Jeremy Stein

RECENT WORKING PAPERS

A Comparative-Advantage Approach to Government Debt Maturity
with Robin Greenwood and Samuel Hanson
Draft Date: July 2010. Revised, January 2012.

 

NEWSPAPER ARTICLES

Regulating Beyond Size
New York Times online, December 7, 2010

Basel Needs a Firm Hand and Fewer Delays
with David Scharfstein, Financial Times, OpEd, September 13, 2010

The Next Financial Crisis
The Harvard Crimson, OpEd, May 27, 2010.

The $700 Billion Question
with Anil K Kashyap, New York Times, September 22, 2008

This Bailout Doesn't Pay Dividends
with David S. Scharfstein, New York Times, October 21, 2008

8th Annual Year in Ideas - Capital Insurance
by Stephen Mihm, New York Times, December 12, 2008

BOOKS

The Squam Lake Report: Fixing the Financial System

PUBLISHED PAPERS

The Optimal Conduct of Monetary Policy With Interest on Reserves
with Anil K Kahyap
American Economic Journal: Macroeconomics, 2012, 4(1), pp. 266-282.

Monetary Policy as Financial-Stability Regulation
Quarterly Journal of Economics, 2012, 127(1), 57-95.

Disscussant's Comments on:  "The Crisis" by Alan Greenspan
Brookings Papers on Economic Activity, Spring 2010, pp. 250-256.

A Macroprudential Approach to Financial Regulation
with Samuel Hanson and Anil K Kashyap
Journal of Economic Perspective, 25:1, Winter 2010, pp. 3-28.

Securitization, Shadow Banking, and Financial Fragility
Daedalus 139 (4) (Fall 2010).

A Gap-Filling Theory of Corporate Debt Maturity Choice

Robin Greenwood and Samuel Hanson
Journal of Finance, Vol. LXV, No. 3, June 2010, pp. 993-1028.
Appendix.

Sophisticated Investors and Market Efficiency
Journal of Finance, Vol. LXIV, No. 4, Aug. 2009, pp. 1517-1548.
This paper was the 2009 AFA Presidential Address.  

Rethinking Capital Regulation
with Anil Kashyap and Raghuram Rajan
Federal Reserve Bank of Kansas City, 2008 Economic Symposium,  "Maintaining Stability in a Changing Financial System."

Growth vs. Margins: Destabilizing Consequences of Giving the Stock Market What It Wants
with Philippe Aghion.
Journal of Finance, Vol. LXIII, No. 3, June 2008. pp. 1025-1058.

Simple Forecasts and Paradigm Shifts
with Harrison Hong and Jialin Yu.
Journal of Finance, Vol. LXII, No. 3, June 2007, pp. 1207-1242.

Corporate Financing Decisions When Investors Take the Path of Least Resistance
with Malcolm Baker and Joshua Coval.
Journal of Financial Economics, Vol. 84, May 2007, pp. 266-298.

Disagreement and the Stock Market
Journal of Economic Perspectives, Vol. 21, Spring 2007, pp. 109-128.

Investor Sentiment and Corporate Finance: Micro and Macro
with Owen Lamont
Amercian Economic Review, Vol. 96, May 2006, pp. 147-151.

Thy Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trades of Money Managers
with Harrison Hong and Jeffrey D. Kubik.
Journal of Finance, Vol. LX, No. 6, December 2005.

Why Are Most Funds Open-End? Competition and the Limits of Arbitrage
Quarterly Journal of Economics, Vol. 120, No. 1, Feb. 2005, pp. 247-272.

Aggregate Short Interest and Market Valuations
with Owen Lamont
Amercian Economic Review, Vol. 94, May 2004, pp. 29-32.

Social Interaction and Stock-Market Participation
with Harrison Hong and Jeffrey D. Kubik.
Journal of Finance, Vol. LIX, No. 1, Feb. 2004.

Cyclical implicatons of the Basel II capital standards
with Anil K Kashyap
Economic Perspectives, 2004, Federal Bank of Chicago, Vol. 28,
No. 1, 1st Quarter.
click here for a longer working paper version that includes theory appendix.

Agency, Information and Corporate Investment
in Handbook of the Economics of Finance, edited by George Constantinides, Milt Harris and Rene Stulz.
Amsterdam: North Holland, 2003.

When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms
with Malcolm Baker and Jeffrey Wurgler.
Quarterly Journal of Economics, Vol. 118, No. 3, Aug. 2003, pp. 969-1005.

Differences of Opinion, Short-Sales Constraints and Market Crashes
with Harrison Hong
Review of Financial Studies, Vol. 16, Summer 2003, pp. 487-525.

Breadth of Ownership and Stock Returns
with Joseph Chen and Harrison Hong
Journal of Financial Economics, Vol. 66, November-December 2002, pp. 171-205.

Information Production and Capital Allocation: Decentralized versus Hierarchical Firms
Journal of Finance, Vol. LVII, No.5 October 2002.

Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking
with Anil Kashyap and Raghuram Rajan.
Journal of Finance, Vol. LVII, No. 1, Feb. 2002.

A Comparables Approach to Measuring Cashflow-at-Risk for Non-Financial Firms
with Stephen E. Usher, Daniel LaGattuta and Jeff Youngen.
Journal of Applied Corporate Finance, Vol. 13, No. 4, Winter 2001.

The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment
with David S. Scharfstein.
Journal of Finance, Vol. LV, No. 6, Dec. 2000, pp. 2537-2564.

Herd Behavior and Investment: Reply
with David Scharfstein
Amercian Economic Review, Vol. 90, Jun. 2000, pp. 705-706.

What Do A Million Observations on Banks Say About the Transmission of Monetary Policy?
with Anil Kashyap
Amercian Economic Review, Vol. 90, Jun. 2000, pp. 407-428.

Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies
with Harrison Hong and Terence Lim.
Journal of Finance, Vol. LV, No. 1, Feb. 2000, pp. 265-295.

A Unified Theory of Underreaction, Momentum Trading and Overreaction in Asset Markets
with Harrison Hong.
Journal of Finance, Vol. LIV, No. 6, Dec. 1999, pp. 2143-2184.

Internal Capital Markets and the Competition for Corporate Resources
Journal of Finance, Vol. LII, No. 1, Mar. 1997, pp. 111-133.

Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply
with Anil Kashyap and David Wilcox
Amercian Economic Review, Vol. 86, Mar. 1996, pp. 310-314.

Prices and Trading Volume in the Housing Market: A Model with Down-Payment Effects
Quarterly Journal of Economics, Vol. 110, May, 1995, pp. 379-406.

Credit Conditions and the Cyclical Behavior of Inventories
with Anil Kashyap and Owen Lamont
Quarterly Journal of Economics, Vol. 109, Aug., 1994, pp. 565-592.

Internal versus External Capital Markets
with Robert Gertner and David Scharfstein
Quarterly Journal of Economics, Vol. 109, Nov., 1994, pp. 1211-1230.

Risk Management: Coordinating Corporate Investment and Financing Policies
with Kenneth A. Froot and David S. Scharfstein.
Journal of Finance, Vol. XLVIII, No. 5, Dec. 1993, pp. 1629-1658.

Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance
with Anil Kashyap and David Wilcox
Amercian Economic Review, Vol. 83, Mar. 1993, pp. 78-98.

Herd on the Street: Informational Inefficiencies in a Market with Short-Term Speculation
with Kenneth A. Froot and David S. Scharfstein.
Journal of Finance, Vol. XLVII, No. 4, Sept. 1992, pp. 1461-1484.

Stock Price Distributions with Stochastic Volatility: An Analytic Approach
with Elias Stein
Review of Financial Studies, Vol. 4, Dec. 1991, pp. 727-752.

Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach
with Kenneth A. Froot
Quarterly Journal of Economics, Vol. 106, Nov. 1991, pp. 1191-1217.

Herd Behavior and Investment
with David Scharfstein
American Economic Review, Vol. 80, Jun. 1990, pp. 465-479.

LDC Debt: Forgiveness, Indexation, and Investment Incentives
with Kenneth A. Froot and David S. Scharfstein
Journal of Finance, Vol. XLIV, No. 5, Dec. 1989, pp. 1335-1350.

Overreactions in the Options Market
Journal of Finance, Vol. XLIV, No. 4, Sept. 1989, pp. 1011-1023.

Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior
Quarterly Journal of Economics, Vol. 104, Dec. 1989, pp. 655-669.

Cheap Talk and the Fed: A Theory of Imprecise Policy Announcments
Amercian Economic Review, Vol. 79, Mar. 1989, pp. 32-42.

The Task Force Report: The Reasoning Behind the Recommendations
Journal of Economic Perspectives, Vol. 2, No. 3, Summer 1988, pp. 3-23.

Takeover Threats and Managerial Myopia
Journal of Political Economy, Vol. 96, No. 1, 1988, pp. 61-80.

Informational Externalities and Welfare-reducing Speculation
Journal of Political Economy, Vol. 95, No. 6, 1987, pp. 1123-1145.

Send comments or questions to Ann Richards

­­