Research

• Corporate Finance
• Capital Markets
• Financial Institutions
• Theory of the Firm
• Game Theory
• Contract Theory 
• Industrial Economics
• Political Economy
• Law and Finance
• Health Economics.

You can access my discussion papers on my URL at the Social Science Research Network (SSRN).

• „On the Efficiency of the Market for Corporate Control“, Kyklos 43, 1990, 635–658.
• „Optimal Pricing Against a Simple Learning Rule“, Games and Economic Behavior 4, 1992, 627–649.
• „Short-Term vs Long-Term Interests: Capital Structure with Multiple Investors“ (with E. Berglöf), Quarterly Journal of Economics 109, 1994, 1055-1084. Reprinted in : M. White (ed.), Financial Distress and Bankruptcy: Economic Issues, Stockholm: Nerenius & Santerus Publishers, 1997.
• „Long-Term Contracts, Short-Term Investment and Monitoring“, Review of Economic Studies 62, 1995, 557–575. Reprinted in: A. Boot, S. Bhattacharya, A. Thakor (eds.): Credit, Intermediation and the Macroeconomy, Oxford University Press, 2004.
• „A Noncooperative Analysis of Hotelling's Location Game“ (with H. Bester, A. de Palma, W. Leininger, and J. Thomas), Games and Economic Behavior 12, 1996, 165–186.
• „The Term Structure of Investment and the Banks' Insurance Function“, European Economic Review 41, 1997, 1355-1374.
• „Blocks, Liquidity, and Corporate Control“ (with P. Bolton), Journal of Finance 53, 1998, 1–25.
• „Liquidity and Control: A Dynamic Theory of Corporate Ownership Structure“ (with P. Bolton), Journal of Institutional and Theoretical Economics 154, 1998, 177–211.
• „Intermediated versus Direct Investment: Optimal Liquidity Provision and Dynamic Incentive Compatibility“, Journal of Financial Intermediation 7, 1998, S. 177–197.
• „Liquidity Provision through Banks and Markets: Limited Market Access and Multiple Insurance“, European Economic Review 43, 1999, 991-1006.
• „The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries“ (with E. Berglöf), ABCDE Proceedings, World Bank, 2000,  1–30.
• „Liquidity Creation through Banks and Markets: A Theoretical Perspective on Securitisation“, Economic Notes 29, 2000, 375–391.
• „An Incentive Problem in the Dynamic Theory of Banking“, Journal of Mathematical Economics 38, 2002. + figure 1 and 2, 271–292.
• „Strategic Transparency and Informed Trading: Will Capital Market Integration Force Convergence of Corporate Governance?“ (with E. Perotti), Journal of Financial and Quantitative Analysis 38, 2003, S. 61–86.
• „Asymmetric Information, Bank Lending, and Implicit Contracts: The Winner's Curse“, Finance Research Letters 1, 2004, 11–23.
• „The European Bond Markets under EMU“ (with M. Pagano), Oxford Review of Economic Policy 20, 2004, 531–554. Reprinted in X. Freixas, Ph. Hartmann, C. Mayer (eds.), Handbook of European Financial Markets and Institutions, Oxford University Press 2008.
• "Dominant Investors and Strategic Transparency” (with E. Perotti), Journal of Law, Economics, and Organization 21, 2005, 76–102.
• "The Political Economy of Corporate Control and Labor Rents” (with E. Perotti), Journal of Political Economy 114, 2006, 145–174.

• „Corporate Governance and the Distribution of Wealth: A Political-Economy Perspective“, Journal of Institutional and Theoretical Economics 162, 2006, 204–217.

• „Stock Exchange Competition in a Simple Model of Capital Market Equilibrium“ (with S. Ramos), Journal of Financial Markets 11, 2008, 284–307.

• „How Does Liquidity Affect Government Bond Yields?“ (with Carlo Favero and Marco Pagano), Journal of Financial and Quantitative Analysis 45, 2010, 107–134.

• „The Design of Corporate Debt Structure and Bankruptcy“ (with E. Berglöf and G. Roland), Review of Financial Studies 23, 2010, 2648-2679.

• „Incentives for Unaware Agents“ (with Xiaojian Zhao), Review of Economic Studies 79, 2012, 1151-1174.

• „Incentive-Compatibility and Differentiability: New Results and Classic Applications“ (with G. Mailath), Journal of Economic Theory 148, 2013, 1841-1861.

• „Multi-Task Agency with Unawareness“ (with Xiaojian Zhao), Theory and Decision 77, 2014, 197–222.

• „Repo Runs“ (with Antoine Martin and David Skeie“, Review of Financial Studies 27, 2014, 957–989.

• „The Fragility of Short-Term Secured Funding Markets“ (with Antoine Martin and David Skeie), Journal of Economic Theory 149, 2014, 15–42.
• „Incentive-Compatibility, Limited Liability, and Costly Liquidation in Financial Contracting“ (with Z. Gui and X. Zhao), Games and Economic Behavior 118, 2019, 412–433.
• „A Generalized SEIR-Model of Covid-19 with Applications to Health Policy“ (Revision of „A simple, non-recursive model of the spread of Covid-19 with applications to policy“), Covid Economics 10, 2020,  24–48.
• „Divided we Fall: International Health and Trade Coordination during a Pandemic“ (with V. Acharya, Z Jiang, and R. Richmond), Covid Economics 60, 2020, 1–56.

• „A Macroeconomic Investment Model With Non-Linear Saving Behavior“, in: M.Faber (ed.), Studies in Austrian Capital Theory, Investment and Time, Berlin, Heidelberg: Springer Verlag, 1987.
• „Taking Control: The 1980s Takeover Boom“, Economic and Financial Prospects 4, 1989.
• „Centralized Decentralization: Corporate Governance in the East German Transition“, in: M. Aoki and H. Kim (eds.), Corporate Governance in Transition Economies, Washington, D.C: World Bank Press, 1995. Russian version here.
• „Management­kontrolle in markt- und banken­orientierten Finanz­systemen“, in: F. Hengsbach SJ and B. Emunds (eds.), Verfügungs­rechte auf Finanz­märkten, Frankfurt: Oswald von Nell-Breuning Institut, 1995.
• „Long-Term Investment and Monitoring in Financial Relations­hips“, in J.E. Roemer (ed.), Property Relations, Incentives, and Welfare, London: Macmillan, 1997.
• „L'impact de l'UME sur les marchés financiers européens“, Revue d'Economie Financière, 62, 2001.
• „Dominant Investors and Strategic Transparency: On the Role of Corporate Governance for Product Market Competition“ (with E. Perotti), in: J. McCaherty, L. Renneboog (eds.): The New Corporate Governance Paradigm, Oxford University Press, 2002, 363–385.
• „European Financial Markets after EMU: A First Assessment“ (with F. Giavazzi and J.P. Danthine), in Ch. Wyplosz (ed.): EMU: Its Impact on Europe and the World, Oxford University Press, 2002, 225–268 (also: NBER Working Paper 8044, Washington, D.C.).
• „Liquidity“, in A. Boot, S. Bhattacharya, and A. Thakor (eds.): Credit, Intermediation, and the Macroeconomy, Oxford University Press, 2004.

• „Bank Capital Adequacy Regulation under the new Basel Accord“, Journal of Financial Intermediation 13, 2004.

• „Credit Risk Transfer and Bank Regulation“, Journal of Financial Intermediation 17, 2008.

• „Financial Contract Theory: Theory and Evidence“, Journal of Financial Intermediation 18, 2009.

• „Interbank Lending, Credit-Risk Premia, and Collateral – Discussion“, International Journal of Central Banking 5, 2009.


• „Bankenzusammenbrüche und der Repo Markt aus spieltheoretischer Sicht“, Jahrbuch der Heidelberger Akademie der Wissenschaften, 2011.

• „A Pigouvian Approach to Liquidity Regulation – Discussion“, International Journal of Central Banking 7, 2011, 43–48.

• „Understanding the Role of Debt in the Financial System – Comments on Bengt Holmström“, Bank for International Settlements, 13th Annual Conference, June 2014.

• „Jean Tirole“, Zeitschrift für das Gesamte Kreditwesen 21, 2014, 7/1065

• The Future of European Banking (with J.-P. Danthine, F. Giavazzi, and X. Vives), Center for Economic Policy Research, London, 1999.
• European Corporate Bond Markets: Transparency, Liquidity, Efficiency (with B. Biais, F. Declerck, J. Dow and R. Portes), Center for Economic Policy Research, London 2006.

• „The Commitment of Finance, Duplicated Monitoring, and the Investment Horizon“, CEPR, Network in Financial Markets Working Paper 27, London, October 1992.
• „A Corporate Governance Asset Pricing Theory: Theory and Evidence“ (with B. Parigi and L. Pelizzon), April 2015.
• „A Simple, Non-Recursive Model of the Spread of Covid-19 with Applications to Policy“, April 2020. Replaced by: „A Generalized SEIR-Model of Covid-19 with Applications to Health Policy“, Covid Economics 10, 24–48, 2020
• „Divided We Fall: International Health and Trade Coordination during a Pandemic“ (with V. Acharya, Z. Jiang, and R. Richmond), November 2020.
• „Public debt and the Balance Sheet of the Private Sector“ (with H. Gersbach and J.C. Rochet), September 2022. Replaced by: „Fiscal Policy and the Balance Sheet of the Private Sector“ (with H. Gersbach and J.C Rochet), September 2023.
• „Dynamic Contracting with Many Agents“ (with B. Biais, H. Gersbach, J.C. Rochet and S. Villeneuve), January 2024.
• „Supply Chain Frictions“ (with Ying-Ju Chen, Zhengqing Gui and Zhao Xiaojian), April 2024.

• CRC Seminar
• Finance Seminar
• Faculty Seminar