzhak Ben-David and Ajay A. Palvia.
“Bank Liquid Assets, the Portfolio Motive, and Capital Requirements” with Alvaro Taboada and Mathijs A. van Dijk.
“The Unicorn Puzzle,” with Daria Davydova, Rüdiger Fahlenbrach, and Leandro Sanz.
“Public Scrutiny, Firm Performance, and Corporate Policies” with Benjamin Bennett and Zexi Wang.
“Is there Information in Corporate Acquisition Plans?” with Sinan Gokkaya and Xi Liu.
“Why Are Countries So Important for the Composition of Corporate Debt?” with Michela Altieri and Söhnke Bartram.
“Risk, the Limits of Financial Risk Management, and Corporate Resilience”
“The Lessons of Mike Jensen”
EDITORIAL AND REFEREEING ACTIVITIES
Advisory Board, Journal of Risk and Financial Management, 2018 to present.
Editorial Board, Journal of Financial Intermediation, 2013 to present.
Advisory Editor, Journal of Investment Management, 2003 to present.
Advisory Editor, Journal of Financial Economics, 2000 to 2021.
Advisory Editor, Journal of Financial Services, 1999 to present.
Editor, Journal of Finance, 1988 to 2000.
Editor, Corporate Finance Abstracts, Social Science Research Network, 1998 to present.
Editor, Journal of Financial Economics, 1982 to 1987.
Board of Editors, Journal of Banking and Finance, 2008.
Co-Editor, Banking and Financial Institutions Abstracts, Social Science Research Network, 1998 to present.
Co-Editor, Financial Markets and Portfolio Management, 1999 to present.
Associate Editor, Journal of Risk, 2006 to present.
Board of Editors, Japan and the World Economy, 2006 to present.
Advisory Editor, The Review of Finance, 2003 to 2009
Advisory Editor, Journal of Economic Perspectives, 2006 to 2008.
Associate Editor, Journal of Economic Perspectives, 2003 to 2005.
Associate Editor, Journal of Financial Abstracts, 1994 to 1998.
Associate Editor, Journal of Financial Economics, 1988 to 1999.
Associate Editor, Journal of International Finance and Accounting, 1988 to present.
Associate Editor, Global Finance Journal, 1988 to present.
Associate Editor, Journal of International Financial Markets, Institutions and Money, 1989 to present.
Associate Editor, Journal of Fixed Income, 1991 to present.
Associate Editor, Journal of International Trade and Finance, 1992 to present.
Associate Editor, Journal of Financial and Quantitative Analysis, 1983-1985.
Acted as an ad hoc referee for AER, JIE, JAE, JFE, JME, JMCB, JFQA, QJE, JF, JB, JPE, Canadian Journal of Economics, Management Science, Marketing Science, Journal of International Money and Finance, Journal of International Business Studies, the Canadian NSF and the NSF.
Editorial Board, Journal of Financial Intermediation, 2013 to present.