This paper proposes and tests an explanation as to why rational managers seeking to maximize shareholder value can pursue value-decreasing mergers. It can be optimal to overpay for a target firm and decrease shareholder value if the loss is less than in an alternative where the merger is...

This paper provides direct evidence that managerial style is a key determinant of the firm’s cost of capital, in the context of private debt contracting. Applying the novel empirical method by Abowd, Karmarz, and Margolis (1999) to a large sample that tracks job movement of top managers, we...

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the New York Bankers Association Financial Services Forum, New York City.

Remarks at the Global Association of Risk Professionals 12th Annual Risk Management Convention, New York City.

Remarks at the Partnership for New York City Discussion, New York City.

Testimony before the Committee on Government Oversight and Reform, U.S. House of Representatives.

Remarks at the Clearing House's Second Annual Business Meeting and Conference, New York City.

Joint written testimony before the Congressional Oversight Panel, Washington, D.C.

Remarks at the 2013 OTC Derivatives Conference, Paris, France.