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Darla Moore School of Business

Our Research

The Finance Department’s renowned research faculty are on the cutting edge of their respective fields and explore a dynamic range of themes within financial, insurance and real estate research. These include overarching explorations of financial institutions and banking, fixed income research, corporate finance and investments, market efficiency, financial econometrics, asset pricing, behavioral finance, venture capital, real estate, insurance markets and structures, risk management and the economics of insurance.

The internationally trained scholars have earned their degrees from respected institutions including Stanford University, Princeton University, Cornell University, Northwestern University, Columbia University, New York University, University of California-Berkeley, Stockholm University, Peking University, Massachusetts Institute of Technology and Washington University.

Many faculty members have worked at multinational organizations including the Federal Reserve Board, Insurance Institute in New York, Goldman Sachs, Prudential, Citi and Bank of America.

  • Addoum, Jawad, Stefanos Delikouras, Da Ke, and George Korniotis, “Industry Clusters and the Geography of Portfolio Choice,” Journal of Financial and Quantitative Analysis, forthcoming.

  • Akbas, Ferhat, Ekkehart Boehmer, Chao Jiang, and Paul Koch, “Overnight Returns, Daytime Reversals, and Future Stock Returns,” Journal of Financial Economics, forthcoming.

  • Berger, Allen, and Asli Demirgüç-Kunt, “Banking Research in the Time of COVID-19,” Journal of Financial Stability, forthcoming.

  • Berger, Allen, Asli Demirgüç-Kunt, Fariborz Moshirian, and Anthony Saunders, “The Way Forward for Banks During the COVID-19 Crisis and Beyond: Government and Central Bank Responses, Threats to the Global Banking Industry,” Journal of Banking and Finance (December 2021).

  • Berger, Allen, Sadok El Ghoul, Omrane Guedhami, and Raluca A. Roman, “Geographic Deregulation and Banks’ Cost of Equity Capital,” Journal of International Money and Finance, forthcoming.

  • Berger, Allen, Jin Cai, Raluca A. Roman, and John Sedunov, "Supervisory Enforcement Actions against Banks and Systemic Risk," Journal of Banking and Finance, forthcoming.

  • Berger, Allen N.,  Sadok El Ghoul, Omrane Guedhami, and Jiarui (Jerry) Guo, “Corporate Capital Structure and Firm Value: International Evidence on the Special Roles of Bank Debt,” Review of Corporate Finance, forthcoming.

  • Berger, Allen N., Xinming Li, Charles S. Morris, and Raluca A. Roman, “The Effects of Cultural Values on Bank Failures around the World,” Journal of Financial and Quantitative Analysis, forthcoming. 

  • Chiang, Chia-Chun, Hugh Kim, and Greg Niehaus, “Opaque Liabilities, Learning, and the Cost of Equity Capital for Insurers,” Journal of Risk and Insurance, forthcoming.

  • Cooper, Ilan, Liang Ma, and Paulo Maio, “What does the Cross-Section Tell about Itself? Explaining Equity Risk Premia with Stock Return Moments,” Journal of Money, Credit and Banking, forthcoming.

  • Cooper, Ilan, Liang Ma, Paulo Maio, and Dennis Philip, “Multifactor Models and Their Consistency with the APT,” Review of Asset Pricing Studies, forthcoming.

  • Duchin, Ran and John Hackney, “Buying the Vote? The Economics of Electoral Politics and Small Business Loans,” Journal of Financial and Quantitative Analysis, forthcoming.

  • Field, Laura Casares, Souther, Matthew and Adam S. Yore, “At the table but can’t break through the glass ceiling: Board leadership positions elude diverse directors,” Journal of Financial Economics, forthcoming. 

  • Goldie, Brad, Chao Jiang, Paul Koch, and Jide Wintoki, “Indirect Insider Trading,” Journal of Financial and Quantitative Analysis, forthcoming.

  • Hackney, JohnSmall Business Lending in Financial Crises: The Role of Government-Guaranteed Loans," Review of Finance, forthcoming.

  • He, Ai, Dashan Huang, Jiaen Li, and Guofu Zhou, “Shrinking Factor Dimension: A Reduced-Rank Approach,“ Management Science, Forthcoming.

  • Hsu, Po-Hsuan, Dongmei Li, Qin Li, Siew Hong Teoh, and Kevin Tseng, "Valuation of New Trademarks,” Management Science, forthcoming. 

  • Huang, Rongbing and Donghang Zhang, “Initial Public Offerings: Motives, Mechanisms, and Pricing,” Oxford Research Encyclopedia of Economics and Finance, forthcoming.

  • Karakaplan, Mustafa., “Panel Stochastic Frontier Models with Endogeneity,” Stata, forthcoming.

  • Karakaplan, Mustafa, “Time is Really Different: The Multiplier Effect of the Paycheck Protection Program (PPP) on Small Business Bank Loans," Journal of Banking and Finance, forthcoming.

  • Ke, Da, “Who Wears the Pants? Gender Identity Norms and Intra-Household Financial Decision Making,” Journal of Finance, forthcoming. 

  • Krieger, Joshua, Xuelin Li and Richard T. Thakor, "Find and Replace: R&D Investment Following the Erosion of Existing Products," Management Science, forthcoming.

  • Ma, Liang, Tao Ma, and Henry Friedman, “Financial Reporting Quality and Noise in Stock Returns: Evidence from Chinese A-B Twin Shares,” Journal of Financial Reporting, forthcoming. 

  • Greg Niehaus, “Personal Taxes, Cost of Insurer Equity Capital, and the Case of Offshore Hedge Fund Reinsurers,” Journal of Risk and Insurance, forthcoming.

  • Powers, Eric, "The Optimality of Call Provision Terms," Management Science, forthcoming. 

  • Zhang, Donghang, Yafei Zhang, and Yijia Zhao, “Banking Relationships and the Pricing of Syndicated Loans,” Management Science, forthcoming.
  • Jiang, Chao, Jide Wintoki, and Yaoyi Xi, “Insider Trading and the Legal Expertise of Corporate Executives,” Journal of Banking and Finance, Volume 127, June 2021, 106114.

  • Kim, Hugh H., Raimond Maurer, Olivia S. Mitchell, "How Financial Literacy Shapes the Demand for Financial Advice at Older Ages," Journal of the Economics of Ageing, Volume 20 (October 2021), 100329.

  • Souther, Matthew, “Does Board Independence Increase Firm Value? Evidence from Closed-End Funds,” Journal of Financial and Quantitative Analysis 56, 313-336.
  • Akbas, Ferhat, Chao Jiang and Paul Koch. “Insider Investment Horizon,” Journal of Finance, 75 (2020), 1579-1627.

  • Berger, Allen N., Ruiyuan (Ryan) Chen, Sadok El Ghoul, and Omrane Guedhami, “Who Wins and Who Loses from Bank Geographic Deregulation? Analysis of Financially Constrained and Unconstrained Firms,” Journal of Corporate Finance 65 (December 2020). 101775.

  • Berger, Allen N., Felix Irresberger, and Raluca A. Roman, “Bank Size and Household Financial Sentiment: Surprising Evidence from University of Michigan Surveys of Consumers,” Journal of Money, Credit, and Banking 52, S1 (October 2020). 149-191.

  • Berger, Allen N., and Raluca A. Roman, TARP and other Bank Bailouts and Bail-Ins around the World: Connecting Wall Street, Main Street, and the Financial System, Elsevier – North Holland, June 2020.

  • Berger, Allen N., Philip Molyneux, and John O.S. Wilson, “Banks and the Real Economy: An Assessment of the Research,” Journal of Corporate Finance 62 (June 2020).

  • Berger, Allen N., Raluca A. Roman, and John Sedunov, “Did TARP Reduce or Increase Systemic Risk? The Effects of Government Aid on Financial System Stability,” Journal of Financial Intermediation 43 (July 2020).

  • Brown, Scott and Eric Powers, “The Life Cycle of Make-Whole Call Provisions, Journal of Corporate Finance 65 (2020), 1-23.

  • Chiang, Chia-Chun and Greg Niehaus2020, Correlated Trading by Life Insurers and its Impact on Bond Prices," Journal of Risk and Insurance 87, 597-625.

  • Chu, Yongqiang, David Hirshleifer, and Liang Ma, "The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies," Journal of Finance 75 (2020), 2631-2672.

  • Field, Laura Casares, Matthew E. Souther, and Adam S. Yore, 2020, “At the Table But Can’t Break Through the Glass Ceiling: Many Board Positions Elude Diverse Directors,” Journal of Financial Economics 137, 787-814.

  • Hackney, John, Tyler Henry, and Jennifer Koski, “Arbitrage vs. Informed Short Selling: Evidence from Convertible Bond Issuers,” Journal of Corporate Finance 65 (December 2020), 101687.

  • Hartwig, Robert., Niehaus, Gregory. & Qiu, Joseph., “Insurance for Economic Losses Caused by Pandemics,” Geneva Risk Insurance Review 45134–170 (2020).

  • Karakaplan, Mustafa U., Levent Kutlu, Mike G. Tsionas, “A Solution to Log of Dependent Variables with Negative Observations: Profit Efficiencies of the US Banks,” Journal of Productivity Analysis 54 (2020), 107–119.

  • Kim, Hugh H., "Information Spillover of Bailouts," Journal of Financial Intermediation 43 (2020), 100807.

  • Ma, Liang, Antonio Mello and Youchang Wu, “First-Mover Advantage, Time to Finance, and Cash Holdings," Journal of Corporate Finance, 62 (June 2020), 101584.

  • Niehaus, Gregory, Jannes Rauch and Sabine Wende, “Regulation and the Connectedness of Insurers to the Banking Sector: International Evidence,” Risk Management and Insurance Review 22, 393-420.

  • Lee, Choonsik and Matthew E. Souther, “Managerial Reliance on the Retail Shareholder Vote: Evidence from Proxy Delivery Methods,” Management Science (2020) 66, 1509-1782.
  • Addoum, Jawad M., Stefanos Delikouras, Da Ke, and Alok Kumar, “Underreaction to Political Information and Price Momentum,” Financial Management, 48 (Fall 2019), 773-804.

  • Almeida, Heitor, Po-Hsuan Hsu, Dongmei Li, and Kevin Tseng, “More Cash, Less Innovation: The Effect of the American Jobs Creation Act on Patent Value,” Journal of Financial and Quantitative Analysis (2019), 1-28.

  • Assaf, A. George, Allen N. Berger, Raluca A. Roman, and Mike Tsionas, “Does Efficiency Help Banks Survive and Thrive during Financial Crises?” Journal of Banking and Finance 106 (September 2019), 445–470.

  • Berger, Allen N.Oxford Handbook of Banking, Third Edition (co-edited with Philip Molyneux and John O.S. Wilson), Oxford University Press, Oxford, 2019.

  • Berger, Allen N. and Lamont K. Black, "Small Business Lending: The Roles of Technology and Regulation from Pre-Crisis to Crisis to Recovery," in Oxford Handbook of Banking, Third Edition, Allen N. Berger, Philip Molyneux, and John O.S. Wilson, editors, Oxford University Press, Oxford, (2019) 431-469.

  • Berger, Allen N., Lakshmi Balasubramanyan, and Matthew M. Koepke, “How Do Lead Banks Use their Private Information about Loan Quality in the Syndicated Loan Market?,” Journal of Financial Stability 43 (August 2019), 53–78.

  • Berger, Allen N., Narjess Boubakri, Omrane Guedhami, and Xinming Li, “Liquidity Creation Performance and Financial Stability Implications of Islamic Banking: Evidence from a Multinational Study,” Journal of Financial Stability 44 (October 2019).

  • Berger, Allen N., Philip Molyneux and John O.S. Wilson, "Banking Ten Years after the Crisis," in Oxford Handbook of Banking, Third Edition, Allen N. Berger, Philip Molyneux, and John O.S. Wilson, editors, Oxford University Press, Oxford, (2019) 1-36.

  • Berger, Allen N.Raluca A. Roman and Tanakorn Makaew, "Do Borrowers Benefit from Bank Bailouts? The Effects of TARP on Loan Contract Terms," Financial Management, 48 (Summer 2019), 575-639.

  • Chu, Yongqiang, Donghang Zhang, and Yijia (Eddie) Zhao Bank Capital and Lending: Evidence from Syndicated Loans,” Journal of Financial and Quantitative Analysis, 54 (2019), 667-694.
  • Berger, Allen, "The Benefits and Costs of the TARP Bailouts: A Critical Assessment," Quarterly Journal of Finance 8 (June 2018) 8, 1-29.

  • Berger, Allen and Raluca A. Roman, "Finance and the Real Economy: Evidence from the U.S.," in Thorsten Beck and Ross Levine, editors, Handbook of Finance and Development, Edward Elgar – Cheltenham, United Kingdom (2018), 261-288.

  • Berger, AllenViral V. Acharya and Raluca A. Roman, "Lending Implications of U.S. Bank Stress Tests: Costs or Benefits?," Journal of Financial Intermediation 34 (April 2018), 58-90.

  • Hirshleifer, David, Po-Hsuan Hsu and Li, Dongmei. "Innovative originality, profitability, and stock returns," Review of Financial Studies 31 (2018), 2553-2605. 

  • Huang, Rongbing, Donghang Zhang, and Yijia (Eddie) Zhao, “Relationship Banking and Loan Syndicate Structure: The Role of Private Equity Sponsors,” The Financial Review, 53 (2018), 461-498.

  • Jiang, Chao, Tom Kubick, Mihail Miletkov and Jide Wintoki. “Offshore Expertise for Onshore Companies: Director Connections to Island Tax Havens and Corporate Tax Policy,” Management Science 64, 7 (July 2018), pp. 2973-3468.

  • Ke, Da. "Cross-Country Differences in Household Stock Market Participation: The Role of Gender Norms," AEA Papers and Proceedings 108 (2018), 159-62.

  • Niehaus, Greg, "Managing Capital via Internal Capital Market Transactions: The Case of Life Insurers," Journal of Risk and Insurance 85 (2018), 69-106.
  • Akbas, Ferhat, Chao Jiang and Paul Koch. “The Trend in Firm Profitability and the Cross Section of Stock Returns,” The Accounting Review, 92, 5 (September 2017), pp. 1-32.

  • Berger, Allen and Christa H.S. Bouwman, "Bank Liquidity Creation, Monetary Policy, and Financial Crises," Journal of Financial Stability 30 (June 2017) 139–155.

  • Berger, Allen and John Sedunov. “Bank Liquidity Creation and Real Economic Output,” Journal of Banking and Finance 81 (August 2017), 1-19.

  • Berger, Allen and Raluca A. Roman, "Did Saving Wall Street Really Save Main Street? The Real Effects of TARP on Local Business Conditions," Journal of Financial and Quantitative Analysis 52 (September 2017), 1827-1867.

  • Berger, AllenChrista H.S. Bouwman and Dasol Kim, "Small Bank Comparative Advantages in Alleviating Financial Constraints and Providing Liquidity Insurance over Time," Review of Financial Studies 30 (October 2017), 3416–3454.

  • Berger, AllenLamont K. Black, Christa H.S. Bouwman, and Jennifer L. Dlugosz, "Bank Loan Supply Responses to Federal Reserve Emergency Liquidity Facilities," Journal of Financial Intermediation 32 (October 2017), 1-15 (Lead Article).

  • Berger, Allen, Sadok El Ghoul, Omrane Guedhami, and Raluca A. Roman, "Internationalization and Bank Risk," Management Science 63 (July 2017), 2283-2301.

  • Berger, AllenTanakorn Makaew and Rima Turk-Ariss, "How Did Foreign Bank Lending Change during the Recent Financial Crisis: An Overview," in Asli Demirguc-Kunt, Douglas D. Evanoff, and George G. Kaufman, editors, The Future of Large, Internationally Active Banks, World Scientific Publishing Co., Singapore (2017), 115-124.

  • Hwang, Byoung-Hyoun and Hugh Hoikwang Kim, "It Pays to Write Well," Journal of Financial Economics 124 (May 2017), 373-394.

  • Kim, Hugh Hoikwang, Raimond Maurer and Olivia S. Mitchell. “Choosing a Financial Adviser: When and How to Delegate?” in Financial Decision Making and Retirement Security in an Aging World, P. B. Hammond, O. S. Mitchell, and S. P. Utkus, editors, Oxford University Press, Oxford (2017).

  • Koch, Timothy W., "Incentive compensation, accounting discretion and bank capital," Journal of Economics and Business (May 2017).

  • Niehaus, Greg and Chia-Chun Chiang. "U.S. life insurers’ responses to the financial crisis: a review of the research," Journal of Financial Perspectives 4 (2017), 107-120.
  • Berger, Allen and Christa H.S. Bouwman. Bank Liquidity Creation and Financial Crises, Elsevier — North Holland (2016).

  • Berger, Allen, Björn Imbierowicz and Christian Rauch. "The Role of Corporate Governance in Bank Failures during the Recent Financial Crisis,” Journal of Money, Credit, and Banking, 48 (June 2016), 729-770.

  • Berger, Allen, Christa H. S. Bouwman, Thomas Kick and Klaus Schaeck. “Bank liquidity creation following regulatory interventions and capital support,” Journal of Financial Intermediation, 26 (April 2016), 115-141.

  • Berger, Allen, W. Scott Frame and Vasso Ioannidou. “Reexamining the Empirical Relation between Loan Risk and Collateral: The Role of the Economic Characteristics of Collateral,” Journal of Financial Intermediation, 26 (April 2016), 28-46.

  • Edelen, Roger, Ozgur Ince and Greg Kadlec. “Institutional Investors and Stock Return Anomalies,” Journal of Financial Economics,119 (March 2016), 472-488.

  • Huang, Rongbing, Jay Ritter and Donghang Zhang. "Private Equity Firms’ Reputational Concerns and the Costs of Debt Financing," Journal of Financial and Quantitative Analysis, 51 (2016), 29-54.

  • Jiang, Chao, Ira Kawaller and Paul Koch. “Designing a Proper Hedge: Theory versus Practice,” Journal of Financial Research, 39, 2 (Summer 2016), 123–144.

  • Kim, Hugh Hoikwang, Raimond Maurer and Olivia S. Mitchell. "Time is Money: Rational Life Cycle Inertia and the Delegation of Investment Management," Journal of Financial Economics, 121, 2 (August 2016), 424-447.

  • Kumar, Praveen and Dongmei Li. "Capital investment, innovative capacity, and stock returns," Journal of Finance, 71 (2016), 2059-2094.

  • Niehaus, Greg. "Role of Insurance in Enterprise Risk Management," in Enterprise Risk Management: A Common Approach for the Whole Organization, ed. Phil Green, Elsevier (2016), 161-173.
  • Berger, Allen. “Small Business Lending by Banks: Lending Technologies and the Effects of Banking Industry Consolidation and Technological Change,” in Oxford Handbook of Banking, Second Edition, Allen N. Berger, Philip Molyneux, and John O.S. Wilson, editors, Oxford University Press, Oxford (2015), 292-311.

  • Berger, Allen and Raluca Roman. Did TARP Banks Get Competitive Advantages?" Journal of Financial and Quantitative Analysis, 50 (December 2015), 1199-1236.

  • Berger, Allen and Rima Turk-Ariss. “Do Depositors Discipline Banks and Did Government Actions During the Recent Crisis Reduce this Discipline? An International Perspective,” Journal of Financial Services Research, 48 (2015), 103-126.

  • Berger, Allen, Geraldo Cerqueiro and Maria Fabiana Penas. "Market size structure and small business lending: Are crisis times different from normal times?" Review of Finance, 19 (August 2015), 1965-1995.

  • Berger, Allen, Philip Molyneux and John O.S. Wilson (eds.). Oxford Handbook of Banking, Second Edition. Oxford University Press, Oxford (2015).

  • Berger, Allen, Philip Molyneux and John O.S. Wilson. “Banking in a post crisis world,” in Oxford Handbook of Banking, Second Edition, Allen N. Berger, Philip Molyneux, and John O.S. Wilson, editors, Oxford University Press, Oxford (2015), 1-23.
  • Berger, Allen, Thomas Kick and Klaus Schaeck. “Executive Board Composition and Risk Taking,” Journal of Corporate Finance, 28 (October 2014), 48-65.

  • Berger, Allen, William Goulding and Tara Rice. “Do small businesses still prefer community banks?,” Journal of Banking and Finance, 44 (July 2014), 264–278.

  • Ince, Ozgur. “Why do IPO Offer Prices Only Partially Adjust?” Quarterly Journal of Finance, 4, 2014.

  • Niehaus, Greg. "Risk Management and Security Metrics at Boeing," Journal of Applied Risk Management & Insurance, 2 (2014), 25-38.

  • Niehaus, Greg and David Shrider. "Framing and the Disposition Effect: Evidence from Mutual Fund Investor Redemption Behavior," Quantitative Finance, 14, 2014, 683-69.

  • Niehaus, Greg, Scott E. Harrington and Tong Yu. "Insurance Price Volatility and Underwriting Cycles," in Handbook of Insurance, Georges Dionne, ed., Kluwer Academic Press, 2014.
  • Berger, Allen N. and Christa H. S. Bouwman. "How Does Capital Affect Bank Performance During Financial Crises?" Journal of Financial Economics, 109 (July 2013), 146-176.

  • Berger, Allen N., Thomas Kick, Michael Koetter and Klaus Schaeck. "Does It Pay to Have Friends? Social Ties and Executive Appointments in Banking," Journal of Banking and Finance, 37 (March 2013), 2087-2105.

  • Brown, Scott, Jose Julian-Cao, and Eric Powers, "Do Investment Newsletters Move Markets?" Financial Management 42 (2013), 315-338.

  • Hirshleifer, David, Po-Hsuan Hsu and Dongmei Li. "Innovative efficiency and stock returns," Journal of Financial Economics, 107 (2013), 632-654.

  • Li, Dongmei. "Distinguishing rational and behavioral models of momentum," Quarterly Journal of Finance, 3 (2013), 1-30.

  • Niehaus, Greg. "Life Insurer Balance Sheets: Description and Issues of the Past Decade, 2013," in Study on the State of the Life Insurance Industry: Implications of Industry Trends, Anne Oberstaedt, ed., Center for Insurance Policy Research (2013).

  • Powers, Eric A. and Sudipto Sarkar. "Setting the Optimal Make-whole Call Premium," Journal of Applied Financial Economics 23 (2013), 461-473.

Research in the News

Finance Professor’s Research Informs Policy to Mitigate Impacts of Crises
Finance professor Allen N. Berger’s research explores patterns and business analytics from previous financial and banking challenges and successes to help inform bank and government leaders and finance scholars about future crises to avoid events like recessions or depressions.

Explaining the GameStop Market Shock
A researcher who focuses on factors affecting stock returns says the phenomenon of a stock’s dramatic rise in price over a short period not supported by the value of the product has happened many times.

Natural Disasters: Economic Preparation for and Aftermath of 
Increases in the frequency and severity of natural disasters will have major consequences for household finances, health, housing/location decisions and more, and understanding these impacts can help inform future policymaking.

Pros/Cons in the Public/Private Merger Space
By scrutinizing more than 150 IPOs of special-purpose acquisition companies and documenting the economic outcomes, the aim is to shed light on when a private company goes public via merging with these "blank-check" SPAC operations,.

Moore School Expert: Insurance Industry Should See Limited Impacts from COVID-19
The insurance industry is well capitalized and builds in the possibility of surges in mortality – including from pandemics.

Identify Attention Levels for Mutual Fund Fees
Based on research findings, the mutual fund industry could charge more than 30% more in fees because of investors’ inattention, which equates to $16 billion a year more in mutual fund company revenue.

Evaluating Millennial Spending Tendencies
According to research, the generation of Americans born between 1981 and 1996 collectively owes more than $1 trillion in debt, which ties into changing perspectives on home ownership and how it impacts the nation’s larger economy.

Examaning Boardroom Diversity and Business Ethics
Research focused on minority and female directors shows that these diverse directors are less likely to be appointed to board leadership positions despite tending to have higher qualifications than non-diverse directors.

Bailouts and Bail-Ins: Wall Street, Main Street and the Financial System
The U.S. Troubled Asset Relief Program (TARP), enacted in 2008 in response to the financial crisis, led to the newer concept of private sector bail-ins of struggling banks, and it's time to look at the implications.


Challenge the conventional. Create the exceptional. No Limits.