Professor Lemma W. Senbet

The William E. Mayer Chair Professor of Finance

Selected Publications
(out of 65 total)

• Book: Agency Problems and Financial Contracting (Prentice-Hall, 1985; with A. Barnea and R. Haugen)
   

• "A Test of Accounting Bias and Market Structure (1976)," (with R. Hagerman), Journal of Business, Vol. 49, no. 4, pp. 509-514.               

• "The Insignificance of Bankruptcy Costs to the Theory of Optimal Capital Structure (1978)," (with R. Haugen), Journal of Finance, Vol. 33, no. 2, pp.  383-393 [Published as the lead article].

•  "The Equivalence of Alternative Mean-Variance Capital Budgeting Models (1978)," (with H. Thompson), Journal of Finance, Vol. 33, no. 2, pp. 395-40l.

•  "On the Theory of the Firm Under Uncertainty and the Cost of Capital (1979)," Economics Letters, Vol. 2, no. 1, pp. 73-78. 

•   "New Perspectives on Informational Asymmetry and Agency Relationships (1979)," (with R. Haugen), Journal of Financial and Quantitative Analysis, Vol. XIV, no. 4, pp. 671-694.  [Exhibits published in Journal of Financial and Quantitative Analysis, Vol. 15, March 1980]. 

•  "International Capital Market Equilibrium and the Multinational Firm Financing and Investment Policies (1979)," Journal of Financial and Quantitative Analysis, Vol. 14, no 3, pp. 455-480. [Published as the lead article]

•  "A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework (1980)," (with A. Barnea and R. Haugen), Journal of Finance, Vol. 35, no. 5, pp. 1223-1234.

•  "The Effects of International Operations on the Market Value of the Firm: Theory and Evidence (1981)," (with V. Errunza), Journal of Finance, Vol. 36, no. 2, pp. 40l-417.

•  "Market Imperfections, Agency Problems and Capital Structure: A Review (1981)," (with A. Barnea and R. Haugen), Financial Management, Vol. 10, no. 3, pp. 7-22.[Published as the lead article: Also, recognized in the Journal’s twenty-fifth anniversary issue (Summer 1995) as among the most frequently cited - in the top ten].

• "An Equilibrium Analysis of Debt Financing Under Costly Tax Arbitrage and Agency Problems (1981)," (with A.Barnea and R. Haugen), Journal of Finance, Vol. 36, no. 3, pp. 569-581. [Published as the lead article]

• "Resolving the Agency Problems of External Capital through Options" (1981), (with R. Haugen), Journal of Finance, Vol. 36, no. 3, pp. 629-647.
  
  
• "External Currency Market Equilibrium Under Market Imperfections and Incompleteness" (1984), (with D. Logue), Journal of Finance, Vol. 38, no. 2, pp. 435-447.
  
  
• "Capital Structure Equilibrium Under Market Imperfections and Incompleteness" (1984), (with R. Taggart), Journal of Finance, Vo. 39, no. 3, pp. 93-103.
  
  
• "International Corporate Diversification, Market Valuation, and Size Adjusted Evidence" (1984), (with V. Errunza), Journal of Finance, Vol. 39, no. 3, pp. 727-743.
  
  
• "International Arbitrage Pricing Theory: An Empirical Investigation" (1986), (with D. Cho and C. Eun), Journal of Finance, Vol. 41, no. 2, pp. 313-329.
  
  
• "Bankruptcy and Agency Costs: Their Significance to the Theory of Optimal Capital Structure" (1988), (with R. Hausen), Journal of Financial and Quantitative Analysis, Vol. 23, no. 1, pp. 27-38.
  
  
• "The Effect of Taxes and Depreciation on Corporate Investment and Financial Leverage" (1988), (with R. Dammon), Journal of Finance, Vol. 43, no. 2, pp. 357-3.
  
  
• "International Capital Structure Equilibrium" (1990), (with J. Hodder), Journal of Finance, Vol. 45, no. 5, pp. 1495-1516.
  
  
• "Risk-Shifting Incentives of Depository Institutions: A New Perspective on Federal Deposit Insurance Reform" (1991), (with K. John and T. John), Journal of Banking and Finance, Vol. 15, pp. 895-915. [Reprinted in International Library of Critical Writings in Financial Economics.]
  
  
• "The Effect of the Secondary Market on the Pricing of Initial Public Offerings: Theory and Evidence" (1992), (with D. Mauer), Journal of Financial and Quantitative Analysis, Vol. 27, No. 1, pp. 55-79.  
  
  
• "Financial Research on Africa: A Financial Theory Perspective" (1992), (with A. Saunders), Journal of African Finance and Economic Development, Vol. 1, No. 1, pp. 1-23.
  
  
• "Bankruptcy and Capital Structure" (1993), The New Pulgrave Dictionary of Money and Finance, pp. 173-176.
  
  
• "Absolute Priority Violations and Risk Incentives for Financially Distressed Firms" (1993), (with A. Eberhart), Financial Management, (Autumn), pp. 101-116.
  
  
• "Financial Distress, Bankruptcy and Reorganization" (1995), (with J. Seward), in Finance Handbooks in Operations Research and Management Science {Elsevier Science), Vol. 9, eds., R. Jarrow, et al., pp. 921-961.
  
  
• "Debt and Market Incompleteness" (1995), (with E. Ronn), Journal of Banking and Finance, Vol. 19, pp. 1379-1400.
  
  
• "Financial Regulation and Liberalization in Africa Under Incentive Problems and Asymmetric Information" (1997), (with M. Ncube), Journal of African Economies (Oxford University Press), Vol. 6, No. 1, pp. 29-88.  [Lead Article.]
  
  
• "The Pricing of Country Funds from Emerging Markets: Theory and Evidence" (1998), (with V. Errunza and K. Hogan), International Journal of Theoretical and Applied Finance, Vol. 1, no. 1, pp. 111-143.  [Reprinted in International Library of Critical Writings in Financial Economics.]
  
  
• "Corporate Governance and Board Effectiveness" (1998), (with K. John, Journal of Banking and Finance) (Twentieth Anniversary Article), Vol. 22, pp. 371-403 [Lead Article.]
  
  
• "A Theory of Bank Regulation and Management Compensation" (2000), (with K. John and A. Saunders), Review of Financial Studies, Vol. 13, no. 1, pp. 95-126.
  
  
• "Global Financial Crisis: Implications for Africa" (2001), Journal of African Economies (Oxford University Press), Vol. 10, pp. 104-140.
  
  
• "The Pricing of Emerging Market Country Funds" (2002), Journal of International Money and Finance, (with C. Eun and S. Janakiramanan), Vol. 21, pp. 833-855.  [Best Paper Award at the 9th annual conference of Global Finance Association, May 2002.]
  
  
• "The Effect of Deposit Insurance on Financial Depth: 'A Cross-Country Analysis'" (2002), Quarterly Review of Economics and Finance (with R. Cull, World Bank and M. Sorge, Stanford).  [Special issue, North-Holland; ed., Ed Kane], Vol. 42, pp. 673-694.
  
  
• "Deposit Insurance and Financial Development" (2005) (with R. Cull and M. Sorge), Journal of Money, Credit and Banking, Vol. 37,  pp. 43-82.
   
•  “Financial Sector Reforms in Africa: Perspectives on Issues and Policies” (2006),  (with I. Otchere),  Annual Bank Conference on Development Economics (The World Bank). pp. 81-119.
   

• “Bank Incentives, Economic Specialization, and Financial Crises in Emerging Economies” (with A. Gande and K. John), forthcoming, Journal of International Money and Finance.