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mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--> <link type="text/css" href="images/stylesheet.css" rel=stylesheet media=screen> <!--[if gte mso 9]><xml> <o:shapedefaults v:ext="edit" spidmax="1026"/> </xml><![endif]--><!--[if gte mso 9]><xml> <o:shapelayout v:ext="edit"> <o:idmap v:ext="edit" data="1"/> </o:shapelayout></xml><![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:.5in'> <div class=WordSection1> <p class=MsoNormal><a href="http://www.chicagogsb.edu/" target="_blank"><span style='mso-fareast-font-family:"Times New Roman";mso-no-proof:yes;text-decoration: none;text-underline:none'><img border=0 width=150 height=32 id="_x0000_i1027" src="images/Chicago_Booth_logo_sm.png" alt="Description: Description: C:\Users\rajan\Documents\My Files\newwebpage\images\Chicago_Booth_logo_sm.png"></span></a><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> <div id="double_main"> <div id="nameplate_sm"> <p class=MsoNormal><a href="index.htm"><span style='mso-fareast-font-family: "Times New Roman";mso-no-proof:yes;text-decoration:none;text-underline:none'><img border=0 width=177 height=28 id="_x0000_i1026" src="images/NamePlate_sm.png" alt="Description: Description: Raghuram G. Rajan"></span></a><span style='mso-fareast-font-family:"Times New Roman";mso-no-proof:yes'><img border=0 width=261 height=28 id="_x0000_i1025" src="images/head_research.png" alt="Description: Description: Research"></span><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </div> <div id=navcontainer> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-list:l1 level1 lfo3;tab-stops:list .5in'><span style='mso-fareast-font-family: "Times New Roman"'><a href="#recent">Recent Papers</a><o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-list:l1 level1 lfo3;tab-stops:list .5in'><span style='mso-fareast-font-family: "Times New Roman"'><a href="#growth">Growth and Development</a><o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-list:l1 level1 lfo3;tab-stops:list .5in'><span style='mso-fareast-font-family: "Times New Roman"'><a href="#banking">Banking</a><o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-list:l1 level1 lfo3;tab-stops:list .5in'><span style='mso-fareast-font-family: "Times New Roman"'><a href="#relationships">Banking Relationships</a><o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-list:l1 level1 lfo3;tab-stops:list .5in'><span style='mso-fareast-font-family: "Times New Roman"'><a href="#u_banking">Universal Banking</a><o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-list:l1 level1 lfo3;tab-stops:list .5in'><span style='mso-fareast-font-family: "Times New Roman"'><a href="#i_finance">International Finance</a><o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-list:l1 level1 lfo3;tab-stops:list .5in'><span style='mso-fareast-font-family: "Times New Roman"'><a href="#m_finance">Miscellaneous Finance</a><o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; mso-list:l1 level1 lfo3;tab-stops:list .5in'><span style='mso-fareast-font-family: "Times New Roman"'><a href="#organization">Organizations, Power, and Theory of the Firm</a><o:p></o:p></span></li> </ul> </div> <div id="main_content"> <h2><a name=recent></a><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></h2> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>See my blog for recent articles/comments:</span><span style='font-size:10.0pt; font-family:"Arial","sans-serif";mso-no-proof:yes'> <a href="http://blogs.chicagobooth.edu/faultlines">http://blogs.chicagobooth.edu/faultlines</a></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> <h2><span style='mso-fareast-font-family:"Times New Roman"'>Recent Papers<o:p></o:p></span></h2> <p class=MsoNormal><span class=MsoHyperlink><span style='mso-fareast-font-family: "Times New Roman"'><a href="papers/Sov_debt_24Aug2011_Final.pdf">Sovereign debt, government myopia, and the financial sector</a><o:p></o:p></span></span></p> <p class=MsoNormal><span class=MsoHyperlink><span style='color:windowtext; text-decoration:none;text-underline:none'>With Viral <span class=SpellE>Acharya</span><o:p></o:p></span></span></p> <p class=MsoNormal><span class=MsoHyperlink><o:p><span style='text-decoration: none'>&nbsp;</span></o:p></span></p> <p class=MsoNormal><span style='font-size:11.0pt'>What determines the sustainability of sovereign debt?<span style='mso-spacerun:yes'>  </span>In this paper, we develop a model where myopic governments seek electoral popularity but can nevertheless commit credibly to service external debt. They do not default when they are poor because they would lose access to debt markets and be forced to reduce spending; they do not default when they become rich because of the adverse consequences to the domestic financial sector. Interestingly, the more myopic a government, the greater the advantage it sees in borrowing, and therefore the less likely it will be to default (in contrast to models where sovereigns repay because they are concerned about their long term reputation).<span style='mso-spacerun:yes'>  </span>More myopic governments are also likely to tax in a more distortionary way, and create more dependencies between the domestic financial sector and government debt that raise the costs of default. We use the model to explain recent experiences in sovereign debt markets. <o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/land_sales_5.pdf">The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s</a><o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Rodney <span class=SpellE>Ramcharan</span><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='margin-bottom:10.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:Calibri'>How important is the role of credit availability in inflating asset prices? And does greater credit availability make the economy more sensitive to changes in sentiment or fundamentals?<span style='mso-spacerun:yes'>  </span>In this paper we address these questions by examining the rise (and fall) of farm land prices in the United States in the early twentieth century, attempting to identify the separate effects of changes in fundamentals and changes in the availability of credit on land prices. We find that credit availability likely had a direct effect on inflating land prices. Credit availability may have also amplified the relationship between the perceived improvement in fundamentals and land prices. When fundamentals turned down, however, areas with higher ex ante credit availability suffered a greater fall in land prices, and experienced higher bank failure rates. We draw lessons for regulatory policy.<o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Mcfadden%20Aug%202011.pdf">Constituencies and Legislation: The Fight over the McFadden Act of 1927</a><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>With Rodney <span class=SpellE>Ramcharan</span><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal style='margin-bottom:10.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:Calibri'>The McFadden Act of 1927 was one of the most hotly contested pieces of legislation in U.S. banking history, and its influence was still felt over half a century later. The act was intended to force states to accord the same branching rights to national banks as they accorded to state banks. By uniting the interests of large state and national banks, it also had the potential to expand the number of states that allowed branching. Congressional votes for the act therefore could reflect the strength of various interests in the district for expanded banking competition. We find congressmen in districts in which landholdings were concentrated (suggesting a landed elite), and where the cost of bank credit was high and its availability limited (suggesting limited banking competition and high potential rents), were significantly more likely to oppose the act. The evidence suggests that while the law and the overall regulatory structure can shape the financial system far into the future, they themselves are likely to be shaped by <span class=SpellE>well organized</span> elites, even in countries with benign political institutions.<span style='mso-spacerun:yes'>  </span><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Trade%20Credit%20Contracts.pdf">Trade Credit Contracts</a> <o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Leora Klapper and Luc Laeven, forthcoming, Review of Financial Studies<o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal>We employ a novel dataset on almost 30,000 trade credit contracts to describe the broad characteristics of the parties that contract together and the key contractual terms of these contracts. Whereas prior work has typically used information on only one side of the buyer-seller transaction, this paper utilizes information on both, allowing for the first analysis of buyer-seller pairs. An equally important distinction is that we have multiple contracts for the same buyer or supplier firms, rather than a firm-average response, allowing for the correction of time-invariant firm characteristics that might determine the choice of credit terms. We find that the largest and most creditworthy buyers receive contracts with the longest maturities from smaller suppliers, and that discounts for early payment tend to be offered to riskier buyers.<span style='mso-spacerun:yes'>  </span><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span class=MsoHyperlink><a href="papers/Illiquidity%20and%20interest%20rate%20policy.pdf"><span style='mso-fareast-font-family:"Times New Roman"'>Illiquid Banks, Financial Stability, and Interest Rate Policy</span></a><o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond<o:p></o:p></span></p> <p class=MsoNormal style='margin-bottom:10.0pt'><span style='font-size:11.0pt; mso-fareast-font-family:Calibri'>Do low interest rates alleviate banking fragility?<span style='mso-spacerun:yes'>  </span>Banks finance illiquid assets with demandable deposits, which discipline bankers but expose them to damaging runs. Authorities may choose to bail out banks being run. Unconstrained bailouts undermine the disciplinary role of deposits. Moreover, competition forces banks to promise depositors more, increasing intervention and making the system worse off.<span style='mso-spacerun:yes'>  </span>By contrast, constrained intervention to lower rates maintains private discipline, while offsetting contractual rigidity.<span style='mso-spacerun:yes'>  </span>It may still lead banks to make excessive liquidity promises. Anticipating this, central banks can reduce financial fragility by raising rates in normal times to offset their propensity to reduce rates in adverse times. <o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/fear%20july%202010%20final.pdf">Fear of Fire Sales, Illiquidity Seeking, and the Credit Freeze</a>&nbsp;<o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond, <i style='mso-bidi-font-style:normal'>Quarterly Journal of Economics</i> Volume: <span style='mso-bidi-font-weight:bold'>126</span> Issue: <span style='mso-bidi-font-weight: bold'>2</span> Pages: <span style='mso-bidi-font-weight:bold'>557-591</span>: <span style='mso-bidi-font-weight:bold'>May 2011<b><o:p></o:p></b></span></span></p> <p class=MsoNormal><span class=databold1><span style='font-size:9.0pt; font-family:"Arial","sans-serif";color:#333333'><o:p>&nbsp;</o:p></span></span></p> <p class=MsoNormal>Is there any need to  clean up a banking system in the midst of a crisis, for instance, by closing some weak banks and forcing others to sell bad assets, or can one wait till the crisis is over? We argue that an  overhang of impaired banks that may be forced to sell assets in the future can increase the private returns to holding illiquid assets sufficiently that weak banks have no interest in selling them. Anticipating a potential future fire sale, cash rich buyers have high expected returns to holding cash, which also reduces their incentive to lock up money in term loans. The potential for a worse fire sale than necessary, as well as the associated decline in credit origination, could make the crisis worse, which is one reason it may make sense to clean up the system even in the midst of the crisis. We discuss alternative ways of cleaning up the system, and the associated costs and benefits.</p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/JF%20Final1.pdf">Land and Credit:<span style='mso-spacerun:yes'>  </span>A Study of the Political Economy of Banking in the United States in the Early 20th Century</a><o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Rodney Ramcharan, forthcoming, Journal of Finance<o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Land%20and%20Credit%20Web%20Appendix.pdf">Web Appendix</a> to the paper.<o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><a name="OLE_LINK2"></a><a name="OLE_LINK1"><span style='mso-bookmark:OLE_LINK2'>We find that in the early 20th century, counties in the United States where the agricultural elite had disproportionately large land holdings had significantly fewer banks per capita, even correcting for state level effects. Moreover, credit appears to have been costlier, and access to it more limited, in these counties. The evidence is suggestive that elites may restrict financial development in order to limit access to finance, and they may be able to do so even in countries with well developed political institutions. </span></a></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Internal%20governance%20of%20firms.pdf">The Internal Governance of Firms</a> &nbsp;with Viral Acharya and Stewart Myers, </span><i style='mso-bidi-font-style:normal'><span style='color:#333333'>Journal of Finance </span></i><span class=label2><span style='color:#333333'>Volume: </span></span><span class=databold1><span style='color:#333333'>66</span></span><span style='color:#333333'> <span class=label2>Issue: </span><span class=databold1>3</span> <span class=label2>Pages: </span><span class=databold1>689-720</span><span class=label2>: </span><span class=databold1>Jun 2011</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>We develop a model of internal governance where the self-serving actions of top management are limited by the potential reaction of subordinates.<span style='mso-spacerun:yes'>  </span>Internal governance can mitigate agency problems and ensure that firms have substantial value, even with little or no external governance by investors.<span style='mso-spacerun:yes'>  </span>Internal governance works best when both top management and subordinates are important in generating cash flow.<span style='mso-spacerun:yes'>  </span>External governance, even if crude and uninformed, can complement internal governance and improve efficiency.<span style='mso-spacerun:yes'>  </span>This leads to a theory of investment and dividend policy, where dividends are paid by self-interested CEOs to maintain a balance between internal and external control.<span style='mso-spacerun:yes'>  </span>Our paper can explain why firms with limited external oversight, and firms in countries with poor external governance, can have substantial value.<o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Internal%20governance%20Online%20appendix%20Sep%202010%20jvg.pdf">Web Appendix to Internal Governance</a><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </div> <h2><a name=growth></a><span style='mso-fareast-font-family:"Times New Roman"'>Growth and Development<o:p></o:p></span></h2> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Mcfadden%20Aug%202011.pdf">Constituencies and Legislation: The Fight over the McFadden Act of 1927</a><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>With Rodney <span class=SpellE>Ramcharan</span><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/JF%20Final1.pdf">Land and Credit:<span style='mso-spacerun:yes'>  </span>A Study of the Political Economy of Banking in the United States in the Early 20th Century</a><o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Rodney Ramcharan, forthcoming, Journal of Finance<o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Land%20and%20Credit%20Web%20Appendix.pdf">Web Appendix</a> to the paper.<o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Constituencies.pdf">Rent Preservation and the Persistence of Underdevelopment</a> <o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;American Economic Journals: Macroeconomics, <span class=SpellE>Vol</span> 1, No 1.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Capital%20flows.pdf">Foreign Capital and Economic Growth</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Eswar Prasad and Arvind Subramanian<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Brookings Papers on Economic Activity, 2007, 1, 153-209<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Aid2.pdf">Aid and Manufacturing Growth</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Arvind Subramanian<o:p></o:p></span></p> <p class=MsoNormal><i style='mso-bidi-font-style:normal'><span style='color:#333333'>Journal of Development Economics</span></i><span style='color:#333333'> <span class=label2>Volume: </span><span class=databold1>94</span> <span class=label2>Issue: </span><span class=databold1>1</span> <span class=label2>Pages: </span><span class=databold1>106-118</span><span class=label2>: </span><span class=databold1>Jan 2011</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Aid%20and%20Governance.pdf">Does Aid Affect Governance?</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Arvind Subramanian<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>2007, AER Papers and Proceedings.</span></span><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://econpapers.repec.org/paper/izaizadps/dp2248.htm">Modernizing China s Growth Paradigm </a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Eswar Prasad<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>2006, AER Papers and Proceedings.</span></span><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/World%20Economics.pdf">Making Capitalism Work for Everyone </a><o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>With Luigi Zingales<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="http://econpapers.repec.org/paper/imfimfwpa/06_2F22.htm">India s Pattern of Development: What Happened, What Follows?</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>With Kalpana Kochhar, Utsav Kumar, Arvind Subramanian, and Ioannis Tokatlidis<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Monetary Economics, <span class=SpellE>vol</span> 53, 2006, p 981-1019.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Aid2.pdf">Aid and Growth: What Does the Cross-Country Evidence Really Show?</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Arvind Subramanian<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><i style='mso-bidi-font-style:normal'><span style='color:#333333'>Review <span class=GramE>Of</span> Economics And Statistics</span></i><span style='color:#333333'> <span class=label2>Volume: </span><span class=databold1>90</span> <span class=label2>Issue: </span><span class=databold1>4</span> <span class=label2>Pages: </span><span class=databold1>643-665</span><span class=label2>: </span><span class=databold1>Nov 2008</span></span><span style='mso-fareast-font-family: "Times New Roman"'>.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/failedstates.pdf">Failed States, Vicious Cycles, and a Proposal</a><o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Mimeo, University of Chicago.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/politics.pdf">The Great Reversals: The Politics of Financial Development in the 20th Century</a><o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Financial Economics, <span class=SpellE>vol</span> 69, 1, July 2003, 5-50.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/finsys.pdf">Financial Systems, Industrial Structure and Growth </a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Oxford Review of Economic Policy.</span></span><span style='mso-fareast-font-family: "Times New Roman"'> 17 (4): 467-482 WIN 2001<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/whichcap.pdf">Which Capitalism? Lessons from the East Asian Crisis</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Applied Corporate Finance, Fall 1998.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/growth.pdf">Financial Dependence and Growth</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>American Economic Review, June 1998, <span class=SpellE>vol</span> 88, <span class=SpellE>pp</span> 559-586.<o:p></o:p></span></p> </div> </div> <h2><a name=banking></a><span style='mso-fareast-font-family:"Times New Roman"'>Banking<o:p></o:p></span></h2> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/land_sales_5.pdf">The Anatomy of a Credit Crisis: The Boom and Bust in Farm Land Prices in the United States in the 1920s</a><o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Rodney <span class=SpellE>Ramcharan</span><o:p></o:p></span></p> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/fear%20july%202010%20final.pdf">Fear of Fire Sales, Illiquidity Seeking, and the Credit Freeze</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond, <i style='mso-bidi-font-style:normal'>Quarterly Journal of Economics</i> Volume: <span style='mso-bidi-font-weight:bold'>126</span> Issue: <span style='mso-bidi-font-weight: bold'>2</span> Pages: <span style='mso-bidi-font-weight:bold'>557-591</span>: <span style='mso-bidi-font-weight:bold'>May 2011<b><o:p></o:p></b></span></span></p> <p class=MsoNormal><a href="papers/Illiquidity%20and%20interest%20rate%20policy.pdf">Illiquid Banks, Financial Stability, and Interest Rate Policy<span style='mso-fareast-font-family: "Times New Roman"'>&nbsp;</span></a><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond&nbsp;<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/TheCreditCrisisDougDiamondRaghuRajanAEADec2008.pdf">The Credit Crisis: Conjectures about Causes and Remedies</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>AEA Presentation<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Rethinkingcap.pdf">Rethinking Capital Regulation</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Anil Kashyap and Jeremy Stein&nbsp;<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/bankingcrises.pdf">The Real Effects of Banking Crises</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Giovanni Dell Ariccia, Enrica Detragiache&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Financial Intermediation, 2008, <span class=SpellE>vol</span> 17, 89-112<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/dollarshortages.pdf">Dollar Shortages and Crisis</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Ioannis Tokatlidis&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>International Journal of Central Banking, <span class=SpellE>vol</span> 1, no 2, 177-220.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/money.pdf">Money in a Theory of Banking</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond, &nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>American Economic Review, 2006, 96, (1), 30-53<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/funcform.pdf">Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Allen Berger, Nathan Miller, Mitchell Petersen, and Jeremy Stein&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>forthcoming</span></span><span style='mso-fareast-font-family:"Times New Roman"'>, Journal of Financial Economics<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/liq1.pdf">Liquidity Shortages and Banking Crises</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, 2005, 60, (2), 615-647.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/aerdoug.pdf">Banks and liquidity</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>American Economic Review (Papers and Proceedings), May 2001.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/croch.pdf">Banks, Short-term Debt, and Financial Crises: Theory, Policy Implications, and Applications</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond, &nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>2001, Journal of Monetary Economics, Proceedings of Carnegie Rochester Conference on Public Policy.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/aniljeremy.pdf">Banks as Providers of Liquidity: An Explanation for the Co-Existence of Lending and Deposit-Taking</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Anil Kashyap and Jeremy Stein&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance.</span></span><span style='mso-fareast-font-family:"Times New Roman"'> 57 (1): 33-73 FEB 2002<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/bankcap.pdf">A Theory of Bank Capital</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, <span class=SpellE>vol</span> 55, no 6, 2431-2465.</span></span><span style='mso-fareast-font-family:"Times New Roman"'> 2000<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/doug1.pdf">Liquidity risk, liquidity creation and financial fragility: A theory of banking </a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Douglas Diamond&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Political <span class=GramE>Economy ,</span>&nbsp; <span class=SpellE>vol</span> 109, 2, 287-327. 2001.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/jmcb.pdf">The Past and Future of Commercial Banking Viewed through an Incomplete Contract Lens</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Money, Credit, and Banking, August 1998, <span class=SpellE>vol</span> 30: (3), <span class=SpellE>pp</span> 524-550.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/stew.pdf">The Paradox of Liquidity</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Stewart Myers&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Quarterly Journal of Economics, August 1998, <span class=SpellE>vol</span> 113: (3), <span class=SpellE>pp</span> 733-771.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/future3.pdf">Why Banking Has a Future: Towards a New Theory of Banking</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Applied Corporate Finance, July 1996.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/cov1.pdf">Covenants and Collateral as Incentives to Monitor</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Andrew Winton&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, 1995, <span class=SpellE>vol</span> 50, <span class=SpellE>pp</span> 1113-1146.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/fluct.pdf">Why Bank Credit Policies Fluctuate: A Theory and Some Evidence</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Quarterly Journal of Economics, 1994, <span class=SpellE>vol</span> 109, <span class=SpellE>pp</span> 399-442.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/io.pdf">Insiders and Outsiders: The Choice between Informed and Arm's-length debt</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, 1992, <span class=SpellE>Vol</span> 47, <span class=SpellE>pp</span> 1367-1400<o:p></o:p></span></p> </div> </div> <h2><a name=relationships></a><span style='mso-fareast-font-family:"Times New Roman"'>Banking Relationships<o:p></o:p></span></h2> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/dist.pdf">Does Distance Still Matter? The Revolution in Small Business Lending</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Mitchell Petersen&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, 57 (6): 2533-2570 Dec 2002.&nbsp;<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/mitch2.pdf">The Effect of Credit Market Competition on Lending Relationships</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Mitchell Petersen&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Quarterly Journal of Economics, 1995, <span class=SpellE>vol</span> 110, <span class=SpellE>pp</span> 407-443.&nbsp;<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/mitch1.pdf">The Benefits of Firm-Creditor Relationships: Evidence from small business data</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Mitchell Petersen&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, 1994, <span class=SpellE>Vol</span> 49, <span class=SpellE>pp</span> 3-37.&nbsp;<o:p></o:p></span></p> </div> </div> <h2><a name="u_banking"></a><span style='mso-fareast-font-family:"Times New Roman"'>Universal Banking<o:p></o:p></span></h2> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/firewall.pdf">Organization Structure and Credibility: Evidence from Commercial Bank Securities Activities before the Glass-<span class=SpellE>Steagall</span> Act</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Randall Kroszner&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Monetary Economics, 1997, <span class=SpellE>vol</span> 39, no 3, 475-516.</span></span><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/surv.pdf">Commercial Bank Entry into the Securities Business: A Survey of Theories and Evidence</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Universal Banking, Anthony Saunders and Ingo Walter <span class=GramE>ed</span>.&nbsp;<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/randy1.pdf">Is the Glass-<span class=SpellE>Steagall</span> Act Justified<span class=GramE>?:</span> Evidence from the U.S. experience with Universal Banking 1921-1933</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Randall Kroszner&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>American Economic Review, 1994, <span class=SpellE>vol</span> 84, <span class=SpellE>pp</span> 810-832.&nbsp;<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/glass3.pdf">An Investigation into the Economics of Extending Bank Powers</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Emerging Market Finance, 2002.</span></span><span style='mso-fareast-font-family: "Times New Roman"'>&nbsp;<o:p></o:p></span></p> </div> </div> <h2><a name="i_finance"></a><span style='mso-fareast-font-family:"Times New Roman"'>International Finance<o:p></o:p></span></h2> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Future%20of%20IMF%20and%20World%20Bank.pdf">The Future of the IMF and the World Bank</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>AEA Papers and Proceedings 2008.</span></span><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/CCAL.pdf">Controlled Capital Account Liberalization: A Proposal</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Eswar S. Prasad&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Economic Perspectives.</span></span><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/finrisk.pdf">Has Financial Development Made the World <span class=GramE>Riskier</span></a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<span class=GramE>EUROPEAN FINANCIAL MANAGEMENT 12: 499, 2006.</span><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/politics.pdf">The Great Reversals: The Politics of Financial Development in the 20th Century &nbsp;</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Financial Economics, <span class=SpellE>vol</span> 69, 1, July 2003, 5-50.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/finsys.pdf">Financial Systems, Industrial Structure and Growth</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Oxford Review of Economic Policy.</span></span><span style='mso-fareast-font-family: "Times New Roman"'> 17 (4): 467-482 WIN 2001<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/whichcap.pdf">Which Capitalism? Lessons from the East Asian Crisis</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Applied Corporate Finance, Fall 1998.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/growth.pdf">Financial Dependence and Growth</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>American Economic Review, June 1998, <span class=SpellE>vol</span> 88, <span class=SpellE>pp</span> 559-586.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/paper4.pdf">Is There an Optimal Capital Structure? Some Evidence from International Data</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, 1995, <span class=SpellE>vol</span> 50, <span class=SpellE>pp</span> 1421-1460.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <h2><a name="m_finance"></a><span style='mso-fareast-font-family:"Times New Roman"'>Miscellaneous Finance<o:p></o:p></span></h2> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/204_stew_myers.pdf">The Contributions of Stewart Myers to the Theory and Practice of Corporate Finance</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Franklin Allen, Sudipto Bhattacharya, and Antoinette Schoar&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Applied Corporate Finance, Vol. 20 No. 4 (Fall 2008).</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/tire.pdf">The Eclipse of the U.S. Tire Industry</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Mergers and Productivity, edited by Steven Kaplan, University of Chicago Press.</span></span><span style='mso-fareast-font-family:"Times New Roman"'> 2000.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/mitch3.pdf">Trade <span class=GramE>Credit :</span> Some Theories and Evidence</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Mitchell Petersen&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Review of Financial Studies, 1997, <span class=SpellE>vol</span> 10, no 3, 661-692.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/henri2.pdf">Analyst Following of Initial Public Offerings</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Henri Servaes&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, 1997, <span class=SpellE>vol</span> 52, 2, 507-530.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/rfs.wpd">The Effect of Market Conditions on Initial Public Offerings</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Henri Servaes&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Mimeo, University of Chicago.</span></span><span style='mso-fareast-font-family:"Times New Roman"'> 1994.<o:p></o:p></span></p> </div> </div> <h2><a name=organization></a><span style='mso-fareast-font-family:"Times New Roman"'>Organizations, Power, and Theory of the Firm<o:p></o:p></span></h2> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/Internal%20governance%20of%20firms.pdf">The Internal Governance of Firms</a><o:p></o:p></span></p> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Viral Acharya and Stewart Myers, forthcoming, Journal of Finance&nbsp; <o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/perks.pdf">Are perks purely managerial excess? </a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Julie Wulf&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Financial Economics, 2006, 79, (1), 1-33.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/entry.pdf">Entry Regulation as a Barrier to Entrepreneurship</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Leora Klapper and Luc Laeven&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Financial Economics, 2006, 82, (3), 591-629<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/flatfirm.pdf">The Flattening Firm: Evidence from Panel Data on the Changing Nature of Corporate Hierarchies</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Julie Wulf&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>The Review of Economics and Statistics, 2006, 88, (4), 759-773<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/form.pdf">Does Function Follow Organizational Form? Evidence <span class=GramE>From</span> the Lending Practices of Large and Small Banks </a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Allen Berger, Nathan Miller, Mitchell Petersen, and Jeremy Stein, &nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Financial Economics, 2005, 76, (2), 237-269<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/financerev.pdf">The Influence of the Financial Revolution on the Nature of Firms</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>American Economic Review (Papers and Proceedings), 91 (2): 206-211 MAY 2001.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/hierarchy.pdf">The firm as a dedicated hierarchy: A theory of the origins and growth of firms</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Quarterly Journal of Economics, 116 (3): 805-851 AUG 2001.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/size.pdf">What Determines Firm Size?</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Krishna Kumar and Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/newcorp.pdf">The Governance of the New Corporation</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Corporate Governance, Xavier Vives ed. Cambridge University Press.</span></span><span style='mso-fareast-font-family:"Times New Roman"'> 200.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/cong.pdf">The Costs of Diversity: The diversification discount and inefficient investment</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Henri Servaes and Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Finance, <span class=SpellE>vol</span> 55, no 1, 35-80.</span></span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/power.pdf">Power in a Theory of the Firm</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Quarterly Journal of Economics, May 1998, <span class=SpellE>vol</span> 113, <span class=SpellE>pp</span> 387-432.<o:p></o:p></span></p> </div> </div> <div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><a href="papers/tyranny.pdf">The Tyranny of the Inequality: An Enquiry into the Adverse Consequences of Power Struggles</a>&nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span class=GramE><span style='mso-fareast-font-family:"Times New Roman"'>with</span></span><span style='mso-fareast-font-family:"Times New Roman"'> Luigi Zingales, &nbsp;<o:p></o:p></span></p> </div> <div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>Journal of Public Economics, 2000, 76, (3), 521-558<o:p></o:p></span></p> </div> </div> </div> </div> <!-- <div class="content_entry"> <div class="title"><a href="papers/#"></a>&nbsp;</div> <div class="authors">&nbsp;</div> <div class="location"></div> <div class="blurb"></div> </div> --> <div id=footer> <h1><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></h1> </div> </div> </body> </html>