Professor Anthony Saunders

April 2024

Office

Department of Finance

Kaufman Management Center

Stern School of Business, New York University

44 West 4

St., Rm. 9-91

New York, N.Y. 10012

(212) 998-0711 (office)

(212) 998-0312 (office/secretary)

(212) 995-4232 (fax)

E-mail: [email protected]

Website: http://www.stern.nyu.edu/~asaunder

SSRN Author Page is:

http://ssrn.com/author=17647

Primary Areas of Interest

Financial institutions, international finance/banking and financial economics.

Education

London School of Economics, 1968-71, BS, 1971, Monetary Economics

London School of Economics, 1971-72, MS, 1972, Money and Finance

London School of Economics, 1976-81, Ph.D., 1981, Thesis title:

“The Behavior and Performance of the London Clearing Banks, 1965-1977”

Current Position

Stern School of Business, New York University

John M. Schiff, Professor of Finance

Management Committee, Department of Finance

Previous Positions

Chairman of the Department of Finance (1995-96 and 97-2007)

Stern School of Business, New York University

Assistant Professor of Finance (1978-1982)

Associate Professor of Finance (1982-1987)

Professor of Finance (1987- )

Professor of International Business and Finance (1988- )

Director of Undergraduate Studies in Finance (1983-1985)

Acting Director of the Salomon Brothers Center for the Study of Financial Institutions

(September 1984-85)

Associate Director of the Salomon Brothers Center for the Study of Financial Institutions (1985-)

Courses taught: Money and Banking: BS

Risk Management in Financial Institutions: MBA

Seminar in Banking: Ph.D.

Introduction to Finance: MBA

Credit Risk: EMBA

NYU Executive Programs on Risk Management

Current Advisory Positions

President – Financial Management Association (2011)

Nobel Prize in Economics, Nomination Committee (2000- )

Investment Advisory Board, Zurich Financial Services (2003-2017)

Visiting Positions – Non-Academic

Comptroller of Currency

IMF

Federal Reserve Board of Governors

Federal Reserve Board of Philadelphia

Federal Reserve Board of New York

Visiting Positions – Academic

Pembroke Visiting Chaired Professor of International Finance, University of Cambridge

Stockholm School of Economics (Sweden)

INSEAD (France)

City University (London)

University of Melbourne (Australia)

ISEAS (Singapore)

University of Bocconi (Italy)

University of Otago (New Zealand)

HKUST (Hong Kong)

University of St. Andres (Argentina)

ALBA (Greece)

London School of Economics

Consulting Experience (selected)

2024 Quinn Emanuel

2024 BPI/Gibson Dunn

2023 Lovell etal

2022 Lovell etal

Iraqi Telecom vs. IBL Bank, Lebanon

(Expert Witness)

Critique of Fed Proposal for Basel 3

Implementation in the US.

Manipulation of the Oil Futures Price by

Vega traders (expert witness)

Fixing of the Australian Bank Rate

(expert witness)

2018 Quinn Emanuel

2018 Levi and Korsinsky

2018 Scott and Scott

2017 Hogan Lovells

2017 Quinn Emanuel

2016 Quinn Emanuel

2016 Bryan Cave

2016 Bartlitt-Beck, et al.

2016 Korein Tillery, et al.

2015 Quinn Emanuel, LLP

2014 U.S. Dept. of Justice

2014 Wolf Haldenstein et al.

2014 Quinn Emanuel, LLP

2014 Levi and Korsinsky

2013 Levi and Korsinsky

2012 Leiff Cabraser Heimann and

Bernstein

2012 Internal Revenue Service

Apr vs. General Electric(expert witness).

Libor Fixing

Refinancing Corp., Mortgage Servicing Claims

(expert witness).

Altisource Residential Corp.

Pricing fixing in Odd Lots, SSA Securities,

Fannie and Freddie Securities (Consultant).

Market for Second Lien Mortgages (Consultant).

HEMT vs DLJ/SPS (expert witness).

FHFA v. RBS. (deposition testimony).

Citizens Central Bancorp vs FDIC (Consultant).

MassMutual vs Credit Suisse et al. (expert witness).

NCUA vs RBS, NCUA vs UBS, NCUA vs CS

(expert witness).

MassMutual vs Countrywide, MassMutual vs DB

DB Structured Products (Deposition testimony).

Starr Int’l Co. v. US (Fed. C1.) (Deposition and

Trial testimony).

Zelouf vs Zelouf (NY Sup Ct.) (Trial testimony).

FHFA v. Goldman, Sachs & Co. et al. (S.D.N.Y)

FHFA v. Nomura Inc. (S.D.N.Y) (deposition

testimony).

Ausikaitis v. Kiani, et al. (D. Del.) (deposition

testimony).

OCZ Technology Inc. (expert witness).

LIBOR Manipulation (consultant).

Bank of New York Mellon Corp. v. IRS (U.S. Tax

Ct. NY).

Structured Finance transactions by BONY (expert

2020 Bartlitt Beck

2018 Leiff Cabraser

witness) (deposition & trial testimony).

2012 Horwitz, Horwitz, and Paradis Bank of America’s acquisition of Merrill Lynch

(expert witness; Bank of America shareholder

derivative action).

2012 Securities and SEC vs. Directors of Indymac (C.D. Cal.) (expert

Exchange Commission witness) (deposition testimony).

2011 Gardant Communications Takeover of Bank of Moscow (consulting report).

2011- Burg Simpson Pursuit Partners vs. UBS (Conn. Super. Ct.)

2014 (expert witness – synthetic MBS value triggers)

(deposition & trial testimony).

2011 Stephenson Harwood (UK) BTA vs. Republic of Kazakhstan

(International arbitration – expert witness bank

solvency).

2011 Quinn, Emmanuel, et al. ADIA vs. Citicorp

(Consultant; price paid for Citicorp shares).

2011 White and Case Calyon vs. Black Diamond

(Expert witness; rights of majority owners in a

syndicated loan liquidation).

2011 Patterson Belknap Ambac vs. Bata (expert witness, value of swaps).

2011 Herbert Smith (Hong Kong) New Cotai vs. East Asia Satellite Television

(expert witness, conditions in the loan

syndication market during the crisis).

2010 Australian Government Australian Tax Authority vs. G.E. (expert witness,

parent debt guarantee fees).

2009- Boise, Schiller and Flexner Lehman vs. Barclays (Bank. S.D.N.Y.).

2010 (expert witness, solvency of Lehman)

(deposition testimony).

2009 Black and Fine, et al. New Mexico Pension Fund cases on MBS

and 2013 (expert witness, value of mortgage backed

securities).

2009 Bass, Berry and Sims and Regions Bank Class Action (expert witness, the

Sullivan and Cromwell performance of Morgan Keegan Bond Funds

during the Current Credit Crisis).

2008 Donovan and Associates Sovereign Bank vs. Santander (Pennsylvania)

(expert witness, Merger premium paid for

Sovereign Bank by Santander during the crisis),

(trial testimony).

2008 Czech Republic Bank Foreign Bank Acquisition of Domestic (Czech)

(Int’l Ct. Arb. London), (expert witness,

International arbitration).

2008 Canada Customs and Revenue GE Capital Canada vs. Canada Customs and

Agency Revenue) (Toronto, Canada) (expert witness,

regarding payment of debt guarantee fees to GEC

by GEC Canada) (trial testimony).

2008- Morrison and Foerster Olympus Capital vs. Loan Star (Int’l Ct. Arb.

2011 Singapore) (expert witness, international

arbitration over purchase of shares in a credit card

company) (arbitration testimony).

2007 Boies, Schiller & Flexner Genesco vs. Finish Line (UBS) (Tenn. Ch. Ct.)

(expert witness Credit Market conditions and

loan commitments during the crisis) (trial

testimony).

2007 Andrews Kurth Mirant (MCAR) Bankruptcy Trustees vs Trustees

vs. Southern Company (expert witness, solvency

of Mirant) (deposition testimony).

2007 Bernstein, Leibhard UGCOM vs. LMI

Minority share purchase (expert witness, value of

Minority share purchase) (deposition testimony).

2007 Mark Krishner/Refco Thomas Lee, et al. and others (consultant on

(Bankruptcy solvency issues).

Trustee)/Milbank,

Tweed et al.

2007 Parker Freedland et al. Class action vs. Iridium, (expert witness; fraud

on the Market), (deposition testimony).

2007 Hogan and Hartson CSFB vs. Calyon Bank Loans and Securitization

(consultant).

2006 Black and Fine Class action vs. JP Morgan (expert witness, Copper

Prices and structured finance), (deposition

testimony).

2006 Crotchett, Pitre, Simon and Silvercreek vs. Salomon, Smith, Barney et al.

McCarthy (expert witness).

2006 Greer, Herz, and Adams Structured Finance Products, Texas Pension

Funds, Enron and Banks (expert witness)

(deposition testimony).

2006 Milberg Weiss PMA class action (expert witness).

2006 Grant and Eisenhofer Structured Finance Products, Ohio Pension

Funds, Enron and Banks (expert witness)

(deposition testimony).

2006 Pepe and Hazard Structured Finance Products, CRRA, Enron and

Banks (expert witness).

2006 Pepe and Hazard Enron’s Creditworthiness (expert witness)

(deposition testimony).

2006- Government of New Structured Finance Products, Sovereign

2011 Zealand (IRD) Insurance, Westpac, Deutsche Bank and BNZ

multiple cases (expert witness).

2005 Debevoise Plimpton Valuation of Life Insurance Contracts (consultant).

2005 Pepe and Hazard Enron and the rating agencies (consultant).

2005- King and Spalding Reports on restructuring of Hynix

2006 (expert witness).

2005 Department of Justice Goodwill and FIRREA, Carteret Savings Bank

and Ambase (Fed. Cl.) (expert witness)

(deposition & trial testimony).

2005 Milberg Weiss Asia Pulp and Paper class action (expert witness)

(deposition testimony).

2004 Department of Justice ENRON: Bayly et al., Nigerian Barges – criminal

case (S.D. Tex.) (expert witness) (trial testimony).

2003- Department of Justice Goodwill and FIRREA, Perpetual Savings Bank

2004 (Fed. Cl.) (expert witness) (deposition testimony).

2004 Milberg Weiss Nortel class action (expert witness) (deposition

testimony).

Hynix dumping of DRAMS (expert witness).

Losses Related to the Goodwill Provisions

of the Financial Institutions, Reform and

Recovery, 5

-3

, and D and N Banks (Fed. Cl.)

(expert wit

ness) (deposition & trial testimony).

2003 Hale and Dorr

2001- Department of

Justice 2006

Research

Ranked No. 2 over the last 75 years in publishing in the top 10 finance journals. K. Chung et al.,

"Conservatism and Representative Heuristic in Peer Reviews: Evidence from he Finance

Literature" )SSRN WP August 2023).

Ranked No.1 as the “Most Prolific Author” in 16 core Finance Journals over 50 years…see, P.L.

Cooley and J.L. Heck, “Prolific Authors in the Finance Literature: A Half Century of

Contributions”, Journal of Finance Literature, Vol 1, Winter 2005, pp. 46-69 and the most prolific

author in the Finance Literatures top seven journals for 1959-2008 in Jean L. Heck and Philip L.

Cooley, “Most Prolific Authors in the Finance Literature: 1959-2008,

(http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1355675). Top researcher of Formal

Collaboration in Financial Economics, 1998-2008 in George and Rose “Mirror Mirror on the

Wall who is the Most Central of them All”, ERSA working paper, January 2016.

Publications(selected)

(i) Journals

“What’s in the Spread? The Predictive Power of Loan verses Bond Spreads” (with

Steffen, Sprina and Streitz), Review of Financial Studies (forthcoming).

"Do Corporate Depositors Risk Everything for Nothing", (with Imbierowicz and Steffen). Journal

of Money, Credit, and Banking. (forthcoming)

"The Real Economic Costs of the Bank Tax" (with Borsuk et al.), Journal of Financial Stability

(forthcoming).

"Private Information Dissemination in the Secondary Loan Market" (with Shao et al.), Journal of

Financial Markets 2024.

"Cross Sectional Dispersion of Corporate Earnings and Bank Performance", Journal of Banking

and Finance, 2022.

"Explicit Deposit Insurance Design: International Effects on Bank Lending during the Global

Financial Crisis" (with Hasan et al.), Journal of Financial Intermediation 2022.

“Underwriting as Certification of Bank Bonds (with Carbo-Valverde and Rodriguez),

Journal of Corporate Finance, 2022.

“The Wolves of Wall Street: Managerial Attributes and Bank Business Models”

(with Hagendorff et al.), Journal of Financial Intermediation, 2022.

“Is Bailout Insurance and Tall Risk Priced in Bank Equities? (with Del Viva et al.), Journal of

Financial Stability, 2022.

“International Lending: The Role of Lender’s Home Country” (with Dai and Beyhaghi), Journal

of Money Credit and Banking 2021.

“U.S. Government TARP Bailout and Bank Lottery Behavior” (with Viva et al.), Journal of

Corporate Finance. 2021

“Brexit and the Contraction of Syndicated Lending” (with Berg et al.), Journal of Financial

Economics. 2021

“Bank Relationship Loss: The Moderating Effect of Information Opacity”, Journal of Banking

and Finance. 2020

“Big Banks, Low Margins: What is the Future of Banking?”,

Journal of Financial Markets and

Institutions, 2020.

“Trends in Corporate Borrowing” (With Berg and Steffen), Annual Review of Financial

Economics (forthcoming).

“Macroeconomics News and Acquirer Returns in M and A’s: The Impact of Investor

Alertness” (with Barbopoulos), Journal of Corporate Finance, 2020.

“Non-core Banking. Performance and Risk” (With Schmid and Walter), Journal of Financial

Stability, 2020.

“The Impact of Monetary Policy on M&A Outcomes” (with Barbopoulos), Journal of

Corporate

Finance, 2020.

“Do Hedge Funds Trade on Private Information” (with Klein et al.), Journal of Portfolio

Management, 2019.

“Bank Monitoring and CEO Risk-Taking Incentives”, Journal of Banking and Finance, 2018.

“Syndication, Interconnectedness and Systemic Risk” (with Steffen et al.), Journal of Financial

Stability, 2019.

“Hedge Funds in M and A: Is there Exploitation of Private Information?” (with Massoud et al.),

Journal of Corporate Finance, 2018.

“Covenant Violations and Dynamic Loan Contracting” (with Imbierowicz, et al.), Journal of

Corporate Finance, 2017.

“Why and How Do Banks Lay Off Credit Risk?” (with Beyhaghi and Massoud), Journal of

Corporate Finance, 2017.

“Mind the Gap: The Difference between US and European Loan Rates” (with Berg, Steffen and

Strietz), Review of Financial Studies, 2017.

“The Total Cost of Corporate Borrowing: Don’t Forget the Fees” (with Berg and Steffen),

Journal of Finance, 2016.

“Do Transactional Loans Behave Differently from Relationship Loans” (with Li and Shao),

Journal of Money Credit and Banking, 2015.

"Should Short Selling of Stock be Restricted?” (with Massoud, Hassan and Song), Journal of

Banking and Finance, 2015.

“Regulation Fair Disclousure and Credit Markets, (with Li and Shao), Journal of Banking and

Finance, 2015.

“Is Basel Turning Banks Into Public Utilities?”, Journal of Financial Perspectives, 2014.

“The Regulatory Experience in the US and the Lessons for a European Banking Union”,

Journal of Financial Perspectives, 2014.

“Are Banks still Special when there is a Secondary Markey for Bank Loans?” (with A. Gande),

Journal of Finance, 2012.

“The Role of Lending Banks in Forced CEO Turnovers” (with S. Ozelge), Journal of Money,

Credit and Banking, 2012.

“The Role of Banks in Dividend Policy” (with L. Allen, et al.), Financial Management, 2012.

“The Impact of Wealth on Financial Markets: Evidence from Credit Card Non-Payment” (with

N. Massoud and B. Scholnick), Journal of Financial Stability, 2012.

“Financial Architecture, Systemic Risk and Universal Banking” (with I. Walter), Financial

Markets and Portfolio Management, 2012.

“The Costs of Being Private: Evidence from the Loan Market” (with S. Steffen), Review of

Financial Studies, 2011.

“Do Hedge Funds Trade on Private Information? Evidence from Syndicated Lending and Short

Selling” (with N. Massoud, D. Nandy and K. Song), Journal of Financial Economics, 2011

(Second prize for the FAMA-DFA Award for the best paper in Corporate Finance and Asset

Pricing in JFE for 2011).

“Lending Relationships and Loan Contract Terms” (with S. Bharath, S. Dahiya and A.

Srinivasan), Review of Financial Studies, 2011.

“Bank Debt versus Bond Debt: Evidence from Secondary Market Prices” (with E. Altman and

A. Gande), Journal of Money Credit and Banking, 2010.

“Are Initial Returns and Underwriting Spreads Complements or Substitutes?” (with D. Palia and

D. Kim), Financial Management, 2010

“The Cost of Being Late: The Case of Credit Card Penalty Fees” (with N. Massoud and B.

Scholnick), Journal of Financial Stability, 2010.

“Bank Debt and Corporate Governance” (with V. Ivashina, et al.), Review of Financial Studies,

2009.

“The Long Run Behavior of Underwriting Spreads” (with D. Palia and D. Kim), Journal

of Financial and Quantitative Analysis, 2009.

“The Economics of Credit Cards, Debt Cards and ATMs: A Survey and Some New

Evidence” (with N. Massoud and B. Scholnick), J

ournal of Banking and Finance, 2008.

“So What Do I Get? The Bank’s View of Lending Relationships” (with S. Bharath, S.

Dahiya and A. Srinivasan), Journal of Financial Economics, 2007.

“The Impact of Institutional Ownership on Corporate Operating Performance” (with A. Marcus,

M. Cornett and H. Tehranian), Journal of Banking and Finance, 2007.

“The Use of ATMs in Bank Strategy: Is There a Customer Relationship Effect?” (with

N. Massoud and B. Scholnick), Journal of Business, 2006.

“Should Banks Be Diversified? Evidence from Individual Bank Loan Portfolios” (with

V. Acharya and I. Hasan), Journal of Business, 2006.

“Bank Borrowers and Loan Sales: New Evidence on the Uniqueness of Bank Loans” (with

S. Dahiya and M. Puri), Journal of Business, 2004.

“Commercial Bank Underwriting of Credit - Enhanced Bonds: Are There Benefits to the Issuer”

(with R. Stover), Journal of International Money and Finance, 2004.

“Incorporating Systematic Influences into Risk Measurement: A Survey of the Literature” (with

L. Allen), Journal of Financial Services Research, 2004.

“The Role of Financial Advisors in Mergers and Acquisitions” (with L. Allen and J.

Jagtiani and S. Peristiani), Journal of Money, Credit and Banking, 2004.

“Financial Distress and Bank Lending Relationships” (with S. Dahiya and A. Srinivasan),

Journal of Finance, 2003.

“Issues in the Credit Risk Modeling of Retail Markets” (with L. Allen and G. Delong),

Journal of Banking and Finance, 2003.

“The Effects of Cross-Border Bank Mergers on Bank Risk and Value” (with Y. Amihud and

G. DeLong), Journal of International Money and Finance, 2003.

“Are Emerging-Market Equities a Separate Asset Class?” (with I. Walter), Journal of

Portfolio Management, Spring 2002.

“Credit Ratings and the BIS Capital Adequacy Reform Agenda” (with E. Altman), Journal

of Banking and Finance, May 2002.

"Price Formation in the OTC Corporate Bond Markets: A Field Study of the Inter-

Dealer Market" (with A. Srinivasan and I. Walter), Journal of Economics and Business,

January/February 2002.

“An Analysis of Bank Charter Value and Its Risk Constraining Incentives”, Journal of

Financial Services Research, 2001.

“An Analysis and Critique of the BIS Proposal on Capital Adequacy and Ratings", Journal of

Banking and Finance, 2001.

“The Determinants of Bank Interest Margins: An International Study" (with L. Schumacher),

Journal of International Money and Finance, 2000.

“Low Inflation: The Behavior of Financial Markets and Institutions”, Journal of Money, Credit

and Banking, 2000.

“Financial Fragility and Mexico 1994 Peso Crisis: An Event Window Analysis of Market

Valuation Effects” (with B. Wilson and G. Caprio), Journal of Money, Credit and Banking,

2000.

“A Theory of Bank Regulation and Management Compensation” (with K. John and L. Senbet),

Review of Financial Studies, 2000.

“Mexico’s ‘Tequila’ Bank Crisis: Devaluation or Diversification Problems” (with B. Wilson

and G. Caprio), The Economic Journal, 2000.

“Bank Entry Competition and the Market for Corporate Securities Underwriting” (with A.

Gande and M. Puri), Journal of Financial Economics, 1999. (Winner of the Fama - DFA award

for the best paper in Corporate Finance and Asset Pricing in the JFE for 1999).

“Bank Capital Structure: A Comparative Analysis of US, UK, and Canada” (with B. Wilson),

Journal of Banking and Finance, 1999.

“Highly Leveraged Loan Transaction Spreads” (with L. Angbazo and J.P. Mei), Journal

of Banking and Finance, 1998.

“The Effects of Bank Mergers and acquisitions on small business Lending” (with A. Berger,

et al.), Journal of Financial Economics, 1998.

“Credit Risk Measurement: Developments over the last 20 years” (with E. Altman), Journal

of Banking and Finance, 1998.

“Bank Underwriting of Debt Securities: Modern Evidence” (with A. Gande, M. Puri and

I. Walter), Review of Financial Studies, 1997.

“An Investigation of the Performance of the U.S. Property-Casualty Insurance Industry” (with

N.K. Chidambaran and T. Pugel), Journal of Risk and Insurance, 1997.

“Contagious Bank Runs and Panics: Evidence from the 1929-33 Period” (with B. Wilson),

Journal of Financial Intermediation, 1997.

“Excessive Gambling with Unfavorable Odds: Financial Institutions and Real Estate

Investments” (with J.P. Mei), Review of Economics and Statistics, 1997.

“Alternative Models for Clearance and Settlement: The Case of the Single European Capital

Market” (with I. Giddy and I. Walter), Journal of Money, Credit and Banking, 1996.

“Bank Equity Stakes in Borrowing Firms and Financial Distress” (with M. Berlin and

K. John), Review of Financial Studies, 1996.

“If History Could be Re-run: Pricing Deposit Insurance in 1933” (with B. Wilson), Journal

of Financial Intermediation, 1995.

“Bank Risk and Too Big to Fail Guarantees: An Asset Pricing Perspective” (with J.P. Mei),

Journal of Real Estate Finance and Economics, 1995.

“The Effect of Bank Capital Requirements on Bank Off-Balance Sheet Financial Innovations”

Journal of Banking and Finance, 1995.

“When Does the Prime Rate Change” (with L. Mester), Journal of Banking and Finance,

1995.

“Deposit Insurance and Regulatory Forbearance: Are Caps on Insured Deposits

Optimal?” (with J.F. Dreyfus and L. Allen), Journal of Money, Credit and Banking,

1994.

“Universal Banking and Firm Risk Taking” (with K. John and T. John), Journal of

Banking and Finance, 1994.

“Banking and Commerce: An Overview of the Policy Issues” Journal of Banking

and Finance, 1994.

“Time Variation of Risk Premiums for Insurance Companies” (with J.P. Mei), Journal of

Risk and Insurance, 1994.

“Managers, Owners and the Pricing of Risky Debt: An Empirical Analysis” (with E. Bagnani,

N. Milonas, and N. Travlos), Journal of Finance, 1994.

“Banking Sector and Restructuring in Eastern Europe” (with A. Sommariva), Journal

of Banking and Finance, 1993.

“Forbearance and Valuation of Deposit Insurance as a Callable Put” (with L. Allen),

Journal of Banking and Finance, 1993.

“Prime Rate Changes: Is There an Advantage in Being First?” (with P. Nabar and S. Park),

Journal of Business, 1993.

“Bank Window-Dressing: Theory and Evidence” (with L. Allen), Journal of Banking

and Finance, 1992.

“The Pricing of Retail Deposits: Concentration and Information” (with Allen and Udell),

Journal of Financial Intermediation, 1992.

“Deposit Insurance Reform” (with Berlin, Udell), Journal of Banking and Finance, August

1991.

“Additions to Bank Loan-Loss Reserves: Good News or Bad New?” (with T. Grammatikos),

Journal of Monetary Economics, 1990.

“Ownership Control, Regulation and Bank Risk-Taking” (with Strock and Travlos), Journal

of Finance, 1990.

“Are Banks Special: The Separation of Banking from Commerce and Interest Rate Risk”

(with Yourougou), Journal of Economics and Business, 1990.

“The Underpricing of New Issues in Singapore” (with J. Lim), Journal of Banking and Finance,

1990.

“Bank Size, Collateral and Net Purchase Behavior in the Federal Funds Market: Empirical

Evidence” (with Allen and Peristiani), Journal of Business, 1989.

“The Effects of Shifts in Monetary Policy and Reserve Accounting Regimes on Bank Reserve

Management in the Federal Funds Market” (with T. Urich), Journal of Banking and Finance,

1989.

“The Effects of DIDMCA on the Profitability and Risk of Large Commercial Banks and Thrift

Institutions” (with J. Aharony and I. Swary), Journal of Banking and Finance, 1988.

“The Hedging Performance of ECU Futures” (with S. Sienkiewicz), Journal of Futures Markets,

1988.

“Intra- and Inter-Industry Effects of Bank Securities Market Activities: The Case of

Discount Brokerage” (with M. Smirlock), Journal of Financial and Quantitative Analysis,

1987.

“New Tests of the Parity Hypothesis and Fiscal Policy Effects” (with J. Merrick), Journal

of Monetary Economics, 1986.

“The Returns and Risks of U.S. Banks’ Foreign Currency Activities” (with T. Grammatikos and

I. Swary), Journal of Finance, 1986.

“The Determinants of Country Risk: A Selective Survey of the Literature” Journal of

Banking and Finance (Supplement), 1986.

“An Examination of the Contagion Effect in the International Loan Market”, Journal of

Banking and Finance (Supplement), 1986.

“The Effects of a Shift in Monetary Policy Regime on the Profitability and Risk of

Commercial Banks” (with J. Aharony and I. Swary), Journal of Monetary Economics, 1986.

“The Large-Small Bank Dichotomy in the Federal Funds Market” (with L. Allen), Journal

of Banking and Finance, 1986.

“Futures Price Variability: A Test of Maturity and Volume Effects” (with T. Grammatikos),

Journal of Business, 1986.

“A Micro-Model of the Federal Funds Market” (with T. Ho), Journal of Finance, 1985.

“The Effects of the International Banking Act on Domestic Bank Profitability and Risk” (with

J. Aharony and I. Swary), Journal of Money, Credit and Banking, 1985.

“Bank Regulation and Monetary Policy” Journal of Money, Credit and Banking, 1985.

“On Constructing the Group Utility Function of a Loan Syndicate” (with D. Gandhi and

R. Hausman), Journal of Banking and Finance, 1985.

“On the Constancy of the International Real Rate of Interest” (with R. Tress), Journal

of Monetary Economics, 1984.

“Fixed Rate Loan Commitments, Takedown Risk and the Dynamics of Hedging with

Futures” (with T. Ho), Journal of Financial and Quantitative Analysis, 1983.

“Asymmetric Information, Regulatory Lag and the Value of Incentive Contracts” (with K.

John), Journal of Finance, 1983.

“Stability and the Hedging Performance of Foreign Exchange Futures” (with T. Grammatikos),

Journal of Futures Markets, 1983.

“The Determinants of Bank Interest Margins: Theory and Empirical Evidence” (with T. Ho),

Journal of Financial and Quantitative Analysis, November 1981.

“The Growth of Organizational Forms of Foreign Banks in the U.S.” (with L. Goldberg),

Journal of Money, Credit and Banking, August 1981.

“The Investors’ Gains from International Portfolio Investment” (with D. Gandhi, et

al.), Journal of Banking and Finance, June 1981.

“A Catastrophe Model of Bank Failure” (with T. Ho), Journal of Finance, December 1980.

“Determinants of Foreign Bank Activity in the United States” Journal of Banking

and Finance, December 1980.

“The Causes of U.S. Bank Expansion Overseas: The Case of Great Britain” (with

L. Goldberg), Journal of Money, Credit and Banking, November 1980.

“A Stochastic Dominance Analysis of Unit Trust Performance” (with R. Woodward and

C. Ward), Journal of Financial and Quantitative Analysis, June 1980.

“Bid Behavior and the Determination of Treasury Bill Rates” (with C. Ward), Oxford

Bulletin of Economics and Statistics, August 1979.

“Risk, Regulation and Performance of Clearing Banks, 1965-1975” (with C. Ward), Journal

of Industrial Economics, December 1976.

(ii) Books/Monographs

“201,792 total units sold since 1994. Given used books we estimate that over

1,000,000 students, have learned from your books.”

Email from Charles Synovect, Director, McGraw-Hill regarding sales of my

Financial Institutions Management textbook, 5/11/2018.

Reflections on Financial Institutions: In and Out of Crisis, World Scientific Press, 2011.

Financial Institutions Management: A Risk Management Approach, Irwin/McGraw-Hill, (1

edition), 1994 (2

edition), 1996 (3

edition), 1999 (4

edition), 2002 (5

edition), 2005 (6

edition), 2007, (7

edition), 2010. (8

edition), 2014, (9

edition) 2017, (10

edition) 2020, (11th

edition) 2023.

Credit Risk Measurement: Value at Risk and Other New Paradigms, John Wiley and Sons, (1

edition), 1999 (2

edition), 2002, (3

edition) 2010.

Financial Markets and Institutions: A Modern Perspective (with M. Cornett), Irwin/McGraw-

Hill, (1

edition), 2000 (2

edition), 2003, (3

edition) 2006, (4

edition), 2008, (5

edition) 2012,

edition), 2014, (7

edition) 2019, (8th edition) 2021, (9th edition) 2024.

Technology and the Regulation of Financial Markets (with L. White), Lexington Books, 1985

(reprinted by Beard Books, 2003).

Understanding Market, Credit and Operational Risk (with K. Boudoukh and L. Allen)

Blackwell, (1

edition), 2003.

Fundamentals of Financial Institutions Management (with M. Cornett), Irwin/McGraw-Hill,

edition), 1999.

China's Emerging Capital Markets (with A. Kumar, etal), Financial Times Publishing, 1997.

Financial System Design: Universal Banking Considered (with I. Walter), Irwin, 1996.

Universal Banking in the U.S.? (with I. Walter), Oxford University Press, 1994.

The Management and Regulation of Banks: A Book of Reading (with G. Udell and L.

White), Bristlecone Books, 1992.

IPO’s and Venture Capitalists: A Test of the Dynamic Strategy Hypothesis (with J.

Lim), ICFA, 1990.

Off Balance Sheet Activities (with J. Ronen and A. Sondhi), Dow-Jones, 1990.

(iii) Articles in Book (selected)

“Risk Management in Banking” (with L. Allen), in The Oxford Handbook of

Banking by Berger et al (eds.), OUP, 2010 (first ed.), 2015 (2

ed.), 2020 (3

ed.),

2023 (4th ed).

“A Survey of Cyclical Effects in Credit Risk Models in Credit Ratings” (M. Ong

(ed.)), Risk Books: London, 2003.

“Clearance and Settlement” (with I. Giddy and I. Walter) in The European Equity Markets, B.

Steil (ed), RIIA, London, 1996.

“The Reconfiguration of Banking and Capital Markets in Eastern Europe” (with I. Walter) in

The Transformation of the Socialist Economies, H. Siebert (ed.) J.C.B. Mohr, Tubingen,

Germany, 1992.

“Bank Deregulation and Monetary Policy” and “Discount Brokers” in the New Palgrave

Dictionary of Money and Finance, 1993.

“German Banking and Monetary Policy.” in C. Barfied and M. Perlman (eds.) Capital Markets

and Trade: The U.S. Faces a United Europe, AEI: Washington, D.C. 1992.

“Why Are So Many New Issues Underpriced?” Federal Reserve Bank of Philadelphia Review,

1990.

“Forward Foreign Exchange Markets in Developing Countries” in R. O’Brien and T. Datta

(eds.), International Economics and Financial Markets, O.U.P., 1989.

“SESDAQ: The Early Evidence” (with J. Lim) in Chang and Rhee (eds.), Pacific Basin

Capital Markets Research, Elsevier, 1989.

“Bank Holding Companies: Structure, Performance and Reform” in W. Haraf (ed.),

Restructuring the Financial System, AEI: Washington, D.C. 1989.

“LDC Debt Rescheduling” (with M. Subrahmanyam), Federal Reserve Bank of Philadelphia

Review, November/December, 1988.

“The Inter Bank-Market, Contagion Effects and Financial Crisis” in Portes and Swaboda (ed.),

Threats to International Financial stability, CEPR and CUP, 1987.

“Seasonality in the Federal Funds Market: The Weekend Game and Other Effect” (with T.

Urich) in E. Dimson (ed.), Evidence on Stock Market Anomalies, North-Holland, 1987.

“Conflicts of Interest: The Case of Securities Activities of Commercial Banks”, Federal

Reserve Bank of Philadelphia Review, August/September, 1985.

“An Economic Perspective on Bank Uniqueness and Corporate Securities Activities” in I.

Walter (ed.), Deregulating Wall Street, John Wiley and Sons, 1985.

“Conflicts of Interest: The Case of Commercial Bank and Their Corporate Securities

Underwriting Affiliates” in I. Walter (ed.), Deregulating Wall Street, John Wiley and Sons,

1985.

“A Catastrophe Theory in Banking and Finance” (with T. Ho) in G. Szego and A. Cellina (eds.),

New Techniques for Economic Analysis, Academic Press, 1982.

“The Effect of a Dual Exchange Market on Spot and Commodity Prices in the US and UK”

(with D. Emanual), Proceedings of the International Research Seminar on Futures Markets,

Chicago Board of Trade, 1981.

(iv) Working Papers

“The Myth of the Lead Arranger” (with Bickle et al.), Federal Reserve Bank of New York.

Journal of Finance (R and R 3rd Round).

“Market Efficiency in the Age of Machine Learning” (with Dai et al). Yuri Akai Best

Paper Award, Dept. of Finance, NYU, and Journal of Accounting and Economics (R and

R), AFA 2022

“Bank Specialization” (with Bickle et al.), Federal Reserve Bank of New York, Journal of

Finance (R and R), WFA 2024.

"The Real Effects of Fed Information Shocks on the M and A Market" (with

Barbopoulos), Journal of Corporate Finance, (R and R).

"Climate-Related Disclosure Commitment of the Lenders, Credit Rationing and Borrower

Environmental Performance" (with Hasan et al.), SFS Cavalcade (Asia), WFA 2023, AEA

2024.

"Corporate Tax Changes and Credit Cards" (with Hasan et al.), Journal of Money Credit

and Banking (R and R).

"Gender of Firm Decision Makers and with Firm Disparity" (with Hasan et al.), AEA 2024.

"The "Hairy Premium"" (with Georgievska ea al.) AFA 2024.

"Covenant-AI- New Insights into Covenant Violations (with Steffen et al.), NBER 2024.

Editorial Positions (Selected)

Editor, Journal of Banking and Finance (1994 - 2007)

Editor, Financial Markets, Instruments and Institutions (1992- )

Editor, Salomon Brothers Center Monograph in Finance and Economics (1984-

1991)

Advisory Editor, Journal of Money, Credit and Banking (2001- )

Associate Editor, Journal of Money, Credit and Banking (1995-

2001)

Associate Editor, Financial Management (1993 - 2006)

Research Fellowships

Yamaichi Senior Research Fellow in Finance (1988-

1991)

Salomon Brothers Center Research Fellow (1986-1987)

Bank and Financial Analysts Research Fellow (1987-

1988)

Ph.D. Supervision

V. Ivashina (Chair), C. Harm (Chair), J. Lim (Chair), A. Moskowitz, D. Palia (Chair),

J. Doukas, H. Thomas, M. Puri (Chair), B. Soubra, P. Yourougou (Chair), A. Gande, N. Travlos,

J. Meehan, T. Grammatikos, S. Dahiya (Chair), A. Cebenoyan (Chair), A. Mozumdar, E.

Kraizberg (Chair), G. DeLong (Chair), G. Vasudevan, H. Sim (Chair), J. Rungkasiri, L. Angbazo

(Chair), N. Horrell (Chair), V. Gargalas (Chair), A. Srinivasan (Chair), S. Bharath (Chair),V.

Acharya, T.T. Ram Mohan, J. Sunder, L. Allen (Chair), F. Alvaraz (Chair), D. Ross (Chair), Y.

Lu (Chair), S. Ozelge (Chair), M. Zemel (Chair), K. Waldock (Chair), M. Gopal. E.Nertina

(Tilburg), Sung Lee, A. Bhardwaj, S. Hillenbrand, Q. Fleckenstein, F. Hinzen (Co-chair), and Y.

Cabossioras.

Keynote Speaker

Sydney Banking Conference (Sydney) 2023.

FEBS Conference, Crete (2023) and distinguished Scholar Award for Outstanding Contributions to

Finance and Banking.

Australian Finance Conference (2023).

1st Sustainable Finance Meeting, Naples (2023).

ADEIMF Conference, Perugia (2020).

World Finance Conference, Santiago (2019).

IRMC Conference, Paris, (2018).

IFMA Conference, Indonesia, (2018).

Annual Corporate Finance Conference U.K., Manchester

(2018).

Ann Ryde Conference on Financial Intermediation, Lund, (2017).

Altman Annual Lecture on Credit Risk, Warsaw, (2017).

International Conference on Finance and Economic Policy, Poznan

(2017).

European Banking and Finance Conference, Bologna, (2016).

Conference on Finance, Peking University, Fudan University, UIBE, Tianjin University (2016).

Conference on Syndicated Loans, LBS, London (2015).

Bank of England, FRB and Reserve Bank of Australia, Conference on Systemic Risk

(2014).

Spanish Finance Association, Spain (2011).

International Conference on Banking and Finance, Cyprus

(2011).

Northern Finance Association (Toronto), October (2007).

Henry Thornton Lecture (London), October (2007).

Campus for Finance, WHU, Otto Beisheim School of Mgmt, Germany, January (2007), (2013),

(2020).

Journal of Banking and Finance, 30

Anniversary Conference, Beijing (2006).

Citigroup Distinguished Speaker, University of Edinburgh, November (2006).

Risk Management Conference, Hofstra University, NY (2006).

Italian Quantitative Economics and Finance Association (AMESAS), Italy

(2004).

Pacific Basin Finance, Accounting and Economics Conference, Taiwan (2003).

Australasian Finance Association, Sydney, Australia (2017, 2012, 2006, 2004, 2003,

2002).

Multinational Finance Association, Cyprus (2002).

Symposium on Finance, Banking and Insurance, Karlsruhe, Germany

(2002).

Spanish Finance Association, Segovia, Spain (2001).