PhD, Economics, UCLA
AB, Economics, Cornell University
At Haas since 2012
2012 – present, Willis H. Booth Chair in Banking and Finance, Haas School of Business
2007 – 2012, Director, William R. Rhodes Center for International Economics and Finance, Brown University
2005 – 2012, James and Merryl Tisch Professor of Economics, Department of Economics, Brown University
1999 – 2006, Curtis L. Carlson Professor of Finance, Department of Finance, University of Minnesota
1999, Professor, Department of Economics, University of Virginia
1997 – 1999, Associate Professor, Department of Economics, University of Virginia
1990 – 1997, Principal Economist, World Bank
1987 – 1990, Economist, Division of International Finance, Board of Governors of the Federal Reserve System
External Service and Assignments
Senior Fellow, Milken Institute
Member, Council on Foreign Relations
Member, Advisory Scientific Committee of the European Systemic Risk Board
Associate, National Bureau of Economic Research
Steering Committee, Hoover Working Group on “Intellectual Property, Innovation, and Prosperity”
Editorial Board Member (present and past): Journal of Financial Intermediation, Journal of International Economics, Journal of Development Economics, Journal of Economic Growth
Current Research and Interests
Selected Papers and Publications
“Insider Trading and Innovation” Journal of Law and Economics, 2017, 60(4): 749-800.
“Smart and Illicit: Who Becomes an Entrepreneur and Do They Earn More?” Quarterly Journal of Economics, 2017, 132(2): 963-1018.
“Competition and Bank Opacity” Review of Financial Studies, 2016, 29(7): 1911-1942.
“Does the Geographic Expansion of Banks Reduce Risk?” Journal of Financial Economics, 2016, 120(2): 346-362.
“Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries” Journal of Financial Economics, 2016, 120(1): 81-101.
“The European Origins of Economic Development” Journal of Economic Growth, 2016, 21(3): 225-257.
“Identifying the Valuation Effects and Agency Costs of Corporate Diversification” Review of Financial Studies, 2013
“Guardians of Finance: Making Regulators Work for Us,” MIT Press, 2012.
“Big Bad Banks: The Winners and Losers from Bank Deregulation in the United States,” Journal of Finance, 2010.
“Bank Governance, Regulation, and Risk Taking,” Journal of Financial Economics, 2009.
“Rethinking Bank Regulation: Till Angles Govern,” Cambridge University Press, 2006.
“Tropics, Germs, and Crops: How Endowments Influence Economic Development, Journal of MonetaryEconomics, 2003.
“Stock Markets, Banks, and Growth,” American Economic Review, 1998.
“Africa’s Growth Tragedy: Policies and Ethnic Divisions, Quarterly Journal of Economics, 1997.
“Financial Development and Economic Growth: Views and Agenda,” Journal of Economic Literature, 1997.
“Finance and Growth: Schumpeter Might be Right,” Quarterly Journal of Economics, 1993.
“A Sensitivity Analysis of Cross-Country Growth Regressions,” American Economic Review, 1992.
Macroeconomics in the Global Economy, BA 201B
Honors and Awards
2012 PROSE award given by the Association of American Publishers for “Guardians of Finance: Making Regulators Work for Us.”
Literati Outstanding Paper Award 2011
Brattle Group Prize for Distinguished Paper in Corporate Finance, Journal of Finance, 2010
Milken Institute Award for Outstanding Paper of the Year 2001
Omicron Delta Epsilon Best Teacher, Brown University, 2009, 2011