Research Interests

Bank regulation; mechanism design; corporate finance and corporate governance.

Academic Employment

2000 - Present:	University Lecturer, Saïd Business School (Finance) and Fellow of Merton College, University of Oxford
1999 – 2000:	College Lecturer in Management Studies: University College, University of Oxford

Education

1997 – 2000:

Said Business School, Oxford University

Doctoral Thesis: Reputation, Opportunism and Crowd Behaviour in the Debt Markets

- Supervisors: Colin Mayer, Hyun Shin.

- Examiners (August 2000): Xavier Freixas, Tim Jenkinson

1996 – 1997:

Oxford University Mathematics Department

Research work in topos theory and logic semantics

1995 – 1996:

1996:

Imperial College, University of London

MSc, Foundations of Information Technology (Distinction)

Thesis: Reasoning in Arithmetic Universes. (Distinction)

1985 – 1988:

Brasenose College, Oxford University

BA, Mathematics. First Class in Moderations and in Final Examination

Consultancy

1995 - Present:

Oxford Risk Consulting (Director)

Consultancy and executive education work in the financial sector: risk management, corporate finance, derivative pricing, cost of capital

Clients have included Abbey National, Arthur Andersen, Deutsche Bank, FSA, HSBC, ING, Merita Nordbanken, Price Waterhouse Coopers and Lybrand, Rabo Bank, SE Banken, Standard Chartered Bank, Svenska Handelsbanken, West LB.

Commercial Employment

1994 - 1995:

SG Warburg and Co. (Director of Division)

Established and ran the currency options trading business

1989 – 1994:

Morgan Grenfell & Co. Ltd. (Assistant Director)

Derivatives pricing and trading

1988 – 1989:

Andersen Consulting

Teaching

Summer 2001

Created and ran MBA elective “Fixed Income and Derivatives.”

Student overall appraisal average: 5.4/6

2001 – 2004

Wrote and ran new MBA Core Finance course

Student overall appraisal average: 4.5/5

1999 – 2004

Undergraduate tutorials: Finance, Introduction to Management

Supervision

Filippo Ippolito: Doctoral student, Saïd Business School (2002 – present): “Essays on the Theory of Financial Contracts”

Administrative Responsibilities

2002 – 2004	University examiner, MBA degree
2001 – 2003	University examiner, Economics and Management Preliminary Examination
2002	Chairman of Moderators, Economics and Management Prelim. Examination
2001 – 2003	Convenor of Saïd Business School finance seminars
2001 – 2003	Merton College finance committee

Other Professional Activities

2002 – 2004	External examiner, London School of Economics (MSc in Management and Regulation of Risk)
Refereeing	Journal of Financial Intermediation, Review of Finance, Journal of Economic Surveys, Scottish Journal of Political Economy, Oxford Economic Papers, Economic Journal, Contemporary Accounting Research
Editorial Board Member, Economic Affairs
PhD Examiner, London School of Economics (2005: Felix Muennich & Hassim Naqvi)

Journal Articles

“Why are European IPOs so Rarely Priced Outside the Indicative Price Range?” (Joint with Tim Jenkinson and William J. Wilhelm), forthcoming Journal of Financial Economics

“Crises and Capital Requirements” (joint with Lucy White), forthcoming, American Economic Review.

“Making Money Out of Publicly Available Information” (joint with Nir Vulkan) Economics Letters 89 (1), October 2005, pp. 31 – 38.

“Credit Derivatives, Disintermediation, and Investment Decisions,” Journal of Business 78 (2), March 2005, pp. 621 – 647.

“Partnership Firms, Reputation, and Human Capital” (joint with William J. Wilhelm, Jr.) American Economic Review 94 (5), December 2004, pp. 1682 – 1692.

“Competition and Information Production in Market Maker Models,” Journal of Business Finance and Accounting 31 (7&8), September/October 2004, pp. 1171 – 1190.

“Life Insurance: Regulation as Contract Enforcement,” Economic Affairs 24 (4), December 2004, pp. 47 – 52.

“Banking Licences, Bailouts and Regulator Ability”, Scottish Journal of Political Economy 51(4), September 2004, pp. 559 – 579.

“The Economics of Capital Regulation in Financial Conglomerates,” The Geneva Papers on Risk and Insurance – Issues and Practice 28(3), July 2003, pp. 521- 533

Book Chapters

“Sarbanes-Oxley, Corporate Governance, and Operational Risk” in Ellen L. Davis (ed.) Operational Risk: Practical Approaches to Implementation, Risk Books (London), 2005

“Pricing Credit Risk” in Alastair Hudson (ed.) Credit Derivatives: Law, Regulation, and Accounting Issues, Sweet & Maxwell (London), 1999.

Working Papers

“Regulating Financial Conglomerates” (Joint with Xavier Freixas and Gyöngyi Lóránth)

Oxford Financial Research Centre Working Paper 2005-FE-03

“Interbank Competition with Costly Screening” (Joint with Xavier Freixas, Sjaak Hurkens and Nir Vulkan)

Oxford Financial Research Centre Working Paper 2005-FE-02

“Culture, Competence, and the Corporation” (Joint with William J. Wilhelm, Jr.) Mimeo, Saïd Business School

“Financial Liberalization and Capital Regulation in Open Economies” (Joint with Lucy White) Oxford Financial Research Centre Working Paper 2004-FE-10.

“Risk Averse Banks and Uncertain Correlation Values: a Theory of Rational Panics.”

Oxford Financial Research Centre Working Paper 2000-FE-08

“Deposit Insurance, Capital Regulations, and Financial Contagion in Multinational Banks” (Joint with Gyöngyi Lóránth)

Oxford Financial Research Centre Working Paper 2003-FE-11

and CEPR Discussion Paper No. 4148

“Is Deposit Insurance a Good Thing, and If So, Who Should Pay For It?” (Joint with Lucy White)

Oxford Financial Research Centre Working Paper 2004-FE-08

and CEPR Discussion Paper No. 4424

“Control Theory and Multiproduct Nonlinear Pricing” Mimeo, Saïd Business School

“The Demise of Investment-Banking Partnerships: Theory and Evidence” (Joint with William J. Wilhelm, Jr.)

Oxford Financial Research Centre Working Paper 2004-FE-14.

“Culture, Competence and the Corporation” (joint with William J. Wilhelm, Jr.) Mimeo, Saïd Business School

Work in Progress

“Contagion and Forbearance when Regulators are Long-Lived” (Joint with Lucy White)

“Does a New Broom Sweep Clean?” (Joint with Lucy White)

“Investment Banking: an Institutional Perspective” (Joint with William J. Wilhelm, Jr.)

“Transparency and Executive Compensation” (Joint with Around W. A. Boot)

Conferences and Seminars

OxREP/TMR Conference on Financial Instability, Oxford 1999. Discussed “A Stylised Model of Financially-Driven Business Cycles,” by Oren Sussman and Javier Suarez

TMR Conference, Barcelona, May 2000. “The Effect of Regulator Reputation Upon Optimal Competition and Deposit Insurance Policy.”

Bank of Finland/ CEPR Workshop: Moral Hazard Issues in Banking, March 2001 Discussed “Pre-emptive Policy for Systemic Banking Crises,” by Javier Suarez and Enrico Perotti

CEPR European Summer Symposium in Financial Markets (Gerzensee), July 2001 “The Role of Capital Adequacy Requirements in Sound Banking Systems” (evening session).

Bank of England, August 2001 “The Role of Capital Adequacy Requirements in Sound Banking Systems”

European Finance Association Meetings, Barcelona, August 2001 Discussed “A Test of the Influence of Bank Loans on Capital Structure in the UK,” by Abimbola Adedeji. (Capital adequacy paper presented by my co-author, Lucy White)

European Meeting of the Econometric Society, Lausanne, August 2001 “The Effect of Regulator Reputation Upon Optimal Competition and Deposit Insurance Policy.”

De Nederlandsche Bank Seminar on Capital Adequacy of Financial Conglomerates, Hoofddorp, the Netherlands, September 2001 (Policy conference organised by Dutch regulators) “The Economics of Capital Regulation in Financial Conglomerates.”

CEPR/CEMFI Workshop on Corporate Governance, October 2001 Discussed “An Economic Analysis of Corporate Directors’ Fiduciary Duties,” by Marià Gutiérezz.

Department of Accounting and Finance, London School of Economics, November 2001 “The Role of Capital Adequacy Requirements in Sound Banking Systems.”

Instituto Superior de Ciências do Trabhalo e da Empressa, Lisbon, Portugal, November 2001 “Credit Derivatives, Disintermediation, and Investment Decisions.”

School of Economics, Mathematics and Statistics, Birkbeck College, November 2001 “The Role of Capital Adequacy Requirements in Sound Banking Systems.”

Oxford Financial Research Symposium, June 2002 “Crises and Capital Requirements”

Warwick Business School, November 2002 “Partnership Firms, Reputation and Human Capital”

Department of Business Administration, University of Vienna, November 2002 “Partnership Firms, Reputation and Human Capital”

Fuqua School of Business, Duke University, April 2003 “Partnership Firms, Reputation and Human Capital”

Department of Economics, University of Virginia, April 2003 “Partnership Firms, Reputation and Human Capital”

Department of Economics and Business, Universitat Pompeu Fabra, May 2003 “Partnership Firms, Reputation and Human Capital”

Oxford Financial Research Symposium, June 2003 “Multinational Bank Capital Regulation with Deposit Insurance and Diversification Effects”

Bank of England, September 2003 “Multinational Bank Capital Regulation with Deposit Insurance and Diversification Effects”

Cass Business School, November 2003 “Multinational Bank Capital Regulation with Deposit Insurance and Diversification Effects”

The Evolution of Corporate Governance and Family Firms, January 2004 Discussed “Investor Protection and the Demand for Equity,” by Mariassunta Giannetti and Yrjö Koskinen

Cass/IEA Financial Regulation Series, March 2004 Invited discussion of John Tiner’s (CEO, Financial Services Authority) talk “Financial Regulation and the FSA”

Judge Institute of Management, University of Cambridge, May 2004 “The Demise of Investment Banking Partnerships: Theory and Evidence”

RH Smith School of Business, University of Maryland, November 2004 “Crises and Capital Requirements”

Tanaka Business School, Imperial College, December 2004 “The Demise of Investment Banks: Theory and Practice”

FMG Capital Markets Workshop, London School of Economics, January 2005 “The Demise of Investment Banks: Theory and Practice”

ECGI Corporate Governance Conference, Oxford, January 2005 Discussant of “Private benefits extraction in closely-held corporations: The case for multiple large shareholders” by Maria Gutiérrez and Josep Tribó

SITE, Stockholm School of Economics, February 2005 “Financial Liberalization and Capital Regulation in Open Economies”

UK Insurance Economists Conference, University of Nottingham, March 2005 “Regulatory Competition and the Development of Life Insurance Regulation in the UK and USA”

Financial Services Authority, March 2005 “Regulatory Competition and the Development of Life Insurance Regulation in the UK and USA

CEPR European Summer Symposium in Financial Markets (Gerzensee), July 2005 “Financial Liberalisation and Capital Regulation in Open Economies”

and “Regulating Financial Conglomerates” (evening session)