Publications



Banking Needs Entrepeneurship, but How Can Regulators Feel Comfortable?, International Banker, Spring 2017, pp. 36-39.
Understanding the Future of Banking: Scale & Scope Economies, and Fintech, in The Future of Large Internationally Active Banks, (A. Demirgüç-Kunt, D.D. Evanoff & G. Kaufmann, eds.). World Scientific Studies in International Economics: Volume 55, November 2016, pp. 429-448.
Banking and Trading, (with L. Ratnovski), Review of Finance, Volume 20, nr. 6, October 2016, pp. 2219-2246.
Contemporary Financial Intermediation, (with S.I. Greenbaum and A.V. Thakor), Elsevier, Third Edition, 2016.
The Risks of Trading by Banks, (with L. Ratnovski). In Post-Crisis Banking Regulation. Evolution of economic thinking as it happened on Vox (J. Danielson (Ed.). London: Centre for Economic Policy Research (CEPR) Press, 2015, pp. 35-40.
Commercial Banking and Shadow Banking: The Accelerating Integration of Banks and Markets and its Implications for Regulation, (with A Thakor), in Oxford Handbook of Banking, (A. Berger, Ph. Molyneux and J.S. Wilson, eds.), Second Edition, January 2015, pp. 47-76.
Financial Sector in Flux, The Journal of Money, Credit and Banking, Vol 46 (1), February 2014, pp. 129-135.
Social and Financial Exclusion: The Role of Microfinance, (with L. Becchetti, R. Lensink and A. Zazzaro), in The Journal of the Italian Economic Association, Vol. 3, 2013, pp. 293-297.
La Stabilité du Secteur Bancaire: Gérer la Négociabilité et la Complexité (The Stability of the Banking Sector: Dealing with Marketability and Complexity), (with Matej Marinc), Revue d’économie financière, Nr. 106, June 2012, pp. 171-194. (English follows French).
Banking at the crossroads: How to deal with marketability and complexity?, Review of Development Finance, 1, October 2011, pp. 176-183.
Managerial Autonomy, Allocation of Control Rights, and Optimal Capital Structured, (with A.V. Thakor), The Review of Financial Studies, Vol. 24, (10), October 2011, pp. 3434-3485.
What Rate of Return to Allow? Do We Truly Understand It?, (with J. Ligterink), in The art of supervision: liber amicorum Pieter Kalbfleisch, (H. Don, J. de Keijzer, E. Lamboo, M. van Oers and J. van Sinderen, eds.), Den Haag: NMa,April 2011, pp. 169-182.
Financial Innovation: Economic Growth Versus Instability, in Let Finance Follow and Flow. Lessons on Financial Instability, Advisory Council for Science and Technology Policy, Quantes: Rijswijk, 2010, pp. 69-92.
The Accelerating Integration of Banks and Markets and its Implications for Regulation, (with A.V. Thakor), in The Oxford Handbook of Banking, (A. Berger, Ph. Molyneux and J.S. Wilson, eds.), 2010, pp. 58-90.
Footloose Corporations. Have Financial Markets Destabilized Markets?, Summary and English Translation from De ontwortelde onderneming: ondernemingen overgeleverd aan financiers?, Koninklijke Van Gorcum, 2009.
The Evolving Landscape of Banking, (with M. Marinc), Industrial and Corporate Change (ICC), Oxford Journals, 2008, Vol. 17 (6), pp. 1173-1203.
Market Liquidity, Investor Participation and Managerial Autonomy: Why do Firms Go Private? (with R. Gopalan and A.V. Thakor), Journal of Finance, Vol. 63 (4), 2008, pp. 2013-2059.
Handbook of Financial Intermediation and Banking (A.V. Thakor and A.W.A. Boot, Editors), Amsterdam: Elsevier, 2008.
Credit Ratings as Coordination Mechanism, (with Milbourn, T.T. and A. Schmeits), The Review of Financial Studies, Vol. 19 (1), 2006, pp. 81-118.
The Competitive Challenge in Banking, (with A. Schmeits), in Advances in Corporate Finance and Asset Pricing, (L. Renneboog, ed), Amsterdam: Elsevier, 2006, pp. 133-160.-
The Entrepreneur's Choice Between Private and Public Ownership, (with R. Gopalan and A.V. Thakor), Journal of Finance, Vol. 61 (2), April 2006, pp. 803-836.
EU and Economic Growth, in Competitiveness, Social Responsibility and Economic Growth, (J. Prasnikar, ed.), New York: Nova Science Publishers, 2006, pp. 19-30.
Sunflower Management and Capital Budgeting, (with Milbourn T.T. and A.V. Thakor), Journal of Business, Vol. 78 (2), 2005, pp. 501-528.
Financing Medium-Sized Firms: Comparison of Slovenian and Dutch Baking Systems, in Medium Sized Firms and Economic Growth, (J. Prasnikar), New York: Nova Science Publishers, 2005, pp. 45-58.
Credit, Intermediation, and the Macroeconomy, (with S. Bhattacharya and A.V. Thakor), Oxford: Oxford University Press, 2004.-
Monitoring Corporate Performance: The Role of Objectivity, Proximity and Adaptability in Corporate Governance, (with J.R. Macey), Cornell Law Review, Vol. 89 (2), January 2004.
Restructuring in the banking industry with implications for Europe, EIB papers, Vol 8 (1), 2003, pp. 109-129.
Consolidation and Strategic Positioning in Banking with Implications for Europe, Brooking-Wharton Papers on Financial Services, 2003, pp. 37- 83.
Banking Scope and Financial Innovation, in New research in Corporate Finance and Banking, (with Thakor, A.V. and M. Pagano, eds.), Oxford Press, 2002, pp. 181-210.-
Financial System Architecture, (with A.V. Thakor), The Review of Financial Studies, 10 (3), 1997, pp. 693-733. Reprint in Corporate Finance and Banking, (B. Biais and M. Pagano, eds.), OUP, 2002.
Conglomeration in Banking: Incentives and Market Discipline, (with A. Schmeits), in Designing Financial Systems in Transition Economies, (A. Meyendorff and A.V. Thakor, eds.), MIT Press, 2002, pp. 261-281.
Banking Scope and Financial Innovation, (with A.V. Thakor), The Review of Financial Studies, 10 (4), 1997, pp. 1099-1131. Reprint in Corporate Finance and Banking, (B. Biais and M. Pagano, eds.), OUP, 2002.
Regulation and banks' incentives to control risk, Sveriges Riksbank Economic Review, Sveriges Riksbank, 2, 2001, pp. 14-24.
The Many Faces of Information Disclosure, (with A.V. Thakor), Review of Financial Studies, 14 (4), 2001, pp. 1021-1057.
Regulation and the Evolution of the Financial Services Industry, (with T.T. Milbourn and S. Dezelan), in Challenges for Central Banking, (A.M. Santomero, S. Viotti and A. Vredin, eds.), Kluwer: Massachussetts, 2001, pp. 39-58.
Can Relationship Banking Survive Competition?, (with A.V. Thakor), Journal of Finance, Vol. 55 (2), 2000, pp. 679-713.
Relationship Banking: What Do we Know?, Journal of Financial Intermediation, Vol 9 (1), 2000, pp. 7-25.
Consolidation and Strategic Positioning in Banking, in Financial Services and Financial Markets in Europe: Changes and Adjustments, (J. Struyck, F. Abraham and E. Terryn, eds.), Leuwen Law Series 16, KU Leuven, 2000, pp. 51-75.
Regulatory Distortions in a Competitive Financial Services Industry, (with S. Dezelan and T.T. Milbourn), Journal of Financial Services Research, 17 (1), 2000, pp. 249-259.
Relationship Banking: What do we Know?, Journal of Financial Intermediation, 9, 2000, pp. 7-25.
Market Discipline and Incentive Problems in Conglomerate Firms with Applications to Banking, (with A. Schmeits), Journal of Financial Intermediation, 9, 2000, pp. 240-273.
Regulation and the Evolution of the Financial Services Industry, (with T.T. Milbourn and S. Dezelan), Topics in Corporate Finance, 2, 2000, pp. 25-41. -
The Theory of Security Design, (with T.T. Milbourn and A.V. Thakor), in Handbook of Equity Derivatives, (J.C. Francis, W.W. Toy and J.G. Whittakers, eds.), Irwin Publishing, 1995. pp. 636-660. New Revised Edition: 1999.
Consolidation and Strategic Positioning in Banking, Topics in Corporate Finance, 1, Amsterdam Center for Corporate Finance, 1999, pp. 39-68. -
European Lessons on Consolidation in Banking, Journal of Banking and Finance, Vol. 23 (2-4), 1999, pp. 609-613.
Megamergers and Expanded Scope: Theories of Bank Size and Activity Diversity, (with T.T.Milbourn and A.V. Thakor), Journal of Banking and Finance, Vol. 23 (2-4), 1999, pp. 195-214.
Challenges to Competitive Banking: A Theoretical Perspective, (with A. Schmeits), Research in Economics, 52, 1998, pp. 255-270.
The Economics of Bank Regulation, (with S. Bhattacharya and A.V. Thakor), Journal of Money, Credit and Banking, 30 (4), 1998, pp. 745-770. Reprint in The Regulation and Supervision of Banks, (M.J.B. Hall, ed.), Edward Elgar, 2001.
Banking Scope, Financial Innovation and the Evolution of the Financial System, in 'Banking Competition and Risk Management', (G. Chiesa, ed.), Quaderni di Richerche, No. 20, 1997.
Capital Regulation: A Broader Perspective, Comments on the paper by Thomas Gehrig: 'Market Structure, Monitoring and Capital Adequacy Regulation', Swiss Journal of Economics and Statistics, 4 (2), 1996, pp. 703-706.
Banking Structure and Financial Innovation, (with A.V. Thakor), in Universal Banking, (A. Saunders and I. Walter, eds.), Irwin Publishing, 1996.-
Financial Sector Design, Regulation and Deposit Insurance in Eastern Europe, (with S. van Wijnbergen), in Banking Reform in Central Europe and the Former Soviet Union, (J. Rostowsky ed.), Central European University Press, 1995, pp. 42-47.
Rescheduling of Sovereign Debt: Forgiveness, Precommitment, and New Money, (with G. Kanatas), Journal of Money, Credit and Banking, May 1995, pp. 363-377.
Moral Hazard and Secured Lending in an Infinitely Repeated Credit Market Game, (with A.V. Thakor), International Economic Review, 35 (4), 1994, pp. 899-917..
Bank Regulation, Reputation and Rents: Theory and Policy Implications, (with S.I. Greenbaum), in Capital Markets and Financial Intermediation, (C. Mayer and X. Vives, eds.), CEPR: Cambridge University Press, 1993, pp. 262-285.
Reputation and Discretion in Financial Contracting, (with S.I. Greenbaum and A.V. Thakor), American Economic Review, 83 (5), 1993, pp. 1165-1183.
Security Design, (with A.V. Thakor), Journal of Finance, 48 (4), 1993, pp. 1349-1378.
Self-Interested Bank Regulation, (with A.V. Thakor), American Economic Review, 83 (2), 1993, pp. 206-212.
Self-Interested Bank Regulation, (with A.V. Thakor), Expanded version with proof
Why Hang on to Losers: Divestitures and Takeovers, Journal of Finance, September 1992, pp. 1401-1423.
Off-Balance Sheet Liabilities, Deposit Insurance and Capital Regulation, (with A.V. Thakor), Journal of Banking and Finance, September 1991, pp. 825-246.
Modified 'Narrow Bank' Is Best Reform Plan, (with S.I. Greenbaum), The American Banker, 23 August 1991.
Credible Commitments, Contract Enforcement Problems and Banks: Intermediation as Credibility Assurance, (with A.V. Thakor and G.F. Udell), Journal of Banking and Finance, June 1991, pp. 605-632.
Reschuling of Sovereign Debt, (with G. Kanatas), Proceedings of Fifth Symposium on Money, Banking, Finance and Insurance, W.R. Heilmann, ed., Karlsruhe, Germany, 1991, pp. 363-377.
"Rescheduling of Sovereign Debt", (with G. Kanatas), Proceedings of Fifth Symposium on Money, Banking, Finance and Insurance, (W.R. Heilmann, ed.), Karlsruhe, Germany, 1991, pp. 363-377.
Secured Lending and Default Risk: Equilibrium Analysis, Policy Implications and Empirical Results, (with A.V. Thakor and G.F. Udell), Economic Journal, May 1991, pp. 458-472.
Competition, Risk Neutrality and Loan Commitments, (with A.V. Thakor and G.F. Udell), Journal of Banking and Finance, 11, 1987, pp. 449-471.
Durable Bank-Borrower Relationships and Intertemporal Credit Contracting in Informationally Constrained Competitive Credit Markets, Ph.D. Dissertation, Indiana University 1987.-