Finance

Forthcoming Finance Publications 

• Berger, Allen N. and Christa H. S.  Bouwman, "How Does Capital Affect Bank Performance During Financial Crises?" Journal of Financial Economics, forthcoming.
• Berger, Allen N., Thomas Kick, Michael Koetter, and Klaus Schaeck, "Does It Pay to Have Friends?  Social Ties and Executive Appointments in Banking,"Journal of Banking and Finance, forthcoming.
• Chu, Yongqiang, "Optimal Capital Structure, Bargaining, and the Supplier Market Structure," Journal of Financial Economics, forthcoming.
• Garlappi, Lorenzo, and Hong Yan, "Financial Distress and the Cross Section of Equity Returns," Journal of Finance, forthcoming.
• Hadlock, Charles J. and Joshua R. Pierce, "New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index," Review of Financial Studies, forthcoming.
• Huang, Rongbing and Donghang Zhang, "Managing Underwriters and the Marketing of Seasoned Equity Offerings," Journal of Financial and Quantitative Analysis, forthcoming. 
• Niehaus, Greg and Donghang Zhang, "The Impact of Sell-Side Analyst Research Coverage on an Affiliated Broker's Market Share of Trading Volume," Journal of Banking and Finance, forthcoming.
• Titman, Sheridan and Tsyplakov, Sergey, "Dynamic Model of Optimal Capital Structure," Review of Finance, forthcoming.
• Tsyplakov, Sergey and Sheridan Titman, "Originator Performance, CMBS Deals and Yield Spreads of Commercial Mortgages," Review of Financial Studies, forthcoming.

2013 Publications

• Alexander, Gordon, Alexandre Baptista, and Shu Yan, "A Comparison of the Original and Revised Basel Market Risk Frameworks for Regulating Bank Capital," Journal of Economic Behavior and Organization, 85(2013), 249-268.

2012 Finance Publications

• Alexander, Gordon, Alexandre Baptista, and Shu Yan, "When More Is Less: Using Multiple Constraints to Reduce Tail Risk," Journal of Banking and Finance,  Journal of Banking and Finance 36 (2012), 2693-2716.

2011 Finance Publications

• Berger, Allen N., Geraldo Cerqueiro and Maria Fabiana Penas, "Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market," Journal of Banking and Finance 35 (July 2011), 1843-1857.
• Berger, Allen N. and Klaus Schaeck, “Small and Medium-sized Enterprises, Bank Relationship Strength, and the Use of Venture Capital,” Journal of Money, Credit, and Banking 43 (March-April 2011), 461-490.
• Berger, Allen N., Adrian M. Cowan and W. Scott Frame, "The Surprising Use of Credit Scoring in Small Business Lending by ‘Community Banks’ and the Attendant Effects on Credit Availability,” Journal of Financial Services Research 39 (April 2011), 1-17.
• Berger, Allen N., W. Scott Frame and Vasso Ioannidou, “Tests of Ex Ante versus Ex Post Theories of Collateral using Private and Public Information,” Journal of Financial Economics 100 (April 2011), 85-97.
• Berger, Allen N. and Lamont K. Black, “Bank Size, Lending Technologies, and Small Business Finance,” Journal of Banking and Finance 35 (March 2011), 724-735.
• Berger, Allen., Marco A. Espinosa-Vega, W. Scott Frame, and Nathan H. Miller, “Why Do Borrowers Pledge Collateral? New Empirical Evidence on the Role of Asymmetric Information,” Journal of Financial Intermediation 20 (January 2011), 55-70.
• Helwege, Jean, "The Gulf Oil Spill: Social versus Legal Obligations Facing BP," TheSciTech Lawyer 7, 3 (Winter 2011). 
• Mann, Steven V. and Robin Grieves, "The Search for Relative Value in Bonds," Financial Markets and Portfolio Management 25, 1 (2011), pp. 95-106.
• Yan, Shu, "Jump Risk, Stock Returns, and Slope of Implied Volatility Smile," Journal of Financial Economics 99 (2011), 216-233.

2010 Finance Publications

• Berger, Allen N., Phil Molyneux and John O.S. Wilson, "Banking: An Overview," in Oxford Handbook of Banking, Allen N. Berger, Phil Molyneux, and John O.S. Wilson, editors, Oxford, 2010, 1-33.
• Berger, Allen N.,  Iftekhar Hasan and Mingming Zhou, “The Effects of Focus versus Diversification on Bank Performance: Evidence from Chinese Banks,” Journal of Banking and Finance 34 (2010), 1417-1435.
• Berger, Allen N., "Small Business Lending," in Oxford Handbook of Banking, Allen N. Berger, Phil Molyneux, and John O.S. Wilson, editors,  Oxford (2010), 531-49.
• Chu, Yongqiang, "An Intertemporal Capital Asset Pricing Model with Owner-Occupied Housing," Real Estate Economics 38, 3 (2010), 427-465.
• Helwege, Jean, "Financial Firm Bankruptcy and Systemic Risk," Journal of International Financial Markets, Institutions and Money 20, 1 (2010), 1-12.
• Santa-Clara, Pedro and Shu Yan, "Crashes, Volatility, and the Equity Premium: Lessons from S&P 500 Options," with Pedro Santa-Clara, Review of Economics and Statistics 92 (2010), 435-451.
• Tang, Dragon and Hong Yan, "Market Conditions, Default Risk and Credit Spreads," Journal of Banking and Finance 34 (2010), 743-753.

2009 Finance Publications

• Berger, Allen N., “Comments on Bank Market Structure, Competition, and SME Financing Relationships in European Regions by Mercieca, Schaeck, and Wolfe, Journal of Financial Services Research 36 (2009), 157-159.
• Berger, Allen N. and Christa H.S. Bouwman, “Bank Liquidity Creation,” Review of Financial Studies 22 (2009), 3779-3837.
• Berger, Allen N. and Philip Ostromogolsky, “The Effects of Banks on ‘Debt-Sensitive’ Small Businesses,” Journal of Financial Economic Policy 1 (2009), 44-79.
• Berger, Allen N., Leora F. Klapper and Rima Turk-Ariss, “Bank Competition and Financial Stability,” Journal of Financial Services Research 35 (April 2009), 99-118.
• Berger, Allen N., Iftekhar Hasan and Mingming Zhou, “Bank Ownership and Efficiency in China: What Will Happen in the World’s Largest Nation?” Journal of Banking and Finance 33 (January 2009), 113-130.
• Berger, Allen N., Iftekhar Hasan and Mingming Zhou, “Institutional Development, Ownership Structure, and Business Strategies: A New Era in the Chinese Banking Industry,” in China’s Emerging Financial Markets: Challenges and Opportunities, James Barth, John A. Tatom and Glen Yago, editors, Milken Institute Series on Financial Innovation and Economic Growth. Volume 8, Springer, 2009, 369-401.
• Alexander, Gordon, Alexandre Baptista and Shu Yan, "Reducing Estimation Risk in Portfolio Selection When Short Sales Are Allowed," Managerial and Decision Economics 30 (2009), 281-305.   
• Brown, Scott, Timothy W. Koch, and Eric Powers, “Slippage and the Choice of Market or Limit Orders in Futures Markets," Journal of Financial Research 32 (November 2009), 309-335.
• Fee, C. Edward, Charles J. Hadlock and Joshua R. Pierce, "Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms," Review of Financial Studies 22 (June 2009), 2361 - 2392.
• Goto, Shingo, Masahiro Watanbe and Yan Xu, "Strategic Disclosure and Stock Returns: Theory and Evidence from U.S. Cross-Listing," Review of Financial Studies 22 (April 2009), 1585-1620. 
• Helwege, Jean, "Financial Firm Bankruptcy and Systemic Risk," Regulation (Summer 2009), 24-29.
• Helwege, Jean and Frank Packer, "Private Matters," Journal of Financial Intermediation 18, 3 (July 2009), 362-383.
• Helwege, Jean, Sam Maurer, Asani Sarkar, and Yuan Wang, "Credit Default Swap Auctions and Price Discovery," Journal of Fixed Income 19, 2 (Fall 2009), 34-42.
• Yan, Hong, "Estimation Uncertainty and the Equity Premium," International Review of Finance 9 (2009), 243-268.
• Yan, Shu and George Jiang, "Linear-Quadratic Term Structure Models - Toward the Understanding of Jumps in Interest Rates," Journal of Banking and Finance 33 (2009), 473-485.   

2008 Finance Publications

• Berger, Allen N., Leora F. Klapper, Maria Soledad Martinez Peria, and Rida Zaidi, "Bank Ownership Type and Banking Relationships," Journal of Financial Intermediation 17 (January 2008), 37-62.
• Berger, Allen N., Robert DeYoung, Mark J. Flannery, David Lee, and Ozde Oztekin “How Do Large Banking Organizations Manage their Capital Ratios?”, Journal of Financial Services Research 34 (December 2008), 123-149.
• Doerpinghaus, Helen, Joan T. Schmit, and Jia-Hsing Jason Yeh, "Age and Gender Effects on Auto Liability Insurance Payouts," Journal of Risk and Insurance 75, 3 (September 2008), 527-550.
• Chen, Xuanjuan, Helen Doerpinghaus,  Bing-Xuan Lin, and Tong Yu, "Catastrophe Losses and Insurer Profitability: Evidence from 9/ll," Journal of Risk and Insurance 75, 1 (March 2008), 39-62.
• Garlappi, Lorenzo, Tao Shu, and Hong Yan, "Default Risk, Shareholder Advantage, and Stock Returns," Review of Financial Studies 21 (2008), 2743-2778.
• Ambrose, Brent, Nianyan "kelly" Cai, and Jean Helwege, "Forced Selling of Fallen Angels," Journal of Fixed Income 18, 1 (Summer 2008), 72-85. 
• Powers, Eric and Tsyplakov, Sergey, "What is the Cost of Financial Flexibility? Theory and Evidence for Make-Whole Call Provisions," Financial Management 37 (2008), 485-512.
• Tsyplakov, Sergey, "Investment Frictions and Leverage Dynamics," Journal of Financial Economics 89 (September 2008), 423-443.
• Zhang, Donghang, Rongbing Huang, and Zhaoyun Shangguan, "The Networking Function of Investment Banks: Evidence from Private Investments in Public Equity," Journal of Corporate Finance 14(5) (December 2008), 738-752.

2007 Finance Publications

• Alexander, Gordon, Alexandre Baptista and Shu Yan, "Mean-Variance Portfolio Selection with ‘at-Risk’ Constraints and Discrete Distributions," Journal of Banking and Finance 31 (2007), 3761-3781.
• Berger, Allen N. "International Comparisons of Banking Efficiency," Financial Markets, Institutions & Instruments 16 (August 2007), 119-144.
• Berger, Allen N. "Obstacles to a Global Banking System: 'Old Europe' versus 'New Europe,'" Journal of Banking and Finance 31 (July 2007), 1955-1973.
• Berger, Allen N. "Entry into Banking Markets and the Early-Mover Advantage," (with Astrid A. Dick), Journal of Money, Credit, and Banking 39 (June 2007), 775-807.
• Berger, Allen N., Astrid A. Dick, Lawrence G. Goldberg, and Lawrence J. White, "Competition from Large, Multimarket Firms and the Performance of Small, Single-Market Firms: Evidence from the Banking Industry," Journal of Money, Credit, and Banking 39 (March-April 2007), 331-368.
• Berger, Allen N., Richard J. Rosen and Gregory F. Udell, "Does Market Size Structure Affect Competition?: The Case of Small Business Lending," Journal of Banking and Finance 31 (January 2007), 11-33.
• Berger, Allen N. and W. Scott Frame, "Small Business Credit Scoring and Credit Availability," Journal of Small Business Management 47 (January 2007), 5-22.
• Cai, Nianyan "Kelly", Jean Helwege, and Arthur Warga, "Underpricing in the Corporate Bond Market," Review of Financial Studies 20, 6 (2007), 2021-2046.
• Helwege, Jean, Christo Pirinsky and René Stulz, "Why Do Firms Become Widely Held? An Analysis of the Dynamics of Corporate Ownership," Journal of Finance 62, 3 (June 2007), 995 - 1028.
• Huang, Jennifer, Kelsey Wei and Hong Yan, "Participation Costs and the Sensitivity of Fund Flows to Past Performance," Journal of Finance 62, 1273-1311, 2007.
• Koch, Timothy W. and Jocelyn Evans, "Surviving Chapter 11: Why Small Firms Prefer Supplier Financing," Journal of Economics and Finance, 2007.
• Ljungqvist, Alexander, Felicia Marston, Laura Starks, Kelsey Wei, and Hong Yan, "Conflicts of Interest in Sell-side Research and the Moderating Role of Institutional Investor," Journal of Financial Economics 85, 420-456, 2007.
• Mann, Steven V. and Eric A. Powers, "Determinants of Bond Tender Premiums and the Percentage Tendered," Journal of Banking and Finance 31, 3 (March 2007), 547-566.
• Nimalendran, M., Jay Ritter and Donghang Zhang, "Do Today's Trades Affect Tomorrow's IPO Allocation?" Journal of Financial Economics 84, 1 (April 2007), 87-109.
• Pavabutr, Pantisa, and Hong Yan, "The Impact of Foreign Portfolio Flows on Volatility in Emerging Markets: Evidence from Thailand," Australian Journal of Management 32, 345-368, 2007.
• Ritter, Jay and Donghang Zhang, "Affiliated Mutual Funds and the Allocation of Initial Public Offerings," Journal of Financial Economics 86, 2 (November 2007), 337-368.
• Tsyplakov, Sergey and Sheridan Titman, “A Dynamic Model of Optimal Capital Structure” Review of Finance 11 (2007), 401-451.

2006 Finance Publications 

• Berger, Allen N. and Gregory F. Udell, "A More Complete Conceptual Framework for SME Finance,”  Journal of Banking and Finance 30 (November 2006), 2945-2966.
• Berger, Allen N. and Robert DeYoung, "Technological Progress and the Geographic Expansion of the Banking Industry," Journal of Money, Credit, and Banking 38 (September 2006), 1483-1513.
• Berger, Allen N. and Emilia Bonaccorsi di Patti, "Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and an Application to the Banking Industry," Journal of Banking and Finance 30 (April 2006): 1065-1102.
• Berger, Allen N. "Potential Competitive Effects of Basel II on Banks in SME Credit Markets in the United States," Journal of Financial Services Research 28 (February 2006), 5-36.
• Berger, Allen N. "Why is Foreign Bank Penetration So Low in Developed Nations?" in Cross-Border Banking: Regulatory Challenges, Gerard Caprio, Jr., Douglas Evanoff, and George Kaufman, editors., World Scientific Publishing Co. Pte. Ltd, New Jersey, 2006: 125-150.

2005 Finance Publications 

• Berger, Allen N., Marco A. Espinosa-Vega, W. Scott Frame, and Nathan H. Miller, "Debt Maturity, Risk, and Asymmetric Information," Journal of Finance 60 (December 2005), 2895-2923.
• Berger, Allen N., George R.G. Clarke, Robert Cull, Leora Klapper, and Gregory F. Udell, "Corporate Governance and Bank Performance: A Joint Analysis of the Static, Selection, and Dynamic Effects of Domestic, Foreign, and State Ownership," Journal of Banking and Finance 29 (August-September 2005), 2179-2221.
• Berger, Allen N., Nathan H. Miller, Mitchell A. Petersen, Raghuram G. Rajan, and Jeremy C. Stein, "Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks," Journal of Financial Economics 76 (May 2005), 237-269.
• Berger, Allen N., W. Scott Frame and Nathan H. Miller, "Credit Scoring and the Availability, Price, and Risk of Small Business Credit," Journal of Money, Credit, and Banking 37 (April 2005), 191-222.
• Niehaus, Greg and Tong Yu, "Cash Balance Plan Conversions: Evidence on Excise Taxes and Implicit Contracts," Journal of Risk and Insurance 72, 2 (June 2005), 321-352.
• Powers, Eric A., "Interpreting Logit Regressions with Interaction Terms as Seen in the Management Turnover Literature," Journal of Corporate Finance 11, 3 (June 2005), 504-522.
• Titman, Sheridan, Stathis Tompaidis and Sergey Tsyplakov, "Determinants of Credit Spreads of Commercial Mortgages," Real Estate Economics 33, 4 (2005), 711-738.
• Fehle, Frank and Sergey Tsylplakov, "Dynamic Risk Management: Theory and Evidence," Journal of Financial Economics 78, 1 (October 2005), 3-47.

2004 Finance Publications

• Berger, Allen N. and Gregory F. Udell, "The Institutional Memory Hypothesis and the Procyclicality of Bank Lending Behavior," Journal of Financial Intermediation 13 (October 2004), 458-495.
• Berger, Allen N., Seth D. Bonime, Lawrence G. Goldberg, and Lawrence J. White, "The Dynamics of Market Entry: The Effects of Mergers and Acquisitions on Entry in the Banking Industry," Journal of Business 77 (October 2004), 797-834.
• Berger, Allen N., Asli Demirguc-Kunt, Ross Levine, and Joseph G. Haubrich, "Bank Concentration and Competition: An Evolution in the Making," Journal of Money, Credit, and Banking 36 (June 2004, Part 2), 433-451.
• Berger, Allen N., Iftekhar Hasan and Leora F. Klapper, "Further Evidence on the Link between Finance and Growth: An International Analysis of Community Banking and Economic Performance," Journal of Financial Services Research 25 (April 2004), 169-202.
• Berger, Allen N., Claudia M. Buch, Gayle DeLong, and Robert DeYoung, "Exporting Financial Institutions Management via Foreign Direct Investment Mergers and Acquisitions," Journal of International Money and Finance 23 (April 2004), 333-366.
• Eom, Young Ho, Jean Helwege, and Jing-Zhi Huang, "Structural Models of Corporate Bond Pricing: An Empirical Analysis," Review of Financial Studies 17, 2 (2004), 499-544.
• Helwege, Jean and Nellie Liang, "Initial Public Offerings in Hot and Cold Markets," Journal of Financial and Quantitative Analysis 39, 3 (April 2004), 541-569.
• McNeil, Chrisl, Greg Niehaus and Eric Powers, "Management Turnover in Subsidiaries of Conglomerates Versus Stand-alone Firms," Journal of Financial Economics 72 (April 2004), 63-96.
• Tsyplakov, Sergey, Sheridan Titman and Stathis Tompaidis, "Market Imperfections, Investment Flexibility and Default Spreads," Journal of Finance 59 (February 2004), 165-205.
• Fehle, Frank and Sergey Tsyplakov, "Can Companies Influence Investor Behavior through Advertising," European Financial Management 11 (2004), 625-648.
• Zhang, Donghang, "Why Do IPO Underwriters Allocate Extra Shares When They Expect to Buy Them Back?" Journal of Financial and Quantitative Analysis 39, 3 (September 2004), 571-594.   

2003 Finance Publications

• Berger, Allen N. "The Efficiency Effects of a Single Market for Financial Services in Europe," European Journal of Operational Research 150 (November 2003), 466-481.
• Berger, Allen N. "The Economic Effects of Technological Progress: Evidence from the Banking Industry," Journal of Money, Credit, and Banking 35 (April 2003), 141-176.
• Berger, Allen N., Qinglei Dai, Steven Ongena, and David C. Smith, "To What Extent Will the Banking Industry be Globalized? A Study of Bank Nationality and Reach in 20 European Nations," Journal of Banking and Finance 27 (March 2003), 383-415, reprinted in Thomas J. Courchene and Edwin H. Neave, eds., Framing Financial Structure in an Information Environment, John Deutsch Institute for the Study of Economic Policy, Queen’s University (Kingston, Ontario, Canada): 73-116.
• Berger, Allen N. and Loretta J. Mester, "What Explains the Dramatic Changes in Cost and Profit Performance of the U.S. Banking Industry?" Journal of Financial Intermediation 12 (January 2003), 57-95.
• Berger, Allen N. and Gregory F. Udell, "Small Business and Debt Finance," in Zoltan J. Acs and David B. Audretsch, eds., Handbook of Entrepreneurship Research, Boston: Kluwer Academic Publishers (2003): 299-328.
• Berger, Allen N. and David C. Smith, "Global Integration in the Banking Industry," Federal Reserve Bulletin (November 2003): 451-463.
• Berger, Allen N., Leora F. Klapper, Margaret J. Miller, and Gregory F. Udell, "Relationship Lending in the Argentine Small Business Credit Market," in Margaret J. Miller, ed., Credit Reporting Systems and the International Economy, MIT Press (Cambridge, MA), (2003), 244-270.
• Doerpinghaus, Helen, Joan Schmit, and Jason Jia-Hsing Yeh, "Personal Bias in Automobile Claims Settlement," Journal of Risk and Insurance 70, 2 (June 2003), 185-205.
• Helwege, Jean and Frank Packer, "The Determinants of the Choice of Bankruptcy Procedure in Japan," Journal of Financial Intermediation 12, 1 (January 2003), 96-120.
• Mann, Steven V. and Eric A. Powers, "What is a Make-Whole Call Provision Worth?," Journal of Bond Trading and Management 1, 4 (April 2003), 315-325.
• Mann, Steven V. and Eric A. Powers, "Indexing a Bond’s Call Price: An Analysis of Make-Whole Call Provisions," Journal of Corporate Finance 9 (November 2003), 535-554.
• Niehaus, Greg and Scott Harrington, "Capital, Corporate Income Taxes, and Catastrophe Insurance," Journal of Financial Intermediation 12 (October 2003), 365-389.
• Powers, Eric, "Deciphering the Motives for Equity Carve-outs," Journal of Financial Research 26 (2003), 31-50.

2002 Finance Publications

• Berger, Allen N. and Gregory F. Udell, "Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure," Economic Journal 112 (February 2002), F32-F53.
• Berger, Allen N. and Gregory F. Udell, "The Future of Relationship Lending," in Benton E. Gup, ed., The Future of Banking, Quorum Books (Westport, CT), (2002), 203-227.
• Gertner, Robert, Eric Powers, and David Schartfstein, "Learning About Internal Capital Markets from Corporate Spin-offs," Journal of Finance 57, 6 (December 2002), 2479-2506. Reprinted in Corporate Restructuring, edited by John J. McConnell and David J. Denis.

2001 Finance Publications

• Berger, Allen N., Lawrence G. Goldberg and Lawrence J. White, "The Effects of Dynamic Changes in Bank Competition on the Supply of Small Business Credit," European Finance Review 5 (2001), 115-139.
• Berger, Allen N., Leora F. Klapper and Gregory F. Udell, "The Ability of Banks to Lend to Informationally Opaque Small Businesses," Journal of Banking and Finance 25 (2001), 2127-2167.
• Berger, Allen N. and Robert DeYoung, "The Effects of Geographic Expansion on Bank Efficiency," Journal of Financial Services Research 19 (2001), 163-184.
• Berger, Allen N., Margaret K. Kyle and Joseph M. Scalise, "Did U.S. Bank Supervisors Get Tougher During the Credit Crunch? Did They Get Easier During the Banking Boom? Did It Matter to Bank Lending?", in Frederic S. Mishkin, ed., Prudential Supervision: What Works and What Doesn't, National Bureau of Economic Research, University of Chicago Press (Chicago, IL) (2001), 301-349.
• Berger, Allen N., Robert DeYoung and Gregory F. Udell, "Efficiency Barriers to the Consolidation of the European Financial Services Industry," European Financial Management 7 (March 2001), 117-130.