Joseph Mason

Joseph R. Mason

Professor, Department of Finance
2913 Business Education Complex North
501 South Quad Drive
Baton Rouge, LA 70803
Phone: 225-578-6255
Fax: 225-578-6366

Biographical Summary

Dr. Mason was formerly a Senior Financial Economist at the Office of the Comptroller of the Currency and has been a Visiting Scholar at the Federal Reserve Bank of Philadelphia, the Federal Deposit Insurance Corporation, and the World Bank and has served as a Transatlantic Avdisor to the European Union. Dr. Mason has made numerous television and radio appearances on CNBC, NBC News, and Bloomberg Television. He has also been cited extensively in a variety of national print media such as the Wall Street Journal, Financial Times, New York Times, Washington Post, Economist, Bloomberg Business Week, and others. Factiva lists over 900 press articles citing Dr. Mason (as of September 2018). Dr. Mason hosted a weekly economic commentary on KYW radio, Philadelphia, 2007-2008. He authored a regular column for Credit Magazine 2009-2011 and published independently an (approximately weekly) Economic Commentary from September 2007 to April 2011 (roughly half of which are online at Nouriel Roubini's EconoMonitor site at http://archive.economonitor.com/blog/author/jmason3/).

Education

  • PhD Economics, University of Illinois, Champaign, IL, 1996
  • MS Economics, University of Illinois, Champaign, IL, 1992
  • BS Economics, Arizona State University, Tempe, AZ, 1990

Interests

  • Teaching Interests: Financial Intermediation, Financial Institutions, Banking
  • Research Interests: Dr. Mason's research focuses on financial intermediation and economic growth, with special emphasis on financial innovation and the role it plays in economic expansions as well as financial crises.

Selected Research Publications

  • Mason, J. R., Dalrymple, S., and Balcombe, J. (2018). Financial Supervision and Regulation in the US: Dodd-Frank Reform (Prepared for the European Parliament's Committee on Economic and Monetary Affairs).
  • Mason, J. R. (2016). Louisiana Banking Industry Overview. (Prepared for the Louisiana Bankers Association.).
  • Mason, J. R. (2015). Louisiana Banking Industry Overview. (Prepared for the Louisiana Bankers Association.).
  • Mason, J. R. (2015). Testimony before the U.S. House of Representatives Committee on Natural Resources, The Impacts of Federal Policies on Energy Production and Economic Growth in the Gulf.
  • Mason, J. R. (2015). Overview of Structure of Financial Supervision and Regulation in the US (Prepared for the European Parliament's Committee on Economic and Monetary Affairs).
  • Mason, J. R., Imerman, M. B., and Lee, H. (2014). Self-reporting under SEC Reg AB and transparency in securitization: evidence from loan-level disclosure of risk factors in RMBS deals. Journal of Risk Finance.
  • Mason, J. R. (2014). Testimony before the U.S. Senate Committee on Environment and Public Works, Clean Air and Nuclear Safety Subcommittee (Field Hearing), The EPA's Threat to Louisiana's Ozone Attainment.
  • Mason, J. R. (2014). Testimony before the U.S. Senate Committee on Environment and Public Works, Clean Air and Nuclear Safety Subcommittee, Climate Change: The Need to Act Now .
  • Mason, J. R., Calomiris, C., Weidenmier, M., and Bobroff, K. (2013). The Effects of Reconstruction Finance Corporation Assistance on Michigan Banks' Survival in the 1930s. Explorations in Economic History, 50(4), 526 547.
  • Mason, J. R., Cangemi, R. R., and Pagano, M. S. (2012). Option-based Structural Model Estimation of Bond Recovery Rates. Journal of Financial Intermediation.
  • Mason, J. R. (2011). Testimony before the U.S. House of Representatives Committee on Natural Resources, One Year after President Obama's Gulf of Mexico 6-Month Moratorium Officially Lifted: Examining the Lingering Impacts on Jobs, Energy Production and Local Economies .
  • Mason, J. R., Becker, B., and Ellison, S. Fisher (2011). Brief of Amici Curiae in Support of Petitioners, on Petition for a Writ of Certiorari to the United States Court of Appeals for the Second Circuit, Sergeants Benevolent Association Health and Welfare Fund, on Behalf of Themselves and Others Similarly Situated, et al., Petitioners, v. Eli Lilly and Company, Respondent.
  • Mason, J. R. (2011). Testimony before the U.S. House of Representatives, Committee on Natural Resources, Subcommittee on Energy and Mineral Resources. Legislative Hearing on H.R. 1229, H.R. 1230 and H.R. 1231 .
  • Mason, J. R. (2011). Testimony before the U.S. House of Representatives, Committee on Energy and Commerce, Subcommittee on Energy and Power, The American Energy Initiative .
  • Mason, J. R., Calomiris, C. W., and Higgins, E. J. (2011). The Economics of the Proposed Mortgage Servicer Settlement.
  • Mason, J. R. (2010). Testimony before the U.S. House of Representatives Committee on the Judiciary, Foreclosed Justice: Causes and Effects of the Foreclosure Crisis .
  • Mason, J. R. and Mitchener, K. (2010). 'Blood and Treasure': Exiting the Great Depression and Lessons for Today. Oxford Review of Economic Policy.
  • Mason, J. R. and Calomiris, C. (2008). Resolving the Puzzle of the Underissuance of National Bank Notes. Explorations in Economic History, 45(4), 327-355.
  • Mason, J. R., Kolari, J., and Anari, A. (2005). Bank Asset Liquidation and the Propagation of the Great Depression. Journal of Money, Credit, and Banking, 37(4), 753-773.
  • Mason, J. R. and Calomiris, C. W (2003). Fundamentals, Panics and Bank Distress during the Depression. American Economic Review, 93(5), 1615-1647.
  • Calomiris, C. and Mason, J. R. (2003). Consequences of U.S. Bank Distress during the Great Depression. American Economic Review, 93(3), 937-947.
  • Calomiris, C. and Mason, J. R. (1997). Contagion and Bank Failures during the Great Depression: The Chicago Banking Panic of June 1932. American Economic Review, 87(5), 863-884.

Books

  • Mason, J. R. (2018). Financial Regulation and Fraud in CO2 Markets In Sabri Boubaker, Douglas Cumming, and Duc Nguyen (Ed.), Handbook of Finance and Sustainability London: Edward Elgar.
  • Mason, J. R. (2016). Testimony before the U.S. Senate Committee on Energy and Natural Resources, Hearing on the Bureau of Ocean Energy Management's 2017-2022 OCS Oil and Gas Leasing Program.
  • Mason, J. R. and Mitchener, K. (2013). 'Blood and Treasure': Exiting the Great Depression and Lessons for Today In Peter Fearon and Nicholas Crafts (Ed.), The Great Depresion of the 1930s
  • Mason, J. R. (2009). Structuring for Leverage: CPDOs, SIVs, and ARSs In Robert Litan, Richard Herring, and Yasuyuki Fuchita (Ed.), Prudent Lending Restored: Securitization after the 2007 Mortgage Securities Meltdown Washington, DC: Brookings Institution Press.
  • Mason, J. R. (2008). Why ABS and CDO Ratings Substantially Differ from Corporate Bond Ratings Bank Structure and Competition Conference Proceedings Chicago: Federal Reserve Bank of Chicago.
  • Calomiris, C. W. and Mason, J. R. (2004). How to Restructure Failed Banking Systems: Lessons from the U.S. in the 1930s and Japan in the 1990s In Takatoshi Ito and Anne Krueger (Ed.), Privatization, Corporate Governance and Transition Economies in East Asia (pp. 375-420). Chicago: University of Chicago Press.
  • Mason, J. R. (2002). A Real Options Approach to Bankruptcy Costs: Evidence from Failed Commercial Banks during the 1990s Bank Structure and Competition Conference Proceedings (pp. 108-128). Chicago: Federal Reserve Bank of Chicago.

Working Papers

  • Imerman, M., Lee, H., and Mason, J. R. (2019). Imerman, M. B.; Lee, H.; and Mason, J. R. "More Data is Not Always Better: The Effects of Feature Bias and Model Averaging on Loan-level Mortgage Default Models."
  • Mason, J. R., Higgins, E., and Mordel, A. (2018). Higgins, E. J., Mason, J. R., and Mordel, A. "The Information Content of Asset-backed Securities Downgrades."
  • Mason, J. R., Lee, H., and Larsen, J. (2018). Larsen, J. E., Lee, H., and Mason, J. R. "Property Appraisal and Loan Performance."
  • Mason, J. R. and Higgins, E. (2018). Higgins, E. J. and Mason, J. R. "Deriving Credit Portfolio Correlation Properties from Large Asset-backed Security Pools."
  • Mason, J. R. and Lee, H. (2018). Lee, H. and Mason, J. R. "Examining the Effects of Skin in the Game on Subprime Mortgage Servicing."
  • Mason, J. R., Rhodes, M., Narayanan, R., and Imerman, M. (2018). Rhodes, M. E., Imerman, M. B., Mason, J. R., and Narayanan, R. P. Market Dynamics among the ABX Index, Credit Default Swaps, and Mortgage-backed Bonds
  • Calomiris, C., Mason, J. R., and Wheelock, D. (2014). Calomiris, C. W., Mason, J. R., and Wheelock, D. C. "Did Doubling Reserve Requirements Cause the Recession of 1937-38? A Microeconomic Approach." NBER Working Paper #16688.
  • Mason, J. R., Higgins, E., and Mordel, A. (2018). Higgins, E. J., Mason, J. R., and Mordel, A. "Asset Sales, Recourse, and Investor Reactions to Initial Securitizations: Evidence Why Off-balance Sheet Accounting Treatment does not Remove On-balance Sheet Risk."

Professional and Service Activities

  • Scholarship Committee, Committee Member (August 1, 2012 - July 31, 2017)
  • Informational Resources Committee, Committee Member (August 1, 2017)

Media Contributions

  • Internet; Board of Governors of the Federal Reserve System Press Release; Federal Reserve commends efforts as Faster Payments Task Force concludes.; 2017
  • Newspaper; Kotok, D. R. and Mason, J. R. "Attacking Central Bank Independence," Barrons; (op-ed); 2011
  • Newspaper; Mason, J. R. Time for a Cease-Fire in the War on Oil, The Wall Street Journal; (op-ed); 2011
  • Magazine; Mason, J. R. Bankruptcy: Flaw in the Law? Credit Magazine; (regular column); 2011
  • Newspaper; Mason, J. R. Obama's Energy Policies are Crippling Economic Recovery, The Washington Examiner. ; (op-ed); 2011
  • Newspaper; Mason, J. R. Why Regulators Should Let Banks Foreclose: Data Show that brief Additional Time-outs Don't Allow Borrowers to become Current, The Wall Street Journal; (op-ed); 2011
  • Magazine; Mason, J. R. No Incentive to Improve, Credit Magazine; (regular column); 2011
  • Magazine; Mason, J. R. Bailout Funds Miss the Point, Credit Magazine; (regular column); 2010
  • Newspaper; Mason, J. R. "The Housing Bust Lobby," The Wall Street Journal; (op-ed); 2010
  • Newspaper; Mason, J. R. The Real Gulf Disaster, The Wall Street Journal; (op-ed); 2010
  • Magazine; Mason, J. R. Saved from the Safe Harbor, Credit Magazine; (regular column); 2010
  • Newspaper; Mason, J. R. Congress's Hugo Chavez Bailout Bill, The Wall Street Journal; (op-ed); 2010
  • Magazine; Mason, J. R. The Value of Good Service, Credit Magazine; (regular column); 2010
  • Magazine; Mason, J. R. TBTF: Not About Size, About Information, Bank Accounting & Finance; ; 2010
  • Magazine; Mason, J. R. Strangling Securitization, Credit Magazine; (regular column); 2010
  • Magazine; Mason, J. R. Exposing Insecurities, Credit Magazine; (regular column); 2009
  • Newspaper; Mason, J. R. Obama Restructuring Plan Fails Economics, American Banker; (op-ed); 2009
  • Newspaper; Mason, J. R. SCAP as Pattern for Regulatory Change, American Banker; (op-ed); 2009
  • Magazine; Mason, J. R. A Push to Modify, DS News; (op-ed); 2009
  • Magazine; Mason, J. R. Resolving the Conflict between Ratings Agencies and Regulators: An Argument for a Procurement-based Framework, GARP Risk Review; (op-ed); 2008
  • Newspaper; Mason, J. R. and Calomiris, C. W. Reclaim Power from the Ratings Agencies, Financial Times; (op-ed); 2007

Employed by LSU since

July 1, 2008