Viral V. Acharya: Working Papers and Current Projects
Corporate Finance - Cash management, Optimal Contracting, Contract Renegotiation, and Bankruptcy Design
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"Is Cash Negative Debt? - A Hedging Perspective on Corporate Financial Policies,"
September 2004, revised May 2005 (with Heitor Almeida and Murillo Campello)
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"Cross-Country Variations in Capital-Structures: The Role of Bankruptcy Codes,"
April 2004, revised October 2005 (with Rangarajan K. Sundaram and Kose John)
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(earlier "On the Capital-Structure Implications of Bankruptcy Codes")
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"Managerial Hedging, Equity Ownership, and Firm Value"
March 2002, revised April 2005 (with Alberto Bisin).
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(earlier "Entrepreneurial Incentives in Stock Market Economies"
and "Managerial Hedging and Equity Ownership")
Banking: Systemic Risk and Regulation of Financial Institutions
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"Cash-in-the-Market Pricing and Optimal Bank Bailout Policy,"
July 2005 (with Tanju Yorulmazer)
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(This is a much richer, n-bank version of the Too Many to Fail paper below)
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"Limited Liability and Bank Herding,"
August 2003, revised October 2005 (with Tanju Yorulmazer)
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(earlier "Information Contagion and Inter-Bank
Correlation in a Theory of Systemic Risk" and
"A Theory of Procyclical Bank Herding")
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"A Theory of Systemic Risk and Design of Prudential Bank Regulation,"
Job-Market Paper,
March 2000, revised January 2001
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- This paper was awarded the Lehman Brothers Fellowship Award for Excellence in Finance Research for
2000-2001
- (awarded to one final-year doctoral student from NYU, Columbia, Wharton, MIT, Harvard, and Chicago).
Valuation and Hedging - Corporate Debt and Credit Derivatives
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"Insider Trading in Credit Derivatives,"
May 2005, revised September 2005 (with Timothy Johnson).
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"Understanding the Recovery Rates of Defaulted Securities,"
February 2003, revised October 2005 (with
Sreedhar T. Bharath and Anand Srinivasan).
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"Costly Financing, Optimal Payout Policies, and the Valuation
of Corporate Debt,"
May 1999, revised July 2000
- (with
Jing-zhi Huang, Marti G. Subrahmanyam, and Rangarajan K. Sundaram).
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(earlier version of the shorter paper published in Economic
Theory, titled "When Does Strategic Debt Service Matter?")