• Publications
  • Influence
Agency Costs and Ownership Structure
We provide measures of absolute and relative equity agency costs for corporations under different ownership and management structures. Our base case is Jensen and Meckling's (1976) zero agency-costExpand
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The Importance of Relationships to the Availability of Credit
In this article, I examine the effect of pre-existing relationships between a firm and its potential lender on the potential lender's decision whether or not to extend credit to the firm. I find thatExpand
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Déjà Vu All Over Again: The Causes of U.S. Commercial Bank Failures This Time Around
In this study, we analyze why commercial banks failed during the recent financial crisis. We find that traditional proxies for the CAMELS components, as well as measures of commercial real estateExpand
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Separating the likelihood and timing of bank failure
Abstract We use a split-population survival-time model to separate the determinants of bank failure from the factors influencing the survival time of failing banks. Basic indicators of a bank'sExpand
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What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance: What Do We Know about the Capital Structure of Privately Held US Firms?
This study examines the capital-structure decisions of privately held US firms using data from four nationally representative surveys conducted from 1987 to 2003. Book-value firm leverage, asExpand
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Financial Services Used by Small Businesses: Evidence from the 1993 National Survey of Small Business Finances
Using newly available data from the 1998 Survey of Small Business Finances, this article offers preliminary findings regarding the characteristics of small businesses in the United States and theirExpand
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Predicting Bank Failures: A Comparison of On- and Off-Site Monitoring Systems
On-site examinations are regulators' primary tool for monitoring the financial condition of federally insured depository institutions. In this paper, we assess the speed with which the informationExpand
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What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance
This study examines the capital-structure decisions of privately held US firms using data from four nationally representative surveys conducted from 1987 to 2003. Book-value firm leverage, asExpand
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Changes in REIT Liquidity 1988–2007: Evidence from Daily Data
In this study, we present panel-data evidence on REIT liquidity and its determinants over the 1988–2007 period. We focus upon liquidity measures that do not require micro-structure data (1) toExpand
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Reorganization of corticospinal pathways following spinal cord injury
To assess changes in the relationship between cortical motor representation areas and their target muscles following spinal cord lesions, we studied motor evoked potentials (MEPs) to transcranialExpand
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