Bank Credit Cycles

co-authored with Ping He, Review of Economic Studies (2008) 75, 1181-1214

Bank Regulation when “Banks” and “Banking” are not the same

Oxford Review of Economic Policy, Vol. 10, No. 4

Banks and Derivatives

co-authored with Richard Rosen, NBER Macroeconomics Annual 1995, Vol. 10, p. 229-349

Banks and loan sales Marketing nonmarketable assets

co-authored with George Pennacchi, Journal of Monetary Economics 35 (1995) 389-411

Banks as Secret Keepers

co-authored with Tri Vi Dang, Bengt Holmstrom and Guillermo Ordonez, American Economic Review 2017, 107(4): 1005–1029

Corporate Control, Portfolio Choice, and the Decline of Banking

co-authored with Richard Rosen, The Journal of Finance, Vol. L, No. 5, December 1995

Design of Bank Loan Contracts

co-authored with James Kahn, The Review of Financial Studies, Vol. 13, No. 2 (Summer, 2000), pp. 331-364

Financial Intermediaries and Liquidity Creation

co-authored with George Pennacchi, The Journal of Finance, Vol. 45, No. 1, March 1990

Financial Intermediation

co-authored with Andrew Winton, Chapter 08 in Handbook of the Economics of Finance, 2003, vol. 1, Part 1, pp 431-552

Liquidity Provision, Bank Capital, and the Macroeconomy

co-authored with Andrew Winton, Journal of Money, Credit and Banking, Vol. 49, No. 1 (February 2017)


co-authored with Andrew Metrick, (November 17, 2011). Available at SSRN or

Special Purpose Vehicles and Securitization

co-authored with Nicholas Souleles, (September 1, 2005). FRB Philadelphia Working Paper No. 05-21

The Development of Opacity in U.S. Banking

Yale Journal on Regulation Vol. 3 (2014) Issue 3