Publications in Refereed Journals

The Ring-Fencing Bonus, (forthcoming), Review of Finance, (with Irem Erten and Ioana Neamtu). Online Appendix

A General Solution to the Quasi Linear Screening Problem  (2024),  Journal of Mathematical Economics. Vol 114. (with Guillaume Carlier, Xavier Dupuis and Jean-Charles Rochet) 

Competition and Misconduct (2023), Journal of Finance, 78(4), 2277-2327.

Stock selling during takeovers, (2020), Journal of Corporate Finance. (with Guillem Ordonez)

Intertemporal Price Discrimination with Two Products, (2019), RAND Journal of Economics, 50(4), 951-973. (With Jean-Charles Rochet)

Optimal Pay Regulation for Too-Big-To-Fail Banks, (2018) , Journal of Financial Intermediation, 33, 83-97. (With Misa Tanaka)

    Also available as a Bank of England working paper.

Real Economy Effects of Short-Term Equity Ownership, (2016), Journal of International Business Studies, 47, 233-254. (with Babak Somekh) [short slides below]

Competition in Posted Prices With Stochastic Discounts, (2016), Economic Journal, 126, 1528-1570. (With David Gill)

Prices, profits, and pass-through of costs along a supermarket supply chain: bargaining and competition, 2015, Oxford Review of Economic Policy, 31, 64-89. (With Howard Smith)

Bank Pay Caps, Bank Risk and Macroprudential Regulation, (2014), Journal of Banking and Finance, 139-151.

Vertical Relations Under Credit Constraints, 2014, Journal of the European Economic Association, 12, 337-367. (With Volker Nocke). Online Appendix.

Industry Structure, Executive Pay and Short-Termism, (2013), Management Science, 59, 402-419.

Upstream Horizontal Mergers and (the Absence of) Retail Price Effects, (2013), Journal of Competition Law and Economics, 9, 395-418. (With Ariel Ezrachi).

The Case For Intervening In Bankers' Pay, (2012), Journal of Finance, 67, 849-895. Internet Appendix.

Upstream Uncertainty And Countervailing Power, (2012), International Journal of Industrial Organization, 30, 483-495. (With Howard Smith).

Is Multimedia Convergence To Be Welcomed?, (2011), Journal of Industrial Economics, 59(2), 225-253.

Optimal Stalling When Bargaining, (2010), Journal of Economic Dynamics and Control, Vol 34, 101-120, lead article.

This Is The Right Time To Regulate Bankers’ Pay, (2009), Economists' Voice, Vol. 6 : Iss. 5, Article 2.

The Impact of Bargaining on Markets with Price Takers: Too Many Bargainers Spoil The Broth (2009), European Economic Review, Volume 53, 658–674 (with David Gill).

Competitive Mixed Bundling and Consumer Surplus, (2007), Journal of Economics and Management Strategy, pp437-467

Haggling Over Substitutes, (2004), Journal of Economic Theory, pp 217-245.

Working Papers

The business evil trap: misconduct despite ethics

Ethics and Trust in the Market for Financial Advisors (with Simon Gervais)
Being revised for invited resubmission to the Review of Financial Studies.
[Woven into my Keynote speech at the FCA trust and risk conference, London, Nov 2025. Slides linked here.]

Big data and relationship banking with naivety and adverse selection (with Tamas Vadasz)

Regulatory stringency as a competitive tool for financial centres (with Misa Tanaka and Carlos Canon) [Presentation slides]

The Moral Components of Financial Misconduct (with Irsa Ajmal and Neil Stewart)