Finance Department

3620 Locust Walk

E-mail: allenf@wharton.upenn.edu

Recent Presentations

1. Beijing Wharton Alumni Forum Master Class on the Global Financial Crisis – June 13, 2009
   

2. Wharton Finance Club – April 27, 2009
   

3. ECGI-Annual-Lecture-April 17, 2009
   

4. Wharton Crisis Course-April 7, 2009
   

5. CBN-Penn-Shanghai Jiaotong Forum, Shanghai, January 6, 2009
   Chinese Version
   
   
6. NYU- 5 Star Conference- December 5, 2008
   
   
7. Lessons from the Crisis - Wharton Club Conference Call - October 29, 2008
   
   
8. Lessons from the Crisis - European University Institute - October 16, 2008
   
   
9. Lessons from the Subprime Crisis - Presidential Address, International Atlantic Economic Society - October 11, 2008
   
   
10. Market Illiquidity and Financial Instability – Federal Reserve Academic Consultants Meeting - October 3, 2008
    
    
11. The Crisis of 2007-08 - 21st Century Financial Crises, Center for Economic Policy Studies, Princeton University - September 12-13, 2008
    
    
12. Understanding Financial Crises – Wharton Alumni Conference – May 31, 2008
    
    
13. Lessons from the Subprime Crisis - Presidential Address - International Atlantic Economic Society - April 11, 2008
    
    
14. China’s Financial System: Past, Present and Future – Wharton China Week – March 27, 2008  
    
    
    
    
    Works in Progress
    
    
15. "Financial Crises: Theory and Evidence" (with A. Babus and E. Carletti), Working Paper 09-15, Wharton Financial Institutions Center, University of Pennsylvania.
    
    
16. "A Review of China’s Financial System and Initiatives for the Future" (with J. Qian, M. Qian, and M. Zhao), Working Paper 08-28, Wharton Financial Institutions Center, University of Pennsyvania.
    
    
17. "Stakeholder Capitalism, Corporate Governance and Firm Value" (with E. Carletti and R. Marquez), Working Paper 07-39, Wharton Financial Institutions Center, University of Pennsylvania.
    
    
18. "Financing Firms in India" (with R. Chakrabarti, S. De, J. Qian and M. Qian), Working Paper 06-08, Wharton Financial Institutions Center, University of Pennsylvania.
    
    
19. "Credit Market Competition and Capital Regulation" (with E. Carletti and R. Marquez), Working Paper 05-27, Wharton Financial Institutions Center, University of Pennsylvania..
    
    
    
    
    Forthcoming
    
    
20. "Interbank Market Liquidity and Central Bank Intervention” (with E. Carletti and D. Gale), Journal of Monetary Economics, forthcoming.
    
    
21. "Comparing Legal and Alternative Institutions in Commerce" (with J. Qian), forthcoming in Global Perspectives of Rule of Law, edited by J. Heckman and R. Nelson, Routledge, 2009.
    
    
22. Law, Institutions and Finance in China and India," (with R. Chakrabarti, S. De, J. Qian, and M. Qian), in Emerging Giants: China and India in the World Economy edited by Barry Eichengreen, Poonam Gupta, and Rajiv Kumar, 2008.
    
    
23. "The Roles of Banks in Financial Systems" (with E. Carletti), forthcoming in The Oxford Handbook of Banking, edited by A. Berger, P. Moyneux, and J. Wilson, Oxford University Press, 2008.
    
    
24. "Networks in Finance" (with A. Babus), Working Paper 08-07, Wharton Financial Institutions Center, University of Pennsylvania. Forthcoming in Network-based Strategies and Competencies, edited by Paul Kleindorfer and Jerry Wind, Wharton School Publishing.
    
    
    
    
2008


25. "Mark-to-Market Accounting and Cash-in-the-Market Pricing,” (with E. Carletti), Journal of Accounting and Economics, 45(2-3), August 2008, 358-378.
    Link to Journal of Accounting and Economics (access to the full text of this article will depend on your personal or institutional entitlements.)
    Working Paper Version.
    
    
26. “The Role of Liquidity in Financial Crises” (with E. Carletti), 2008 Jackson Hole Conference Proceedings, Federal Reserve Bank of Kansas City, 379-412.
    
    
27. "China's Financial System: Past, Present and Future” (with J. Qian and M. Qian), China's Economic Transition: Origins, Mechanism, and Consequences, edited by L. Brandt and T. Rawski, Cambridge University Press.
    
    
28. Financial Crises (with D. Gale), The International Library of Critical Writings in Economics 218, Edward Elgar Publishing Inc.
    Introduction
    
    
29. "Design of Contracts and Securities" in Handbook of Financial Intermediaries and Banking, edited by Anjan V. Thakor and Arnoud W.A. Boot, Elsevier, 1-4.
    
    
30. “Financial Structure and Corporate Governance in Europe, the USA, and Asia,” in European Financial Markets and Institutions, edited by X. Freixas, P. Hartmann, and C. Mayer, New York: Oxford University Press, 29-67.
    Link to Elsevier website.
    
    
31. "India's Financial System" (with R. Chakrabarti and S. De), Nomura Institute of Capital Markets Research, Tokyo, Special Paper Number 3, October 2008.
    Japanese Version
    
    
32. "Should Financial Institutions Mark to Market?" (with E. Carletti), Banque de France Financial Stability Review, 12, October 2008, 1-6.
    French Version
    
    
    
    
    2007
    
    
33. Understanding Financial Crises (with D. Gale), Oxford University Press.
    
    
34. Ninth Edition of Principles of Corporate Finance (with R. Brealey and S. Myers), New York: McGraw Hill-Irwin.
    
    
35. “Banks, Markets and Liquidity,” (with. E. Carletti) in The Structure and Resilience of the Financial System, edited by C. Kent and J. Lawson, Sydney: Reserve Bank of Australia, 201-218.
    
    
36. "The Corporate Governance Model of Japan: Shareholders are not Rulers" (with M. Zhao), PKU Business Review, Vol. 36/7, 98-102. Chinese Version. English Version.
    
    
37. "What is the Rationale for Regulating Banks" (with E. Carletti), Banking and Finance Monitor, 2, December 2007, 40-43.
    
    

 

2006

38. "Beauty Contests, Bubbles, and Iterated Expectations in Asset Markets," (with S. Morris and H. S. Shin), Review of Financial Studies, Fall 2006, 19(3), 719-752.
    
    
39. "Credit Risk Transfer and Contagion," (with E. Carletti), Journal of Monetary Economics, 53(2006), 89-111.
    
    
40. "Large Investors, Price Manipulation, and Limits to Arbitrage: An Anatomy of Market Corners" (with L. Litov and J. Mei), Review of Finance, 2006, 10(4), 645-693.
    
    
41. "The Financial System of the EU 25 " (with L. Bartiloro and O. Kowalewski), in Financial Development, Integration, and Stability: Evidence from Central, Eastern, and South-Eastern Europe, edited by Klaus Liebscher, Josef Christl, Peter Mooslechner, and Doris Ritzberger-Grunwald (long version).
    
    
42. "The Financial System of the EU 25 " (with L. Bartiloro and O. Kowalewski) in Financial Development, Integration, and Stability: Evidence from Central, Eastern, and South-Eastern Europe, edited by Klaus Liebscher, Josef Christl, Peter Mooslechner, and Doris Ritzberger-Grunwald (short version).
    
    
43. "Systemic Risk and Regulation" (with D. Gale), in The Risks of Financial Institutions, edited by Mark Carey and Rene M. Stulz, 341-375.
    
    
44. "The Efficiency and Stability of Banks and Markets," Nanjing Business Review, 6(1), 2006, 102-119. Chinese version.
    English version
    
    
    

    2005
    

45. Eighth Edition of Principles of Corporate Finance (with R. Brealey and S. Myers), New York: McGraw Hill-Irwin.
    
    
46. "Law, Finance and Economic Growth in China,” (with J. Qian and M. Qian), Journal of Financial Economics, 77(2005), 57-116.
    
    
47. "From Cash-in-the-Market Pricing to Financial Fragility," (with D. Gale), Journal of the European Economic Association, April-May 2005, 3(2-3), 535-546.
    
    
48. "Corporate Governance in Emerging Economies," Oxford Review of Economic Policy, 21(2), 164-177.
    
    
49. "Financial Integration and EMU" (with W. Song), European Financial Management, 11(1), 7-24.
    
    
50. "Modelling Financial Instability," National Institute Economic Review No. 192, April 2005.
    
    
51. "Will China's Financial System Stimulate or Impede the Growth of its Economy," (with J. Qian and M. Qian), Woodrow Wilson International Center for Scholars, Asia Program Special Report No. 129, July 2005, 33-41.
    
    
52. "Bank Competition and the Role of Regulation," (with E. Carletti and R. Marquez), Proceedings of The Art of the Loan in the 21st Century: Producing, Pricing, and Regulating Credit, The 41st Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago, May 2005, 121-123.
    
    
    

    2004
    

    
    
53. "Financial Intermediaries and Markets" (with D. Gale), Econometrica, 72(4), 1023-1061.
    
    
54. "Financial Fragility, Liquidity, and Asset Prices ” (with D. Gale), Journal of European Economic Association, 2(6): 1015-1048, December 2004.
    
    
55. Competition and Financial Stability" (with D. Gale), Journal of Money, Credit and Banking, 36(3) Pt. 2, 453-480.
    
    
56. “Asset Price Bubbles and Monetary Policy” (with D. Gale) in Global Governance and Financial Crises edited by Meghnad Desai and Yahia Said, 19-42.
    
    
57. "Financial Systems in Europe, the USA and Asia" (with M. Chui and A. Maddaloni), Oxford Review of Economic Policy 2004 20(4), 490-508.
    
    
58. "Sustained Economic Growth and the Financial System," (with H. Oura), Monetary and Economic Studies, Vol. 22 No. S-1, December 2004, 95-126.
    
    
59.   “Comparative Financial Systems: A Discussion ” (with D. Gale) in Credit, Intermediation, and the Macroeconomy edited by A. Boot, S. Bhattacharya and A. Thakor, Oxford University Press, 699-770.
    
    
60. "Liquidity and Financial Instability: An Introduction" (with P. Bolton), Journal of the European Economic Association, 2(6): 925-928. December 2004.
    
    
61. Review of Financial Crises, Liquidity, and the International Monetary System by Jean Tirole in Journal of International Economics, 62, 233-243.  
    
    
62. "Assessment of the Riksbank's Work on Financial Stability Issues (with L. Franke and M. Swinburne), Economic Review 2004(3).
    
    
    

    2003
    
    

63. "Payout Policy” (with R. Michaely) in North-Holland Handbook of Economics edited by George Constantinides, Milton Harris, and Rene Stulz, 337-429.
    
    
64. Capital Adequacy Regulation: In Search of a Rationale” (with D. Gale), in Economics for an Imperfect World: Essays in Honor of Joseph Stiglitz edited by R. Arnott, B. Greenwald, R. Kanbur and B. Nalebuff, Cambridge, MA: MIT Press 2003, 83-109.
    
    
65. “Asset Price Bubbles and Stock Market Interlinkages” (with D. Gale) in Asset Price Bubbles edited  by W.C. Hunter, G.G. Kaufman and M. Pomerleano, MIT Press, 2003, 323-336.  
    
    
66. "Comparing China's Financial System" (with J. Qian and M. Qian), China Journal of Finance 1, 1-28. Chinese Version.
    English Version.
    
    
67. "Venture Capital and Corporate Governance" (with W. Song) in Corporate Governance and Capital Flows in a Global Economy, edited by Peter K. Cornelius and Bruce Kogut, Oxford University Press, New York, 2003, pp: 133-156.
    
    
68. “Building China’s Financial System in the 21^st Century” (with J. Qian and M. Qian), 2003, Harvard China Review IV (1), 36-41.
    
    
69. Discussion of “Liquidity, Default and Crashes: Endogenous Contracts in General Equilibrium” by J. Geanakoplos and “Trading Volume” by A. Lo and J. Wiang, Proceedings of the Sixth World Congress of the Econometric Society edited by M.  Dewatripont, L. Hansen and S. Turnovsky, Cambridge University Press, 2003, 278-283.
    
    
70. Discussion of “Banks and Markets: The Changing Character of European Finance” by R. Rajan and L. Zingales in The Transformation of the European Financial System edited by V. Gaspar, P. Hartmann and O. Sleijpen, 2003, European Central Bank, 169-172.
    
    
71. Discussion of “Monetary Policy and Financial Market Evolution” by V. Bencivenga and B. Smith in Financial and Real Economic Activity edited by A. Gilbert, St. Louis: Federal Reserve Bank of St. Louis Review 85(4), 27-29.
    
    
72. Book review of Theoretical Foundations of Corporate Finance by J. Amaro de Matos in Journal of Economics/ Zeitschrift für Nationalökonomie 79(2), 212-214

    
    2002
    
    
73.   “E-Finance: An Introduction,” (with J. Mc Andrews and P. Strahan), Journal of Financial Services Research, 2002, 22:1/2, 5-27.”
    
    
74. Liquidity, Asset Prices and Systemic Risk” (with D. Gale) in Risk Measurement and Systemic Risk, proceedings of a conference held at the Bank for International Settlements, March 2002, Bank for International Settlements, October 2002, 27-37.
    
    

    
    2001
    
    

75. “Do Financial Institutions Matter?,” (AFA Presidential Address), Journal of Finance, 2001, 56, 1165-1175.
    
    
76.   “What Do Financial Intermediaries Do?” (with A. M. Santomero), Journal of Banking and Finance, 2001, 25, 271-294.
    
    
77. “Game Theory Models in Finance ,” (with S. Morris), in Advances in Business Applications of Game Theory edited by K. Chatterjee and W. Samuelson, Kluwer Academic Publishers, Boston, 2001, 17-48.
    
    
78.   “Financial Structure and Financial Crises,” International Review of Finance, 2001, 2, 1-19.
    
    
79. “Comments on Sir Edward George’s “Comparing Financial Systems:  How Much Convergence,” Volkswirtschaftliche Tagung 2001, “Der Einheitlinche Finanzmarkt – Ein Zwischenbilanz nach zwei Jahrnen WWU, Austrian National Bank, 2001, 29-31.
    
    
80. “Competition Among Banks:  Introduction and Conference Overview,” (with H. Gersbach, J. Krahnen, and A. M. Santomero), European Finance Review, 2001, 5, 1-11.
    
    
81. Discussion of “Aging and Financial Crises” by E. Philip Davies  in Conference Volume on Aging, Deutsche Bundesbank, 2001
    
    
82. Book review of The Asian Financial Crisis: Causes, Contagion and Consequences by Pierre Richard Agenor, Marcus Miller, David Vines and Axel Weber, Economic Journal, 2001, 111, F502-F503.
    
    
83. "Banking Regulation versus Securities Market Regulation" (with R. Herring), Working Paper 01-29, Wharton Financial Institutions Center, University of Pennsylvania
    
    
    

     2000 
    
    

84. Comparing Financial Systems (with D. Gale), MIT Press.
    
    
85. “Financial Contagion,” (joint with D. Gale), Journal of Political Economy, 2000, 108, 1-33.
    
    
86.   “A Theory of Dividends Based on Tax Clienteles,” (joint with Antonio Bernardo and Ivo Welch), Journal of Finance, 2000, 55, 2499-2536.
    
    
87. “Bubbles and Crises,” (joint with D. Gale), Economic Journal, 2000, 110, 236-255.
    
    
88.   “Capital Structure and Imperfect Competition in Product Markets,” in Incentives, Organization, and Public Economics: Papers in Honour of Sir James Mirrlees edited by Peter J. Hammond and Gareth D. Myles, 2000, Oxford University Press, 281-301.
    
    
89. Optimal Currency Crises,” (with D. Gale), Carnegie Rochester Series on Public Policy, 2000, 53, 177-230.
    
    
90. “Corporate Governance and Competition” (joint with D. Gale), Corporate Governance: Theoretical and Empirical Perspectives edited by X. Vives, 2000, Cambridge University Press, 23-94.
    
    
91. “Financing Strategies and Venture Capital,” (joint with J. Percival), in Wharton on Managing Emerging Technologies edited by George Day and Paul Schoemaker, New York: John Wiley & Sons, 2000, 289-306.
    
    
92. “Selection Editor’s Introduction,” Journal of Finance, 2000, 55, 1477.
    
    
93.   Book review of The Political Economy of  Japanese Financial Markets: Myths versus Reality  by Dick Beason and Jason James, Economic Journal, 2000, 110, F813-F814. 
    
    
94. "A Comparative Theory of Corporate Governance" (with D. Gale).
    
    
    

    1999 
    
    

95. "Using Genetic Algorithms to Find Technical Trading Rules," (joint with R. Karjalainen), Journal of Financial Economics, 1999, 51, 245-271.
    
    
96. “Diversity of Opinion and Financing of New Technologies,” (joint with D. Gale), Journal of Financial Intermediation, 1999, 8, 68-89.
    
    
97. “Innovations in Financial Services, Relationships and Risk Sharing,” (joint with D. Gale), Management Science, 1999, 45, 1239-1253.
    
    
98.   “Bubbles, Crises and Policy,” (with D. Gale) Oxford Review of Economic Policy, 1999, 15(3), 9-18.
    
    
99. “The Asian Crisis and the Process of Financial Contagion,” (with D. Gale), Journal of Financial Regulation and Compliance, 1999, 7, 243-249.
    
    
100. “The Role of Information in Financial and Capital Markets” (in Japanese) Chapter 6 in Change in Financial Capital Markets and the State edited by Kenmei Kaizuka, Ministry of Finance, Tokyo, Japan, 1999, 113-141.
     
     
101. “Guest Editor’s Introduction: The Design of Financial Systems and Markets,” Journal of Financial Intermediation, 1999, 8, 5-7.
     
     
     

      1998 
     
     

102. “Optimal Financial Crises," (with D. Gale), Journal of Finance, 1998, Papers and Proceedings Issue, 53(4), 1245-1284.
     
     
103. "Financial Pricing of Insurance in the Multiple Line Insurance Company," (joint with R. D. Phillips, J. D. Cummins), Journal of Risk and Insurance, 1998, 65, 597-636.
     
     
     

     1997 
     
     

104. "Financial Markets, Intermediaries, and Intertemporal Smoothing," (with D. Gale), Journal of Political Economy 1997, 105, 523-546.
     
     
105. "The Theory of Financial Intermediation," (with A. M. Santomero), Journal of Banking and Finance, 1997, 21, 1461-1486
     
     
106. "The Future of the Japanese Financial System," Gendai Finance 1997, No 2, 3-22. (In Japanese).
     
     
107.   "The Impact of Institutional Structure on Financial Innovation and Risk Sharing:  A Comparison of the U.S., Germany and Japan," in Policy Based Finance and Market Alternatives: East Asian Lessons for Latin America and the Caribbean edited by K. B. Staking, Inter-American Development Bank, Washington, D.C., 1997, 87-103.
     
     
108. "Riding on the Crest of a Wave can be Easy But …"  Financial Times, Mastering Finance Series, Number 10, July 1997, 2-4.
     
     
     

      1996 
     
     

109.   Universal Banking, Intertemporal Risk Smoothing, and European Financial Integration," Chapter 16 in Universal Banking edited by A. Saunders and I. Walter, Chicago: Irwin, 1996, 528-542.
     
     
110. Book review of Strong Managers, Weak Owners by M. Roe, Princeton University Press, Journal of Economic Literature 1995, 33, 1994-1996
     
     
     

     1995
     
     

111. "A Welfare Comparison of Intermediaries and Financial Markets in Germany and the U.S." (with D. Gale), European Economic Review 1995, 39, 179-209.
     
     
112. "Dividend Policy" (with R. Michaely), Chapter 25 in North-Holland Handbooks of Operations Research and Management Science:  Finance (Volume 9) edited by R. A. Jarrow, V. Maksimovic and W. T. Ziemba, New York: Elsevier, 1995, 793-837.
     
     
113. "Corporate Financial Structure, Incentives and Optimal Contracting" (with A. Winton), Chapter 22 in North-Holland Handbooks of Operations Research and Management Science:  Finance (Volume 9) edited by R. A. Jarrow, V. Maksimovic and W. T. Ziemba, New York: Elsevier, 1995, 693-720.
     
     
114.   "The Design and Redesign of Organizational Form," (with Peter Sherer) in Redesigning the Firm, edited by E. H. Bowman and B. Kogut, New York: Oxford University Press, 1995, 183-196.
     
     
115.   Comment on "Capital Requirements, Loan Renegotiation and the Borrower's Choice of Financing Source" by A. V. Thakor and P. Furlong Wilson Journal of Banking and Finance, 1995, 19, 717-718.
     
     

     1994
     
     

116. Financial Innovation and Risk Sharing (with D. Gale), MIT Press.
     
     
117. "Limited Market Participation and Volatility of Asset Prices" (with D. Gale), American Economic Review 1994, 84, 933-955.
     
     
     

      1993
     
     

118.   "Churning Bubbles" (with G. Gorton), Review of Economic Studies 1993, 60, 813-836.
     
     
119. "Finite Bubbles with Short Sale Constraints and Asymmetric Information" (with S. Morris and A. Postlewaite), Journal of Economic Theory 1993, 61, 206-229.
     
     
120. "Stock Markets and Resource Allocation," in Capital Markets and Financial Intermediation, edited by C. Mayer and X. Vives, Cambridge, U.K.: Cambridge University Press, 1993, 81-108.
     
     
121. "Stock Markets and Resource Allocation," Japanese Translation in Financial Review published by the Japanese Ministry of Finance, June 1993, 34-55.
     
122. "Estimating Divisional Cost of Capital for Insurance Companies" in Financial Management of Life Insurance Companies, edited by J. D. Cummins and J. Lamm-Tennant, Boston, MA: Kluwer, 1993, 101-123.
     
     
123. "Strategic Management and Financial Markets," Strategic Management Journal Winter 1993 Special Issue, 1993, 14, 11-22.
     
     
124. "Introduction to Special Issue on Security Design," Financial Management, 1993, 22(2), 32-33.
     
     
125.   Discussion of "Informational Capacity and Financial Collapse" by Douglas Gale in Capital Markets and Financial Intermediation, edited by C. Mayer and X. Vives, Cambridge, U.K.: Cambridge University Press, 1993, 148-151.
     
     
     

     1992 
     
     

126. "Stock Price Manipulation" (with D. Gale), Review of Financial Studies, 1992, 5, 503-529.
     
     
127. "Stock Price Manipulation, Market Microstructure and Asymmetric Information," (with G. Gorton), European Economic Review, 1992, 36, 624-630.
     
     
128. "Measurement Distortion and Missing Contingencies in Optimal Contracts," (with D. Gale), Economic Theory, 1992, 2, 1-26.
     
     
129.   "Design of Securities" in The New Palgrave Dictionary of Money and Finance  1992, 647-648
     
     
130. "Subordinated Debt" (with A. M. Santomero) in The New Palgrave Dictionary of Money and Finance 1992, 600-601.
     
     
     

      1991
     
     

131. "Arbitrage, Short Sales and Financial Innovation," (with D. Gale), Econometrica, 1991, 59, 1041-1068.
     
     
132. "Rational Rationing," (with G. Faulhaber), Economica, 1991, 58, 189-98.
     
     
133. "Quality Control in the Service Firm and Consumer Learning," (with G. Faulhaber) in Service Quality:  Multidisciplinary and Multinational Perspectives edited by Stephen W. Brown, Evert Gummeson, Bo Edvardsson and Bengtove Gustavsson, Lexington Books, 1991, 289-302.
     
     
134. Discussion of "Banking, Financial Intermediation and Corporate Finance" by Martin Hellwig, Chapter 3 in European Financial Integration, edited by A. Giovannini and C. Mayer, 1991, Cambridge University Press, 64-68.
     
     
     

      1990
     
     

135.   "The Market for Information and the Origin of Financial Intermediation," Journal of Financial Intermediation, 1990, 1, 3-30.
     
     
136. "Incomplete Markets and Incentives to Set Up an Options Exchange," (with D. Gale), Geneva Papers on Risk and Insurance Theory special issue entitled "The Allocation of Risk with Incomplete Asset Markets," edited by H. Polemarchakis, 1990, 15, 17-46.
     
     
137. Book review of Financial Markets and Incomplete Information-Frontiers of Modern Financial Theory, Volume 2, edited by S. Bhattacharya and G. M. Constantinides, 1989, 188-197, Rowman and Littlefield in Review of Financial Studies, 1990, 3, 309-313.
      
     
     

      1989
     
     

138. "Signalling by Underpricing in the IPO Market," (with G. Faulhaber), Journal of Financial Economics, 1989, 23, 303-323.
     
     
139. "The Changing Nature of Debt and Equity: A Financial Perspective," in Are the Differences between Equity and Debt Disappearing?  Conference Series No. 33, 1989, Federal Reserve Bank of Boston, 12-38.
     
     
140. "Information-Contracting in Financial Markets," in Financial Markets and Incomplete Information-Frontiers of Modern Financial Theory, Volume 2, edited by S. Bhattacharya and G. M. Constantinides, 1989, 188-197, Rowman and Littlefield.
     
     
141. "Unbalanced Growth Redux:  Sectoral Productivity and Capital Markets," (with G. Faulhaber and A. C. Mackinlay), 1989, Fishman-Davidson Discussion Paper 42, University of Pennsylvania.
     
     
     

      1988
     
     

142. "Optimal Security Design," (with D. Gale), Review of Financial Studies, 1988, 1, 229-263.
     
     
143. "A Theory of Pricing Rigidities When Quality is Unobservable," Review of Economic Studies, 1988, 55, 139-151.
     
     
144. "Optimism Invites Deception," (with G. Faulhaber), Quarterly Journal of Economics, 1988, 103, 397-407.
     
     
145. "Scoring Rules for Continuous Probability Distributions when Utility Functions are Unknown," 1988, mimeo, University of Pennsylvania.
     
     
146. "Tax Clienteles and the Miller Model with Incomplete Markets," (with J. Jaffe), 1988, Rodney L. White Working Paper 5-88, University of Pennsylvania.
     
     
     

     1987 
     
     

147. "Discovering Personal Probabilities When Utility Functions are Unknown," Management Science, 1987, 33, 542-544.
     
     

      1985
     
     

148. "On the Fixed Nature of Sharecropping Contracts," Economic Journal, 1985, 95, 30-48.
     
     
149. Repeated Principal-Agent Relationships with Lending and Borrowing," Economics Letters, 1985, 17, 27-31.
     
     
150. "Achieving the First Best in Small Economies," Journal of Public Economics, 1985, 27, 255-260.
     
      
     
     

     1984
     
     

151.   "Reputation and Product Quality," Rand Journal of Economics, 1984, Autumn, 311-327.
     
     
152. "Rational Expectations and the Measurement of a Stock's Elasticity of Demand," (with A. Postlewaite), Journal of Finance, 1984, 39(4), 1119-1126.
     
     
153. "Mixed Wage and Rent Contracts as Reinterpretations of Share Contracts," Journal of Development Economics, 1984, 16, 313-317.
     
     
154.   "The Social Value of Asymmetric Information," 1984.  Rodney L. White Working Paper 23-84, University of Pennsylvania./
     Technical Appendix.
     
     

     1983
     
     

155.  "Credit Rationing and Payment Incentives," Review of Economic Studies, 1983, 50(4), 639-646.
     
     
156. "Admissible Mean Standard Deviation Indifference Curves," Economics Letters, 1983, 12, 11-17.
     
      
     

     1982 
     
     

157. "Optimal Linear Income Taxation with General Equilibrium Effects on Wages," Journal of Public Economics, 1982, 17, 135-143.
     
     
158. "On Share Contracts and Screening," Bell Journal of Economics, 1982, 13(2), 541-547.
     
     
159.   "The Relationship Between Unemployment and Vacancies in The United Kingdom: A Mimic Approach," (with A. Parikh) Oxford Economic Papers, 1982, 34(1), 98-107.
     

      1981 
     

160.   "The Prevention of Default," Journal of Finance, 1981, 36(2), 271-276.