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Conference Paper
The panic of 2007
Journal Article
Private clearinghouses and the origins of central banking
Conference Paper
Banks and loan sales: evidence of implicit contracts
Working Paper
Class struggle inside the firm: a study of German codetermination
Under the German system of "codetermination," employees are legally allocated some control rights over corporate assets, in the form of board seats. We empirically investigate the implications of equal board representation compared with one-third employee representation and find a 26% stock market discount on firms with equal representation. Employees redistribute the firm's surplus towards themselves but may also prefer a different objective function for the firm, maximizing employee utility rather than shareholder value. We investigate the shareholder response to codetermination via ...
Conference Paper
The social costs of bank capital
Conference Paper
Pricing bank loans