Publications

SRC researchers were involved in a study that explores how computer generated trading in financial markets will evolve over the next 10 years. The...

The list of barriers to female representation in management is analogous to the list of barriers to female labor force participation. Accordingly, we...

We provide novel evidence of priced correlation risk in the foreign exchange market. Currencies that perform badly (well) during periods of high...

Credit growth is widely used as an indicator of potential financial stress, and it plays a role in the new Basel III framework. However, it is not...

The best way to resolve global financial instability is for the owners of capital to assert themselves, with sovereign funds well positioned to take...

This paper proposes the solvency/liquidity spiral as an failure mode affecting large financial institutions in the recent crisis. The essential...

The aim of this paper is to review the significant flaws in the Basel Accords, which undermine their contribution to stability in banking and...

The Eurozone needs a bank resolution regime that can work across seventeen independent nations of diverse sizes with varying levels of financial...

Review of Financial Studies, 25 (12). pp. 3457-3489. 

We investigate the hypothesis that shareholder empowerment may have led to more bank bailouts during the recent financial crisis. To test this...

Both the euro-area and the United States suffered an initially quite similar housing and financial shock in 2007/8, with several states in both...

We study economies of scale in banking by viewing banks as combinations of financial and human capital that create rents which accrue to investors and...

We study managerial incentive provision under moral hazard in a firm subject to stochastic growth opportunities. In our model, managers are dismissed...

We study the unique governance dynamics surrounding family ownership in a voluntary regulatory arena where we can directly observe the impact of firm...

In this paper we survey the theoretical and empirical literature on market liquidity. We organize both literatures around three basic questions: (a)...