Home Address/Phone Business Address/Phone

“Efficiency Barriers to the Consolidation of the European Financial Services Industry,” European Financial Management, with Allen N. Berger and Robert DeYoung (December 2000).
“The Globalization of Financial Institutions: Evidence from Cross Border Banking Performance,” The Brookings-Wharton Papers on Financial Services, with Allen N. Berger, Robert DeYoung, and Hesna Genay (2000).
“The Effects of Bank Mergers and Acquisitions on Small Business Lending,” Journal of Financial Economics, with Allen N. Berger, Anthony Saunders, and Joseph Scalise (November 1998).
“The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle,” Journal of Banking and Finance, with Allen N. Berger (August 1998).
“Relationship Lending and Lines of Credit in Small Firm Finance,” Journal of Business, with Allen N. Berger (July 1995).
“The Effect of Bank Capital Requirements on Bank Off-Balance Sheet Financial Innovations,” Journal of Banking and Finance, with Julapa Jagtiani and Anthony Saunders (1995). Reprinted in The Regulation and Supervision of Banks editied by Maximilian J.B. Hall, Edward Elgar Publishing Limited (2000).
“Financial System Design for Formerly Planned Economies: Defining the Issues,” Financial Markets, Institutions and Instruments, with Paul Wachtel (May 1995).
“Did Risk-Based Capital Allocate Bank Credit and Cause a 'Credit Crunch' in the U.S.,” Journal of Money, Credit and Banking, with Allen N. Berger (August 1994). Reprinted in The Regulation and Supervision of Banks edited by Maximilian J.B. Hall, Edward Elgar (2000).
“The Economics of Private Placements: A New Look,” Financial Markets, Institutions and Instruments, with Mark Carey, John Rea and Stephen Prowse (August 1993).
“Some Evidence on the Empirical Significance of Credit Rationing,” Journal of Political Economy, with Allen N. Berger (October 1992). Reprinted in New Theories of Market Failure: A Critical Examination, Chicago: The University of Chicago Press, 2003.
“The Pricing of Retail Deposits: Concentration and Information,” Journal of Financial Intermediation, with Linda Allen and Anthony Saunders (December 1991).
“Deposit Insurance Reform: What are the Issues and What Needs to be Fixed,” Journal of Banking and Finance, with Mitchell Berlin and Anthony Saunders (September 1991). Reprinted in The Regulation and Supervision of Banks editied by Maximilian J.B. Hall, Edward Elgar Publishing Limited (2000).
“Credible Commitments, Contract Enforcement Problems and Banks: Intermediation as Credibility Assurance,” Journal of Banking and Finance, with Arnoud W. A. Boot and Anjan V. Thakor (June 1991).
“Secured Lending and Default Risk: Equilibrium Analysis, Policy Implications and Empirical Results,” The Economic Journal, with Arnoud W. A. Boot and Anjan V. Thakor (May 1991).

“Collateral, Loan Quality, and Bank Risk,” Journal of Monetary Economics, with Allen N. Berger (January 1990).
“Loan Quality, Commercial Loan Review and Loan Officer Contracting,” Journal of Banking and Finance, (December 1989).
“Competition, Risk Neutrality and Loan Commitments,” Journal of Banking and Finance, with Arnoud W. A. Boot and Anjan V. Thakor (September 1987).
“An Economic Rationale for the Pricing Structure of Loan Commitments,” Journal of Banking and Finance, with Anjan V. Thakor (June 1987).
“Pricing Returned Check Charges Under Asymmetric Information,” Journal of Money, Credit and Banking (November 1986).
Other Publications
“Banking in Japan,” with Hiro Uchida in Oxford Handbook of Banking, edited by Allen Berger, Phil Molyneux and John Wilson, Oxford University Press (forthcoming).
“Innovation, Organizations and Small Business Lending,” The Changing Geography of Banking, edited by Pietro Alessandrini, Michele Fratianni and Alberto Zazzaro, Cambridge University Press (forthcoming).
“How do Japanese Banks Discipline Small and Medium-Sized Borrowers?: An Investigation of the Deployment of Lending Technologies,” with Hirofumi Uchida and Nobuyoshi Yamori. International Finance Review (forthcoming).
Asset-Based Finance, New York: Commercial Finance Association (2004).
The Future of Community Banking, a special issue of Journal of Financial Services Research, co-edited with William C. Hunter and Robert DeYoung (2004).
“Whither the Community Bank,” Journal of Financial Services Research, with Robert DeYoung and William C. Hunter (2004 – also published in the Chicago Fed Letter, Federal Reserve Bank of Chicago, June 2002).
Principles of Money, Banking and Financial Markets 11th Ed. with Lawrence S. Ritter and William Silber. New York: Addison Wesley Longman (2004).
“Financing Small and Medium-size Enterprises with Factoring: Global Growth in Factoring and Its Potential in Eastern Europe, World Bank Monograph, with Marie H.R. Bakker and Leora Klapper (2004).
“SME Lending: Defining the Issues in a Global Perspective,” Papeles de Economia Espanola (2004).
“Bank Mergers and Acquistions: The Impact on Small Business Lending,” Proceedings of the Bank Structure and Competition Conference: How Do Banks Compete, Federal Reserve Bank of Chicago (2004).
“Private Information Exchange,” with Jarl G. Kallberg, in Credit Reporting Systems and the International Economy edited by Margaret Miller, MIT Press (2003).
“Relationship Lending in the Argentine Small Business Credit Market,” with Allen N. Berger, Leora F. Klapper and Margaret J. Miller in Credit Reporting Systems and the International Economy edited by Margaret Miller, MIT Press (2003).
“Small Business and Debt Finance,” with Allen N. Berger in Handbook of Entrepreneurship edited by Zoltan J. Acs and David B. Audretsch, Kluwer Academic Publishing (2003).
“The Future of Relationship Lending,” with Allen N. Berger, in The Future of Banking edited by Benton Gup, 1Westport: Quorum Books (2003).
“Comments on Relationship Lending,” Proceedings of the Federal Reserve Bank of Chicago Conference on Bank Structure and Competition (2002).
“The Effect of Banking Market Size Structure on Bank Competition: The Case of Small Business Lending,” with Allen N. Berger and Richard Rosen, Proceedings of the Federal Reserve Bank of Chicago Conference on Bank Structure and Competition (2001).
“The Ability of Banks to Lend to Informationally Opaque Small Businesses,” with Allen N. Berger and Leora F. Klapper, Proceedings of the Federal Reserve Bank of Chicago Conference on Bank Structure and Competition (2001). This paper was also published in the Journal of Banking and Finance (December 2001).
Comments on “What is a Relationship Worth? The Benefit of Embeddedness in Corporate Financing” by Brian Uzzi, ABankruptcy and Small Firm’s Access to Credit” by Jeremy Berkowitz and Michelle J. White, and “A Comparison of Small Business Finance in Two Chicago Minority Neighborhoods” by Paul Huck, Sherrie Rhine, Philip Bond and Rob Townsend, Business Access to Capital and Credit edited by Richard W. Lang, Federal Reserve Bank of Dallas (1999).
“Banking Consolidation and Small Business Finance: What Will Happen In Europe?”, with Allen N. Berger, CEPR Conference Volume, The Changing European Financial Landscape (1999)
“An Overview of Small Business Finance,” with Allen N. Berger, Analisis Financiero Internacional (1999).
Comment on “Consolidation and Bank Branching Patterns,” by Robert B. Avery, Raphael W. Bostic, Paul S. Calem and Glenn B. Canner, Journal of Banking and Finance (1999).
The Economics of Small Business Finance, a special issue of the Journal of Banking and Finance coedited with Allen N. Berger (1998).
“The Relationship Between Banks and Corporate Borrowers,” in the proceedings of the Korea Institute of Finance Conference on Banking Sector Reform in a Globalizing Environment (November 1997).
“The Consolidation of the Banking Industry and Small Business Lending,” in Bank Mergers and Acquisitions edited by Yakov Amihud and Jeoffrey Miller. Amsterdam: Kluwer (1997).

“Universal Banking and the Future of Small Business Lending,” with Allen N. Berger in Universal Banking edited by Anthony Saunders and Ingo Walter. New York: Business One Irwin (1996).
“Financial Institutions and the Growth of Bank Derivative Activities,” with Julapa Jagtiani and Anthony Saunders in Derivatives, Regulation and Banking edited by Barry Schachter. Amsterdam: North Holland (1995).
“The Changing Role of Life Insurance Companies in the Private Placement Market” with Mark Carey, Stephen Prowse and John Rea in The Dynamics of the Insurance Industry, edited by Edward Altman and Irwin Vanderhoof. New York: Business One Irwin (1994).
“The Economics of the Private Placement Market,” Federal Reserve Board Staff Study, with Mark Carey, Stephen Prowse and John Rea. (December 1993).
“Recent Developments in the Market for Privately Placed Debt,” The Federal Reserve Bulletin, with Mark Carey, Stephen Prowse and John Rea (February 1993).
“Securitization, Risk, and the Liquidity Problem in Banking,” with Allen N. Berger in Structural Change in Banking, edited by Michael Klausner and Lawrence J. White. New York: Business One Irwin (1993).
“Small Firms, Commercial Lines of Credit, and Collateral,” with Allen N. Berger in Proceedings of the 8th Annual Meeting of the International Symposium on Cash, Treasury, & Working Capital Management (October 1992).
“Monitoring Financial Institutions,” with Sankarshan Acharya in The New Palgrave Dictionary of Money and Finance edited by Peter Newman, Murray Milgate and John Eatwell, New York: The Stockton Press (1992).
“The Private Placement Market: Intermediation, Life Insurance Companies, and a Credit Crunch,” with Mark S. Carey, Stephen Prowse and John Rea. Proceedings of the Federal Reserve Bank of Chicago Conference on Bank Structure and Competition (1992).
“The Role of Empirical Research in Deposit Insurance Reform: Views of One Caught in the Middle (by Myron Kwast) -- A Comment,” Proceedings Volume of the American Statistical Association 1991 Annual Meetings (1992).
The Management and Regulation of Depository Institutions: A Book of Readings, co-edited with Anthony Saunders and Lawrence J. White. Rancho Santa Fe: Bristlecone Books (1992).
“Will Small Banks Survive? Small Banks and the Theory of Financial Intermediation,” in Recent Developments in Finance edited by Anthony Saunders. New York: Business One Irwin (1992).
Deposit Insurance Reform, A Special Issue of the Journal of Banking and Finance, co-edited with Mitchell Berlin and Anthony Saunders (September 1991).
“Money Market Mutual Funds in the United States,” in Funds and Portfolio Management in Europe and the USA, edited by Stafano Preda. Amsterdam: North-Holland (1991).

“European Banking Post-1991: Lessons from the United States (by Anthony Santomero) -- A Comment,” in European Banking in the 1990s, edited by Jean Dermine. Oxford: Basil Blackwell Ltd (1990).
“Designing the Optimal Loan Review Policy: An Analysis of Loan Review in Midwestern Banks,” Monograph: Herbert V. Prochnow Educational Foundation, Inc. (1987).
“Designing the Optimal Loan Review Policy,” Proceedings of the Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago (1987).
“Technology and Bank Monitoring,” in Technology and the Regulation of Financial Markets, edited by Anthony Saunders and Lawrence J. White. Lexington: Lexington Books (1986).

Current Working Papers

“Bank Lending, Financing Constraints and SME Investment,” with Santiago Carbo-Valverde and Francisco Rodriguez-Fernandez (2008).

“Liberalization, Corporate Governance, and Savings Banks” with Manuel Illueca Muñoz and Lars Norden (2008).
“Why Do Firms Switch Banks?” with Radhakrishnan Gopalan and Vijay Yerramilli (2007)
“Bank Market Power and SME Financing Constraints,” with Santiago Carbo-Valverde and Francisco Rodriguez-Fernandez (2007).
“Loan Officers and Relationship Lending,” Research Institute of Economy, Trade and Industry (RIETI), Discussion Paper 06-E-031, with Hirofumi Uchida and Nobuyoshi Yamori (June 2006).
“Are Trade Creditors Relationship Lenders,” Research Institute of Economy, Trade and Industry (RIETI), Discussion Paper 06-E- 26, with Hirofumi Uchida and Wako Watanabe (April 2006).
“Information Verifiability, Bank Organization, Bank Competition and Bank-Borrower Relationships,” Research Institute of Economy, Trade and Industry (RIETI), Discussion Paper 06-E-003, with Masaji Kano, Hirofumi Uchida, and Wako Watanabe (January 2006).
“The Benefits of Lending Relationships During Banking Crisis” by Sang Yong Park, Bo Sung Shin and Gregory F. Udell (2006).
“Financial Constraints, Start-up Firms, and Personal Commitments” with Ugur Lel (2005).

Current and Past Professional Activities

Associate Editor, Journal of Money, Credit and Banking

Associate Editor, Journal of Financial Services Research

Associate Editor, The Journal of Entrepreneurial Finance and Business Ventures

Associate Editor, Journal of Banking and Finance (1995-2007)

Editorial Review Board, Business Horizons

Editorial Board, Small Business Economics Journal

Editorial Board, Foundations and Trends in Entrepreneurship

Referee - numerous finance and economics academic journals and the National Science Foundation

Visiting Consultant, Federal Reserve Bank of Chicago

Visiting Consultant, Federal Reserve Bank of San Francisco

Visiting Consultant, The Board of Governors of the Federal Reserve System

Consultant, The World Bank

Consultant, The International Finance Corporation

Consultant, The Peoples Bank of China

Consultant, The Riksbank

Member, World Bank Advisory Panel on Collateral

Member, Academic Advisory Council, Turnaround Management Association

Member, Indiana University Tenure Advisory Committee

Visiting Scholar, Bank of Japan (2005)

Member, Dean Review Committee (Dean Roger Schmenner - 2005-2006)

Member, Board of Directors, Financial Management Association (2004-2006)

Financial Management Association - Vice President-Global Services (2001-2003)

Chair, Promotion and Tenure Committee, Kelley School of Business (2002-2003)

Member, Promotion and Tenure Committee, Kelley School of Business (2000-2003)

Financial Management Association - Financial Institutions Track Chair (2001 U.S. meetings)

Faculty Advisor, The Undergraduate Investment Workshop, Kelley School of Business (2001-2002)

Member, MBA Policy Committee, Kelley School of Business (1998-2000)

Faculty Advisor, Investment Banking Academy, Kelley School of Business (1998-2000)

Advisory Board, The Ross Institute, Stern School of Business (1998)

Financial Management Association - Financial Institutions Track Chair (1997 European meetings)

Board Member, Urban Business Assistance Corporation, Stern School of Business (1997-1998)

Director, William R. Berkley Center for Entrepreneurial Studies, Stern School of Business (1996-1998)

Board Member, Entrepreneurial Exchange, Stern School of Business (1996-1998)

Chairman, Stern School of Business MBA Curriculum Committee (1993-1996)
Teaching

Commercial and Investment Banking - Indiana University (MBA)

Financial Intermediation - Indiana University (MBA)

Seminar on Financial Institutions – Indiana University (Ph.D.)

Venture Analysis - Indiana University (MBA)

Venture Capital and Entrepreneurial Finance - Indiana University (undergraduate)

Investment Banking - Indiana University (undergraduate)

Bank and Financial Intermediation - Indiana University (undergraduate)

Financial Intermediation – International Graduate Business School, Zagreb, Croatia (MBA)

Entrepreneurship and Entrepreneurial Finance – International Grad. Bus. Sch., Zagreb, Croatia (MBA)

Commercial and Investment Banking – Indian School of Business, Hyderabad, India (MBA)

Entrepreneurial Finance - New York University (MBA)

Financial Markets: Structure & Performance - New York University (MBA)

Foundations of Finance - New York University (MBA)

Investment Banking - New York University (undergraduate, MBA)

Money, Banking & Financial Markets - New York University (undergraduate)

Planning and Starting a New Business - New York University (MBA)

Policymaking in Financial Institutions - New York University (undergraduate, MBA, Exec MBA)

Seminar in Financial Theory and Markets - New York University (Ph.D.)

Introduction to Finance - Indiana University (undergraduate)

Introduction to Economics - Northern Illinois University (undergraduate)
Conference Participation

Financial Management Association (October 2008): TC

European Finance Association Meetings (August 2008): P

FIRS Conference (June 2008): PC, P

Bank Structure and Competition, FRB of Chicago (May 2008): PC, P

World Bank Conference on Small Business Finance (May 2008), PM

American Finance Association (January 2008): P

Conference on Community Banks, FRB of Kansas City (November 2007): CC, D

Financial Management Association (October 2007): D

European Finance Association (August 2007): CC, P, D

Financial Management Association European Conference (May 2007): CC

Bank Structure and Competition, FRB of Chicago (May 2007): PC, D

Midwest Finance Association (March 2007): PC

The Changing Geography of Banking, Ancona, Italy (September 2006): PC, K

Small Business Lending and Credit, Venice, Italy (September 2006): PC, P

Financial Intermediation Research Society Conference, Shanghai (June 2006): D

Bank Structure and Competition, FRB of Chicago (May 2006): PC

RIETI Policy Symposium on Japan’s Financial System, Tokyo (February 2006): P

Financial Management Association (October 2005): C, D

Financial Management Association European Conference (June 2005): P, D

American Finance Association (January 2005): D

Bank Structure and Competition, FRB of Chicago (May 2005): PC

Australasian Finance and Banking Conference, Sydney (December 2004): K

Conference on SMEs, The World Bank, Washington, DC (October 2004): P, D

Conference on Money, Financial System, and Economic Growth, Salamanca, Italy (July 2004): K

Bank Structure and Competition, FRB of Chicago (May 2004): PM.

SBA/Kaufman Foundation Conference on Entrepreneurship in the 21^st Century (March 2004): P

APEC Conference on SME Financing, Seoul (November 2003): P, C

World Bank Conference on Bank Privatization in Low and Middle Income Countries (November 2003): P.

Financial Management Association (October 2003): C, P, D.

Conference on Italian Clusters, Industrial Districts and Firms, Modena (Sept. 2003): K

CREI/JFI Conference on Financial Structure and Monetary Policy Channels, Barcelona (July 2003) P

Turnaround Management Association (June 2003): P

Financial Management Association European Conference (June 2003): P

Bank Structure and Competition, FRB of Chicago (May 2003): P

Conference on Retail Credit, FRB of Philadelphia (April 2003): D

World Bank Conference on Bank Concentration and Competition (April 2003): D

Conference on Community Banking, FRB of Chicago (March 2003): CC, P

Financial Management Association (October 2002): P (2 papers)

Bank Structure and Competition, FRB of Chicago (May 2002): D

Procyclicality Conference of the CGFS in Basel (March 2002): P

Australasian Finance and Banking Conference, Sydney (December 2001): K, C

Financial Management Association (October 2001): PC, C, P

Western Finance Association (June 2001): P

Bank Structure and Competition, FRB of Chicago (May 2001): P (2 papers)

North American Economics and Finance Assoc./ASSA (January 2001): D

Financial Management Association (October 2001): PC, C, D

Australasian Finance and Banking Conference (December 2000): P

World Bank Conference on Credit Reporting Systems (June 2000): P

Indiana/Kelley Sch. Symposium on Crisis Events in Fin. Intermediation and Securities Mkts (Feb 2000): CC

American Economics Association (Jan. 2000): D

American Finance Association (Jan. 2000): D

International Atlantic Economic Society (Jan. 2000): P

Brookings Institution, Brookings-Wharton Conf. on Financial Industry Consolidation (Oct. 1999): P

Financial Management Association (October 1999): P

University of Warwick Conference on Funding Gaps Controversies (April 1999): P, D, PM

Federal Reserve System Conference on Business Access to Capital and Credit (March 1999): D

Financial Management Association (October 1998): PC, D

U. of Syracuse Conference on Entrepreneurship and Emerging Enterprises (October 1998): P

CEPR/European Summer Institute (September 1998): P

Federal Reserve Bank of NY Conference on Banking Consolidation (May 1998), D

II Foro de Finanzas de Segovia, Segovia Spain (July 1998), K

Korean Institute of Finance Conference on Banking Sector Reform (Dec. 1997), PM, C, P

University of Frankfurt Center for Financial Studies Conference on Credit (November 1997) P, D

Financial Management Association (October 1997): PC, C

Financial Management Association - International (May 1997): PM,PC

Stern Berkley/Salomon Center Conf. on The Economics of Small Business Finance (May 1997): CC, C

Stern Salomon Center Conference on Mergers of Financial Institutions (October 1996): D

Financial Management Association (October 1996): PM, PC

JFI Symposium on Financial Intermediation and Corporate Finance (June 1996): D

North American Economics and Finance Assoc. (January 1996): P

Financial Management Association (October 1995): D,PC.

JFI Symposium on Micro Structure and Financial Intermediation, (May 1995): D

Stern Salomon Center Conference on Universal Banking (February 1995): P

Financial Management Association (October 1994): D

JFI Symposium on Financial Intermediation, (May 1994): P

Levy Institute of Bard College, Banking Conference (March 1994): P

American Finance Assoc./North American Economics and Finance Assoc. (January 1994): P

Credit Allocation Conference, FRB of Cleveland (October 1993): P

Financial Management Association (October 1993): C, D, PC

Stern Salomon Center Conference on Life Insurance Industry (May 1993): P

Conference on Financial Design, Northwestern/JFI (May 1993): D

Eastern Economic Association (March 1993): D

Financial Management Association (October 1992): P

International Symposium on Cash, Treasury, & Working Capital Management (Oct 1992): P

Bank Structure and Competition, FRB of Chicago (May 1992): P

Stern Salomon Center/School of Law Banking Conference (Nov 1991): P.

Financial Management Association (October 1991): PC, P

European Finance Association (August 1991): P

American Statistical Association (August 1991): D

Western Finance Association (June 1991): C, PC

Stern Salomon Center Conference on Deposit Insurance Reform (May 1991): CC
(K = Keynote Speaker; CC = conference coordinator; C = session chairman; PM = panel member; P = paper presentation; D = discussant; PC = track chair and/or program committee)

Selected Awards/Honors/Grants

Keynote Speaker, Conference on the Changing Geography of Banking, Ancona, Italy (September 2006)

Keynote Speaker, Australasian Finance and Banking Conference, Sidney, Australia (December 2004)

Keynote Speaker, Conf. on Money, Financial System, and Economic Growth, Salamanca, Spain (July 2004)

Keynote Speaker, Conference on Clusters, Industrial Districts and Firms, Modena, Italy (September 2003)

Keynote Speaker, Australasian Finance and Banking Conference, Sidney, Australia (December 2001)

Senior Faculty Research Excellence Award, Indiana University (1998-99)

TERA Teaching Excellence Award, Indiana University (1998-99)

Bank and Financial Analysts Association Fellow, New York University (1993-1994)

Herbert V. Prochnow Education Foundation, Inc. grant: “Analysis of the Small and Medium-sized Commercial Bank Customer” (1990-1991)

Bank and Financial Analysts Association Fellow, New York University (1988-1989)

Herbert V. Prochnow Education Foundation, Inc. grant: “Designing the Optimal Loan Review Policy: An Analysis of Loan Review in Midwestern Banks” (1986-1987).

Financial Management Association Finance Doctoral Student Seminar Participant, Annual Meetings (1982).