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Finance Research Activities

The Gabelli School of Business finance and business economics faculty consistently share their research with the wider community by publishing in high-quality academic journals and books and participating in industry conferences. The listing below is a sample of the finance area's recent research activities.

Refereed Journal Publications - Forthcoming

Gayané Hovakimian, and Armen Hovakimian, forthcoming, “Corporate Leverage and the Dynamics of Its Components,” Journal of Financial and Quantitative Analysis.

Maya Waisman, Bill Francis, Iftekhar Hasan, and Zenu Sharma, forthcoming, “Incentives and Innovation: Evidence from Chief Executive Officer Compensation Contracts,” Journal of Financial Markets, Instruments and Institutions.

Oleg Rytchkov, Xun Zhong, forthcoming, “Information Aggregation and P-hacking,” Management Science.

Paul D. McNelis, Jennifer Lai, and Hongyi Chen, forthcoming, “Macroeconomic Adjustment with Managed Exchange Rates and Capital Controls: Some Lessons from China,” Economic Modelling.

Bill Francis, Iftekhar Hasan, and Yun Zhu, forthcoming, “Managerial Effect or Firm Effect: Evidence from Private Debt Market,” Financial Review.

Manthos D. Delis, Iftekhar Hasan, and Steven Ongena, forthcoming, “Democracy and Credit,” Journal of Financial Economics.

Dean Leistikow, Ren-Raw Chen, and Andrew Wang, forthcoming, “Futures minimum variance hedge ratio determination: An ex-ante analysis,” North American Journal of Economics and Finance.

Nusret Cakici, and Douglas W. Blackburn, forthcoming, “Tangible and Intangible Information in Emerging Markets,” Review of Quantitative Finance and Accounting.

Sudip Gupta, Suresh M. Sundaresan, and Rangarajan K. Sundaram, forthcoming, “Underwriting Government Debt Auctions: Auction Choice and Information Production,” Management Science.

Natalia Reisel, Sandra Mortal, and Vik Nanda, forthcoming, “Why Do Private Firms Hold Less Cash than Public Firms?” Journal of Banking and Finance.

Salim Chahine, Gonul Colak, Iftekhar Hasan, and M. Mazboudi, forthcoming, “Investor Relations and IPO Performance,” Review of Accounting Studies.

Jon O’Brien, Pengfei Ye, Christina Carnes, and Iftekhar Hasan, forthcoming, “The Influence of Bondholder Concentration and Temporal Orientation on Investment in R&D,” Journal of Management.

Iftekhar Hasan, Thomas To, Marco Navone, and Eliza Wu, forthcoming, “Tournament incentives and acquisition performance,” Review of Corporate Finance Studies.

Iftekhar Hasan, Chun-Keung S. Hoi, Qiang Wu, and Hao Zhang, forthcoming, “Is Social Capital Associated with Corporate Innovation? Evidence from Publicly Listed Firms in the U.S.,” Journal of Corporate Finance.

Iftekhar Hasan, Kristin Minnick, and Kartik Raman, forthcoming, “Credit allocation when borrowers are economically linked: An empirical analysis of bank loans to corporate customers,” Journal of Corporate Finance.

Chrysovalantis Gaganis, Iftekhar Hasan, and Fotios Pasiouras, forthcoming, “National Culture and Housing Credit,” Journal of Empirical Finance.

Manthos Delis, Iftekhar Hasan, and Panagiotis Karavitis, forthcoming, “Risky Profit-Shifting,” Journal of Business Finance and Accounting.

Iftekhar Hasan, Roman Horvath, and Jan Mares, forthcoming, “Finance and Wealth Inequality,” Journal of International Money and Finance.

Iftekhar Hasan, Qing He, and Haitian Lu, forthcoming, “The Impact of Social Capital on Economic Attitudes and Outcomes,” Journal of International Money and Finance.

Refereed Journal Publications - 2019

Salim Chahine, Yiwei Fang, Iftekhar Hasan, and Mohamed Mazboudi, 2019, “Entrenchment through Corporate Social Responsibility: Evidence from CEO Network Centrality,” Journal of International Financial Analysis, 66, 1013-47.

Yiwei Fang, Iftekhar Hasan, Woon-sau Leung, and Qingwei Wang, 2019, “Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance,” Journal of International Business Studies, 50(9), 1566-1593.

Thomas Chemmnur, and An Yan, 2019, “Advertising, Attention, and Stock Returns,” Quarterly Journal of Finance, 09(03), 1-51.

Ren-Raw Chen, Nusret Cakici, and Sris Chatterjee, 2019, “Default Risk and Cross Section of Returns,” Journal of Risk and Financial Management. 12(2) 95.

Yuewu Xu, and Xiangkun Yao, 2019, “Extending the Hansen–Jagannathan distance measure of model misspecification,” Finance Research Letters, 29, 384-392.

Dean Leistikow, Robert Ferguson, and Anna Agapova, 2019, “Stochastic portfolio theory and the low beta anomaly,” The European Journal of Finance, 25(5), 415-434.

Ren-Raw Chen, Pei-Lin Hsieh, Jeffrey Huang, and Joe Huang, 2019, “A Resolution to Valuation Conflicts of Swaptions/Caps and OIS/LIBOR,” The Journal of Fixed Income, 28(3), 68-87.

Manthos D. Delis, Iftekhar Hasan, and Maria Iosifidi, 2019, “On the effect of business and economic university education on political ideology: An empirical note,” Journal of Business Ethics, 155(3), 809-822.

Jeffrey A. Busse, Lin Tong, Qing Tong, and Zhe Zhang, 2019, “Trading Regularity and Fund Performance,” The Review of Financial Studies, 32(1), 374-422.

Dean Leistikow, Ren-Raw Chen, 2019, “Carry Cost Rate Regimes and Futures Hedge Ratio Variation,” The Journal of Risk and Financial Management, 12(2), 78.

Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski, and Lukasz Kozłowski, 2019, “The Economic Impact of Changes in the Local Bank Presence: Evidence from Poland,” Regional Studies, 53(5), 644-656.

Zuzana Fungachova, Iftekhar Hasan, and Laurent Weill, 2019, “Trust in Banks: Global Evidence,” Journal of Economic Behavior and Organization, 157, 452–476.

Panagiota Deli, Manthos Delis, Iftekhar Hasan, and Liuling Liu, 2019, “Enforcement of Banking Regulation and the Cost of Borrowing,” Journal of Banking and Finance, 101, 147-160.

Xian Gu, Iftekhar Hasan, and Yun Zhu, 2019, “Politics and Financial Flexibility: Evidence from China,” Journal of Banking and Finance, 99, 142–156.

Bill Francis, Iftekhar Hasan, Liuling Liu, and Haizhi Wang, 2019, “Senior Debt and Market Discipline: Evidence from Bank-to-Bank Loan,” Journal of Banking and Finance, 98, 170-182.

Chrysovalantis Gaganis, Iftekhar Hasan, Panagiota Papadimitri, and Menaloas Tasiou, 2019, “National Culture and Risk-Taking: Evidence from the Insurance Industry,” Journal of Business Research, 97, 104-116.

Natalia Reisel, and Sean Griffith, 2019, “Dead Hand Proxy Puts and Hedge Fund Activism,” Journal of Financial and Quantitative Analysis, 54, 1615-1642.

Natalia Reisel, Ugur Lel, and Darius Miller, 2019, “Explaining Top Management Turnover in Private Corporations,” Journal of International Business Studies, 50, 720-739.

Douglas W. Blackburn, and Nusret Cakici, 2019, “Book-To-Market Decomposition, Net Share Issuance, and the Cross Section of Global Stock Returns,” Journal of Risk and Financial Management, 12(2), 90.

Gene Ambrocio, and Iftekhar Hasan, 2019,What Drives Discretion in Bank Lending? Some Evidence and a Link to Private Information,” Journal of Banking and Finance, 106, 323-340.

Bill Francis, Iftekhar Hasan, and Yun Zhu, 2019, “Benchmark on Themselves: CEO-directors' Influence on the CEO Compensation,” Managerial Finance, 45(7), 810-826.

Xian Gu, Iftekhar Hasan, and Haitian Lu, 2019, “Corporate Misconduct and the Cost of Private Debt: Evidence from China,” Comparative Economics Studies, 61(3), 443-463.

Manthos Delis, Iftekhar Hasan, and Christos Tsoumas, 2019, “The Income Elasticity of Loan Demand: Evidence from Loan-Level US data,” Financial Markets, Institutions and Instruments, 28(2), 115-139.

Iftekhar Hasan, and Mohamed Mazboudi, 2019, “Secrecy, Information Shocks, and Corporate Investment: Evidence from European Union Countries,” Journal of International Financial Markets, Institutions & Money, 54, 166-176.

Refereed Journal Publications - 2018

Augustine Duru, Iftekhar Hasan, Liang Song, and Yijiang Zhao, 2018, “Bank Accounting Regulations, Enforcement Mechanisms, and Financial Statement Informativeness: Cross-Country Evidence,” Accounting and Business Research, 48, 1-35.

Iftekhar Hasan, Gabriel Ramirez, and Gaiyan Zhang, 2018, “Lock-In Effects in Relationship Lending: Evidence from DIP Loans,” Journal of Money, Credit, and Banking.

Nusret Cakici, Gautam Goswami, and Sinan Tan, 2018, “Equity Options During the Shorting Ban of 2008,” The Journal of Risk and Financial Management, 11(2), 1-31.

Melih Küllü, and Steven Raymar, 2018, “Groups, Pricing, and Cost of Debt: Evidence from Turkey,” Journal of Risk and Financial Management, 11(1), 1-31.

N.K. Chidambaran, Dipali Krishnakumar, and Madhvi Sethi, 2018, “Cross-border vs. domestic acquisitions: Evidence from India,” The Journal of Economics and Business, 95, 3-25.

Paul D. McNelis, and Naoyuki Yoshino, 2018, “Household Income Dynamics In A Lower-Income Small Open Economy: A Comparison Of Banking And Crowdfunding Regimes,” The Singapore Economic Review, 63(1), 147-166.

Dean Leistikow, Robert Ferguson, and Anna Agapova, 2018, “Chasing Performance and Identifying Talented Investment Managers,” The Journal of Investing, 27(1), 52-64.

Yihui Wang, and Maureen O'Hara, 2018, “The Execution Quality of Corporate Bonds,” Journal of Financial Economics, 130(2), 308-326.

James R. Lothian, and G. S. Tavlas, 2018, “How Friedman and Schwartz Became Monetarists,” The Journal of Money, Credit and Banking, 50(4), 757-787.

Peixin Li, Frank Weikai Li, Baolian Wang, and Zilong Zhang, 2018, “Acquiring Organizational Capital,” Finance Research Letters, 25, 30-35.

Baolian Wang, and Peixin Li, 2018, “The Costs of Foreign Single Listing,” Applied Economic Letters, 25(15), 1071-1077.

John D. Finnerty, and Rachael W. Park, 2018, “Valuing a Private Equity Carried Interest as a Call Option on Fund Performance,” The Journal of Private Equity, 21(2), 14-30.

Turan G. Bali, Andriy Bodnaruk, Anna Scherbina, and Yi Tang, 2018, “Unusual News Flow and the Cross Section of Stock Returns,” Management Science, 64(9), 3971-4470.

Ren-Raw Chen, Pei-lin Hsieh, and Jeffrey Huang, 2018, “Crash risk and risk neutral densities,” Journal of Empirical Finance, 47(C), 162-189.

Majeed Simaan, Yusif Simaan, and Yi Tang, 2018, “Estimation error in mean returns and the mean-variance efficient frontier,” International Review of Economics and Finance, 56(C), 109-124.

Smriti Anand, Iftekhar Hasan, Priyanka Sharma, Haizhi Wang, 2018, “State enforceability of non-compete agreements: Regulations that stifle productivity,” Human Resource Management, 57(1), 341-354.

G.C. Lim, and Paul D. McNelis, 2018, “Unconventional monetary and fiscal policies in interconnected economies: Do policy rules matter?” Journal of Economic Dynamics and Control, 93(C), 346-363.

Iftekhar Hasan, Nada Kobeissi, Liuling Liu, and Haizhi Wang, 2018, “Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity,” Journal of Business Ethics, 149, 671–688.

Iftekhar Hasan, Arif Khurshed, and Abdulkadir Mohamed, 2018, “Do Venture Capital Firms Benefit as Boards of Directors in Mature Public Companies?” Journal of Corporate Finance, 49, 125-140.

Iftekhar Hasan, Chih-Yung Lin, Le Quoc Tuan, and Wei-Che Tsai, 2018, “Private Benefits of Control and Bank Loan Contracts,” Journal of Corporate Finance, 49, 324-343.

Yiwei Fang, Bill Francis, and Iftekhar Hasan, 2018, “Differences Make a Difference: Diversity in Social Learning and Value Creation,” Journal of Corporate Finance, 48, 474-491.

Manthos Delis, Iftekhar Hasan, Maria Iosifidi, and Lingxiang Li, 2018, “Risk and Earnings Quality: Evidence from Bank Enforcement Actions,” Journal of Banking and Finance, 97, 297-317.

Dien Bui, Iftekhar Hasan, Chih-Yun Lin, and Yan-Shin Chen, 2018, “Can Lenders Discern Managerial Ability from Luck? Evidence from Bank Loan Contracts,” Journal of Banking and Finance, 87, 187-201.

Iftekhar Hasan, Roman Horvath, and Jan Mares, 2018, “What type of Finance Matters for Growth? Bayesian Model Averaging Evidence,” World Bank Economic Review, 32(2), 383–409.

Salim Chahine, Iftekhar Hasan, and Mohamed Mazboudi, 2018, “The Role of Auditors in the Merger and Acquisition Completion Time,” International Journal of Auditing, 22(3), 568-582.

Bill Francis, Iftekhar Hasan, Mel Kullu, and Mingming Zhou, 2018, “Should Banks Diversify or Focus? Know Thyself, the Role of Abilities,” Economic Systems, 42, 106-118.

Iftekhar Hasan, Celin Meslier, Amine Tarazi, and Mingming Zhou, 2018, “Does it Pay to Get Connected? An Examination of Banks’ Alliance Network and Bond Spread,” Journal of Economics and Business, 95, 141-163. 

Katherin Marton, Sami B. Naceur, and Caroline Roulet, 2018, “Basel III and Bank Lending: Evidence from the United States and Europe, The Journal of Financial Stability, 39, 1-27.

Refereed Journal Publications – 2017

Bill Francis, Iftekhar Hasan, Liuling Liu, and Haizhi Wang, 2017, “Employee Treatment and Contracting with Bank Lenders: An Instrumental Approach for Stakeholder Management,” The Journal of Business Ethics, 1-18.

Douglas W. Blackburn, and Nusret Cakici, 2017, “Overreaction and the cross-section of returns: International evidence,” Journal of Empirical Finance, 42, 1-14.

Lin Tong, C. Wei Li, and Ashish Tiwar, 2017, “Investment Decisions Under Ambiguity: Evidence from Mutual Fund Investor Behavior,” Management Science, 63(8), 2397-2771.

Thomas Chemmanur, and An Yan, 2017, “Product market advertising, heterogeneous beliefs, and the long-run performance of initial public offerings,” Journal of Corporate Finance, 46, 1-24.

Frank M. Werner, and James A. F. Stoner, 2017, “Transforming Finance and Business Education: Finance’s Unique Opportunities,” The Journal of Management for Global Sustainability, 5(2), 15-52.

Gautam Goswami, Thomas Noe, and Jun Wang, 2017, “Buying up the Block: An Experimental Investigation of Capturing Economic Rents Through Sequential Negotiations,” The Journal of Law, Economic and Organization, 33(1), 139-172.

Ren-Raw Chen, Pei-Lin Hsieh, and Jeffrey Huang, 2017, “It’s Time to Shift Log-normal,” The Journal of Fixed Income, 27(2), 37-51.

Ren-Raw Chen, Hsuan-Chu Lin, Ting-Kai Chou, and Michael Long, 2017, “What lies beneath the implementation of expensing equity-based compensation?” Pacific-Basin Finance Journal, 46(A), 78-93.

Ren-Raw Chen, Shih-Kuo Yeh, and Tung-Hsiao Yang, 2017, “The liquidity impact on firm values: The evidence of Taiwan's banking industry,” Journal of Banking & Finance, 82(C), 191-202.

Turan G. Bali, Stephen J. Brown, Scott Murray, and Yi Tang, 2017, “A Lottery-Demand-Based Explanation of the Beta Anomaly,” The Journal of Financial and Quantitative Analysis, 52 (6), 2369-2397.

Turan G. Bali, Robert F. Engle, and Yi Tang, 2017, “Dynamic Conditional Beta Is Alive and Well in the Cross Section of Daily Stock Returns,” Management Science, 63(11), 3760-3779.

Turan G. Bali, Stephen J. Brown, and Yi Tang, 2017, “Is economic uncertainty priced in the cross-section of stock returns?” Journal of Financial Economics, 126(3), 471-489.

John D. Finnerty, and Mengyi Tu, 2017, “Valuing Convertible Bonds: A New Approach,” Business Valuation Review, 36(3), 85-102.

John D. Finnerty, and Laura Gonzalez, 2017, “Why European Banks Are Undercapitalized and What Should Be Done About It,” Journal of Applied Corporate Finance, 29(4), 65-71.

Manthos D. Delis, Chrysovalantis Gaganis, Iftekhar Hasan, and Fotios Pasiouras, 2017, “The Effect of Board Directors from Countries with Different Genetic Diversity Levels on Corporate Performance,” Management Science, 63(1), 231-249.

Iftekhar Hasan, Chun Keung Hoi, Qiang Wu, and Hao Zhang, 2017, “Social Capital and Debt Contracting: Evidence from Bank Loans and Public Bonds,” The Journal of Financial and Quantitative Analysis, 52(3), 1017-1047.

Dean Leistikow, Robert Ferguson, and Anna Agapova, 2017, “A Continuous Return Model for the Low Volatility and Low Beta Anomalies,” The Journal of Investing, 26(3), 107-120.

Anna Agapova, Robert Ferguson, Dean Leistikow, and Danny Meidan, 2017, “What’s the big deal about Risk Parity?” Journal of Asset Management, 18(5), 341-346.

Iftekhar Hasan, Chun-Keung, Qiang Wu, and Hao Zhang, 2017, “Social Capital and Corporate Tax Avoidance,” Journal of Accounting Research, 55(3), 629-669.

Manthos Delis, Iftekhar Hasan, and Nikolao Mylonidis, 2017, “The risk-taking channel of monetary policy in the USA: Evidence from micro-level data,” Journal of Money Credit & Banking, 49, 187-213.

Bill Francis, Iftekhar Hasan, Delroy Hunter, and Yun Zhu, 2017, “Does Managerial Incentives Impact FX Exposure? Evidence from CEO Compensation,” Journal of Corporate Finance, 46, 154-169.

Iftekhar Hasan, Fahad Khalil, and Xian Sun, 2017, “The Impact of Intellectual Property Rights Protection on Cross-Border M&As,” Quarterly Journal of Finance, 7(3).

Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski, and Lukasz Kozłowski, 2017, “Do Local Banking Market Structures Matter for SME Financing and Performance? New Evidence from an Emerging Economy,” Journal of Banking and Finance, 79, 142-158.

Panagiotis Deli, and Iftekhar Hasan, 2017, “Real Effects of Bank Capital Regulations: Global Evidence,” Journal of Banking and Finance, 82, 217–228.

Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski, and Lukasz Kozłowski, 2017, “Politically Connected Firms in Poland and Their Access to Bank Financing,” Communist and Post Communist Studies, 50, 245-261.

Iftekhar Hasan, Liuling Liu, and Haizhi Wang, 2017, “Bank Market Power and Loan Contracts: Empirical Evidence,” Economic Notes, 46(3), 649-676.

Michael Doumpos, Iftekhar Hasan, and Fotios Pasiouras, 2017, “Bank Overall Financial Strength: Islamic versus Conventional Banks,” Economic Modelling, 64, 513-523.

Iftekhar Hasan, Nada Kobeissi, Haizhi Wang, and Mingming Zhou, 2017, “Bank Financing, Institutions and Regional Entrepreneurial Activities: Evidence from China,” International Review of Economics & Finance, 52, 257-267.

Refereed Journal Publications – 2016

Nusret Cakici, An Yan, and Yi Tang, 2016, “Do the Size, Value, and Momentum Factors Drive Stock Returns in Emerging Markets?” Journal of International Money and Finance, 69(1), 179-204. 

Sris Chatterjee, N. K. Chidambaran, and Gautam Goswami, 2016, “Security Design for a Non- Standard IPO: The Case of SPACs,” Journal of International Money and Finance, 69, 151-178.

Ren-Raw Chen, Michael Long, Xiaoli Wang, and Jingfeng Zhang, 2016, “Economic Growth Potential Creating a Real Put and the Resulting Valuation of the Firm,” Review of Quantitative Finance and Accounting, 47(3), 453-474.

Ren-Raw Chen, Wenlin Lin, and He Wei, 2016, “A Liquidity Index,” Journal of Fixed Income, 25(4), 5-19.

John D. Finnerty, Shantaram P. Hegde, and Christopher B. Malone, 2016, “Fraud and Firm Performance: Keeping the Good Times (Apparently) Rolling,” Managerial Finance, 42(2),151-172.

John D. Finnerty, 2016, “An Option-Based Model for Valuing the Common Stock of Emerging-Growth Firms,” Journal of Derivatives, 23(4), 33-53.

John D. Finnerty, 2016, “What Lessons Can We Learn from Recent Derivatives Litigation and Regulatory Enforcement Actions?” Securities Regulation Law Journal, 361-427.

Bill Francis, Iftekhar Hasan, Sureshbabu Mani, and Pengfei Ye, 2016, “Relative Peer Quality and Firm Performance,” Journal of Financial Economics, 122, 196-219.

Bill Francis, Iftekhar Hasan, Kose John, and Maya Waisman, 2016, “Urban Agglomeration and CEO Pay,” Journal of Financial and Quantitative Analysis, 51(6),1925-1953.

Bill Francis, Iftekhar Hasan, Xian Sun, and Qiang Wu, “CEO's Political Preferences and Firm's Tax Avoidance,” Journal of Corporate Finance, 38(C), 37-53.

Bill Francis, Iftekhar Hasan, and Gergana L. Kostova, 2016, “When do Peers Matter? A Cross-Country Perspective,” Journal of International Money and Finance, 69, 364-389.

Pejman Abedifar, Iftekhar Hasan, and Amine Tarazid, 2016, “Finance-Growth Nexus and Dual-Banking Systems: Relative Importance of Islamic Banks,” Journal of Economic Behavior and Organizations, 132 (Supplement), 198–215

Douglas Dyer, Iftekhar Hasan, Haizhi Wang, and Desheng Yin, 2016, “Venture Capital Investment, Regional Innovation and New Business Creation: A Research Note,” International Journal of Banking, Accounting and Finance, 7(2), 111-124.

Owain Ap Gwilym, Iftekhar Hasan, Qingwei Wang, and Ru Xie, 2016, “In Search of Concepts: Returns, Trading Volume and Speculative Demand,” European Financial Management, 22(3), 427-449.

Bill Francis, Iftekhar Hasan, and Lingxiang Li, 2016, “A Cross-country Study of Legal Environment and Earnings Management,” Journal of Accounting and Public Policy, 35(5), 477-512.

Chrysovalantis Gaganis, Iftekhar Hasan, and Fotios Pasiouras, 2016, “Regulations, Institutions and Income Smoothing by Managing Technical Reserves: International Evidence from the Insurance Industry,” Omega, The International Journal of Management Science, 59(A), 113-129.

Bill Francis, Iftekhar Hasan, and Lingxiang Li, 2016, “Evidence for the Existence of Downward Real-Activity Earnings Management,” Journal of Accounting, Auditing & Finance, 31 (2), 212-248.

Iftekhar Hasan, Liuling Liu, and Gaiyan Zhang, 2016, “The Determinants of Global Bank Credit-Default-Swap Spreads” Journal of Financial Services and Research, 50(3), 275-309.

Iftekhar Hasan and Matej Marin, 2016, “Should Competition Policy in Banking Be Amended during Crises? Lessons from the EU,” European Journal of Law and Economics, 42(2),295-324.

Bill Francis, Iftekhar Hasan, and Lingxiang Li, 2016, “Abnormal Real Operations, Real Earnings Management, and Subsequent Crashes in Stock Price,” Review of Quantitative Finance and Accounting, 46(2), 217-260.

Iftekhar Hasan and Fotios Pasiouras, 2016, “Stress Testing and Bank Efficiency: Evidence from Europe,” International Journal of Corporate Finance and Accounting, 2(2), 1-20.

Gayané Hovakimian, 2016, “Excess Value and Restructurings by Diversified Firms,” Journal of Banking and Finance, 71, 1-19.

James R. Lothian, 2016, “Purchasing Power Parity and the Behavior of Prices and Nominal Exchange Rates across Exchange-rate Regimes,” Journal of International Money and Finance, 69, 5-21.

James R. Lothian, 2016, “Comment on Rudebusch and Williams, ‘A Wedge In The Dual Mandate: Monetary Policy and Long-Term Unemployment’,” Journal of Macroeconomics, 47(A), 19-25.

James R. Lothian, 2016, “Uncovered Interest Parity: The Long and the Short of it,” Journal of Empirical Finance, 36, 1-7.

Paul D. McNelis and Naoyuki Yoshino, “Finding Stability in a Time of Prolonged Crisis: Unconventional Policy Rules for Japan,” Journal of Financial Stability, 27,122-136

Paul D. McNelis and G.C. Lim, “Income Growth and Inequality: The Threshold Effects of Trade and Openness,” Economic Modeling, 58, 403-412.

Paul D. McNelis and G.C. Lim, “Quasi-Monetary and Quasi-Fiscal Rules at the Zero Bound,” Journal of International Money and Finance, 69(C), 135-150.

Haim Levy and Yusif Simaan, 2016, “More Possessions More Worry,” The European Journal of Operations Research, 255(3), 893–902.

Linda Allen and Yi Tang, “What's the Contingency? A Proposal Bank Contingent Capital Triggered by Systemic Risk,” Journal of Financial Stability, 26(C), 1-14.

Ming Ma, Xian Sun, Maya Waisman, and Yun Zhu, 2016, “State Ownership and Capital Market Liberalization: Evidence from China’s Domestic M&A Market,” Journal of International Money and Finance, 69(C), 205-223.

Haitao Li, Yuewu Xu, and Xiaoyan Zhang, 2016, “Hedge Fund Performance Evaluation under the Stochastic Discount Factor Framework,” Journal of Financial and Quantitative Analysis, 51(1), 231-257. 

Meng Yan, Emma Y. Peng, and An Yan, 2016, “Accounting Accruals, Heterogeneous Investor Beliefs, and Stock Returns,” Journal of Financial Stability, 24, 88-103.

Bill B. Francis, Iftekhar Hasan, and Lingxiang Li, 2016, “Do Managers Use Real Operations to Temporarily Deflate Earnings?” Journal of Auditing, Accounting and Finance. 31 (2), 212-248.

Refereed Journal Publications – 2015

Paul B Bennett, Oral Erdogan, and Cenktan Ozyildirim, 2015, “Crisis Prediction Using Yield Curve and Stock Market Liquidity Deviation Measures,” Review of Finance, 19(1), 407-422. 

Nusret Cakici, Turan G. Bali, and Fousseni Chabi-Yo., 2015, “A New Approach to Measuring Riskiness in the Equity Market: Implications for the Risk Premium,” Journal of Banking and Finance, 57, 101-117.

Nusret Cakici, Sris Chatterjee, and Kudret Topyan., 2015, “Decomposition of Book-to-Market and the Cross-Section of Returns for Chinese Stocks,” Pacific-Basin Finance Journal, 34, 102-120.

Nusret Cakici, Kalok Chan, and Kudret Topyan, 2015, “Cross-Sectional Stock Return Predictability in China,” European Journal of Finance, 1-25.

Ren-Raw Chen and Bo Li, 2015, “A Closed-Form Solution to a Liquidity Discount Problem: With an Application to the Liquidity Crisis,” Journal of Fixed Income, 25(2), 07-24.

Ren-Raw Chen and Wei He, 2015, “The Valuation of Compound Options: a Correction and an Extension,” Journal of Derivatives, 22(4), 92-104.

Ren-Raw Chen and Shih-Kuo Yeh, 2015, “Evaluation of Conducting Capital Structure Arbitrage Using the Multi-Period Extended Geske-Johnson Model,” Review of Quantitative Finance and Accounting, 44(1), 89-111.

John D. Finnerty, 2015, “Valuing Convertible Bonds and the Option to Exchange Bonds for Stock,” Journal of Corporate Finance, 31, 91-115.

John D. Finnerty and Yasseen Gailani, 2015, “Expert Evidence to Support or Challenge Loss Calculations: How Credible Is It?” Butterworths Journal of International Banking and Financial Law, 30(9),1-3.

Hendrik Hakenes, Iftekhar Hasan, Philip Molyneux, and Ru Xie, 2015, “Small Banks and Local Economic Development,” Review of Finance, 19(2), 653-683.

Bill B. Francis, Iftekhar Hasan, Liang Song, and Bernard Yeung, 2015. “What Determines Information Content In Bank Stock Price Around The World?” Journal of Financial Intermediation, 24(3), 312-324.

Bill B. Francis, Iftekhar Hasan, and Qiang Wu, 2015, “Professors in the Boardroom and their Impact on Corporate Governance and Firm Performance,” Financial Management, 44(3), 547-581.

Leonardo Becchetti, Rocco Ciciretti, and Iftekhar Hasan, 2015, “Corporate Social Responsibility, Stakeholder Risk, and Idiosyncratic Volatility,” Journal of Corporate Finance, 35, 297-309.

Manthos D. Delis, Iftekhar Hasan, and Efthymios G.Tsionas, 2015, “Banks’ Risk Endogenous to Strategic Management Choices,” British Journal of Management, 26(4), 637-656.

Iftekhar Hasan, Akhtar Siddique, and Xian Sun, 2015, “Monitoring the ‘Invisible’ Hand of Market Discipline: Capital Adequacy Revisited,” Journal of Banking and Finance, 50, 475-492.

Iftekhar Hasan, Nadia Massoud, Anthony Saunders, and Keke Song, 2015, “Which Financial Stocks Did Short Sellers Target in the Subprime Crisis?” Journal of Banking and Finance, 54, 87-103.

Iftekhar Hasan, Suk-Joong Kim, and Eliza Wu, 2015, “The Effects of Ratings-Contingent Regulation on International Bank Lending Behavior: Evidence from the Basel II Accord,” Journal of Banking and Finance, 61(S1), 53-68.

Iftekhar Hasan, Nada Kobeissi, Haizhi Wang, and Mingming Zhou, 2015, “Banking Structure, Marketization, and Small Business Development; Regional Evidence from China,” Pacific Economic Review, 20(3), 487-510.

Iftekhar Hasan, Emmi Martikainen, and Tuomas Takalo, 2015, “Promoting Efficient Retail Payments in Europe,” Journal of Payments Strategy and Systems, 8(4), 395-406.

Sherrill Shaffer, Iftekhar Hasan, and Mingming Zhou, 2015, “New Small Firms and Dimensions of Economic Performance,” Economic Development Quarterly, 29(1), 65-78.

Iftekhar Hasan, Steven B. Raymar, and Liang Song, 2015, “Effects of Corporate and Country Governance on R&D: Evidence from Emerging Markets,” Singapore Economic Review, 60(1), 1-17.

Bill B. Francis, Iftekhar Hasan, and Eric Ofori, 2015, “Investor Protections, Capital Markets, and Economic Growth: The African Experience,” Advances in Financial Economics, 18, 239- 272.

Kevin R. Mirabile, 2015, “The Association of Hedge Fund Performance with Manager Location, Domicile, and Choice of Service Provider,” The Journal of Alternative Investments, 18(2), 7-24.

Suparna Chakraborty, Yi Tang, and Liuren Wu, 2015, “Imports, Exports, Dollar Exposures, and Stock Returns,” Open Economies Review, 26(5), 1059-1079.

Linda Allen, Stavros Peristiani, and Yi Tang, 2015, “Bank Delays in the Resolution of Delinquent Mortgages: The Problem of Limbo Loan,” Journal of Real Estate Research, 37(1), 65-116.

Iftekhar Hasan, Rocco Cicereti, and Maya Waisman, 2015, “Distribution Strategy and Movie Performance: an Empirical Note,” Eurasian Economic Review, 5(1), 179-187.

Matthias Kahl, Anil Shivdasani, and Yihui Wang, 2015, “Short-Term Debt as Bridge Financing: Evidence from the Commercial Paper Market,” The Journal of Finance, 70(1), 211-255.

Andrew Ellul, Chotibhak Jotikasthira, Christian Lundblad, and Yihui Wang, 2015, “Is Historical Cost Accounting a Panacea During Market Stress? Incentive Distortions and Gains Trading,” The Journal of Finance, 70(6), 2489–2538.

Frank M. Werner and James A.F. Stoner, 2015, “Transforming Finance and Business Education: Part of the Problem,” Journal of Management for Global Sustainability, 3(1), 25-52.

An Yan and Jie Jiao, 2015, “Convertible Securities and Heterogeneity of Investor Beliefs,” Journal of Financial Research, 38(2), 255–282.

Maya Waisman, Pengfei Ye, and Yun Zhu, 2015, “The Effect of Political Uncertainty on the Cost of Corporate Debt,” Journal of Financial Stability, 16, 106-117.

Yan Li, Liangjun Su, and Yuewu Xu, 2015 “A Combined Approach to the Inference of Conditional Factor Models,”Journal of Business and Economic Statistics, 203-220

Iftekhar Hasan, Nadia Massoud, Anthony Saunders, and Keke Song, 2015, “Should Short-Selling be Restricted by Regulation?” Journal of Banking and Finance, 54, 87-103.

Iftekhar Hasan, Rocco Ciciretti, and Maya Waisman, 2015, “Marketing Strategy and Star Value in the Movie Industry," Eurasian Economic Review, 5, 179-187.

John D. Finnerty and Rachael W. Park, 2015, “Collars, Prepaid Forwards, and the DLOM: Volatility Is the Missing Link,” Business Valuation Review, 24-30.

Bill Francis, Iftekhar Hasan, Jong Chool Park, and Qiang Wu, 2015. “Gender Differences in Financial Reporting Decision-Making: Evidence from Conservatism,” Contemporary Accounting Research, 32(3), 1285–1318.

Refereed Journal Publications - 2014

Douglas W. Blackburn, William N. Goetzmann, and Andrey Ukhov, 2014, “Is Trading Behavior Stable across Contexts? Evidence from Style and Multi-Style Investors,” Quantitative Finance, 14(4), 605-627.

Nusret Cakici, Turan Bali, and Robert Whitelaw, 2014, “Hybrid Tail Risk and Expected Stock Returns: When Does the Tail Wag the Dog?” Review of Asset Pricing Studies, 4(2), 206-246.

Nusret Cakici, Sinan Tan, and Gautam Goswami, 2014, “Options Resilience during Extreme Volatility: Evidence from the Market Events of May 2010,” Journal of Banking and Finance, 49, 262-274.

Nusret Cakici, Byeone-je An, Andrew Ang, and Turan G. Bali, 2014, “The Joint Cross Section of Stocks and Options,” Journal of Finance, 69(5), 2279-2337.

Nusret Cakici and Sinan Tan, 2014, “Size, Value, and Momentum in Developed Country Equity Returns: Macroeconomic and Liquidity Exposures,” Journal of International Money and Finance, 44, 179-209.

Nusret Cakici, Kudret Topyan, and Chia-Jane Wang, 2014, “Cross Sectional Return Predictability in Taiwan Stock Exchange: An Empirical Investigation,” Review of Pacific Basin Financial Markets and Policies, 17(2), 1-44.

Nusret Cakici, Dogan Tirtiroglu, and Isil Ero, 2014, “Tracking the Evolution of Idiosyncratic Risk and Cross-Sectional Expected Returns for US REITs,” Journal Real Estate Finance and Economics, 48(3), 415-440.

Gautam Goswami, Sinan Tan, and Maya Waisman, 2014, “Understanding the Cross-Section of US Housing Bubble: The Roles of Lending, Transaction Costs, and Rent Growth,” Journal of Financial Stability, 15, 76-90.

Chen, Ren-Raw, N. K. Chidambaran, Michael Imerman, and Ben Sopranzetti, 2014, “Liquidity, Leverage, and Lehman: A Structural Analysis of Financial Institutions in Crisis,” Journal of Banking and Finance, 45, 117-139.

Ren-Raw Chen, Chung-Ying Yeh, and Shih-Kuo Yeh, 2014, “Liquidity Discount in the Opaque Market: The Evidence from Taiwan’s Emerging Stock Market,” Pacific Basin Finance Journal, 29, 297-309.

John D. Finnerty, 2014, “Modifying the Black-Scholes-Merton Model to Calculate the Cost of Employee Stock Options,” Managerial Finance, 40(1), 2-32. 

Bill B. Francis, Iftekhar Hasan, and Yun Zhu, 2014, “Political Uncertainty and Bank Loan Contracting,” Journal of Empirical Finance, 29, 281-286.

Iftekhar Hasan, Chun-Keung Hoi, Qiang Wu, and Hao Zhang, 2014, “Beauty is in the Eyes of the Beholder; The Effect of Tax Avoidance on Cost of Bank Loans,” Journal of Financial Economics, 113(1), 109-130.

Manthos D. Delis, Iftekhar Hasan, and Pantelis Kazakis, 2014, “Bank Regulations and Income Inequality: Empirical Evidence,” Review of Finance, 18(5), 1811-1846.

Bill Francis, Iftekhar Hasan, Qiang Wu, and Meng Yan, 2014, “Are Female CFOs Less Aggressive? Evidence from Tax Aggressiveness,” Journal of American Taxation Association, 36(2), 171-202.

Katherin Marton, Yiwei Fang, Iftekhar Hasan, and Maya Waisman, 2014, “Bank Valuation in New EU Member Countries,” Economic Systems, 38(1), 55-7.

Iftekhar Hasan, Jarl G. Kallberg, Crocker H. Liu, and Xian Sun, 2014, “Mergers and Target Transparency,” Advances in Financial Economics, 17, 193-228.

Bill Francis, Iftekhar Hasan, Xian Sun, and Maya Waisman, 2014, “Can Firms Learn by Observing? Evidence from Cross-Border M&As,” Journal of Corporate Finance, 25, 202-215.

Bill Francis, Iftekhar Hasan, and Xian Sun, 2014, “Does Relationship Matter? The Choice of Financial Advisors,” Journal of Economics and Business, 73, 22-47.

Manthos D. Delis, Iftekhar Hasan, and Efthymios G. Tsionas, 2014, “The Risk of Financial Intermediaries,” Journal of Banking and Finance, 44, 1-12.

Bill Francis, Iftekhar Hasan, and Xian Sun, 2014, “Home Bias at Selecting Financial Advisors in Cross-Border M&As,” International Review of Financial Analysis, 32,143-158.

Yiwei Fang, Iftekhar Hasan, and Katherin Marton, 2014, “Institutional Development and Bank Risk Taking: Evidence from Transition Economies,” Journal of Banking and Finance, 39, 160-176.

Bill Francis, Iftekhar Hasan, and Haizhi Wang, 2014. “Bank Branching Deregulation, Consolidation, and Corporate Cash Holdings: U.S. Evidence,” Journal of Banking and Finance, 41, 45-56.

Chung-Hua Shen, Iftekhar Hasan, and Chih-Yung Lin, 2014, “The Government’s Role in Government-owned Banks,” Journal of Financial Services and Research, 45(3), 307-340.

Iftekhar Hasan and Liang Song, 2014, “Public Disclosure and Bank Loan Contracting,” Asian Review of Accounting, 22(1), 2-19.

Iftekhar Hasan, Liang Song, and Paul Wachtel, 2014, “Institutional Development And Stock Price Synchronicity: Evidence from China” Journal of Comparative Economics, 42(1), 92-108.

Iftekhar Hasan, Nada Kobeissi, and Liang Song, 2014, “Corporate Governance, Investor Protection, and Firm Performance in MENA Countries,” Middle East Development Journal, 6(1), 84-107.

Dean Leistikow, Robert Ferguson, and Anna Agapova, 2014, “Chicken Little Gets It Wrong Again,” The Journal of Portfolio Management, 40(3), 77-86.

James R. Lothian, 2014, “Monetary Policy and the Twin Crises,” Journal of International Money and Finance, 49(B), 197-210.

Paul D. McNelis, Hwee Kwan Chow, and Guay C. Lim, 2014, “Monetary Regime Choice in Singapore: Would a Taylor Rule Outperform Exchange-Rate Management,” Journal of Asian Economics, 30, 63-81.

Natalia Reisel, 2014, “On the Value of Restrictive Covenants: Empirical Investigation of Public Bond Issues,” 2014, Journal of Corporate Finance, 27, 251-268.

Turan Bali, Lin Peng, Yannan Shen, and Yi Tang, 2014, “Liquidity Shocks and Stock Market Reactions,” Review of Financial Studies, 27(5), 1434-1485

Yiwei Fang, Iftekhar Hasan, Katherin Marton, and Maya Waisman, 2014, “Bank Valuation in New EU Member Countries,” Economic Systems, 38(1), 55-72.

Moren Levisque, Phillip H. Phan, Steve Raymar, and Maya Waisman, 2014, “Are CEOs Myopic? A Dynamic Model of the Ongoing Debate,” Advances in Financial Economics, 17, 125-151.

Yihui Wang and Han Xia, 2014, “Do Lenders Still Monitor When They Can Securitize Loans?” Review of Financial Studies, 27(8), 2354-2391.

Andrew Ellul, Chotibhak Jotikasthira, Christian Lundblad, and Yihui Wang, 2014, “Mark-to-Market Accounting and Systemic Risk: Evidence from the Insurance Industry,” Economic Policy, 29(78), 297-341.

Bill B. Francis, Iftekhar Hasan, and Xian Sun, 2014, “Financial Advisors in Cross-Border M&As: An Empirical Analysis,” Journal of Economics and Business, 73, 22-47.

Books and Book Chapters

James R. Lothian, forthcoming, “Exchange Rates and Prices under Fixed and Flexible Exchange Rates,” in Francisco Rivera-Batiz, ed., Encyclopedia of International Economics and Global Trade, World Scientific Publishing.

Douglas R. Emery, John D. Finnerty, and John D. Stowe, 2018, “Corporate Financial Management,” 5th ed. Wohl Publishing, Morristown, NJ.

James Lothian, 2017, “Essays in International Money and Finance: Interest rates, exchange rates, prices and the supply of money within and across countries,” World Scientific Publishing.