Professor of Financial Economics
Address: Saïd Business School
Park End Street
Oxford
OX1 1HP UK
Phone: +44 (0)1865 288973
Email: Joel.Shapiro "at" sbs.ox.ac.uk
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I am currently research Area Head (Department Chair) of the Finance, Accounting, Management Science, and Economics (FAME) group at the Saïd Business School
I am running the online Oxford Executive Finance Programme. Check it out here! www.sbs.oxford.edu/oefp
I am on the advisory board of SOFR Academy
My Saïd Business School Webpage
PUBLICATIONS
Stress Testing and Bank Lending (joint with Jing Zeng) (Review of Financial Studies, April 2024) Internet Appendix
Credit Ratings and Market Information (joint with Alessio Piccolo) (Review of Financial Studies, October 2022, Lead Article and Editor's Choice)
Blockholder Voting (joint with Heski Bar-Isaac) (Journal of Financial Economics, June 2020) Internet Appendix
Credit Ratings and Structured Finance (joint with Jens Josephson) (Journal of Financial Intermediation, January 2020)
A Mechanism for LIBOR (joint with Brian Coulter and Peter Zimmerman) (Review of Finance, March 2018)
Costly Interviews (joint with Jens Josephson) (International Journal of Industrial Organization, March 2016)
Information Management in Banking Crises (joint with David Skeie) (Review of Financial Studies, August 2015)
Executive Compensation and Risk Taking (joint with Patrick Bolton and Hamid Mehran) (Review of Finance, 2015)
Ratings Quality over the Business Cycle (joint with Heski Bar-Isaac) (Journal of Financial Economics, April 2013) Online Appendix
The Credit Ratings Game (joint with Patrick Bolton and Xavier Freixas) (Journal of Finance, February 2012) Internet appendix
Credit Ratings Accuracy and Analyst Incentives (joint with Heski Bar-Isaac) (American Economic Review Papers and Proceedings, May 2011)
Fatalism and Savings (joint with Stephen Wu) (Journal of Socio-Economics, October 2011)
Downsizing and Job Insecurity (joint with Doh-Shin Jeon) (Journal of the European Economic Association, September 2007)
Conflicts of Interest, Information Provision, and Competition in the Financial Services Industry (joint with Patrick Bolton and Xavier Freixas) (Journal of Financial Economics, August 2007)
Wage and Effort Dispersion (Economics Letters, August 2006)
Educational Opportunity and Income Inequality (joint with Igal Hendel and Paul Willen) (Journal of Public Economics, June 2005)
Income Taxation in a Frictional Labor Market (Journal of Public Economics, March 2004)
BOOK CHAPTER
Corporate Governance and Banks: What Have We Learned From the Financial Crisis? (Joint with Hamid Mehran and Alan Morrison) (in “The Crisis Aftermath: New Regulatory Paradigms”, edited by Matthias Dewatripont and Xavier Freixas)
Cultural Failures at Banks: A Review and Possible Solutions (joint with Alan Morrison) in "The Future of Large Internationally Active Banks"
WORKING PAPERS
Learning in Bank Runs (joint with Eva Schliephake)
Sustainable Investing and Public Goods Provision (joint with Ilaria Piatti and Xuan Wang)
The Market for ESG Ratings (joint with Ehsan Azarmsa) Revise and resubmit at the Journal of Finance
Feedback between the Financial Market and the Product Market (joint with Ken Deng)
JOURNAL WORK
I was an associate editor at the Journal of Corporate Finance from 2018-2020.
I am currently an associate editor at the Journal of Banking & Finance
CONFERENCE
I co-organize with Alan Morrison the Oxford Financial Intermediation Theory Conference (OxFIT). See previous programs here.
STUDENTS
I have supervised Alessio Piccolo (Indiana University), Peter Zimmerman (Cleveland Fed), and Brian Coulter (private sector). I'm currently supervising Ken Deng.
MEDIA, NON-ACADEMIC PRESENTATIONS, AND CITATIONS
Paper on "Fatalism and Savings" discussed in Bloomberg Video
Quoted in the Financial Times about stress tests for mutual funds
Invited panellist at "A Question of Ethics", discussing the role of ethics in banking, sponsored by the Chartered Accountants of Australia and New Zealand, 2016
Invited panellist at workshop on “The Role of Bank Culture in Financial Reform” at the LSE 2016
Invited panellist on bank corporate governance at Chicago Fed 18th International Banking Conference
Invited Speaker for Bank of England Internal Workshop on Remuneration Policy 2015
Article I wrote on Executive Compensation and Risk Taking for The Conversation
Presentation on Alternatives to Credit Ratings for regulators
Interviewed in the Portuguese newspaper Publico about the credit ratings industry
Quoted in The Street about governance of financial institutions
SEC study cites "The Credit Ratings Game" and "Ratings Quality over the Business Cycle"
Article in Business Insider on "Executive Compensation and Risk Taking"
Wall Street Journal Online blog summarizes "Executive Compensation and Risk Taking"
Runner-up for research prize sponsored by the International Centre for Financial Regulation and the Financial Times
Article in the Financial Times by Gillian Tett on "Executive Compensation and Risk Taking"
Interview on BBC Radio about "Executive Compensation and Risk Taking" (comes on around minute 10)
Harvard Business Review blog discussion of "Executive Compensation and Risk Taking"
New Palgrave Dictionary of Economics Online entry for Credit Rating Agencies
SEC proposed rules citing "The Credit Ratings Game" (see pages 3, 13, and 20)
VOX article written by Patrick Bolton, Xavier Freixas and me on the Credit Ratings Industry
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