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Research Areas: 

Corporate Finance, Capital Markets, Financial Institutions, Theory of the Firm, Game Theory, Contract Theory, Industrial Economics, Political Economy, Law and Finance.

You can access my discussion papers on my URL at the Social Science Research Network (SSRN)

Journal Publications

  • "On the Efficiency of the Market for Corporate Control", Kyklos 43, 1990, 635-658.

  • "Optimal Pricing Against a Simple Learning Rule", Games and Economic Behavior 4, 1992, 627-649.

  • "Short-Term vs Long-Term Interests: Capital Structure with Multiple Investors" (with E. Berglöf), Quarterly Journal of Economics 109, 1994, 1055-1084. Reprinted in : M. White (ed.), Financial Distress and Bankruptcy: Economic Issues, Stockholm: Nerenius & Santerus Publishers, 1997.

  • "Long-Term Contracts, Short-Term Investment and Monitoring", Review of Economic Studies 62, 1995, 557-575. Reprinted in: A. Boot, S. Bhattacharya, A. Thakor (eds.): Credit, Intermediation and the Macroeconomy, Oxford University Press, 2004.

  • "A Noncooperative Analysis of Hotelling's Location Game" (with H. Bester, A. de Palma, W. Leininger, and J. Thomas), Games and Economic Behavior 12, 1996, 165-186.

  • "The Term Structure of Investment and the Banks' Insurance Function", European Economic Review 41, 1997, 1355-1374.

  • "Blocks, Liquidity, and Corporate Control" (with P. Bolton), Journal of Finance 53, 1998, 1-25.

  • "Liquidity and Control: A Dynamic Theory of Corporate Ownership Structure" (with P. Bolton), Journal of Institutional and Theoretical Economics 154, 1998, 177-211.

  • "Intermediated versus Direct Investment: Optimal Liquidity Provision and Dynamic Incentive Compatibility", Journal of Financial Intermediation 7, 1998, S. 177-197.

  • "Liquidity Provision through Banks and Markets: Limited Market Access and Multiple Insurance", European Economic Review 43, 1999, 991-1006.

  • "The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries" (with E. Berglöf), ABCDE Proceedings, World Bank, 2000,  1-30.

  • "Liquidity Creation through Banks and Markets: A Theoretical Perspective on Securitisation", Economic Notes 29, 2000, 375-391.

  • "An Incentive Problem in the Dynamic Theory of Banking", Journal of Mathematical Economics 38, 2002. + figure 1 and 2, 271-292.

  • "Strategic Transparency and Informed Trading: Will Capital Market Integration Force Convergence of Corporate Governance?" (with E. Perotti), Journal of Financial and Quantitative Analysis 38, 2003, S. 61-86.

  • "Asymmetric Information, Bank Lending, and Implicit Contracts: The Winner's Curse", Finance Research Letters 1, 2004, 11-23.

  • "The European Bond Markets under EMU" (with M. Pagano), Oxford Review of Economic Policy 20, 2004, 531-554. Reprinted in X. Freixas, Ph. Hartmann, C. Mayer (eds.), Handbook of European Financial Markets and Institutions, Oxford University Press 2008.
  • "Repo Runs" (with Antoine Martin and David Skeie", Review of Financial Studies 27, 2014, 957-989.


Publications in books and non-refereed articles

  • "A Macroeconomic Investment Model With Non-Linear Saving Behavior", in: M.Faber (ed.), Studies in Austrian Capital Theory, Investment and Time, Berlin, Heidelberg: Springer Verlag, 1987.
  • "Taking Control: The 1980s Takeover Boom", Economic and Financial Prospects 4, 1989.

  • "Centralized Decentralization: Corporate Governance in the East German Transition", in: M. Aoki and H. Kim (eds.), Corporate Governance in Transition Economies, Washington, D.C: World Bank Press, 1995. Russian version here.

  • "Managementkontrolle in markt- und bankenorientierten Finanzsystemen", in: F. Hengsbach SJ and B. Emunds (eds.), Verfügungsrechte auf Finanzmärkten, Frankfurt: Oswald von Nell-Breuning Institut, 1995.

  • "Long-Term Investment and Monitoring in Financial Relationships", in J.E. Roemer (ed.), Property Relations, Incentives, and Welfare, London: Macmillan, 1997.

  • "L'impact de l'UME sur les marchés financiers européens", Revue d'Economie Financière, 62, 2001.

  • "Dominant Investors and Strategic Transparency: On the Role of Corporate Governance for Product Market Competition" (with E. Perotti), in: J. McCaherty, L. Renneboog (eds.): The New Corporate Governance Paradigm, Oxford University Press, 2002, 363-385.

  • "European Financial Markets after EMU: A First Assessment" (with F. Giavazzi and J.P. Danthine), in Ch. Wyplosz (ed.): EMU: Its Impact on Europe and the World, Oxford University Press, 2002, 225-268 (also: NBER Working Paper 8044, Washington, D.C.).

  • "Liquidity", in A. Boot, S. Bhattacharya, and A. Thakor (eds.): Credit, Intermediation, and the Macroeconomy, Oxford University Press, 2004.

  • "Bank Capital Adequacy Regulation under the new Basel Accord", Journal of Financial Intermediation 13, 2004.
  • "Credit Risk Transfer and Bank Regulation", Journal of Financial Intermediation 17, 2008.
  • "Jean Tirole", Zeitschrift für das Gesamte Kreditwesen 21, 2014, 7/1065 


Books and Reports

The Future of European Banking (with J.-P. Danthine, F. Giavazzi, and X. Vives), Center for Economic Policy Research, London, 1999.

European Corporate Bond Markets: Transparency, Liquidity, Efficiency (with B. Biais, F. Declerck, J. Dow and R. Portes), Center for Economic Policy Research, London 2006.


Working papers

  • "The Commitment of Finance, Duplicated Monitoring, and the Investment Horizon", CEPR, Network in Financial Markets Working Paper 27, London, October 1992.