Publications
Selected publications
·
Systemic Liquidation Risk and the Diversity-Diversification Trade-Off,
2011, Journal of Finance ·
Capital Gains Taxation and the Cost of Capital: Evidence from
Unanticipated Cross-Border Transfers of Tax Bases (with H. Huizinga and J.
Voget), 2018, Journal of Financial Economics ·
Insurers as Asset Managers and Systemic Risk (with Andrew
Ellul, Chotibhak Jotikasthira, Anastasia Kartasheva and Christian Lundblad), forthcoming, Review of Financial
Studies ·
Performance Evaluation and Financial Market Runs, 2013, Review of
Finance ·
A Market-Based Measure of Credit Quality and Banks' Performance during
the Subprime Crisis (with M.Knaup), 2012, Management Science ·
The Disturbing Interaction between Countercyclical Capital
Requirements and Systemic Risk (with Balint Horvath), 2017, Review of
Finance ·
The Economics of Supranational Bank Supervision (with Thorsten Beck
and Consuelo Silva-Buston), forthcoming, Journal of Financial &
Quantitative Analysis All (refereed) publications Insurers as Asset Managers and
Systemic Risk (with Andrew Ellul,
Chotibhak Jotikasthira, Anastasia Kartasheva and Christian Lundblad), accepted Review of
Financial Studies Non-standard Errors (with
300+ co-authors), forthcoming, Journal of Finance Winning Connections? Special
Interests and the Sale of Failed Banks (with Deniz Igan, Thomas Lambert and Quxian
Zhang), accepted,
Journal of Banking & Finance Banks, Political Capital, and
Growth (with Thomas Lambert and Quxian Zhang), forthcoming, Review of Corporate Finance
Studies Bailouts and the Modeling of Bank
Distress (with Koresh Galil, Margalit Samuel and Offer Shapir), accepted Journal of Financial
Research The Economics of Supranational
Bank Supervision
(with Thorsten Beck
and Consuelo Silva-Buston), forthcoming, Journal of Financial &
Quantitative Analysis Taxation and the External Wealth of Nations: (with Harry Huizinga, Maximilian Todtenhaupt and Johannes Voget), 2022, Journal of International Money &
Finance Liquidity Provision During a Pandemic (with Charles Kahn),
2021, Journal of Banking & Finance Opacity, liquidity and disclosure
requirements (with André Stenzel), 2021, Journal of Business Finance &
Accounting Closed for Business (with Dion Bongaerts and Francesco Mazzola), 2021, PlosONE Sources of Liquidity
Shortages (with Charles Kahn), 2021, Journal of
Financial Intermediation Capital Gains Taxation and the Cost of
Capital: Evidence from Unanticipated Cross-Border Transfers of Tax Bases (with H. Huizinga and J. Voget), 2018, Journal of Financial Economics The Disturbing Interaction between
Countercyclical Capital Requirements and Systemic Risk (with Balint Horvath), 2017, Review of Finance Securitization and Economic Activity The
Credit Composition Channel (with Ata Can Bertay and Di Gong),
2017, Journal of Financial Stability International Taxation and Cross-Border Banking, American Economic Journals:
Economic Policy, 2014, Vol.6, 94-125, (with H. Huizinga
and J. Voget) Financial innovation and bank
behavior: Evidence from credit markets, Journal Economic Dynamics & Control,
2014, Vol.43, 130-145 (with L. Norden and C. Silva Buston) Performance Evaluation and
Financial Market Runs, Review of Finance 2013, Vol. 17, 597-624 (online appendix) Cross-Border
Banking in Europe and Financial Stability, International Finance, 2013, Vol.16,
1-22 (with Dirk Schoenmaker) Supervising Cross-border Banks:
Theory, Evidence and Policy, Economic Policy, 2013, Vol.28, 5-44 (with Thorsten Beck and Radomir
Todorov) The Optimality of Interbank Liquidity Insurance, Journal of Financial
Intermediation, 2013, Vol.22, 177-200 (with F. Castiglionesi) A Market-Based Measure of Credit
Quality and Banks' Performance during the Subprime Crisis, Management Science, 2012, Vol.
58, 1423-1437 (with M. Knaup) (online appendix) Are Alternative Currencies a
Substitute or a Complement to Fiat Money? Evidence from Cross-Country Data), International Journal of
Community Currency Research, 2012, Vol.16, p.45 – 56 (with Damjan Pfajfar and Giovanni Sgro) Who bears the burden of international
taxation? Evidence from cross-border M&As, Journal of International Economics, Vol.
88, 2012, 186-197 (with H. Huizinga and J. Voget) Forward-Looking Tail Risk
Exposures at U.S. Bank Holding Companies, Journal Financial Services Research, 2012,
Vol. 42, 35--54 (with M. Knaup) Turning Bagehot on His Head:
Lending at Penalty Rates When Banks Can Become Insolvent, Journal of Money, Credit, and
Banking, 2012, Vol. 44, 201-219 (with F. Castiglionesi) Systemic
Liquidation Risk and the Diversity-Diversification Trade-Off, Journal of Finance, 2011, Vol.
66, p. 1141-1175 (online appendix) Credit
Risk Transfer Activities and Systemic Risk: How Banks Became Less Risky
Individually But Posed Greater Risks to the Financial System at the Same Time, Journal of Banking &
Finance, 2010, Vol. 35, p. 1391-1398 (with Rob Nijskens) Divestment,
Entrepreneurial Incentives, and the Life Cycle of the Firm, Journal of
Business Finance & Accounting, 2010, Vol. 37, pp. 591-611 Loan
Market Competition and Bank Risk Taking, Journal of Financial Services
Research, 2010, Vol. 37, pp. 71-81 In
the Quest of Systemic Externalities: A Review of the Literature, CESifo
Economic Studies, 2010, Vol. 56, pp. 96-111
Incentive
Constraints and the Pattern of International Risk Sharing, Journal of
International Money and Finance, 2010, Vol. 29, pp. 1206-1225. (with
Sylvester Eijffinger) Diversification at Financial
Institutions and Systemic Crises, Journal of Financial
Intermediation, 2010, vol. 19, pp. 373-386 The Marketability
of Bank Assets and Managerial Rents, Journal of Financial Stability, 2009, vol.
5, pp. 272-282 (with Falko Fecht) Efficient Asset Allocations in the
Banking Sector and Financial Regulation, International Journal of Central Banking,
2009, Vol. 5, pp. 75-95 Liquidity
Creation and Banking Fragility: Options as a Substitute for Deposits,
Annals of Finance, 2009, Vol.5, 125-129 Credit Derivatives
and Loan Pricing, Journal of Banking & Finance, 2008, Vol.32,
2560-2569 (with Lars Norden) Efficiency
of Capital Taxation in an Open Economy: Tax Competition versus Tax
Exportation, International Tax and Public Finance, 2008, Vol.15, 637-646
(with The Homogenization of the
Financial System and Liquidity Crises, Journal of Financial
Intermediation, 2008, Vol. 17, 330-356 Financial Development
and the Opacity of Banks, Economics Letters, 2007, Vol. 97, 6-10 International
Risk Sharing and Government Moral Hazard, Open Economies Review, 2007,
Vol. 18, 577-598 Aggregate Liquidity
Shortages, Idiosyncratic Liquidity Smoothing and Banking Regulation,
Journal of Financial Stability, 2007, Vol. 3, 18-32 The Liquidity of Bank
Assets and Banking Stability, Journal of Banking & Finance, 2007,
Vol. 31, 121-139 Credit Risk Transfer and
Financial Sector Stability, Journal of Financial Stability, 2006, Vol. 2,
173-193 (with Ian Marsh) The Inefficiency of
the Stock Market under Moral Hazard, Journal of Mathematical Economics,
2006, Vol. 42, 36-45 (with Riccardo Calcagno)
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