## Recent Publications

**Author(s)** **Title/Publication**   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
Bart Lambrecht  “A Theory of Income Smoothing when Insiders Know More than Outsiders," forthcoming, *Review of Financial Studies*.   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
[Bruce Tuckman](http://www.stern.nyu.edu/faculty/bio/bruce-tuckman) “Unintended Consequences of Lender of Last Resort Facilities: The Case of Illiquid Leverage," forthcoming, *IMF Economic Review*.   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
Stephen Schaefer
Yili Zhang “Liquidity Risk and Correlation Risk: A Clinical Study of the General Motors and Ford Downgrade of 2005," forthcoming, *Quarterly Journal of Finance*.   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
[Itamar Drechsler](http://www.stern.nyu.edu/faculty/bio/itamar-drechsler)
[Philipp Schnabl](http://www.stern.nyu.edu/faculty/bio/philipp-schnabl) “A Pyrrhic Victory? Bank Bailouts and Sovereign Credit Risk," forthcoming, *Journal of Finance*.   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
Nada Mora “A Crisis of Banks as Liquidity Providers," forthcoming, *Journal of Finance.*   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
Sascha Steffen “The Greatest Carry Trade Ever? Understanding Eurozone Bank Risks," *Journal of Financial Economics*, 2015, 115, 215-236.   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
[Robert Engle](http://www.stern.nyu.edu/faculty/bio/robert-engle)
Diane Pierret “Testing Macro-prudential Stress Tests: The Risk of Regulatory Risk Weights," *Journal of Monetary Economics*, 2014, 65, 36-53.   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
Heitor Almeida
Filippo Ippolito
Ander Perez “Credit Lines as Monitored Liquidity Insurance: Theory and Evidence,"
*Journal of Financial Economics,* 2014, 112, 287-319.   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
Ramin Baghai
Krishnamurthy Subramanian “Wrongful Discharge Laws and Innovation," *Review of Financial Studies*, 2014, 27, 301-346.   [Viral V. Acharya](http://www.stern.nyu.edu/faculty/bio/viral-acharya)
Alberto Bisin “Counterparty Risk Externality: Centralized versus Over-the-counter Markets," *Journal of Economic Theory*, 2014, 149, 153-182.   [Edward Altman](http://www.stern.nyu.edu/faculty/bio/edward-altman)
B. Branch “The Bankruptcy System’s Chapter 22 Recidivism Problem: How Serious is it?,” the *Financial Review*, Vol. 50, No. 1, 2015.   [Edward Altman](http://www.stern.nyu.edu/faculty/bio/edward-altman)
J. Forssbeck (ed.)
L. Oxelheim (ed.) “Transparent and Unique Sovereign Default Risk Assessment,” Chapter 5 in *The Oxford Handbook of Economic and Institutional Transparency*, Oxford University Press, 2015.   [Edward Altman](http://www.stern.nyu.edu/faculty/bio/edward-altman)
B. Kuehne “Special Commentary: a note on credit market bubbles,” *International Journal of Banking & Finance*, Vol. 5, No. 4, 2014.    [Edward Altman](http://www.stern.nyu.edu/faculty/bio/edward-altman) “Revisiting the Recidivism-Chapter 22 Phenomenon in the U.S. Bankruptcy System,” *Brooklyn Journal of Corporate, Financial & Commercial Law*, Vol. 8, No. 2, Spring 2014.   [Edward Altman](http://www.stern.nyu.edu/faculty/bio/edward-altman)
E. Kalotay “Ultimate Recovery Mixtures,” *Journal of Banking & Finance*, Vol. 40, No. 1, March 2014.   [Edward Altman](http://www.stern.nyu.edu/faculty/bio/edward-altman)
J. Gonzalez-Heres
P. Chen
S. Shin “The Return/Volatility Tradeoff of Distressed Corporate Debt Portfolios,” *The Journal of Portfolio Management*, Winter 2014.   [Edward Altman](http://www.stern.nyu.edu/faculty/bio/edward-altman) “The Role of Distressed Debt Markets and Trends in Bankrutpcy,” *American Bankruptcy Institute Law Review*. Vol. 22, No. 1, Winter 2014.   [Edward Altman](http://www.stern.nyu.edu/faculty/bio/edward-altman)
B. Kuehne “Defaults and Returns in the High-Yield Bond Market,” *Journal of Financial Management and Markets*, Vol. 1, No. 2, 2014.   [Itamar Drechsler](http://www.stern.nyu.edu/faculty/bio/itamar-drechsler) “Risk Choice Under High-Water Marks”, *Review of Financial Studies*, 27(7), July 2014, 2052- 2096.   [Robert Engle](http://www.stern.nyu.edu/faculty/bio/robert-engle)
Eric Jondeau
Michael Rockinger “Systemic Risk in Europe,” forthcoming in *Review of Finance*, 2014.   [Robert Engle](http://www.stern.nyu.edu/faculty/bio/robert-engle)
Abhishek Mistry “Priced Risk and Asymmetric Volatility in the Cross-Section of Skewness,” *Journal of Econometrics* (September 2014), Volume 182, pages 135-144.   [Xavier Gabaix](http://www.stern.nyu.edu/faculty/bio/xavier-gabaix)
Matteo Maggiori “International Liquidity and Exchange Rate Dynamics,” *Quarterly Journal of Economics*, forthcoming.   [Xavier Gabaix](http://www.stern.nyu.edu/faculty/bio/xavier-gabaix) “A Sparsity-Based Model of Bounded Rationality,” *Quarterly Journal of Economics*, vol. 129(4), 2014, p. 1661–1710.   [Xavier Gabaix](http://www.stern.nyu.edu/faculty/bio/xavier-gabaix)
Augustin Landier
Julien Sauvagnat “CEO Pay and Firm Size: an Update after the Crisis”, *Economic Journal*, 2014, vol. 124, p. F40-F59.   [Samuel Lee](http://www.stern.nyu.edu/faculty/bio/samuel-lee)
Mike Burkart "Signaling to Dispersed Shareholders and Corporate Control," *Review of Economic Studies*, forthcoming.   [Richard Levich](http://www.stern.nyu.edu/faculty/bio/richard-levich)
Frank Packer "Development and Functioning of FX Markets in Asia and the Pacific." in *Cross-Border Financial Linkages in Asia and the Pacific*, Bank for International Settlements, conference series, 2015 (forthcoming)   [Richard Levich](http://www.stern.nyu.edu/faculty/bio/richard-levich)
Valerio Poti “Predictability and 'Good Deals' in Currency Markets,” *International Journal of Forecasting*, 2015. (forthcoming)   [Richard Levich](http://www.stern.nyu.edu/faculty/bio/richard-levich)
Momtchil Pojarliev “Evaluating Absolute Return Managers,” *Financial Markets and Portfolio Management*, February 2014, Vol. 28, no. 1, pp. 95-103.   [Richard Levich](http://www.stern.nyu.edu/faculty/bio/richard-levich) (ed.)
Momtchil Pojarliev (ed.)  "The Role of Currency for Institutional Portfolios," Risk Books, London, UK. 2014.   [Richard Levich](http://www.stern.nyu.edu/faculty/bio/richard-levich)
Momtchil Pojarliev “Should investors avoid or seek out currency risk? How to resolve a long-standing puzzle,” *Journal of Financial Perspectives*, 2014 Vol. 2, Issue 3, pp. 59-64.   [Richard Levich](http://www.stern.nyu.edu/faculty/bio/richard-levich)
Momtchil Pojarliev “A Case for Currency in Institutional Portfolios,” in M. Pojarliev and R. Levich (eds.), *The Role of Currency for Institutional Portfolios*, Risk Books, 2014.   [Richard Levich](http://www.stern.nyu.edu/faculty/bio/richard-levich)
Valerio Poti
Pierpaolo Pattitoni
Paolo Cucurachi "Predictability, Trading Rule Profitability and Learning in Currency Markets," *International Review of Financial Analysis*, May 2014, Vol. 33, pp. 117-29.    [Richard Levich](http://www.stern.nyu.edu/faculty/bio/richard-levich) “Counterparty Risk and the Choice of Trading Venues: Currency Futures vs. Forward Markets,” *Open Markets*, The CME Group, 2014. (forthcoming)   [Alexander Ljungqvist](http://www.stern.nyu.edu/faculty/bio/alexander-ljungqvist)
Florian Heider "As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes," *Journal of Financial Economics*, 2015. (forthcoming)   [Alexander Ljungqvist](http://www.stern.nyu.edu/faculty/bio/alexander-ljungqvist)
John Asker
Joan Farre-Mensa  "Corporate Investment and Stock Market Listing: A Puzzle?", *Review of Financial Studies*, 2015   [Alexander Ljungqvist](http://www.stern.nyu.edu/faculty/bio/alexander-ljungqvist)
[Mary Brooks Billings](http://www.stern.nyu.edu/faculty/bio/mary-billings)
Karthik Balakrishnan
Bryan T. Kelly "Shaping Liquidity: On the Causal Effects of Voluntary Disclosure," *Journal of Finance*, 2014   [Alexander Ljungqvist](http://www.stern.nyu.edu/faculty/bio/alexander-ljungqvist)
Yael V. Hochberg
Annette Vissing-Jorgensen  "Informational Holdup and Performance Persistence in Venture Capital," *Review of Financial Studies,* 2014.   [Thomas Michael Mertens](http://www.stern.nyu.edu/faculty/bio/thomas-mertens)
Tarek A. Hassan "Information Aggregation in a DSGE Model", *NBER Annual in Macroeconomics*, 2014.   [Holger M. Mueller](http://www.stern.nyu.edu/faculty/bio/holger-mueller)
Xavier Giroud "Capital and Labor Reallocation within Firms", *Journal of Finance* (Forthcoming).    [Holger M. Mueller](http://www.stern.nyu.edu/faculty/bio/holger-mueller)
Mike Burkart
Denis Gromb
Fausto Panunzi "Legal Investor Protection and Takeovers", *Journal of Finance* 69, 1129-1165, 2014 .   [Thomas Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon) “Has the U.S. Finance Industry Become Less Efficient?”, *American Economic Review*, 2014 (Forthcoming).   [Anthony Saunders](http://www.stern.nyu.edu/faculty/bio/anthony-saunders)
Berg
Steffen “The Total Cost of Corporate Borrowing: Don’t Forget the Fees”, *Journal of Finance* (Forthcoming).   [Anthony Saunders](http://www.stern.nyu.edu/faculty/bio/anthony-saunders)
Li
Shao “Do Transactional Loans Behave Differently from Relationship Loans”, *Journal of Money Credit and Banking* (Forthcoming).   [Anthony Saunders](http://www.stern.nyu.edu/faculty/bio/anthony-saunders)
Massoud
Hassan
Song “Should Short Selling of Stock be Restricted?”, *Journal of Banking and Finance* (Forthcoming).   [Anthony Saunders](http://www.stern.nyu.edu/faculty/bio/anthony-saunders)
Li
Shao “Regulation Fair Disclosure and Credit Markets, *Journal of Banking and Finance* (Forthcoming).   [Anthony Saunders](http://www.stern.nyu.edu/faculty/bio/anthony-saunders) “Is Basel Turning Banks Into Public Utilities?", *Journal of Financial Perspectives* (Forthcoming).   [Anthony Saunders](http://www.stern.nyu.edu/faculty/bio/anthony-saunders) “The Regulatory Experience in the US and the Lessons for a European Banking Union", *Journal of Financial Perspectives* (Forthcoming).   [Philipp Schnabl](http://www.stern.nyu.edu/faculty/bio/philipp-schnabl)
Daniel Paravisini
Veronica Rappoport
Daniel Wolfenzon “Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data”, *Review of Economic Studies* (Forthcoming).   [Johannes Stroebel](http://www.stern.nyu.edu/faculty/bio/johannes-stroebel)
Pablo Kurlat "Testing for Information Asymmetries in Real Estate Markets", *Review of Financial Studies* (Forthcoming).   [Johannes Stroebel](http://www.stern.nyu.edu/faculty/bio/johannes-stroebel) "Asymmetric Information about Collateral Values", *Journal of Finance* (Forthcoming).   [Johannes Stroebel](http://www.stern.nyu.edu/faculty/bio/johannes-stroebel)
Stefano Giglio
Matteo Maggiori "Very Long-Run Discount Rates", *Quarterly Journal of Economics*, 130 (1), February 2015.   [Johannes Stroebel](http://www.stern.nyu.edu/faculty/bio/johannes-stroebel)
Sumit Agarwal
Souphala Chomsisengphet
Neale Mahoney "Regulating Consumer Financial Products: Evidence from Credit Cards", *Quarterly Journal of Economics*, 130 (1), February 2015.   [Johannes Stroebel](http://www.stern.nyu.edu/faculty/bio/johannes-stroebel)
Sumit Agarwal
Souphala Chomsisengphet
Neale Mahoney "A Simple Framework for Estimating Consumer Benefits from Regulating Hidden Fees", *Journal of Legal Studies*, 43(S2), June 2014.
[Marti G. Subrahmanyam](http://www.stern.nyu.edu/faculty/bio/marti-subrahmanyam)
P. Augustin
D.Y. Tang
S.Q. Wang "Credit Default Swaps: A Survey," *Foundations and Trends in Finance*, December 2014.    [Marti G. Subrahmanyam](http://www.stern.nyu.edu/faculty/bio/marti-subrahmanyam)
D.Y. Tang
S.Q. Wang "Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk," *Review of Financial Studies*, October 2014.    [Marti G. Subrahmanyam](http://www.stern.nyu.edu/faculty/bio/marti-subrahmanyam)
R. Jankowitsch
F. Nagler "The Determinants of Recovery Rates in the US Corporate Bond Market," *Journal of Financial Economics*, October 2014.    [Rangarajan K. Sundaram](http://www.stern.nyu.edu/faculty/bio/rangarajan-sundaram) "CDS Auctions and Recovery Rates: An Appraisal", *Journal of Derivatives* (Forthcoming).   [Robert Whitelaw](http://www.stern.nyu.edu/faculty/bio/robert-whitelaw)
Jacob Boudoukh
Matthew Richardson "New Evidence on the Forward Premium Puzzle", 2014, *Journal of Financial and Quantitative Analysis* (Forthcoming).   [Robert Whitelaw](http://www.stern.nyu.edu/faculty/bio/robert-whitelaw)
Turan Bali
Nusret Cakici "Hybrid Tail Risk and Expected Stock Returns: When Does the Tail Wag the Dog?", 2014, *Review of Asset Pricing Studies* (Forthcoming).   [Robert Whitelaw](http://www.stern.nyu.edu/faculty/bio/robert-whitelaw)
Salvatore Bruno
Ludwig Chincarini "An Alternative Method to Construct Levered Indexes", 2014, *Journal of Index Investing*, Vol. 5, No. 2, pp. 34-47.   [Jeffrey Wurgler](http://www.stern.nyu.edu/faculty/bio/jeffrey-wurgler)
Malcom Baker “Would Stricter Capital Requirements Raise the Cost of Capital? Bank Capital Regulation and the Low Risk Anomaly”, May 2015, *American Economic Review Papers & Proceedings* (Forthcoming).   [David L. Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack)
David K.C. Lee ed. “Is Bitcoin a Real Currency?”, *The Handbook of Digital Currency* (Elsevier, 2015).   [David L. Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack)
Raymond da Silva Rosa
Michael Kingsbury “Evidence on the Influence Acquired and Premiums Paid by Creeping Blockholders," *Sydney Law Review* (Forthcoming).   [David L. Yermack](http://www.stern.nyu.edu/faculty/bio/david-yermack) “Tailspotting: Identifying and profiting from CEO vacation trips,” *Journal of Financial Economics* 113, 252-269 (August 2014).