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., Bui, D., and Stephens, C. (2019). Does the Choice between Listing on the NYSE versus Nasdaq Matter? An Examination of Firms that Voluntarily Move from the NYSE to Nasdaq. 19(7), 18-48.
  • Chance, D.FI-nance or Fi-NANCE: How 100 Experts Pronounce the Word. Journal of Financial Education.
  • , R., Chance, D., and , M. (2019). The Superior Performance of Covered Calls on the S&P 500: Rethinking an Anomaly. Journal of Derivatives, 27(No. 2, Winter, 2019), 50-61.
  • Chance, D.Conditional Probability and hte Length of a Championship Series in Baseball, Basketball, and Hockey. Journal of Sports Analytics.
  • Chance, D. (2019). An Option Pricing Approach to Corporate Dividends and the Capital Investment Financing Decision. Review of Financial Economics, 37, 541-553.
  • 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.
  • Dombrowski, T., Narayanan, R. P., and Pace, R.The Rank Size Rule and Opportunities to Diversify Across Commercial Real Estate Assets. Journal of Real Estate Finance and Economics, , Forthcoming.
  • Dombrowski, T., Narayanan, R. P., and Pace, R. (2019). Mortgage Portfolio Diversification in the Presence of Cross-Sectional and Spatial Dependence. Advances in Econometrics, 41.
  • Mason, J. R., Higgins, E., and Mordel, A. (2019). Asset Sales, Recourse, and Investor Reactions to Initial Securitizations: Evidence Why Off-balance Sheet Accounting Treatment does not Remove On-balance Sheet Risk. Journal of Risk Finance, 20 (3).
  • 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. (2009). Robert Litan, Joseph Mason, and Ian Ayres as Amici Curiae Supporting Petitioners, on Writ of Certiorari to the United States Court of Appeals for the Seventh Circuit, in the Supreme Court of the United States, Jerry N. Jones, Mary F. Jones, and Arline Winerman, Petitioners, v. Harris Associates L.P., Respondent.. American Bar Association.
  • 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.
  • Tan, L., Chiang, T., Mason, J. R., and Nelling, E. (2008). Herding Behavior in Chinese Stock Markets: An Examination of A and B Shares. Pacific-Basin Finance Journal, 16(1-2), 61-77.
  • Marciukaityte, D., Higgins, E. James, Friday, S. H., and Mason, J. R. (2007). Positive performance and private equity placements: Outside monitoring or inside expertise?. Journal of Real Estate Portfolio Management, 13(4), 389-399.
  • 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.
  • Dombrowski, T., Narayanan, R. P., and Pace, R.The Rank Size Rule and Opportunities to Diversify Across Commercial Real Estate Assets. Journal of Real Estate Finance and Economics, , Forthcoming.
  • Dombrowski, T., Narayanan, R. P., and Pace, R. (2019). Mortgage Portfolio Diversification in the Presence of Cross-Sectional and Spatial Dependence. Advances in Econometrics, 41.
  • Narayanan, R. P. and Uzmanoglu , C. (2018). How do firms respond to empty creditor holdout in Distressed Exchanges?. Journal of Banking and Finance, 94, 251-266.
  • Narayanan, R. P. and Uzmanoglu, C. (2018). Credit Default Swaps and Firm Value. Journal of Financial and Quantitative Analysis, 53, 1227-1259.
  • Narayanan, R. P and Uzmanoglu , C. (2018). Credit Insurance, Distress Resolution Costs, and Bond Spreads. Financial Management, 47, 931-951.
  • 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 Services 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.
  • Dombrowski, T., Narayanan, R. P., and Pace, R.The Rank Size Rule and Opportunities to Diversify Across Commercial Real Estate Assets. Journal of Real Estate Finance and Economics, , Forthcoming.
  • Hayunga, D. and Pace, R. (2019). "The Impact of TOM on Prices in the US Housing Market" . Journal of Real Estate Finance and Economics, 58(3), 335-365.
  • Hayunga, D., Pace, R., and Zhu, S. (2019). Borrower Risk and House Price Appreciation. Journal of Real Estate Finance and Economics, 58(4), 544-566.
  • Dombrowski, T., Narayanan, R. P., and Pace, R. (2019). Mortgage Portfolio Diversification in the Presence of Cross-Sectional and Spatial Dependence. Advances in Econometrics, 41.
  • Calabrese, R., McCollum, M., and Pace, R. (2019). Mortgage default decisions in the presence of non-normal, spatially dependent disturbances. Regional Science and Urban Economics, 76, 103-114.
  • 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.
  • 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.
  • Chen, J., Sanger, G. C., and Song, W. (2019). The relationship insurance role of financial conglomerates: Evidence from earnings announcements. Journal of Corporate Finance, 58(October 2019), 505-527.
  • Lin, W. and Sanger, G. C. (2019). An alternative fundamental weighting scheme based on enterprise value multiple. Journal of Asset Management, 20(2), 146 - 156.
  • 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.
  • Chen, J., Sanger, G. C., and Song, W. (2019). The relationship insurance role of financial conglomerates: Evidence from earnings announcements. Journal of Corporate Finance, 58(October 2019), 505-527.
  • Song, W. and Wan, K. (2019). Does CEO Compensation Reflect Managerial Ability or Managerial Power?Evidence from the Compensation of Powerful CEOs. Journal of Corporate Finance, 56, 1-14.
  • Mao, C. and Song, W.Does Reciprocity Affect Analysts' Incentives to Release Timely Information? Evidence from Syndication Relationships in Securities Underwriting. Management Science.
  • Song, W. and Wang, H. (2019). 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. (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.
  • Chance, D., Bui, D., and Stephens, C. (2019). Does the Choice between Listing on the NYSE versus Nasdaq Matter? An Examination of Firms that Voluntarily Move from the NYSE to Nasdaq. 19(7), 18-48.
  • 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.