JOURNAL ARTICLES: Compensation and Board Structure: Evidence from the Insurance Industry with D. Mayers, Journal of Risk and Insurance (forthcoming).

Transcription

1 JOURNAL ARTICLES: Compensation and Board Structure: Evidence from the Insurance Industry with D. Mayers, Journal of Risk and Insurance (forthcoming). Using Organizational Architecture to Lead Change with J. Brickley, J. Zimmerman, and J. Willett, Journal of Applied Corporate Finance, Vol. 21, No 2. (Spring, 2009) Agency Conflicts and Risk Management with E. Morellec, Review of Finance, Vol. 11, No. 1, 1-23 (2007). On Governance and Agency Issues in Small Firms Journal of Small Business Management Vol. 45, No (January 2007) On the Debt Capacity of Growth Options, with M. Barclay and E. Morellec, Journal of Business Vol. 79, No. 1, (January 2006). The Capital Structure Puzzle: The Evidence Revisited, with M. Barclay, Journal of Applied Corporate Finance, Volume 17, No. 1, 8-18 (Winter 2005) Agency Problems and the Corporate Charter, with D. Mayers, Journal of Law, Economics, & Organization Vol. 21, No. 2, (October, 2005). Incentives for Managing Accounting Information: Property-Liability Insurer Stock-Charter Conversions, with D. Mayers, Journal of Risk and Insurance, Vol. 71, No. 2, (2004). Boundaries of the Firm: Evidence from the Banking Industry, with J. Brickley and J. Linck, Journal of Financial Economics, Vol. 70, No. 3, (December 2003). The Joint Determination of Leverage and Maturity, with M. Barclay and L. Marx, Journal of Corporate Finance, Vol. 9, No. 2, (March 2003). Corporate Governance, Ethics, and Organizational Architecture, with J. Brickley and J. Zimmerman, Journal of Applied Corporate Finance, Vol. 15. No. 3, 8-19 (Winter 2003). Reprinted in Corporate Governance at the Crossroads edited by D. Chew and S. Gillan (McGraw Hill Irwin: Burr Ridge, IL) (2005). Business Ethics and Organizational Architecture, with J. Brickley and J. Zimmerman, Journal of Banking and Finance, Vol. 26, , (2002). Ownership Structure and Control: Property-Casualty Insurer Conversion to Stock Charter, with D. Mayers, Journal of Financial Services Research, Vol. 21, No. 1/2, (February/April 2002). Insurer Ownership Structure and Executive Compensation as Complements, with L. Marx and D. Mayers, Journal of Risk and Insurance, Vol. 68, No. 3, (September 2001). Organizational Architecture and Corporate Finance, Journal of Financial Research, Vol. 24, No.1, 1-13 (Spring 2001). An Introduction to Game Theory and Business Strategy, with J.A. Brickley and J.Zimmerman, Journal of Applied Corporate Finance,Vol. 13, No. 2, (Summer 2000). Tax Progressivity and Corporate Incentives to Hedge, with J. Graham, Journal of Applied Corporate Finance, Vol. 12, No. 4, (Winter 2000). Teaching the Economics of Organizations, with J.A. Brickley and J.L. Zimmerman, Financial Practice and Education, Vol. 9, No. 2, (Fall/Winter 1999). On the Market for Corporate Control, Case Western Reserve Law Review Vol. 50, No. 2 (Winter 1999). Tax Incentives to Hedge, with J. Graham, Journal of Finance, Vol. 54, No. 6, (1999).

2 The Capital Structure Puzzle: Another Look at the Evidence, with M. Barclay, Journal of Applied Corporate Finance, Vol. 12, No. 1, 8-20 (Spring 1999). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 3 rd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (2001). Derivatives Regulation: Implications for Central Banks, with L. Hentschel, Journal of Monetary Economics, Vol. 40, No. 2, (1997). Management Fads and Organizational Architecture, with J. Brickley and J. Zimmerman, Journal of Applied Corporate Finance, Vol. 10, No. 2, (Fall 1997). Risks in Derivatives Markets: Implications for the Insurance Industry, with L. Hentschel, Journal of Risk and Insurance, Vol. 64, No. 2, (June 1997). Awarded Citation of Excellence by Anbar Electronic Intelligence (1998). Guaranty Funds and Risktaking: Evidence from the Insurance Industry, with S.J. Lee and D. Mayers, Journal of Financial Economics, Vol. 44, No. 1, 3-24 (April 1997). Printed in the Proceedings of the Risk Theory Society (1994). Awarded Citation of Excellence by Anbar Electronic Intelligence (1998). Board Composition In The Insurance Industry, with D. Mayers and A. Shivdasani, Journal of Business, Vol. 70, No. 1, (January 1997). Excerpted in the Contemporary Finance Digest, Vol. 2, No. 1 (Spring 1998). On Financial Architecture: Leverage, Maturity, and Priority, with M.J. Barclay, Journal of Applied Corporate Finance, Vol. 8, No. 4, 4-17 (Winter 1996). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 2 nd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (1998). On the Choice of Insurance Distribution Systems, with W.J. Kim and D. Mayers, Journal of Risk and Insurance, Vol. 63, No. 2, (June 1996). Received Outstanding Paper Award, Southern Finance Association (1991). Printed in the Proceedings of the Risk Theory Society (1992). Received Outstanding Paper Award, International Insurance Society (1992). Implications of Capital Markets Research for Corporate Finance, with J. Shanken, Financial Management, Vol. 25, No. 1, (Spring 1996). The Economics of Organizational Architecture, with J.A. Brickley and J.L. Zimmerman, Journal of Applied Corporate Finance, Vol. 8, No. 2, (Summer 1995). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 2 nd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (1998). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 3 rd edition, edited by D. Chew (Irwin/McGraw- Hill, Boston) (2001). Transfer Pricing and the Control of Internal Corporate Transactions, with J.A. Brickley and J.L. Zimmerman, Journal of Applied Corporate Finance, Vol. 8, No. 2, (Summer 1995). The Priority Structure of Corporate Liabilities, with M.J. Barclay, Journal of Finance, Vol. 50, No. 3, (July 1995). Corporate Risk Management: Theory and Practice, Journal of Derivatives, Vol. 2, No. 4, (Summer 1995). Reprinted in Corporate Risk Management: Strategies and Management, edited by G. Brown and D. Chew (Risk Books, London), (1999). Controlling Risks in Derivatives Markets, with L. Hentschel, Journal of Financial Engineering, Vol. 4, (June 1995). The Maturity Structure of Corporate Debt, with M.J. Barclay, Journal of Finance, Vol. 50, No. 2, (June 1995). Received Outstanding Paper Award, Southern Finance Association (1993).

3 The Determinants of Corporate Leverage and Dividend Policies, with M.J. Barclay and R.L. Watts, Journal of Applied Corporate Finance, Vol. 7, No. 4, 4-19 (Winter 1995). Reprinted in Journal of Financial Education, Vol. 23, 1-15 (1997). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 2 nd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (1998). Managerial Discretion and Stock Insurance Company Ownership Structure, with D. Mayers, Journal of Risk and Insurance, Vol. 61, No. 4, (December 1994). Awarded Robert I. Mehr Award by the American Risk and Insurance Association (2004). Risk and Regulation in Derivatives Markets, with L. Hentschel, Journal of Applied Corporate Finance, Vol. 7, No. 3, 8-21 (Fall 1994). Reprinted in Best of Journal of Applied Corporate Finance: , (1994). Reprinted in Derivatives Handbook: Risk Management and Control, edited by R. Schwartz and C. Smith (Wiley: New York) 3-21 (1997). Reprinted (in Spanish) Riesgo y Regulación en Mercados Devivados Revista Superintendencio Bancaria, Número 30, (March 1997). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 2 nd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (1998). The Use of Index Amortizing Swaps by Banc One, with C. James, Journal of Applied Corporate Finance, Vol. 7, No. 3, (Fall 1994). Ethics, Incentives, and Organizational Design, with J.A. Brickley and J.L. Zimmerman, Journal of Applied Corporate Finance, Vol. 7, No. 2, (Summer 1994). Extending Trade Credit and Financing Receivables, with S.L. Mian, Journal of Applied Corporate Finance, Vol. 7, No. 1, (Spring 1994). Reprinted in Corporate Finance (Euromoney Publications: London) No. 117, (August 1994). Reprinted in The Corporate Finance Reader, edited by R. Kolb (Kolb Publishing Company: Boulder, CO) (June 1995). Corporate Voting: Evidence from Charter Amendment Proposals, with J.A. Brickley and R.C. Lease, Journal of Corporate Finance, Vol. 1, No 1, 5-31 (January 1994). Corporate Insurance Strategy: The Case of British Petroleum, with N.A. Doherty, Journal of Applied Corporate Finance, Vol. 6, No. 3, 4-15 (Fall 1993). Excerpted in the Financial Management Collection, Vol. 9, No. 3, 5-6 (Fall 1994). Reprinted in Best of Journal of Applied Corporate Finance: , (1994). Reprinted in The Revolution in Corporate Finance, 3 rd Edition, edited by J. Stern and D. Chew (Blackwell: Oxford) (1998). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 2 nd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (1998). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 3rd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (2001). A Perspective on Violations of Accounting Based Debt Covenants, Accounting Review, Vol. 68, No 2, (April 1993). On The Determinants of Corporate Hedging, with D.R. Nance and C.W. Smithson, Journal of Finance, Vol. XLVIII, No 1, (March 1993). Excerpted in the Financial Management Collection, Vol. 8, No. 2, p. 10 (Spring/Summer 1993). Risk Management in Banking: The Principles, Financial Markets and Portfolio Management, Vol. 7, No 1, (January 1993). Reprinted in Advanced Strategies in Financial Risk Management, edited by R. Schwartz and C. Smith (New York Institute of Finance: New York) (1993). The Investment Opportunity Set and Corporate Financing, Dividend and Compensation Policies, with R.L. Watts, Journal of Financial Economics, Vol. 32, No. 3, (December 1992). Received JFE All Star Paper Award, 2002.

4 Economics and Ethics: The Case of Salomon Brothers Journal of Applied Corporate Finance, Vol. 5, No. 2, (Summer 1992). Reprinted in Financial Management Collection, Vol. 7, No. 3, 3-7 (Fall 1992). Reprinted in Fundamentals of Corporate Finance: Instructors Manual, by S. Ross, R. Westerfield, and B. Jorden (Irwin: Homewood IL) (1995). Accounts Receivable Management Policy: Theory and Evidence, with S.L. Mian, Journal of Finance, Vol. XLVII, No. 1, (March 1992). Excerpted in the Financial Management Collection, Vol. 8, No. 2, p (Spring/Summer 1993). Executive Compensation in the Life Insurance Industry, with D. Mayers, Journal of Business, Vol. 65, No. 1, (January 1992). Received Irwin Distinguished Paper Award, Southwestern Finance Association (1991). Received Research Award, Garn Foundation (1990). Globalization of Financial Markets, Carnegie-Rochester Conference Series on Public Policy, Vol. 34, (Spring 1991). Incentives Associated with Changes in Consolidated Reporting Requirements, with S.L. Mian, Journal of Accounting and Economics, Vol. 13, No. 3, (October 1990). Reprinted in The Economics of Accounting Policy Choice, edited by R. Ball and C. Smith, (1992). On the Corporate Demand for Insurance: Evidence from the Reinsurance Market, with D. Mayers, Journal of Business, Vol. 63, No. 1, Pt 1, (January 1990). Incentives for Unconsolidated Financial Reporting, with S.L. Mian, Journal of Accounting and Economics, Vol. 12, No. 1/3, (January 1990). Reprinted in The Economics of Accounting Policy Choice, edited by R. Ball and C. Smith (McGraw-Hill: New York) (1992). Market Volatility: Causes and Consequence, Cornell Law Review, Vol. 74, No. 3, (July 1989). Reprinted in New York Economic Review, Vol. XX,15-22 (Fall 1989/ Spring 1990). Managing Financial Risk, with C.W. Smithson and D.S. Wilford, Journal of Applied Corporate Finance, Vol. 1, No. 4, (Winter (1989). Reprinted in The Handbook of Financial Engineering, edited by C. Smith and C. Smithson (Harper and Row: New York), (1990). Reprinted in the Financial Derivatives Reader, edited by R. Kolb (Kolb Publishing: Miami) 3-24 (1992). Reprinted in The Revolution in Corporate Finance, edited by J. Stern and D. Chew (Blackwell: Oxford) (1992). Reprinted in The New Corporate Finance: Where Theory Meets Practice, edited by D. Chew (McGraw-Hill: New York), (1993). Reprinted in The Revolution in Corporate Finance, 3 rd Edition, edited by J. Stern and D. Chew (Blackwell: Oxford) (1998). Compensation Alternatives for Occupationally Related Disability and Disease, with R.W. Hansen and P.W. MacAvoy, Journal of Risk and Insurance, Vol. LVI, No. 2, (June 1989). The Market for Interest Rate Swaps, with C. Smithson and L.M. Wakeman, Financial Management, Vol. 17, No. 4, (Winter 1988). Received Manuscript Award in Financial Management, Financial Management Association (1986). Reprinted in Handbook of Currency and Interest Rate Risk Management, edited by R.J. Schwartz and C. Smith (New York Institute of Finance: New York) Chapter 8 (1990). Reprinted in Handbook of Financial Engineering, edited by C. Smith and C. Smithson (Harper and Row: New York) (1990). Reprinted in Studies in Financial Institutions: Commercial Banks, edited by C. James and C. Smith, (McGraw-Hill: New York) (1994). Auditor Liability and Information Disclosure, with S.P. Kothari, T. Lys, and R.L. Watts, Journal of Accounting, Auditing and Finance, Vol. 3, No. 4, (Fall 1988).

5 Elements of Mortgage Securitization, with A.C. Hess, Journal of Real Estate Finance and Economics, Vol. 1, No. 4, (December 1988). Reprinted in The Global Asset Backed Securities Market: Structuring and Allocating Risk, edited by C. Stone, A. Zissu and J. Lederman (Probus: New York) (1993). Reprinted in Studies in Financial Institutions: Commercial Banks, edited by C. James and C.W. Smith, (McGraw-Hill: New York) (1994). Corporate Payout Policy: Cash Dividends versus Open Market Share Repurchases, with M.J. Barclay, Journal of Financial Economics, Vol. 22, No. 1, (October 1988). Ownership Structure Across Lines of Property-Casualty Insurance, with D. Mayers, Journal of Law and Economics, Vol. XXXI, No. 2, (October 1988). Reprinted in the Proceedings of the Risk Theory Seminar, (1986). Reprinted in the Insurance Law Anthology, Vol. III (International Library: Bethesda, Maryland), (1988). Printed in Readings in Insurance Economics, edited by G. Dionne and S. Harrington (Huebner Foundation: Philadelphia) (1992). Ownership Structure and Voting on Antitakeover Amendments, with J.A. Brickley and R. C. Lease, Journal of Financial Economics, Vol. 20, No. 1/2, (January/March 1988). Received JFE All Star Paper Award, Death and Taxes: The Market for Flower Bonds, with D. Mayers, Journal of Finance, Vol. 42, No. 3, (July 1987). Corporate Insurance and the Underinvestment Problem, with D. Mayers, Journal of Risk and Insurance, Vol. LIV, No. 1, (March 1987). Raising Capital: Theory and Evidence Midland Corporate Finance Journal, Vol. 4, No. 1, 6-22 (Spring 1986). Reprinted in Investment Banking Handbook, edited by P. Williamson (John Wiley and Son: New York) (1988). Reprinted in The Revolution in Corporate Finance, edited by J. Stern and D. Chew (Blackwell: Oxford) (1992). Reprinted in The New Corporate Finance: Where Theory Meets Practice, edited by D. Chew (McGraw-Hall: New York), (1993). Reprinted in The Revolution in Corporate Finance, 3 rd Edition, edited by J. Stern and D. Chew (Blackwell: Oxford) (1998). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 2 nd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (1998). Reprinted in The New Corporate Finance: Where Theory Meets Practice, 3rd edition, edited by D. Chew (Irwin/McGraw-Hill, Boston) (2001). On the Convergence of Insurance and Finance Research Journal of Risk and Insurance, Vol. LIII, No. 4, (December 1986). Reprinted in the Society of Insurance Research Review, Vol. 97, (September 1987). Awarded Alpha Kappa Psi-Spangler Award by the American Risk and Insurance Association (1996). The Evolving Market for Swaps, with C.W. Smithson and L.M. Wakeman, Midland Corporate Finance Journal, Vol. 3, No. 4, (Winter 1986). Reprinted in the Revolution in Corporate Finance, edited by J. Stern and D. Chew (Blackwell: London) (1986). Reprinted in Financial Management Collection, Vol. 1, No. 3, 1-8 (Autumn 1986). Reprinted in Handbook of Currency and Interest Rate Risk Management, edited by R. Schwartz and C. Smith (New York Institute of Finance: New York) Chapter 6 (1990). Reprinted in Handbook of Financial Engineering, edited by C. W. Smith and C. Smithson (Harper & Row: New York) (1990). Reprinted in The Revolution in Corporate Finance, edited by J. Stern and D. Chew (Blackwell: Oxford), (1992). Reprinted in The New Corporate Finance: Where Theory Meets Practice, (McGraw-Hill: New York) (1993). Reprinted in The Revolution in Corporate Finance, 3 rd Edition, edited by J. Stern and D. Chew (Blackwell: Oxford) (1998). Ownership Structure and Control: The Mutualization of Stock Life Insurance Companies, with D. Mayers, Journal of Financial Economics, Vol. 16, No. 1, (May 1986). Reprinted in the Proceedings of the Risk Theory Seminar, (1985).

6 Investment Banking and the Capital Acquisition Process, Journal of Financial Economics, Vol. 15, No. 1, 3-29 (Jan/Feb 1986). Reprinted in Issues and Readings in Managerial Finance, edited by R. E. Johnson (Dryden Press: Hinedale, IL), (Third edition, 1987). Reprinted in The Modern Theory of Corporate Finance, edited by C. Smith (McGraw-Hill; New York), (1990). Reprinted in Investors Response to Management Decisions: A Research-Based Analysis of Actions and Effects, edited by R. Altman (Quorum Books: New York) (July 1992). Received JFE All Star Paper Award, The Determinants of Firms Hedging Policies, with R.M. Stulz, Journal of Financial and Quantitative Analysis, Vol. 20, No. 4, (December 1985). Reprinted in Studies in Financial Institutions: Commercial Banks, edited by C. James and C. Smith (McGraw- Hill: New York) (1994). Reprinted in Corporate Hedging in Theory and Practice: Lessons from Metallgesellschaft, edited by C. Culp and M. Miller (Risk Books, London), (1999). Determinants of Corporate Leasing Policy, with L.M. Wakeman, Journal of Finance, Vol. 40, No. 3, (July 1985). Reprinted in The Modern Theory of Corporate Finance, edited by C. Smith (McGraw-Hill: New York), (1990). Optimal Insurance Policy Indemnity Schedules, with G. Huberman and D. Mayers, Bell Journal of Economics, Vol. 14, No. 2, (Autumn 1983). The Interdependence of Individual Portfolio Decisions and the Demand for Insurance, with D. Mayers, Journal of Political Economy, Vol. 91, No. 2, (April 1983). Reprinted in Readings in Insurance Economics, edited by G. Dionne and S. Harrington (Huebner Foundation: Philadelphia), (1992). Incentive and Tax Effects of U.S. Executive Compensation Plans, with R. Watts, Australian Journal of Management, Vol. 7, No. 2, (December 1982). Reprinted in The Economics of Accounting Policy Choice, edited by C. Smith and R. Ball (McGraw-Hill: New York), (1992). Excerpted in Foundations of Corporate Law, edited by R. Romano (Oxford University Press: New York) (1993). Pricing Mortgage Originations, American Real Estate and Urban Economics Association Journal, Vol. 10, No. 3, (Fall 1982). Reprinted in Studies in Financial Institutions: Commercial Banks, edited by C. James and C. Smith (McGraw-Hill: New York) (1994). The Corporate Insurance Decision, with D. Mayers, Chase Financial Quarterly, Vol. 1, No. 3, (Spring 1982). Reprinted in Issues in Corporate Finance, (Stern, Stewart, Putnam and Macklis, Ltd: New York), (1983). Reprinted in the Rochester Management Journal, Vol. 11, No. 1, (Spring 1984). Reprinted in The Revolution in Corporate Finance, edited by J. Stern and D. Chew (Blackwell: London) (1986). Reprinted in The Revolution in Corporate Finance, edited by J. Stern and D. Chew (Blackwell: Oxford) (1992). Reprinted in The New Corporate Finance: Where Theory Meets Practice, edited by D. Chew (McGraw Hill: New York), (1993). On the Corporate Demand for Insurance, with D. Mayers, Journal of Business, Vol. 55, No. 2, 28l-296 (April l982). Reprinted in Readings in Insurance Economics, edited by G. Dionne and S. Harrington (Huebner Foundation: Philadelphia), (1992). Contractual Provisions, Organizational Structure, and Conflict Control in Insurance Markets, with D. Mayers, Journal of Business, Vol. 54, No. 3, (July l98l). Received Research Award, S. S. Huebner Foundation (1977). On the Theory of Financial Contracting: The Personal Loan Market, Journal of Monetary Economics, Vol. 6, No. 3, (July l980).

7 Trading Costs for Listed Options: The Implications for Market Efficiency, with S.M. Phillips, Journal of Financial Economics, Vol. 8, No. 2, l (June l980). Received Pommerance Prize, Chicago Board Options Exchange (1980). Reprinted in Proceedings of the Amex Options Colloquium, (New York) (l98l). Reprinted in CFA Readings in Derivative Securities, (Charlottesville, VA), (1988). Reprinted in Empirical Research in Capital Markets, edited by G. Schwert and C. Smith (McGraw-Hill: New York) (1992). Capital Asset Pricing with Proportional Transactions Costs, with F. Milne, Journal of Financial and Quantitative Analysis, Vol. XV, No. 2, (June l980). On Financial Contracting: An Analysis of Bond Covenants, with J.B. Warner, Journal of Financial Economics, Vol. 7, No. 2, ll7-l6l (June l979). Excerpted in Economics of Corporation Law and Securities Regulation, edited by R. Posner and K. Scott (Little, Brown: Boston), (l980). Reprinted in The Modern Theory of Corporate Finance, edited by M. Jensen and C. Smith (McGraw-Hill: New York), (1984). Reprinted in The Modern Theory of Corporate Finance, edited by C. Smith (McGraw-Hill: New York) (1990). Reprinted in The Economics of Accounting Policy Choice, edited by R. Ball and C. Smith (McGraw-Hill: New York), (1992). Excerpted in Corporate Finance Cases and Materials, edited by M. Chirelstein and V. Brudney (Foundation Press), (May 1993). Excerpted in Foundations of Corporate Law, edited by R. Romano (Oxford University Press: New York) (1993). Reprinted in Studies in Financial Institutions: Commercial Banks, edited by C. James and C. Smith (McGraw- Hill: New York) (1994). Reprinted in The Debt Market, edited by S. Ross (Edward Elgar Publishing, LTD; Cheltenham, UK) (2000). Received JFE All Star Paper Award, Alternate Methods for Raising Capital: Rights versus Underwritten Offerings Journal of Financial Economics, Vol. 5, No. 3, (December l977). Reprinted in The Modern Theory of Corporate Finance, edited by M. Jensen and C. Smith (McGraw- Hill: New York), (1984). Valuing Employee Stock Option Plans Using Option Pricing Models, with J.L. Zimmerman, Journal of Accounting Research, Vol. l4, No. 2, (Autumn l976). A Transactions Cost Approach to the Theory of Financial Intermediation, with G.J. Benston, Journal of Finance, Vol. XXXI, No. 2, 2l5-23l (May l976). Reprinted in Studies in Financial Institutions: Commercial Banks, edited by C. James and C. Smith (McGraw- Hill: New York) 5-21 (1994). Reprinted in Financial Intermediaries, edited by M. Lewis (Edward Elgar: London) (1995). Option Pricing: A Review Journal of Financial Economics, Vol. 3, No. l/2, 3-52, (January/March l976). Reprinted in Readings in Investments, edited by J. Francis, C. Lee and D. Farrar (McGraw-Hill: New York), 6l6-664 (l980). Reprinted in Handbook of Financial Engineering, edited by C. Smith and C. Smithson (Harper and Row: New York), (1990). Received JFE All Star Paper Award, 2002.