Specialties

Positions Held

At the University of Washington since 1967
Visiting professor at the Universities of California-Berkeley, Chicago, Maryland, and Virginia, and Virginia Polytechnic Institute and State University
Visiting scholar at the Federal Reserve Bank of Kansas City (1982)
Economics fellow at the Securities and Exchange Commission (1976-78)

Selected Publications

• "Banks' Equity Holdings and the Soft Budget Problem: Evidence from Major Japanese Banks" with Kathryn Dewenter and Yasushi Hamao. (Under review).
  
  
• "Conditional Time-Varying Interest Rate Risk Premium: Evidence from the Treasury Bill Futures Market," with Avraham Kamara, Journal of Money, Credit and Banking, August 2005. Presented at the 2000 American Finance Association meetings.
  
  
• “Market Discipline by Banks’ Creditors,” presented at the Western Economic Association 2002 meetings, Seattle, reprinted in Prompt Corrective Action in Banking: 10 Years Later, Elsevier, 2002.
  
  
• "Risks and Returns in Relationship Transactional Banks: Evidence from Banks' Returns in Germany, Japan, the U.K., and the U.S." with Kathryn L. Dewenter, in Performance of Financial Insitutions, Cambridge Press, 1999.
  
  
• "An International Comparison of Banks' Equity Returns," with K. Dewenter, The Journal of Money, Credit, and Banking, Vol. 30, No. 3, Part 2, August 1998.
  
  
• "A Market-Based Classification of Financial Insitutions, " with Kirati Laisathit, Journal of Financial Services Research, October/December 1997. One of the ten most cited papers on the social science research network.
  
  
• "Portfolio Theory, Transaction Costs, and the Demand for Time Deposits," Journal of Money, Credit, and Banking November 1995.
  
  
• "Do Regulated Utilities Have Growth Opportunities?" Assessment Journal July/August 1995.
  
  
• "Elements of Mortgage Securitization," with C. Smith, reprinted in Studies in Financial Institutions: Commercial Banks, edited by C. James and C. Smith, McGraw-Hill, 1994.

Presentations

"Banks' Equity Holdings and the Soft Budget Problem: Evidence from Major Japanese Banks" with Kathryn Dewenter and Yasushi Hamao.


• "Conditional Time-Varying Interest Rate Risk Premium: Evidence from the Treasury Bill Futures Market," with Avraham Kamara, Journal of Money, Credit and Banking,August 2005. Presented at the 2000 American Finance Association Meetings.
  
  
• "Are Japanese Banks Unique?" with Kathryn Dewenter and Yasushi Hamao. Presented at NBER Japan Project Meeting, Tokyo, Japan, September 2004.
  
  "Are Relationship and Transactional Banks Different? Evidence from Loan Loss Provisions and Write-Offs" with Kathryn Dewenter. Presented at:
  
  -Financial Intermdediation Research Society Conference, Capri, Italy, May 2004.
  
  -European Financial Management Conference, Basle, Switzerland, July 2004.
  
  -International Atlantic Economic Conference, Chicago, October 2004.
  
  -SSRN's Top Ten download list for "Financial Institutions & Markets All Time Hits."
  
  

Current Research

Value added by financial markets to savers and investors, risk management using derivatives, sources of financial risk
The effects of transaction costs, information costs, and regulations on financial markets

Honors and Awards

Undergraduate Professor of the Quarter for Finance for Winter (2009)
Undergraduate Professor of the Quarter for Finance for Autumn (2008)
Undergraduate Professor of the Year for Finance (2006)
Undergraduate Professor of the Quarter for Finance for Winter (2006)
EMBA Excellence in Teaching Award (1987)
Burlington Northern Foundation Teaching Achievement Award (1985)
University Distinguished Teaching Award (1976)

Selected Consulting Experience

• Washington State Legislature, cost-benefit analysis of major transportation projects.

Academic Service

Advisory board (1983-present) and director (1986-90) of the Center for the Study of Banking and Financial Markets
Program chairman (1987-88), president (1988-89), and secretary/treasurer (1990-94) of the Western Finance Association
Program chair of the Pacific Northwest Finance Conference (1998)