Professor Lemma W. Senbet  

Selected Publications


(Out of 70 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 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” (2008), (with A. Gande and K. John), Journal of International Money and Finance, Vol. 27(5), 707-732.

“Valuation Effects of Global Diversification” (2009) (with A. Gande, SMU and Christoph Schenzler, Vanderbilt), Journal of International Business Studies [50th Anniversary Issue], Vol. 40 (9), pp. 1515-1532.

“African Stock Markets” (2010), (with I. Otchere), in African Finance in the 21st Century, International Monetary Fund volume (Palgrave). Eds. Marc Quintyn and Genevieve Verdier, pp.104-142.

“Executive Compensation: An Overview of Research on Corporate Practices and Proposed Reforms” (2010), (with M. Faulkender, D. Kadhyrzanova, and NR Prabhala), Journal of Applied Corporate Finance, Vol. 22, No.1, pp. 107-118

“African financial systems: A review” (2011), (with F.Allen and I. Otchere), Review of Development Finance, Vol. 1, No.2, pp. 79–113.

"Corporate Finance Distress and Bankruptcy: A Survey" (2012), (with T. Wang), Foundations and Trends in Finance, p. 1-99.

"Resolving the African Financial Development Gap" (2012), (with F. Allen, E. Carletti, R. Cull, J. Qian, P. Valenzuela), NBER volume on African Development Successes (University of Chicago Press; edited by S. Edwards, S. Johnson and D. Weil)