Publications
Key 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 List of (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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