CV (pdf)

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

Google Scholar Page

My Saïd Business School Webpage

PUBLICATIONS

• • Stress Testing and Bank Lending (joint with Jing Zeng) (Review of Financial Studies, forthcoming) 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) forthcoming 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)

  • 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.

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).

MEDIA, NON-ACADEMIC PRESENTATIONS, AND CITATIONS

• Quoted and “A Mechanism for Libor” featured in Al Jazeera, 2019

• Paper on "A Mechanism for LIBOR" featured in Harvard Law School Forum on Corporate Governance and Financial Regulation

• Quoted in World Finance about LIBOR reform 

• The Times features the paper "A Mechanism for LIBOR"

• Paper on "Blockholder Voting" featured in Harvard Law School Forum on Corporate Governance and Financial Regulation

• Quoted in Financier Worldwide about executive compensation

• 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

• Session chair for Panel on “Bank Culture and Financial Reform: What Works?” at theLondon School of Economics 2015

• Article I wrote on Executive Compensation and Risk Taking for The Conversation

• EU Workshop Proceedings on Credit Rating Agencies - Implementation of Legislation cites "Ratings Quality over the Business Cycle"  

• Speech by Daniel Tarullo (Board of Governors) citing "Corporate Governance and Banks: What have We Learned From the Financial Crisis?

  • Presentation on Alternatives to Credit Ratings for regulators

• Interviewed in the Portuguese newspaper Publico about the credit ratings industry

  • The Liikanen Report on EU banking reform cites "Corporate Governance and Banks: What Have We Learned From the Financial Crisis?" 

• Quoted in The Street about governance of financial institutions

• SEC study cites "The Credit Ratings Game" and "Ratings Quality over the Business Cycle"

• Evidence submitted to Parliament on Credit Rating Agencies citing points made in "The Credit Ratings Game"

• Spanish Blog (Nada es Gratis) on "Corporate Governance and Banks: What Have We Learned From the Financial Crisis"

• VOX article on the Corporate Governance of Financial Institutions by Hamid Mehran, Alan Morrison, and me

  • Article on Dealbreaker on "Executive Compensation and Risk Taking" 

• Harvard Law School Forum on Corporate Governance and Financial Regulation features "Corporate Governance and Banks: What Have We Learned From the Financial Crisis?"

• 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)

• Webcast for the Global Association of Risk Professionals (GARP) on "Executive Compensation and Risk Taking" (you need to register)

• 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)

• World Bank Blog citing "The Credit Ratings Game"

• VOX article written by Patrick Bolton, Xavier Freixas and me on the Credit Ratings Industry

• Quoted in CFA magazine discussing conflicts of interest in the provision of retail financial products