Research

Working Papers

1. “The Decline of Branch Banking” with Phil Strahan and Dimuthu Ratnadiwakara, 2025

   • Presented at University of Florida.

2. “Depositor Characteristics and Deposit Stability” with Dimuthu Ratnadiwakara, 2024

   • Presented at FDIC Bank Research Conference (2024), Fed-FDIC-CSBS Conference (2024)

3. “Can the Nexus of Scaling Laws Coupled with Constant or Variable Elasticity of Substitution Predict AI and Other Technology Adoption?” with Kelley Pace, 2024

4. “The Paradox of Slave Collateral” with Jonathan Pritchett, 2024

   • Presented at EHA 2022, Tulane, LSU, University of Michigan.

5. “Information Production in Privately-Produced Safe Securities” with Meredith Rhodes, 2024

   • Presented at FRBNY, FRBATL, FMA, Tulane, LSU

6. “Appraisal Accuracy and its Effect on Loan Collateral” with Yinying Guo, Kelley Pace and Dimuthu Ratnadiwakara, 2022

   • Presented at JHE ZTraxx Conference, 2023, FSU/UF Conference 2024

7. “A Revealed Preference Approach to Identifying Strategic Mortgage Default” with Meagan McCollum and Kelley Pace, 2022

   • Presented at Baruch College, CUNY, LSU, Fordham

8. “Concentration Risk in Mortgage Portfolios: A Rank-Size Approach” with Tim Dombrowski and Kelley Pace 2022

   • Presented at ASSA 2023

Publications

1. “Valuation when disaster risks increase at an increasing rate” with Ravi Joshi and Kelley Pace
   Economics Letters, 2023 Vol.224

2. “Demographic, jurisdictional, and spatial effects on social distancing in the United States during the COVID-19 pandemic” with James Nordlund, Kelley Pace and Dimuthu Ratnadiwakara
   PLoS ONE 2020, 15(9)

3. “The Rank-Size rule and Challenges in Diversifying Commercial Real Estate Portfolios” with Tim Dombrowski and Kelley Pace
   Journal of Real Estate Finance and Economics, 2020, Vol.67, 1-28

4. “Credit Default Swaps and Firm Value” with Cihan Uzmanoglu
   Journal of Financial and Quantitative Analysis, 2018, Vol.53(3), 1227-1259

5. How do Firms Respond to Empty Creditor holdout in Distressed Debt Exchanges?” with Cihan Uzmanoglu
   Journal of Banking and Finance, 2018, Vol.94, 251-266

6. “Credit Insurance, Distress Resolution Costs, and Bond Spreads” with Cihan Uzmanoglu
   Financial Management, 2018, Vol.47(4), 931-951.

7. “Efficiency and Market Power Gains in Bank Megamergers: Evidence from Value Line Forecasts” with Erik Devos and Srini Krishnamurthy
   Financial Management, 2016 Vol.45(14), 1011-1040

   Reprinted in a special virtual issue from FMA on M&A curated by Gordon Phillips, 2018

8. “Has the effect of Asset Securitization on Bank Risk Taking Behavior Changed?” with Huong Le and Lai Vo
   Journal of Financial Services Research, 2016,Vol.49(1), 39-64

9. “CDS and the Resolution of Distress” with Stephen Lubben
   Journal of Applied Corporate Finance, 2012, Vol. 24(4), 129-134.

10. “Safety Net Losses from Abandoning Glass-Steagall Restrictions” with Ken Carow and Ed Kane
    Journal of Money Credit and Banking, 2011, Vol. 43(7), 1371-1398.

11. “The Effect of Private Debt Underwriting Reputation on Bank Public Debt Underwritings” with Kasturi Rangan and Nanda Rangan
    Review of Financial Studies, 2007, Vol. 20, 597-618.

12. “How Have Borrowers Fared in Banking Mega-Mergers?” with Ken Carow and Ed Kane
    Journal of Money Credit and Banking, 2006, Vol. 38, 821-836.

13. “The Role of Syndicate Structure in Bank Underwriting” with Kasturi Rangan and Nanda Rangan
    Journal of Financial Economics, 2004, Vol. 72, 555 – 580.

    Outstanding Paper Award, Eastern Finance Association, 2002

14. “Relaxing Glass-Steagall Provisions: Wealth and Risk Effects on Foreign Banks and their Domestic Corporate Customers” with Nanda Rangan and Sri Sundaram
    Journal of Multinational Financial Management, 2003, Vol. 13, 465-482.

15. “Option Trading and Stock Returns: A Re-examination” with Nanda Rangan and Terry
    Research in Banking and Finance, 2003, Vol. 3, 287-330.

16. “Welfare Effects of Expanding Banking Organization Opportunities in the Securities Arena” with Nanda Rangan and Sri Sundaram
    Quarterly Review of Economics and Finance, 2002, Vol. 42, 505-527.

17. “The Role of Reputation Scope Economies in Bank Underwriting” with Kasturi Rangan and Nanda Rangan
    Proceedings of the 39th Annual Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, 2004

Book Chapters

“Financial Economics of United States Slavery” with Jonathan Pritchett
Oxford Research Encyclopedia of Economics and Finance, 2021

“Mortgage Portfolio Diversification in the Presence of Cross-Sectional and Spatial Dependence” with Tim Dombrowski and Kelley Pace
Essays in Honor of Cheng Hsiao  (Advances in Econometrics,  Li, T., Pesaran, M.H. and Terrell, D. (Ed.) , 2020

“Fairness Opinions in Mergers and Acquisitions” with Steven Davidoff and Anil Makhija
The Art of Capital Restructuring: Creating Shareholder Value through Mergers and Acquisitions, H. Kent Baker and Halil Kiymaz (Ed.), 2010

“Individual Retirement Account;” “Keogh Plans;” “Capital Gain;” “Savings Investments” Kaye Rakes
Encyclopedia of Financial Gerontology, Lois A. Vitt (Ed.) et. al., 2002