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ARTICLES AND WORKING
PAPERS "Informational Externalities and Welfare-Reducing
Speculation", Journal of Political Economy, 95, December 1987, pp. 1123-1145.
"Takeover Threats and Managerial Myopia", Journal of
Political Economy, 96, February 1988, pp. 61-80.
"The Task Force Report: The Reasoning Behind the
Recommendations", (with Bruce Greenwald), Journal of Economic Perspectives, 2, Summer
1988, pp. 3-23.
"Employee Opportunism and Redundancy in Firms", (with
Jonathan Feinstein), Journal of Economic Behavior and Organization, 10, December 1988, pp.
401-414.
"Cheap Talk and the Fed: A Theory of Imprecise Policy
Announcements", American Economic Review, 79, March 1989, pp. 32-42.
"Overreactions in the Options Market", Journal of
Finance, 44, September 1989, pp. 1011- 1023; also reprinted in Advances in Behavioral
Finance, edited by Richard H. Thaler. New York: Russell Sage Foundation, 1993, pp.341-356.
"Efficient Capital Markets, Inefficient Firms: A Model of
Myopic Corporate Behavior", Quarterly Journal of Economics, 104, November 1989, pp.
655-669.
"LDC Debt: Forgiveness, Indexation, and Investment
Incentives", (with Kenneth Froot and David Scharfstein), Journal of Finance, 44,
December 1989, pp. 1335-1350.
"Herd Behavior and Investment", (with David
Scharfstein), American Economic Review, 80, June 1990, pp. 465-479.
"How Risky is the Debt in Highly Leveraged
Transactions?", (with Steve Kaplan), Journal of Financial Economics, 27, September
1990, pp. 215-245.
"Transactional Risk, Market Crashes, and the Role of
Circuit Breakers", (with Bruce Greenwald), Journal of Business, 64, October 1991, pp.
443-462.
"Exchange Rates and Foreign Direct Investment: An
Imperfect Capital Markets Approach", (with Kenneth Froot), Quarterly Journal of
Economics, 106, November 1991, pp. 1191-1217.
"Stock Price Distributions with Stochastic Volatility: An
Analytic Approach", (with Elias Stein), Review of Financial Studies, 4, December
1991, pp. 727-752; also reprinted in Volatility: New Estimation Techniques for Pricing
Derivatives, edited by Robert Jarrow. London: Risk Publications, 1998, pp. 325-339.
"Shareholder Trading Practices and Corporate Investment
Horizons", (with Kenneth Froot and Andre Perold), Journal of Applied Corporate
Finance, 5, Summer 1992, pp. 42-58.
"Convertible Bonds as 'Back Door' Equity Financing",
Journal of Financial Economics, 32, August 1992, pp. 3-21.
"Herd on the Street: Informational Inefficiencies in a
Market with Short-Term Speculation", (with Kenneth Froot and David Scharfstein),
Journal of Finance, 47, September 1992, pp.1461-1484.
"Monetary Policy and Credit Conditions: Evidence from the
Composition of External Finance", (with Anil Kashyap and David Wilcox), American
Economic Review, 83, March 1993, pp. 78-98.
"The Evolution of Buyout Pricing and Financial Structure
in the 1980's", (with Steve Kaplan), Quarterly Journal of Economics, 108, May 1993,
pp. 313-357; also reprinted in slightly abridged form in Journal of Applied Corporate
Finance, 6, Spring 1993, pp. 72-88.
"Risk Management: Coordinating Corporate Investment and
Financing Policies", (with Kenneth Froot and David Scharfstein), Journal of Finance,
48, December 1993, pp. 1629-1658; also reprinted in The Theory of Corporate Finance,
edited by Michael J. Brennan. Brookfield, Vermont: Edward Elgar Publishing, 1996.
"Monetary Policy and Bank Lending", (with Anil
Kashyap), in Monetary Policy, edited by N. Gregory Mankiw. Chicago: University of Chicago
Press, 1994, pp. 221-256.
"Credit Conditions and the Cyclical Behavior of
Inventories", (with Anil Kashyap and Owen Lamont), Quarterly Journal of Economics,
109, August 1994, pp. 565-592.
"Internal versus External Capital Markets", (with
Robert Gertner and David Scharfstein), Quarterly Journal of Economics, 109, November 1994,
pp. 1211-1230.
"A Framework for Risk Management", (with Kenneth
Froot and David Scharfstein), Harvard Business Review, 72, November-December 1994, pp.
91-102; also reprinted in Journal of Applied Corporate Finance, 7, Fall 1994, pp. 22-32.
"The Impact of Monetary Policy on Bank Balance
Sheets", (with Anil Kashyap), Carnegie-Rochester Conference Series on Public Policy,
42, 1995, pp. 151-195.
"Prices and Trading Volume in the Housing Market: A Model
with Downpayment Effects", Quarterly Journal of Economics, 110, May 1995, pp.
379-406.
"Monetary Policy and Credit Conditions: Evidence from the
Composition of External Finance: Reply", (with Anil Kashyap and David Wilcox),
American Economic Review, 86, March 1996, pp. 310-314.
"Rational Capital Budgeting in an Irrational World",
Journal of Business, 69, October 1996, pp. 429-455.
"Internal Capital Markets and the Competition for
Corporate Resources", Journal of Finance, 52, March 1997, pp. 111-133.
"Waves of Creative Destruction: Firm-Specific
Learning-by-Doing and the Dynamics of Innovation", Review of Economic Studies, 64,
April 1997, pp. 265-288.
" The Role of Banks in Monetary Policy: A Survey with
Implications for the European Monetary Union", (with Anil Kashyap) Federal Reserve
Bank of Chicago Economic Perspectives, 21, September/October 1997, pp. 2-19.
"Risk Management, Capital Budgeting and Capital Structure
Policy for Financial Institutions: An Integrated Approach", (with Kenneth Froot),
Journal of Financial Economics, 47, January 1998, pp. 55-82.
"A New Approach to Capital Budgeting for Financial
Institutions", (with Kenneth Froot), Journal of Applied Corporate Finance, 11, Summer
1998, pp. 59-69.
"An Adverse Selection Model of Bank Asset and Liability
Management with Implications for the Transmission of Monetary Policy", RAND Journal
of Economics, 29, Autumn 1998, pp.466-486.
"Leverage and House-Price Dynamics
in U.S. Cities", (with Owen Lamont), RAND Journal of Economics, Autumn 1999.
"A Unified Theory of Underreaction,
Momentum Trading and Overreaction in Asset Markets", (with Harrison Hong),
Journal of Finance, December 1999.
"Bad News Travels Slowly: Size,
Analyst Coverage and the Profitability of Momentum Strategies", (with Harrison
Hong and Terence Lim), Journal of Finance, February 2000.
"What Do A Million Observations on Banks Say About the
Transmission of Monetary Policy?", (with Anil Kashyap), American Economic Review, forthcoming.
"The Dark Side of Internal Capital Markets: Divisional
Rent-Seeking and Inefficient Investment", (with David Scharfstein), Journal of Finance, forthcoming.
"Banks as Liquidity Providers: An Explanation for the
Co-Existence of Lending and Deposit-Taking", (with Anil Kashyap and Raghuram Rajan),
January 1999.
"Differences of Opinion, Rational Arbitrage and
Market Crashes", (with Harrison Hong), September 1999.
"Forecasting Crashes: Trading Volume, Past Returns and Conditional Skewness in Stock Prices
", (with Joseph Chen and Harrison Hong), November 1999.
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