Refereed Publications


Capital Gains Taxation and the Cost of Capital: Evidence from Unanticipated Cross-Border Transfers of Tax Bases (with H. Huizinga and J. Voget), forthcoming Journal of Financial Economics


The Disturbing Interaction between Countercyclical Capital Requirements and Systemic Risk (with Balint Horvath), forthcoming Review of Finance


Securitization and Economic Activity: The Credit Composition Channel (with Ata Can Bertay and Di Gong), forthcoming Journal of Financial Stability


Supranational Supervision - How Much and for Whom?, International Journal of Central Banking, 2016 (with Th. Beck)


Why is Price Discovery in Credit Default Swap Markets News-Specific?  Financial Management, 2015,Volume 45, 315--340 (with Ian Marsh)


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 Sylvester Eijffinger)


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)