Journal Articles | LSU Department of Finance

Research

 

A well-functioning financial system is essential to economic development. Researcher often examine ways to improve efficiency and stability. Areas of faculty research include banking, capital structure, credit ratings, consumption-based asset pricing, corporate governance, corporate finance, financing decisions, financial derivatives, financial innovation, financial intermediation, fixed income securities, indexing, institutional investors, risk management, and poverty.

Selected Finance Journal Articles

  • Chance, D. and Kim, S.An Empirical Analysis of Corporate Currency Risk Management Policies and Practices. Pacific-Basin Finance Journal, 47, 109-128.
  • Chance, D., Muthuswamy, J., Hanson, T. A, and Li, W. (2016). A Bias in the Volatility Smile. Review of Derivatives Research, 20(1), 47-90.
  • Chance, D. (2016). The Alphas of Asset Allocators. Journal of Investing, 25(4), 34-56.
  • Chance, D., Ferris, S., and Cicon, J.Poor Performance and the Value of Corporate Honesty. Journal of Corporate Finance, 33, 1-18.
  • Chance, D. and Brooks, R. (2014). Some Subtle Relationships and Results in Option Pricing. Journal of Applied Finance.
  • Chance, D. and Yang, T. (2014). The Price-Taker Effect on the Valuation of Executive Stock Options. Journal of Financial Research, 37(1), 27-54.
  • Chance, D., Brooks, R., and Cline, B. (2012). Private Information and the Exercise of Executive Stock Options. Financial Management, 41(3), 733-764.
  • Chance, D. and Yang, T. (2011). The Tradeoff Between Compensation and Incentives in Executive Stock Options. Quarterly Journal of Finance, 1(4), 733-766.
  • Chance, D. (2011). Fatal Flaws of the Sharpe Ratio or How to Make Yourself Look Good. Journal of Performance Measurement, 16(1), 20-28.
  • Chance, D., Shynkevich, A., and Yang, T. (2011). Experimental Evidence on Portfolio Size and Diversification: Human Biases in Naive Security Selectoin and Portfolio Construction. The Financial Review, 46, 427-457.
  • Chance, D. and Hemler, M. L. (2001). The Performance of Professional Market Timers: Daily Evidence from Executed Strategies. Journal of Financial Economics, 62, 377-411.
  • Chance, D., Kumar, R., and Todd, R. (2000). The 'Repricing' of Executive Stock Options. Journal of Financial Economics, 57, 129-154.
  • Chance, D. (1990). Default Risk and the Duration of Zero Coupon Bonds. Journal of Finance, 45, 265-274.
  • Chance, D. and Ferris, S. P (1987). The Effect of 12b-1 Plans on Mutual Fund Expense Ratios: A Note. Journal of Finance, 42, 1077-1086.
  • Chance, D. (1983). Floating Rate Notes and Immunization. Journal of Financial and Quantitative Analysis, 18, 365-380.
  • 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., 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. 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.
  • McCollum, M., Narayanan, R. P., and Pace, R.A Revealed Preference Approach to Identifying Strategic Mortgage Default. Real Estate Economics.
  • Narayanan, R. P. and Uzmanoglu , C. (2018). How do firms respond to empty creditor holdout in Distressed Exchanges?. Journal of Banking and Finance.
  • Narayanan, R. P. and Uzmanoglu, C. (2018). Credit Default Swaps and Firm Value. Journal of Financial and Quantitative Analysis.
  • Narayanan, R. P and Uzmanoglu , C. (2018). Credit Insurance, Distress Resolution Costs, and Bond Spreads. Financial Management.
  • Le, H. T. T., Vo, L. Van, and Narayanan, R. P. (2016). Has the effect of Asset Securitization on Bank Risk Taking Behavior Changed?. Journal of Financial Service Research, 49(1), 39-64.
  • Devos, E., Krishnamurthy, S., and Narayanan, R. P (2016). Efficiency and Market Power Gains in Bank Megamergers: Evidence from Value Line Forecasts. Financial Management.
  • Lubben, S. J. and Narayanan, R. P. (2012). CDS and the Resolution of Distress. Journal of Applied Corporate Finance, 24(4), 129-134.
  • Carow, K. A., Kane, E. J., and Narayanan, R. P. (2011). Safety-Net Losses From Abandoning Glass-Steagall Restrictions. Journal of Money, Credit and Banking.
  • Narayanan, R. P., Rangan, K. P, and Rangan, N. K (2007). The Effect of Private-Debt-Underwriting Reputation on Bank Public-Debt Underwriting. Review of Financial Studies, 20, 597-618.
  • Carow, K., Kane, E. J., and Narayanan, R. P. (2006). How Have Borrowers Fared in Banking Mega-Mergers?. Journal of Money, Credit and Banking, 38, 821-836.
  • Narayanan, R. P., Rangan, . P, and Rangan, N. K (2004). The Role of Syndicate Structure in Bank Underwriting . Journal of Financial Economics, 72, 555-580.
  • Ogunc, K.The Role of Disappointment Aversion in Delegated Asset Management: The Case of Active Currency Hedging. Journal of Investment Consulting.
  • Ogunc, K., Ogunc, A., and , . (2016). Inflation Linked Bonds for Strategic Asset Allocation. Journal of Investment Consulting, 17(2), 59-68.
  • Pace, R. and Zhu , S. (2019). "The Influence of House, Seller, and Locational Factors on the Probability of Sale". Journal of Housing Economics, 43, 73-82.
  • Calabrese, R., McCollum, M., and Pace, R.Mortgage default decisions in the presence of non-normal, spatially dependent disturbances. Regional Science and Urban Economics.
  • Hayunga, D. and Pace, R. (2018). "The Impact of TOM on Prices in the US Housing Market" . Journal of Real Estate Finance and Economics.
  • Hayunga, D., Pace, R., and Zhu, S.Borrower Risk and House Price Appreciation. Journal of Real Estate Finance and Economics.
  • McCollum, M., Narayanan, R. P., and Pace, R.A Revealed Preference Approach to Identifying Strategic Mortgage Default. Real Estate Economics.
  • Pace, R. and Zhu, S. (2017). Implicit Hedonic Pricing Using Mortgage Payment Information. Journal of Real Estate Finance and Economics, 54(3), 387-402.
  • Hayunga, D. K and Pace, R. (2017). List Prices in the US Housing Market. Journal of Real Estate Finance and Economics, 55(2), 155-184.
  • Pace, R. and Zhu, S. (2015). "Inferring Price Information from Mortgage Payment Behavior: A Latent Index Approach". Journal of Real Estate Finance and Economics.
  • Zhu, S. and Pace, R. (2015). Factors underlying short sales. Journal of Housing Economics, 27, 60-75.
  • Zhu , S. and Pace, R. (2015). "The Influence of Foreclosure Delays on Borrowers' Default Behavior," . Journal of Money, Credit and Banking, 47(6), 1205-1222.
  • McCollum, M., Lee, H., and Pace, R. (2015). Deleveraging and Mortgage Curtailment. Journal of Banking and Finance, 60, 60-75.
  • LeSage, J. and Pace, R. (2014). The biggest myth in spatial econometrics. Econometrics, 2(4), 217-249.
  • Zhu, S., Pace, R., and Morales, W. A. (2014). Using Housing Futures in Mortgage Research. Journal of Real Estate Finance and Economics, 48(1), 1-15.
  • Zhu, S. and Pace, R. (2014). Spatially Interdependent Mortgage Decisions. Journal of Real Estate Finance and Economics, 49(4), 598-620.
  • Zhu, S. and Pace, R. (2012). Distressed Properties: Valuation Bias and Accuracy. Journal of Real Estate Finance and Economics, 44, 75-90.
  • Hayunga, D. and Pace, R. (2010). Spatial Aspects of Commercial Real Estate. Journal of Real Estate Finance and Economics, 41(2), 103-125.
  • Lee, M. Long and Pace, R. (2005). Spatial Distribution of Retail Sales. Journal of Real Estate Finance and Economics, 31(1), 53-69.
  • James, L. and Pace, R. (2004). Conditioning upon All the Data: Improved Prediction via Imputation. Journal of Real Estate Finance and Economics, 29(2), 233-254.
  • Pace, R. and LeSage, J.Spatial Econometrics and Real Estate. Journal of Real Estate Finance and Economics, 29(2), 147-148.
  • John, C., Rodriguez, M., and Pace, R. (2001). Residential Land Values and the Decentralization of Jobs. Journal of Real Estate Finance and Economics, 22(1), 43-61.
  • Pace, R. and Gilley, O. (1998). Generalizing OLS and the Grid Estimator. Real Estate Economics, 26(2), 331-347.
  • Pace, R., Barry, R., and Sirmans, C. (1998). Spatial Statistics and Real Estate. Journal of Real Estate Finance and Economics, 17(1), 5-13.
  • Pace, R., Barry, R., Clapp, J., and Rodriguez, M. (1998). Spatio-Temporal Estimation of Neighborhood Effects. Journal of Real Estate Finance and Economics, 17(1), 15-33.
  • Pace, R. and Gilley, O. (1997). Using the Spatial Configuration of Data to Improve Estimation. Journal of Real Estate Finance and Economics, 14(3), 333-340.
  • Pace, R. (1996). Relative Efficiencies of the Grid, OLS, and Nearest Neighbor Estimates. Journal of Real Estate Finance and Economics, 13(3), 203-218.
  • Gilley, O. and Pace, R. (1995). Improving Hedonic Estimation with an Inequality Restricted Estimator. Review of Economics and Statistics, 77(4), 609-621.
  • Pace, R. (1995). Parametric, Semiparametric, and Nonparametric Estimation of Mass Assessment and Hedonic Pricing Models. Journal of Real Estate Finance and Economics, 11(3), 195-217.
  • Pace, R. (1993). Nonparametric Methods with Application to Hedonic Models. Journal of Real Estate Finance and Economics, 7(3), 185-204.
  • Pace, R. and Gilley, O. (1990). Estimation Employing A Priori Information Within Mass Appraisal and Hedonic Pricing Models. Journal of Real Estate Finance and Economics, 3(1), 55-72.
  • Lin, W. and Sanger, G. C.An alternative fundamental weighting scheme based on enterprise value multiple. Journal of Asset Management.
  • Chen, F., Sanger, G. C., and Slovin, M. B (2013). Asset Sales in the Mutual Fund Industry: Who Gains?. Journal of Banking and Finance, 37(December 2013), 4834 - 4849.
  • Lin, J., Sanger, G. C., and Booth, G. Geoffrey (1995). Trade Size and Components of the Bid-Ask Spread. Review of Financial Studies, 8(4), 1153-1183.
  • Lin, J., Sanger, G. C., and Booth, G. (1995). Trade Size and Components of the Bid-Ask Spread. Review of Financial Studies, 8(4), 1153-1183.
  • Sanger, G. C. and Peterson, J. D. (1990). An Empirical Analysis of Common Stock Dealings. Journal of Financial and Quantitative Analysis, 25, 261-272.
  • Lamoureux, C. G. and Sanger, G. C. (1989). Firm Size and Turn-of-the-Year Effects in the OTC/NASDAQ Market. Journal of Finance, 44, 1219-1245.
  • McConnell, J. J. and Sanger, G. C. (1987). The Puzzle in Post-Listing Common Stock Returns. Journal of Finance, 42, 119-140.
  • Sanger, G. C. and McConnell, J. J. (1986). Stock Exchange Listings, Firm Value and Security Market Efficiency: The Impact of NASDAQ. Journal of Financial and Quantitative Analysis, 21, 1-25.
  • Slawson, Jr., V., Kau, J. B., Keenan, D. c., and Lyubimov, C. (2012). Assymetric Information in the Subprime Mortgage Market . Journal of Real Estate Finance and Economics.
  • Slawson, Jr., V., Kau, J. B., Keenan, D. c., and Lyubimov, C. (2011). Subprime Mortgages and Default . Journal of Urban Economics.
  • Slawson, Jr., V., Lee, M., and Chiang , K. (2010). REIT Excess Dividend and Information Asymmetry: Evidence with Taxable Income . Journal of Property Investment and Finance.
  • Barondes, R. de R. and Slawson, Jr., V. Carlos (2006). Examining Compliance with Fiduciary Duties: A Study of Real Estate Agents. Oregon Law Review, 84(3), 681-724.
  • Sanders, A. B and Slawson, Jr, V. Carlos (2005). Shared Appreciation Mortgages: Lessons from the UK. Journal Of Housing Economics, 14(3), 178-193.
  • Kau, J. B and Slawson, Jr., V. (2002). Frictions, Heterogeneity, and Optimality in Mortgage Modeling. Journal of Real Estate Finance and Economics, 24(3), 239-260.
  • McDonald, C. G and Slawson, Jr, V. Carlos (2002). Reputation in an Internet Auction Market. Economic Inquiry, 40(3), 633-650.
  • Kelly, A. and Slawson, Jr., V. (2001). Time-Varying Mortgage Prepayment Penalties. Journal of Real Estate Finance and Economics, 23(2), 235-254.
  • Munneke, H. J. and Slawson, Jr., V. (1999). A Housing Price Model with Endogenous Externally Location: A Study of Mobile Home Parks. Journal of Real Estate Finance and Economics, 19(2), 113-131.
  • Hilliard, J. E., Kau, J. B., and Slawson, Jr., V. (1998). Valuing Prepayment and Default in a Fixed-Rate Mortgage: A Bivariate Binomial Options Pricing Technique. Real Estate Economics, 26(3), 431-468.
  • Song, W. and Wang, H.Do Institutional Investors Know Banks Better: Evidence from Institutional Trading Surrounding the 2008 Financial Crisis. Journal of Accounting Auditing and Finance.
  • Song, W. and Wan, K.Does CEO Compensation Reflect Managerial Ability or Managerial Power?Evidence from the Compensation of Powerful CEOs. Journal of Corporate Finance, , 14.
  • Song, W. and Wan, K. (2017). Explicit Employment Contracts and CEO Compensation. Journal of Corporate Finance, 44, 540-560.
  • Song, W. and Uzmanoglu, C. (2016). TARP Announcement, Bank Health, and Borrowers' Credit Risk. Journal of Financial Stability, 22, 22-32.
  • Song, W. and Shivdasani, A. (2011). Breaking Down the Barriers: Competition, Syndicate Structure, and Underwriting Incentives. Journal of Financial Economics, 99, 581-600.
  • Song, W. (2004). Competition and Coalition among Underwriters: The Decision to Join a Syndicate. Journal of Finance, 59, 2421-2444.
  • Song, W. and Szewczyk, S. H. (2003). Does Coordinated Institutional Investor Activism Reverse the Fortune of Underperforming Firms?'. Journal of Financial and Quantitative Analysis, 38, 317-336.
  • Lin, J., Stephens, C., and , . (2014). Takeover vulnerability and long-run performance following open-market share repurchases. Journal of Banking and Finance, 42(May 2014), 283-301..
  • Maxwell, W. F and Stephens, C. (2003). The Wealth Effects of Repurchases on Bondholders. Journal of Finance, 58(2), 895-919.
  • Jagannathan, M., Stephens, C., and Weisbach, M. S (2000). Financial Flexibility and the Choice Between Dividends and Stock Repurchases. Journal of Financial Economics, 57(3), 355-384.