Corporate governance, financial intermediation and banking, the economies of East Asia, economic and financial history
Ph.D. Harvard University, 1993
"Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today,"Oxford University Press, 2006 (with Paolo Mauro and Nathan Sussman).
"The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950” (with Eugene Kandel, Konstantin Kosenko and Randall Morck), ECGI Finance Working Paper No. 449/2015
"Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment in Israel” (with Assaf Hamdani, Eugene Kandel and Yevgeny Mugerman, NBER Working Paper No. 22634) link to published version, Journal of Law, Finance, and Accounting: Vol. 2: No. 1, pp 49-86, https://www.nowpublishers.com/article/Details/LFA-0015
"The Effect of Minority Veto Rights on Controller Tunneling”, CEPR Discussion Paper No. 12697, February 2018 (with Jesse Fried and Ehud Kamar)
"Institutions and Financial Frictions: Estimating with Structural Restrictions on Firm Value and Investment” (with Stijn Claessens and Kenichi Ueda),Journal of Development Economics, Vol. 110, September 2014, pp. 107-122
"Institutional Investors as Minority Shareholders"(with Assaf Hamdani), Review of Finance, Vo. 17, No. 2, April 2013, pp. 691-725.
"Comovement of Newly Added Stocks with National Market Indices: Evidence from around the World "(with Stijn Claessens), Review of Finance, Vol. 17, No. 1, January 2013, pp. 203-227.
"Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans"?(with Mariassunta Giannetti), Management Science, Vol. 58, No. 2, February 2012, pp. 365-383.
"Long Term Changes in Voting Power and Control Structure following the Unification of Dual Class Shares"(with Beni Lauterbach),Journal of Corporate Finance , Vol. 17, No. 2 (April 2011), pp. 215-228.
"Financial Frictions, Investment and Institutions"(with Stijn Claessens and Kenichi Ueda), CEPR Discussion Paper No. 8170.
"Business Groups in Emerging Markets: Paragons or Parasites?" (with Tarun Khanna), Journal of Economic Literature, "Business Groups in Emerging Markets: Paragons or Parasites?" (with Tarun Khanna), Journal of Economic Literature, Vol. 45, No. 2, pp. 331-373
"Business Groups and Risk Sharing around the World" (with Tarun Khanna),Journal of Business, Vol. 78, No. 1, January 2005, pp. 301-340.
"Sources of Funds and Investment Strategies of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK" (with Colin Mayer and Koen Schoors),Journal of Corporate Finance, Vol. 11, No.3, June 2005, pp 586-608..
"Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690-1790" (with Nathan Sussman).
Journal of Economic History, Vol. 66, No. 4, December 2006, pp. 906-935.
"The Corporation of Foreign Bondholders" (with Paolo Mauro),IMF Working PaperNo. 03/107 .
"Can Venture Capital Funds Pick Winners? Evidence from Pre-IPO Survival Rates and Post-IPO Performance" (with Hedva Ber).
"Japan's Banking Crisis: An Event-Study Perspective" (with Hideaki Miyajima).Journal of Banking and Finance, Forthcoming.
"Japan's Corporate Groups: Some International and Historical Perspectives", in M. Blomström, J. Corbett, F. Hayashi and A. Kashyap (eds.),Structural Impediments to Growth in Japan, University of Chicago Press, pp. 259-284 (also appeared as NBER Working Paper No. 9386, December 2002).
"Corporate Governance in Japan: Past Performance and Future Prospects",Oxford Review of Economic Policy, Vol. 16, No. 2, Summer 2000, pp. 74-84.
"Institutions, Reforms, and Country Risk: Lessons from Japanese Government Debt in the Meiji Period" (with Nathan Sussman) (does not include the graphs) .Journal of Economic History, Vol 6, No. 2, June 2000, pp. 442-467.
"Large Shareholders and Banks: Who Monitors and How?"(with Oved Yosha) ,Economic Journal, Vol. 113, No. 484, January 2003, pp. 128-146.
"Conflict of Interests in Universal Banking: Bank Lending, Stock Underwriting and Fund Management" (with Hedva Ber and Oved Yosha).Journal of Monetary Economics, Vol. 47, No. 1, February 2001, pp. 189-218.
"Organization of Financial Systems and Strategic Use of Relationship Banking" (with Oved Yosha),European Finance Review, Vol. 5, No. 1-2, pp. 63-78.
"Vagabond Shoes Longing to Stray: Why Foreign Firms List in the United States" (with Asher Blass),Journal of Banking and Finance, Vol. 25, No. 3, March 2001, pp. 555-572.
"Emerging Markets Spreads: Then Versus Now" (with Paolo Mauro and Nathan Sussman),Quarterly Journal of Economics, Vol. 117, No. 2, May 2002, pp. 695-733.
"On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan" (with David Weinstein),Journal of Finance, Vol. 53, No. 2, April 1998, pp. 635-672.
In the Press
Personal Web Site