New Book

"Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today, " Oxford University Press, 2006 (with Paolo Mauro and Nathan Sussman).


Recent Papers


"Instiutional Investors as Minority Shareholders" (with Assaf Hamdani) Forthcoming, Review of Finance.


"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.


"Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans"? (with Mariassunta Giannetti), Forthcoming, Management Science.


"Comovement of Newly Added Stocks with National Market Indices: Evidence from around the World " (with Stijn Claessens), Forthcoming, Review of Finance.


"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 Paper No. 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.



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