Research - Anat R. Admati

My early research focused mostly on the dissemination of information in financial market. Later I shifted to financial contracts and corporate governance. Since 2009 my research broadened in scope and audience. I currently focus on broad governance issues and political economy, particularly law enforcement in a corporate context.

Selected Links

A Skeptical View of Financialized Corporate Governance

A Theory of Intraday Patterns: Volume and Price Variability

Does It All Add Up? Benchmarks and the Compensation of Active Portfolio Managers

Fallacies, Irrelevant Facts, and Myths in Capital Regulation: Why Bank Equity is Not Socially Expensive

Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium

Robust Financial Contracting and the Role of Venture Capitalists

Strategic Delay in Bargaining

The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice

The Leverage Ratchet Effect

The Parade of Bankers’ New Clothes Continues: 44 Flawed Claims Debunked

Working Paper. PDF download

Type: Working Papers
Topic(s): Policy

Capitalism, Laws, and the Need for Trustworthy Institutions

Oxford Review of Economic Policy 37/4. PDF

Type: Journal Articles
Topic(s): Policy

Bad policies encourage and tolerate excessive fragility

In OECD New Approaches to Economic Challenges: The Financial System, 2020

Type: Book Chapters
Topic(s): Policy

Bank Leverage, Welfare, and Regulation

CIGI Press . PDF

Type: Book Chapters
Topic(s): Policy

The Leverage Ratchet Effect

The Journal of Finance Vol. 73, Issue 1, Pages 145-198. PDF

Type: Journal Articles

A Skeptical View of Financialized Corporate Governance

Journal of Economic Perspectives Vol 31, Issue 3, Pages 131-150. PDF

Type: Journal Articles
Topic(s): Policy

It Takes a Village to Maintain a Dangerous Financial System

Just Financial Markets? Finance in a Just Society Oxford University Press. PDF

Type: Journal Articles
Topic(s): Policy

Rethinking Financial Regulation: How Confusion Has Prevented Progress

Progress and Confusion: The State of Macroeconomic Policy Cambridge : MIT Press, 2016, Pages 61-72. PDF

Type: Journal Articles
Topic(s): Policy

The Missed Opportunity and Challenge of Capital Regulation

National Institute Economic Review Vol 234, Issue 1, Pages R4-R14.

Type: Journal Articles
Topic(s): Policy

The Compelling Case for Stronger and More Effective Leverage Regulation in Banking

Journal of Legal Studies Vol 43, Issue 3, Pages s35-s61. Working Paper

Type: Journal Articles
Topic(s): Policy

Fallacies, Irrelevant Facts, and Myths in Capital Regulation: Why Bank Equity is Not Socially Expensive

Working Paper . PDF

Type: Working Papers
Topic(s): Policy

Does Debt Discipline Bankers? An Academic Myth About Bank Indebtedness

Working Paper . PDF

Type: Working Papers
Topic(s): Policy

Financial Regulation Reform: Politics, Implementation and Alternatives

North Carolina Banking Institute Vol 18, Issue 1. PDF

Type: Journal Articles
Topic(s): Policy

Liability Holding Companies

UCLA Law Review Vol 59, Issue 4, Pages 853-913.

Type: Journal Articles

Increased-Liability Equity: A Proposal to Improve Capital Regulation of Large Financial Institutions

Working Paper . PDF

Type: Working Papers

The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice

Review of Financial Studies Vol 22, Issue 7, Pages 2645-2685.

Type: Journal Articles

The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice

The Review of Financial Studies Vol 22, Issue 7, Pages 2645-2685. PDF

Type: Journal Articles

Broadcasting Opinions with an Overconfident Sender

International Economic Review Vol 45, Issue 2, Pages 467-498.

Type: Journal Articles

A review of “Capital Ideas and Market Realities: Option Replication, Investor Behavior, and Stock Market Crashes,” by Bruce I. Jacobs

Journal of Economic Literature Vol 34, No 4, Pages 936-991.

Type: Book Chapters

Forcing Firms to Talk: Financial Disclosure Regulation and Externalities

Review of Financial Studies Vol. 13, Issue 2, Pages 479-519.

Type: Journal Articles

Does It All Add Up? Benchmarks and the Compensation of Active Portfolio Managers

The Journal of Business Vol. 70, Issue 3, Pages 323-350.

Type: Journal Articles

Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium

Journal of Political Economy Vol. 102, Issue 6, Pages 1097-1130.

Type: Journal Articles

Robust Financial Contracting and the Role of Venture Capitalists

Journal of Finance Vol. 49, Issue 2, Pages 371–402.

Type: Journal Articles

Trading on Information in Financial Markets

The New Palgrave Dictionary of Money and Finance .

Type: Journal Articles

Trading Volume

The New Palgrave Dictionary of Money and Finance .

Type: Journal Articles

The Information Role of Prices: A Review Essay

Journal of Monetary Economics Vol 28, Issue 2, Pages 347-361. PDF

Type: Journal Articles

Sunshine Trading and Financial Market Equilibrium

Review of Financial Studies Vol. 4, Issue 3, Pages 443-481.

Type: Journal Articles

Joint Projects Without Commitment

Review of Economic Studies Vol. 58, Issue 2, Pages 259-276.

Type: Journal Articles

Direct and Indirect Sale of Information

Econometrica Vol. 58, Issue 4, Pages 901-928.

Type: Journal Articles

Divide and Conquer: A Theory of Intraday and Day-of-the-Week Mean Effects

Review of Financial Studies Vol. 2, Pages 189–223.

Type: Journal Articles

Information in Financial Markets: The Rational Expectations Approach

Frontiers of Modern Financial Theory: Volume 2 (Financial Markets and Incomplete Information) Edited by Bhattacharya and Constantinides, Rowman and Littlefield Publishers, 1989, pp. 139–152.