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(* =banking papers)

  1. * African-American Representation on the Boards of Banks and Mortgage Loan Rejection Rates, with Valentin Dimitrov and Jiayin Li
    Presentations: Florida State, NYC Real Estate Conference (Columbia), NYU, NYCU International Finance Conference (Taiwan), Rutgers
  1. * Impact of Dodd-Frank on CEO Pay and Bank Risk, with Hengguo Da and Christopher James
    Presentations: Ahmedabad, Baruch, Fordham, Florida, 2021 FMA, IIM Ahmedabad, IIT Bombay, Rutgers, NYU, Oregon, Tulane
  1. * Bank CEO Pay-Risk Sensitivity and Loan Contract Terms, with Hengguo Da and Kose John
    Presentations: Rutgers, NYU
  1. Impact of Internal Governance on a CEO’s Investment Cycle, with Ivan Brick and Yankuo Qiao
    Presentations: NJIT, Rutgers, Temple
  1. Disagreement, Speculation and Management Forecasts, with Valentin Dimitrov and Zhiwei Xu
  1. Reverse Termination Fees in M&A, with John Coates and Ge Wu
    Presentations: Harvard Law, Penn/NYU Conference on Law and Economics
  1. An Efficient Fixed-Effects Estimator for Corporate Finance, with Daniela Osterrieder and Ge Wu
    Presentations: Rutgers, Econometrics Workshop at North Carolina State, Pacific Basin Conference, Triple Crown Conference
    Corresponding Matlab code can be found here. Please cite our work if you use this material
  1. * Analysis of Discrimination in Prime and Subprime Mortgage Markets, with Glenn Hubbard and Wei Yu
  1. Construction Clauses in Mergers, with Robert Scott
  1. Are M&A Contract Clauses Value Relevant?, with John Coates and Ge Wu
    — Harvard Law School’s Forum on Corporate Governance and Financial Regulation, 2018
    Presentations: Columbia, Fordham, Harvard, Rutgers, USC, CELS, ALEA
  1. Strategic Borrowing from Passive Investors, with Stanislav Sokolinski
    Presentations: Florida, Miami, NYU Stern, Oklahoma, Rutgers, UCSD, UNC, USC, Washington U. St. Louis, IDC Herzilya Summer Finance Conference, CUHK International Finance Conference, Triple Crown Conference
  1. * Feedbacks: Financial Markets and Economic Activity, with Markus Brunnermeier, Karthik Shastry, and Chris Sims, American Economic Review, June 2021
    Presentations: AEA Meetings, Princeton
    Online Appendix
  1. * Banks’ Non-Interest Income and Systemic Risk, with Markus Brunnermeier and Gang Dong, Review of Corporate Finance Studies, May 2020
    Presentations: Baruch, Fordham, Fed. Board of Governors, NYU Stern, Oxford, Rutgers, SMU, Washington U. St. Louis, AFA, CEPR/EBC/HEC/RofF/NYSE/Euronext Conference on Financial Intermediation and the Real Economy, CREDIT Conference on Stability and Risk Control, EEA, NBER, FDIC
  1. The Core Corporate Governance Puzzle: Contextualizing the Link to Performance, with Merritt Fox and Ronald Gilson, Boston University Law Review, October 2019
    Presentations: Columbia Law, ETH-Paris Law, USC Law, ALEA, CELS, Global Corporate
    Governance Colloquium, Anton Phillips/Tilburg University Conference
  1. Is Say-on-Pay Voting all About Pay? The Impact of Firm Performance, with Jill Fisch and Steven Davidoff Solomon, Harvard Business Law Review, Volume 1, 2018
    — Harvard Law School’ s Forum on Corporate Governance and Financial Regulation, 2017
  1. Product Market Competition and CEO Pay Benchmarking, with Ivan Brick, in Handbook of Financial Econometrics, Mathematics, Statistics and Technology, edited by C.F. Lee, 2018
  1. Appraisal Arbitrage and Shareholder Value, with Scott Callahan and Eric Talley, Journal of Law, Finance and Accounting, May 2018
    — Columbia Law School’s Blog on Corporations and the Capital Markets, 2018
  1. * Short-Term Debt and Bank Risk, with Brian Du, Journal of Financial and Quantitative Analysis, April 2018
  1. * Differential Access to Capital from Financial Institutions by Minority Entrepreneurs, Journal of Empirical Legal Studies, December 2016
  1. The Wolf at the Door: The Impact of Hedge Fund Activism on Corporate Governance, with John C. Coffee, Jr., Journal of Corporation Law, Spring 2016
    — Cited extensively by the Chief Justice of the Delaware Supreme Court, Honorable Leo E. Strine Jr., who states: “For a reader who wants an excellent summary of the existing academic research … Coffee and Palia is a thorough, evenhanded overview. I am grateful to its authors and do not intend to replicate their impressive distillation of the existing data, but do draw heavily on their balanced conclusions about overall trends because of their commitment to objectivity.” Yale Law Journal (2017)
    — Cited by the SEC Commissioner Mary Jo White
    — Cited by lawyer Martin Lipton, founder Wachtell, Lipton, Rosen & Katz
    — Cited in the New York Times
    — Reprinted in Annals of Corporate Governance
    — Columbia Law School’s Blog on Corporations and the Capital Markets, 2015
  1. The Market for Corporate Control: Survey of the Empirical Evidence, Estimation Issues, and Potential Areas for Future Research, in Research Handbook on Mergers and Acquisitions, edited by Steven Davidoff and Claire Hill, Edward Elgar Publishing, 2016
  1. Ex Ante Choice of Jury Waiver Clauses in Mergers, with Robert Scott, American Law and Economics Review, Fall 2015
  1. * Impact of the Dodd-Frank and Credit Ratings, with Valentin Dimitrov and Leo Tang, Journal of Financial Economics, March 2015
    — Harvard Law School’s Forum on Corporate Governance and Financial Regulation, 2015
  1. Heterogeneous Background Risks and Portfolio Choice: Evidence from Micro-Level Data, with Yaxuan Qi and Yangru Wu, Journal of Money, Credit and Banking, December 2014
  1. Private Equity Alliances in Mergers, with Tae-Nyun Kim, Journal of Empirical Finance, June 2014
  1. Does Changing Corporate Governance Alone Result in Better Firm Performance?, with N. Chidambaran and Yudan Zeng, Financial Decisions, Summer 2012
  1. Are Initial Returns and Underwriting Spreads in Equity Issues Complements or Substitutes?, with Dongcheol Kim and Anthony Saunders, Financial Management, Winter 2010
  1. * The Impact of Commercial Banks on Underwriting Spreads: Evidence from Three Decades, with Dongcheol Kim and Anthony Saunders, Journal of Financial and Quantitative Analysis, December 2008
  1. Choosing to Co-Finance: An Analysis of Project Specific Alliances in the Film Industry, with Abraham Ravid and Natalia Reisel, Review of Financial Studies, April 2008
    — Lead article
  1. Founders Versus Non-Founders in Large Companies: Financial Incentives and the Call for Regulation, with Abraham Ravid and Chia-Jane Wang, Journal of Regulatory Economics, October 2007
  1. * Evidence of Jointness in the Terms of Relationship Lending, with Ivan Brick, Journal of Financial Intermediation, January 2007
  1. * The Impact of Capital Requirements and Managerial Compensation on Bank Charter Value, with Robert Porter, Review of Quantitative Finance and Accounting, November 2004
    — Lead article
  1. Related Party Transactions and Corporate Governance, with Elizabeth Gordon and Elaine Henry, Advances in Financial Economics, September 2004
    — Lead article
  1. Securitizing Accounts Receivables, with Ben Sopranzetti, Review of Quantitative Finance and Accounting, January 2004
  1. * Contemporary Issues in Regulatory Risk Management of Commercial Banks, with Robert Porter, Financial Markets, Institutions and Instruments, November 2003
  1. * The Impact of the Manager-Shareholder Conflict on Acquiring Bank Returns, with Marcia Cornett, Gayane Hovakimian, and Hassan Tehranian, Journal of Banking and Finance, January 2003
  1. The Empirical Importance of Private Ownership for Economic Growth, with Edmund Phelps, in Finance, Research, Education, and Growth, edited by Luigi Paganetto and Edmund Phelps, Palgrave, New York, 2003
  1. * Are There Bank Effects in Borrower Cost of Funds? Evidence From a Matched Sample of Borrowers and Banks, with Glenn Hubbard and Ken Kuttner, Journal of Business, October 2002
    — Lead article
  1. The Endogeniety of Managerial Compensation in Firm Valuation: A Solution, Review of Financial Studies, Fall 2001
  1. The Impact of Regulation on CEO Labor Markets, RAND Journal of Economics, Spring 2000
  1. Managerial Ownership and Firm Performance: A Re-Examination Using Productivity Measurement, with Frank Lichtenberg, Journal of Corporate Finance, December 1999
    — Summarized in CFA Digest, Charlottesville, Spring 2000
  1. * Federal Deposit Insurance: Economic Efficiency or Politics?, with Nicholas Economides and Glenn Hubbard, Regulation, Washington D.C., December 1999
  1. Understanding the Determinants of Managerial Ownership and the Links Between Ownership and Firm Performance, with Charles Himmelberg and Glenn Hubbard, Journal of Financial Economics, September 1999
    — Journal of Financial Economics All-Star Paper, based on citations per year in all
    articles ever published in the journal, gets 26.2 citations per year
    Won the Western Finance Association Corporate Finance Award for best paper, 1998
    — Reprinted in Empirical Corporate Finance, edited by M. Brennan, Edward Elgar
    Publishing, 2000
  1. A Re-Examination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View, with Glenn Hubbard, Journal of Finance, June 1999
    –Nominated for Journal of Finance’s Brattle Prize for best paper Corporate Finance
    –Summarized in Economic Intuition, Montreal, 1999
  1. Market for Corporate Control, with Glenn Hubbard, New Palgrave Dictionary of Economics and the Law, 1997
  1. * The Political Economy of Branching Restrictions and Deposit Insurance, with Nicholas Economides and Glenn Hubbard, Journal of Law and Economics, October 1996
  1. Benefits of Control, Managerial Ownership, and the Stock Returns of Acquiring Firms, with Glenn Hubbard, RAND Journal of Economics, Winter 1995
  1. * Executive Pay and Performance, with Glenn Hubbard, Journal of Financial Economics, September 1995
    — Reprinted in The Economics of Executive Compensation, edited by K. Murphy and K.
    Hallock, Edward Elgar Publishing, 2000
  1. * Recent Evidence on Bank Mergers, Financial Markets, Institutions and Instruments, December 1994
  1. * The Managerial, Regulatory and Financial Determinants of Bank Merger Premiums, Journal of Industrial Economics, March 1993