Publications

Selected Publications
(Out of 70 total)

Book: Agency Problems and Financial Contracting (Prentice-Hall, 1985; with A. Barnea and R. Haugen)

"A Test of Accounting Bias and Market Structure (1976)," (with R. Hagerman), Journal of Business, Vol. 49, no. 4, pp. 509-514.   

"The Insignificance of Bankruptcy Costs to the Theory of Optimal Capital Structure (1978)," (with R. Haugen), Journal of Finance, Vol. 33, no. 2, pp.  383-393 [Published as the lead article].

 "The Equivalence of Alternative Mean-Variance Capital Budgeting Models (1978)," (with H. Thompson), Journal of Finance, Vol. 33, no. 2, pp. 395-40l.

"On the Theory of the Firm Under Uncertainty and the Cost of Capital (1979)," Economics Letters, Vol. 2, no. 1, pp. 73-78. 

"New Perspectives on Informational Asymmetry and Agency Relationships (1979)," (with R. Haugen), Journal of Financial and Quantitative Analysis, Vol. XIV, no. 4, pp. 671-694.  [Exhibits published in Journal of Financial and Quantitative Analysis, Vol. 15, March 1980]. 

 "International Capital Market Equilibrium and the Multinational Firm Financing and Investment Policies (1979)," Journal of Financial and Quantitative Analysis, Vol. 14, no 3, pp. 455-480. [Published as the lead article]

 "A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework (1980)," (with A. Barnea and R. Haugen), Journal of Finance, Vol. 35, no. 5, pp. 1223-1234.

 "The Effects of International Operations on the Market Value of the Firm: Theory and Evidence (1981)," (with V. Errunza), Journal of Finance, Vol. 36, no. 2, pp. 40l-417.

 "Market Imperfections, Agency Problems and Capital Structure: A Review (1981)," (with A. Barnea and R. Haugen), Financial Management, Vol. 10, no. 3, pp. 7-22.[Published as the lead article: Also, recognized in the Journal’s twenty-fifth anniversary issue (Summer 1995) as among the most frequently cited - in the top ten].

"An Equilibrium Analysis of Debt Financing Under Costly Tax Arbitrage and Agency Problems (1981)," (with A.Barnea and R. Haugen), Journal of Finance, Vol. 36, no. 3, pp. 569-581. [Published as the lead article]

"Resolving the Agency Problems of External Capital through Options" (1981), (with R. Haugen), Journal of Finance, Vol. 36, no. 3, pp. 629-647.

"External Currency Market Equilibrium Under Market Imperfections and Incompleteness" (1984), (with D. Logue), Journal of Finance, Vol. 38, no. 2, pp. 435-447.

"Capital Structure Equilibrium Under Market Imperfections and Incompleteness" (1984), (with R. Taggart), Journal of Finance, Vo. 39, no. 3, pp. 93-103.

"International Corporate Diversification, Market Valuation, and Size Adjusted Evidence" (1984), (with V. Errunza), Journal of Finance, Vol. 39, no. 3, pp. 727-743.

"International Arbitrage Pricing Theory: An Empirical Investigation" (1986), (with D. Cho and C. Eun), Journal of Finance, Vol. 41, no. 2, pp. 313-329.

"Bankruptcy and Agency Costs: Their Significance to the Theory of Optimal Capital Structure" (1988), (with R. Hausen), Journal of Financial and Quantitative Analysis, Vol. 23, no. 1, pp. 27-38.

"The Effect of Taxes and Depreciation on Corporate Investment and Financial Leverage" (1988), (with R. Dammon), Journal of Finance, Vol. 43, no. 2, pp. 357-3.

"International Capital Structure Equilibrium" (1990), (with J. Hodder), Journal of Finance, Vol. 45, no. 5, pp. 1495-1516.

"Risk-Shifting Incentives of Depository Institutions: A New Perspective on Federal Deposit Insurance Reform" (1991), (with K. John and T. John), Journal of Banking and Finance, Vol. 15, pp. 895-915. [Reprinted in International Library of Critical Writings in Financial Economics.]

"The Effect of the Secondary Market on the Pricing of Initial Public Offerings: Theory and Evidence" (1992), (with D. Mauer), Journal of Financial and Quantitative Analysis, Vol. 27, No. 1, pp. 55-79.  

"Financial Research on Africa: A Financial Theory Perspective" (1992), (with A. Saunders), Journal of African Finance and Economic Development, Vol. 1, No. 1, pp. 1-23.

"Bankruptcy and Capital Structure" (1993), The New Pulgrave Dictionary of Money and Finance, pp. 173-176.

"Absolute Priority Violations and Risk Incentives for Financially Distressed Firms" (1993), (with A. Eberhart), Financial Management, (Autumn), pp. 101-116.

"Financial Distress, Bankruptcy and Reorganization" (1995), (with J. Seward), in Finance Handbooks in Operations Research and Management Science {Elsevier Science), Vol. 9, eds., R. Jarrow, et al., pp. 921-961.

"Debt and Market Incompleteness" (1995), (with E. Ronn), Journal of Banking and Finance, Vol. 19, pp. 1379-1400.

"Financial Regulation and Liberalization in Africa Under Incentive Problems and Asymmetric Information" (1997), (with M. Ncube), Journal of African Economies (Oxford University Press), Vol. 6, No. 1, pp. 29-88.  [Lead Article.]

"The Pricing of Country Funds from Emerging Markets: Theory and Evidence" (1998), (with V. Errunza and K. Hogan), International Journal of Theoretical and Applied Finance, Vol. 1, no. 1, pp. 111-143.  [Reprinted in International Library of Critical Writings in Financial Economics.]

"Corporate Governance and Board Effectiveness" (1998), (with K. John, Journal of Banking and Finance) (Twentieth Anniversary Article), Vol. 22, pp. 371-403 [Lead Article.]

"A Theory of Bank Regulation and Management Compensation"(2000), (with K. John and A. Saunders), Review of Financial Studies, Vol. 13, no. 1, pp. 95-126.

"Global Financial Crisis: Implications for Africa" (2001), Journal of African Economies (Oxford University Press), Vol. 10, pp. 104-140.

"The Pricing of Emerging Market Country Funds" (2002), Journal of International Money and Finance, (with C. Eun and S. Janakiramanan), Vol. 21, pp. 833-855.  [Best Paper Award at the 9th annual conference of Global Finance Association, May 2002.]

"The Effect of Deposit Insurance on Financial Depth: 'A Cross-Country Analysis'" (2002), Quarterly Review of Economics and Finance (with R. Cull, World Bank and M. Sorge, Stanford).  [Special issue, North-Holland; ed., Ed Kane], Vol. 42, pp. 673-694.

"Deposit Insurance and Financial Development" (2005) (with R. Cull and M. Sorge), Journal of Money, Credit and Banking, Vol. 37,  pp. 43-82.

“Financial Sector Reforms in Africa: Perspectives on Issues and Policies”(2006),  (with I. Otchere),  Annual Bank Conference on Development Economics (The World Bank). pp. 81-119.

“Bank Incentives, Economic Specialization, and Financial Crises in Emerging Economies”(2008), (with A. Gande and K. John), Journal of International Money and Finance, Vol. 27(5), 707-732.

“Valuation Effects of Global Diversification” (2009) (with A. Gande, SMU and Christoph Schenzler, Vanderbilt), Journal of International Business Studies [50th Anniversary Issue], Vol. 40 (9), pp. 1515-1532.

“African Stock Markets” (2010), (with I. Otchere), in African Finance in the 21st Century, International Monetary Fund volume (Palgrave). Eds. Marc Quintyn and Genevieve Verdier, pp.104-142.

"Executive Compensation: An Overview of Research on Corporate Practices and Proposed Reforms" (2010), (with M. Faulkender, D. Kadhyrzanova, and NR Prabhala), Journal of Applied Corporate Finance, Vol. 22, No.1, pp. 107-118

“African Financial Systems: A review” (2011), (with F.Allen and I. Otchere), Review of Development Finance, Vol. 1, No.2, pp. 79–113.

"Corporate Finance Distress and Bankruptcy: A Survey" (2012), (with T. Wang), Foundations and Trends in Finance, p. 1-99.

"Resolving the African Financial Development Gap" (2012), (with F. Allen, E. Carletti, R. Cull, J. Qian, P. Valenzuela), NBER volume on African Development Successes (University of Chicago Press; edited by S. Edwards, S. Johnson and D. Weil)

“How to make online lending save and secure for minorities” (2018), (with L. Williams), at 1FirstCashAdvance.Org online lending platform. Main and landing pages content.