## Working Papers 2009 **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/Lessons%20from%20the%20debacle.ljw%20draft%2012-19-08.pdf) Lessons from the Debacle of '07-'08 for Financial Regulation and Its Overhaul,** Lawrence J. White, Working Paper EC-09-01, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/cra%20paper%20for%20frbsf.ljw%20draft%2012-11-08.pdf) The Community Reinvestment Act: Good Goals, Flawed Concept,** by Lawrence J. White, Working Paper EC-09-02, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/Frame_White_Chapter_Update%20v3.12-27-08.pdf) Technological Change, Financial Innovation, and Diffusion in Banking,** by W. Scott Frame and Lawrence J. White, Working Paper EC-09-03, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/HW_Syndicated%20Loans%20Jan09.pdf) Syndicated loans, foreign banking and capital market development,** by Rainer Haselmann and Paul Wachtel, Working Paper EC-09-04, Stern School of Business, N.Y.U. --- [**![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif)**](http://pages.stern.nyu.edu/~gclement/Papers/Decline.pdf) **A Theory of Firm Decline,** by Gian Luca Clementi, Dean Tom Cooley, and Sonia DiGiannatale, Working Paper EC-09-05, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/credit%20rating%20agencies.critical%20review.revised%204-8-09.pdf) The Credit Rating Agencies: Understanding Their Central Role in the Subprime Debacle of 2007-2008,** by Lawrence J. White, Working Paper EC-09-06, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/ICANN%20final.pdf) ICANN at a Crossroads: A Proposal for Better Governance and Performance,** by Thomas M. Lenard and Lawrence J. White, Working Paper EC-09-07, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/Interaction-Terms-in-Nonlinear-Models.pdf) Testing Hypotheses About Interaction Terms in Nonlinear Models,** by William H. Greene, Working Paper EC-09-08, Stern School of Business, N.Y.U. --- [**![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif)**](http://pages.stern.nyu.edu/~mbaccara/cyi_April_27_09.pdf) **Innovation and Corporate Conservatism,** by Mariagiovanna Baccara and Ronny Razin, Working Paper EC-09-09, Stern School of Business, N.Y.U. --- [**![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif)**](http://pages.stern.nyu.edu/~mbaccara/mktsize081109.pdf) **Subsidies, Entry and the Distribution of R&D Investment,** by John Asker and Mariagiovanna Baccara, Working Paper EC-09-10, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/fin%20reg%20and%20antitrust%20revised%206-9-09.pdf) Financial Regulation and the Current Crisis: A Guide for the Antitrust Community,** by Lawrence J. White, Working Paper EC-09-11, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/CrimeUncertPnmt09fr.pdf) Crime and Uncertain Punishment in Transition Economies,** by Barbara G. Katz, Working Paper EC-09-12, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://pages.stern.nyu.edu/~mbaccara/Room_Allocation_Aug_03_09_Final.pdf) A Field Study on Matching with Network Externalities,** by Mariagiovanna Baccara, Ayse Imrohoroglu, Alistair Wilson, and Leeat Yariv, Working Paper EC-09-13, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://pages.stern.nyu.edu/~dbackus/GE_asset_pricing/disasters/BCM_disasters_latest.pdf) Disasters implied by equity index options,** by David Backus, Mikhail Chernov, and Ian Martin, Working Paper EC-09-14, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://www.stern.nyu.edu/networks/Economides_Lianos_Microsoft_Remedies.pdf) The Quest for Appropriate Remedies in the Microsoft Antitrust EU Cases: A Comparative Appraisal,** by Nicholas Economides and Ioannis Lianos, Working Paper EC-09-15, Stern School of Business, N.Y.U. --- [![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://pages.stern.nyu.edu/~gclement/Papers/facts.pdf) **Executive Compensation: Facts,** by Gian Luca Clementi and Thomas Cooley, Working Paper EC-09-16, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://pages.stern.nyu.edu/~mbaccara/Adoption_Nov_09.pdf) Gender and Racial Biases: Evidence from Child Adoption,** by Mariagiovanna Baccara and Allan Collard-Wexler, Working Paper EC-09-17, Stern School of Business, N.Y.U. --- **[![http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif "http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif")](http://web-docs.stern.nyu.edu/old_web/economics/docs/workingpapers/2009/Frame%20&%20White%20for%20Ghosal%20v8.pdf) The Federal Home Loan Bank System: Current Issues in Perspective,** by W. Scott Frame and Lawrence J. White, Working Paper EC-09-18, Stern School of Business, N.Y.U.