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Darla Moore School of Business

Our Research

Forthcoming Finance Publications 

  • Berger, Allen N.,  Sadok El Ghoul, Omrane Guedhami, and Jiarui (Jerry) Guo, “Corporate Capital Structure and Firm Value: International Evidence on the Special Roles of Bank Debt,” Review of Corporate Finance, forthcoming.
  • Berger, Allen N., Ryan Chen, Sadok El Ghoul, and Omrane Guedhami, “Who Wins and Who Loses from Bank Geographic Deregulation? Analysis of Financially Constrained and Unconstrained Firms,” Journal of Corporate Finance, forthcoming.
  • Berger, Allen N., Omrane Guedhami, Hugh Hoikwang Kim, and Xinming Li, “Economic Policy Uncertainty and Bank Liquidity Hoarding,” Journal of Financial Intermediation, forthcoming.
  • Berger, Allen N., Felix Irresberger, and Raluca A. Roman, “Bank Size and Household Financial Sentiment: Surprising Evidence from University of Michigan Surveys of Consumers,” Journal of Money, Credit, and Banking (October 2020), forthcoming.
  • Berger, Allen N., Xinming Li, Charles S. Morris, and Raluca A. Roman, “The Effects of Cultural Values on Bank Failures around the World,” Journal of Financial and Quantitative Analysis, forthcoming. 
  • Cooper, Ilan, Liang Ma, Paulo Maio, and Dennis Philip, “Multifactor Models and Their Consistency with the APT,” Review of Asset Pricing Studies, forthcoming.
  • Field, Laura Casares, Souther, Matthew and Adam S. Yore, “At the table but can’t break through the glass ceiling: Board leadership positions elude diverse directors,” Journal of Financial Economics, forthcoming. 
  • Hsu, Po-Hsuan, Dongmei Li, Qin Li, Siew Hong Teoh, and Kevin Tseng, "Valuation of New Trademarks,” Management Science, forthcoming. 
  • Ke, Da, “Who Wears the Pants? Gender Identity Norms and Intra-Household Financial Decision Making,” Journal of Finance, forthcoming. 
  • Ma, Liang, Tao Ma, and Henry Friedman, “Financial Reporting Quality and Noise in Stock Returns: Evidence from Chinese A-B Twin Shares,” Journal of Financial Reporting, forthcoming. 
  • Powers, Eric, "The Optimality of Call Provision Terms," Management Science, forthcoming. 
  • Souther, Matthew, “Does Board Independence Increase Firm Value? Evidence from Closed-End Funds,” Journal of Financial and Quantitative Analysis, forthcoming.

2020 Finance Publications

  • Akbas, Ferhat, Chao Jiang and Paul Koch. “Insider Investment Horizon,” Journal of Finance, 75 (2020), 1579-1627.
  • Berger, Allen N., and Raluca A. Roman, TARP and other Bank Bailouts and Bail-Ins around the World: Connecting Wall Street, Main Street, and the Financial System, Elsevier – North Holland, June 2020.
  • Berger, Allen N., Philip Molyneux, and John O.S. Wilson, “Banks and the Real Economy: An Assessment of the Research,” Journal of Corporate Finance 62 (June 2020).
  • Berger, Allen N., Raluca A. Roman, and John Sedunov, “Did TARP Reduce or Increase Systemic Risk? The Effects of Government Aid on Financial System Stability,” Journal of Financial Intermediation 43 (July 2020).
  • Chiang, Chia-Chun and Greg Niehaus, 2020, Correlated Trading by Life Insurers and its Impact on Bond Prices," Journal of Risk and Insurance 87, 597-625.
  • Chu, Yongqiang, David Hirshleifer, and Liang Ma, "The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies," Journal of Finance 75 (2020), 2631-2672.
  • Hackney, John, Tyler Henry, and Jennifer Koski, “Arbitrage vs. Informed Short Selling: Evidence from Convertible Bond Issuers,” Journal of Corporate Finance 65 (December 2020), 101687.
  • Hartwig, Robert., Niehaus, Gregory. & Qiu, Joseph., “Insurance for Economic Losses Caused by Pandemics,” Geneva Risk Insurance Review 45134–170 (2020).
  • Kim, Hugh H., "Information Spillover of Bailouts," Journal of Financial Intermediation 43 (2020), 100807.
  • Ma, Liang, Antonio Mello and Youchang Wu, “First-Mover Advantage, Time to Finance, and Cash Holdings," Journal of Corporate Finance, 62 (June 2020), 101584.
  • Niehaus, Gregory, Jannes Rauch and Sabine Wende, “Regulation and the Connectedness of Insurers to the Banking Sector: International Evidence,” Risk Management and Insurance Review 22, 393-420.
  • Lee, Choonsik and Matthew E. Souther, “Managerial Reliance on the Retail Shareholder Vote: Evidence from Proxy Delivery Methods,” Management Science (2020) 66, 1509-1782.

2019 Finance Publications

  • Assaf, A. George, Allen N. Berger, Raluca A. Roman, and Mike Tsionas, “Does Efficiency Help Banks Survive and Thrive during Financial Crises?” Journal of Banking and Finance 106 (September 2019), 445–470.
  • Berger, Allen N., Narjess Boubakri, Omrane Guedhami, and Xinming Li, “Liquidity Creation Performance and Financial Stability Implications of Islamic Banking: Evidence from a Multinational Study,” Journal of Financial Stability 44 (October 2019).
  • Berger, Allen N., Lakshmi Balasubramanyan, and Matthew M. Koepke, “How Do Lead Banks Use their Private Information about Loan Quality in the Syndicated Loan Market?,” Journal of Financial Stability 43 (August 2019), 53–78.
  • Berger, Allen N., Oxford Handbook of Banking, Third Edition (co-edited with Philip Molyneux and John O.S. Wilson), Oxford University Press, Oxford, 2019.
  • Berger, Allen N. and Lamont K. Black, "Small Business Lending: The Roles of Technology and Regulation from Pre-Crisis to Crisis to Recovery," in Oxford Handbook of Banking, Third Edition, Allen N. Berger, Philip Molyneux, and John O.S. Wilson, editors, Oxford University Press, Oxford, (2019) 431-469.
  • Berger, Allen N., Philip Molyneux and John O.S. Wilson, "Banking Ten Years after the Crisis," in Oxford Handbook of Banking, Third Edition, Allen N. Berger, Philip Molyneux, and John O.S. Wilson, editors, Oxford University Press, Oxford, (2019) 1-36.
  • Berger, Allen N., Raluca A. Roman and Tanakorn Makaew, "Do Borrowers Benefit from Bank Bailouts? The Effects of TARP on Loan Contract Terms," Financial Management, 48 (Summer 2019), 575-639.
  • Addoum, Jawad M., Stefanos Delikouras, Da Ke, and Alok Kumar, “Underreaction to Political Information and Price Momentum,” Financial Management, 48 (Fall 2019), 773-804.
  • Almeida, Heitor, Po-Hsuan Hsu, Dongmei Li, and Kevin Tseng, “More Cash, Less Innovation: The Effect of the American Jobs Creation Act on Patent Value,” Journal of Financial and Quantitative Analysis (2019), 1-28.
  • Chu, Yongqiang, Donghang Zhang, and Yijia (Eddie) Zhao Bank Capital and Lending: Evidence from Syndicated Loans,” Journal of Financial and Quantitative Analysis, 54 (2019), 667-694.

2018 Finance Publications

  • Berger, Allen, "The Benefits and Costs of the TARP Bailouts: A Critical Assessment," Quarterly Journal of Finance 8 (June 2018) 8, 1-29.
  • Berger, Allen, Viral V. Acharya and Raluca A. Roman, "Lending Implications of U.S. Bank Stress Tests: Costs or Benefits?," Journal of Financial Intermediation 34 (April 2018), 58-90.
  • Berger, Allen and Raluca A. Roman, "Finance and the Real Economy: Evidence from the U.S.," in Thorsten Beck and Ross Levine, editors, Handbook of Finance and Development, Edward Elgar – Cheltenham, United Kingdom (2018), 261-288.
  • Jiang, Chao, Tom Kubick, Mihail Miletkov and Jide Wintoki. “Offshore Expertise for Onshore Companies: Director Connections to Island Tax Havens and Corporate Tax Policy,” Management Science 64, 7 (July 2018), pp. 2973-3468.
  • Ke, Da. "Cross-Country Differences in Household Stock Market Participation: The Role of Gender Norms," AEA Papers and Proceedings 108 (2018), 159-62.
  • Hirshleifer, David, Po-Hsuan Hsu and Li, Dongmei. "Innovative originality, profitability, and stock returns," Review of Financial Studies 31 (2018), 2553-2605. 
  • Niehaus, Greg, "Managing Capital via Internal Capital Market Transactions: The Case of Life Insurers," Journal of Risk and Insurance 85 (2018), 69-106.
  • Huang, Rongbing, Donghang Zhang, and Yijia (Eddie) Zhao, “Relationship Banking and Loan Syndicate Structure: The Role of Private Equity Sponsors,” The Financial Review, 53 (2018), 461-498.

2017 Finance Publications

  • Akbas, Ferhat, Chao Jiang and Paul Koch. “The Trend in Firm Profitability and the Cross Section of Stock Returns,” The Accounting Review, 92, 5 (September 2017), pp. 1-32.
  • Berger, Allen, Lamont K. Black, Christa H.S. Bouwman, and Jennifer L. Dlugosz, "Bank Loan Supply Responses to Federal Reserve Emergency Liquidity Facilities," Journal of Financial Intermediation 32 (October 2017), 1-15 (Lead Article).
  • Berger, Allen and Christa H.S. Bouwman, "Bank Liquidity Creation, Monetary Policy, and Financial Crises," Journal of Financial Stability 30 (June 2017) 139–155.
  • Berger, Allen, Christa H.S. Bouwman and Dasol Kim, "Small Bank Comparative Advantages in Alleviating Financial Constraints and Providing Liquidity Insurance over Time," Review of Financial Studies 30 (October 2017), 3416–3454.
  • Berger, Allen, Sadok El Ghoul, Omrane Guedhami, and Raluca A. Roman, "Internationalization and Bank Risk," Management Science 63 (July 2017), 2283-2301.
  • Berger, Allen, Tanakorn Makaew and Rima Turk-Ariss, "How Did Foreign Bank Lending Change during the Recent Financial Crisis: An Overview," in Asli Demirguc-Kunt, Douglas D. Evanoff, and George G. Kaufman, editors, The Future of Large, Internationally Active Banks, World Scientific Publishing Co., Singapore (2017), 115-124.
  • Berger, Allen and Raluca A. Roman, "Did Saving Wall Street Really Save Main Street? The Real Effects of TARP on Local Business Conditions," Journal of Financial and Quantitative Analysis 52 (September 2017), 1827-1867.
  • Berger, Allen and John Sedunov. “Bank Liquidity Creation and Real Economic Output,” Journal of Banking and Finance 81 (August 2017), 1-19.
  • Hwang, Byoung-Hyoun and Hugh Hoikwang Kim, "It Pays to Write Well," Journal of Financial Economics 124 (May 2017), 373-394.
  • Kim, Hugh Hoikwang, Raimond Maurer and Olivia S. Mitchell. “Choosing a Financial Adviser: When and How to Delegate?” in Financial Decision Making and Retirement Security in an Aging World, P. B. Hammond, O. S. Mitchell, and S. P. Utkus, editors, Oxford University Press, Oxford (2017).
  • Koch, Timothy W., "Incentive compensation, accounting discretion and bank capital," Journal of Economics and Business (May 2017).
  • Niehaus, Greg and Chia-Chun Chiang. "U.S. life insurers’ responses to the financial crisis: a review of the research," Journal of Financial Perspectives 4 (2017), 107-120.

2016 Finance Publications

  • Berger, Allen and Christa H.S. Bouwman. Bank Liquidity Creation and Financial Crises, Elsevier — North Holland (2016).
  • Berger, Allen, W. Scott Frame and Vasso Ioannidou. “Reexamining the Empirical Relation between Loan Risk and Collateral: The Role of the Economic Characteristics of Collateral,” Journal of Financial Intermediation, 26 (April 2016), 28-46.
  • Berger, Allen, Björn Imbierowicz and Christian Rauch. "The Role of Corporate Governance in Bank Failures during the Recent Financial Crisis,” Journal of Money, Credit, and Banking, 48 (June 2016), 729-770.
  • Berger, Allen, Christa H. S. Bouwman, Thomas Kick and Klaus Schaeck. “Bank liquidity creation following regulatory interventions and capital support,” Journal of Financial Intermediation, 26 (April 2016), 115-141.
  • Edelen, Roger, Ozgur Ince and Greg Kadlec. “Institutional Investors and Stock Return Anomalies,” Journal of Financial Economics,119 (March 2016), 472-488.
  • Huang, Rongbing, Jay Ritter and Donghang Zhang. "Private Equity Firms’ Reputational Concerns and the Costs of Debt Financing," Journal of Financial and Quantitative Analysis, 51 (2016), 29-54.
  • Jiang, Chao, Ira Kawaller and Paul Koch. “Designing a Proper Hedge: Theory versus Practice,” Journal of Financial Research, 39, 2 (Summer 2016), 123–144.
  • Kim, Hugh Hoikwang, Raimond Maurer and Olivia S. Mitchell. "Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management," Journal of Financial Economics, 121, 2 (August 2016), 424-447.
  • Kumar, Praveen and Dongmei Li. "Capital investment, innovative capacity, and stock returns," Journal of Finance, 71 (2016), 2059-2094.
  • Niehaus, Greg. "Role of Insurance in Enterprise Risk Management," in Enterprise Risk Management: A Common Approach for the Whole Organization, ed. Phil Green, Elsevier (2016), 161-173.

2015 Finance Publications

  • Berger, Allen. “Small Business Lending by Banks: Lending Technologies and the Effects of Banking Industry Consolidation and Technological Change,” in Oxford Handbook of Banking, Second Edition, Allen N. Berger, Philip Molyneux, and John O.S. Wilson, editors, Oxford University Press, Oxford (2015), 292-311.
  • Berger, Allen and Raluca Roman. Did TARP Banks Get Competitive Advantages?" Journal of Financial and Quantitative Analysis, 50 (December 2015), 1199-1236.
  • Berger, Allen and Rima Turk-Ariss. “Do Depositors Discipline Banks and Did Government Actions During the Recent Crisis Reduce this Discipline? An International Perspective,” Journal of Financial Services Research, 48 (2015), 103-126.
  • Berger, Allen, Geraldo Cerqueiro and Maria Fabiana Penas. "Market size structure and small business lending: Are crisis times different from normal times?" Review of Finance, 19 (August 2015), 1965-1995.
  • Berger, Allen, Philip Molyneux and John O.S. Wilson (eds.). Oxford Handbook of Banking, Second Edition. Oxford University Press, Oxford (2015).
  • Berger, Allen, Philip Molyneux and John O.S. Wilson. “Banking in a post crisis world,” in Oxford Handbook of Banking, Second Edition, Allen N. Berger, Philip Molyneux, and John O.S. Wilson, editors, Oxford University Press, Oxford (2015), 1-23.

2014 Finance Publications

  • Berger, Allen, Thomas Kick and Klaus Schaeck. “Executive Board Composition and Risk Taking,” Journal of Corporate Finance, 28 (October 2014), 48-65.
  • Berger, Allen, William Goulding and Tara Rice. “Do small businesses still prefer community banks?,” Journal of Banking and Finance, 44 (July 2014), 264–278.
  • Ince, Ozgur. “Why do IPO Offer Prices Only Partially Adjust?” Quarterly Journal of Finance, 4, 2014.
  • Niehaus, Greg. "Risk Management and Security Metrics at Boeing," Journal of Applied Risk Management & Insurance, 2 (2014), 25-38.
  • Niehaus, Greg and David Shrider. "Framing and the Disposition Effect: Evidence from Mutual Fund Investor Redemption Behavior," Quantitative Finance, 14, 2014, 683-69.
  • Niehaus, Greg, Scott E. Harrington and Tong Yu. "Insurance Price Volatility and Underwriting Cycles," in Handbook of Insurance, Georges Dionne, ed., Kluwer Academic Press, 2014.

2013 Finance Publications

  • Berger, Allen N. and Christa H. S. Bouwman. "How Does Capital Affect Bank Performance During Financial Crises?" Journal of Financial Economics, 109 (July 2013), 146-176.
  • Berger, Allen N., Thomas Kick, Michael Koetter and Klaus Schaeck. "Does It Pay to Have Friends? Social Ties and Executive Appointments in Banking," Journal of Banking and Finance, 37 (March 2013), 2087-2105.
  • Brown, Scott, Jose Julian-Cao, and Eric Powers, "Do Investment Newsletters Move Markets?" Financial Management 42 (2013), 315-338.
  • Li, Dongmei. "Distinguishing rational and behavioral models of momentum," Quarterly Journal of Finance, 3 (2013), 1-30.
  • Hirshleifer, David, Po-Hsuan Hsu and Dongmei Li. "Innovative efficiency and stock returns," Journal of Financial Economics, 107 (2013), 632-654.
  • Niehaus, Greg. "Life Insurer Balance Sheets: Description and Issues of the Past Decade, 2013," in Study on the State of the Life Insurance Industry: Implications of Industry Trends, Anne Oberstaedt, ed., Center for Insurance Policy Research (2013).
  • Powers, Eric A. and Sudipto Sarkar. "Setting the Optimal Make-whole Call Premium," Journal of Applied Financial Economics 23 (2013), 461-473.

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