Research

BOOK

 “Bank Liquidity Creation and Financial Crises,” 2015, Elsevier North-Holland.  (With Allen Berger.)

Target audience: Bank executives, financial analysts, researchers (including academics and students), and policy makers (including legislators, regulators, and central bankers).

 

PUBLISHED PAPERS

(14)   “Piercing through Opacity: Relationships and Credit Card Lending to Consumers and Small Businesses during 

       Normal Times and the COVID-19 Crisis,” 2024, Journal of Political Economy 132(2): 484-551.  (With 

       Allen N. Berger,  Lars Norden, Raluca A. Roman, Gregory F. Udell, and Teng Wang.)  (PDF)

(13) "Bank Regulatory Size Thresholds, Merger and Acquisition Behavior, and Small Business Lending," 2020,

      Journal of Corporate Finance. (With Shradha Bindal, Shuting (Sophia) Hu, and Shane A. Johnson.)  (PDF)

(12) “Differential Bank Behaviors around the Dodd-Frank Act Size Thresholds,” 2018, Journal of Financial

       Intermediation 34: 47-57. (With Shuting (Sophia) Hu and Shane Johnson.)  (PDF)

(11) “The Federal Reserve’s Discount Window and TAF Programs: Pushing on a String?,” October 2017, Journal of 

       Financial Intermediation 32: 1-15. Lead Article. (With Allen Berger, Lamont Black, and Jennifer Dlugosz.)  (PDF)

       - Journal of Financial Intermediation Best Paper Award 2017.

         Internet Appendix (PDF)

(10) “Small Bank Comparative Advantages in Alleviating Financial Constraints and Providing Liquidity Insurance over

       Time,” October 2017, Review of Financial Studies 30(10): 3416-3454.  (With Allen Berger and Dasol Kim.)  (PDF)

(9)  “Bank Liquidity Creation, Monetary Policy, and Financial Crises” (Significantly expanded version of the first part of: 

       “Financial Crises and Bank Liquidity Creation”), June 2017, Journal of Financial Stability 30(3): 139-155. 

       (With Allen Berger.) (PDF)

(8)  “Bank Liquidity Creation Following Regulatory Interventions and Capital Support,” April 2016, Journal of Financial

       Intermediation 26: 115-141.  (With Allen Berger, Thomas Kick, and Klaus Schaeck.)  (PDF)

(7)  “Does a Bank’s History Affect its Risk Taking?,” May 2015, American Economic Review: P&P 105(5): 321-325.

       (With Ulrike Malmendier.)  (PDF)

(6)  “Managerial Optimism and Earnings Smoothing,” April 2014, Journal of Banking and Finance 41: 283-303.  

       (PDF)

(5)  “How Does Capital Affect Bank Performance During Financial Crises?” (Significantly expanded version of the second

       part of: “Financial Crises and Bank Liquidity Creation”), July 2013, Journal of Financial Economics 109(1): 146-

       176.  (With Allen Berger.)  (PDF)

       -  Winner of an Emerald Citations of Excellence Award (2016).  Recognized by Emerald Publishing

       Group’s Editors as one of the top 50 articles published in over 290 business journals in 2013.

       -  As of Sept/Oct 2017, Web of Science calls it a Highly Cited Paper: received enough citations to place

       it in the top 1% of the academic field of Economics and Business based on a highly cited threshold for

       the field and publication year.

(4)  “Corporate Governance Propagation through Overlapping Directors,” July 2011, Review of Financial Studies, 

       24(7): 2358-2394.  (PDF)

(3)  “Bank Liquidity Creation,” September 2009, Review of Financial Studies 22(9): 3779-3837.  (With Allen

       Berger.)  (PDF)

(2)  “Market Valuation and Acquisition Quality: Empirical Evidence,” February 2009, Review of Financial Studies 

       22(2): 633-679.  (With Kathleen Fuller and Amrita Nain.)  (PDF)

(1)  “Stock Market Valuation and Mergers,” October 2003, MIT/Sloan Management Review 45(1): 9-11.  (With

       Kathleen Fuller and Amrita Nain.)  (PDF)

 

BOOK CHAPTERS AND OTHER PUBLICATIONS 

(7)  “Creation and Regulation of Bank Liquidity,” 2019, in: Allen Berger, Phil Molyneux, and John

       Wilson (eds.), “The Oxford Handbook of Banking” (3rd edition), Oxford University Press.  (PDF)

(6)  “Liquidity: How Banks Create It and How It Should Be Regulated,” 2015, in: Allen Berger, Phil Molyneux, and John

       Wilson (eds.), “The Oxford Handbook of Banking” (2nd edition), Oxford University Press, 184 – 218.  (PDF)

(5)  “The Role of Corporate Culture in Mergers & Acquisitions,” May 2013, in: Etienne Perrault (ed.), “Mergers and

       Acquisitions: Practices, Performance and Perspectives,” Nova Science Publishers, 109-132.  (PDF)

(4)  “Overlapping Boards of Directors: Causes and Consequences for Corporate Governance,” February 2011, in: Robert

       Kolb (ed.), “Financial Contagion: The Viral Threat to the Wealth of Nations,” John Wiley & Sons, 343-

       348. (PDF)

(3)  “Bank Liquidity Creation and Bank Capital,” with Allen Berger, May 2005, in: “The Art of the Loan in the 21st

       Century,” Proceedings of the 41st Annual Conference on Bank Structure and Competition, Federal Reserve

       Bank of Chicago, 223-228.

(2)  “Het Meten van Kredietrisico” (“Credit Risk Measurement”), Economisch Statistische Berichten, August 2000.

(1)  “Managementverloop en Bedrijfsprestaties – Nederland in Internationaal Perspectief” (“Management Turnover and

       Corporate Performance – The Netherlands in International Perspective”), Maandblad voor Accountancy en

       Bedrijfseconomie, nr. 7/8: July/August 1999. (With Pieter van Oijen.) (First prize in essay contest among

       Ph.D.-students in Business.)

  

WORKING PAPERS

(4)   “Is A Friend in Need a Friend Indeed? How Relationship Borrowers Fare during the COVID-19 Crisis.” (With Allen N.

    Berger, Lars Norden, Raluca A. Roman, Gregory F. Udell, and Teng Wang.)  (PDF) Version: Apr. 2024

(3)   “Bank Capital and Bank Stock Performance: When Times are Tough, Capital is King.” (With Hwagyun (Hagen) Kim and 

    Sang-Ook (Simon) Shin*.)  (PDF) Version: Dec. 2023

   - Semi-finalist for the FMA Best Paper Award. 

(2)   “To Syndicate or Not to Syndicate? That’s the Question!” (With Allen N. Berger and Teng Wang.)  (PDF)

(1)   “The Geography of Executive Compensation.” (permanent working paper)  (PDF)