Patrick Bolton

Columbia Business School - Department of Economics

Barbara and David Zalaznick Professor of Business

420 West 118th Street

New York, NY 10027

United States

http://www0.gsb.columbia.edu/faculty/pbolton/

Centre for Economic Policy Research (CEPR)

Fellow

London

United Kingdom

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

European Corporate Governance Institute (ECGI)

Fellow

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

http://www.ecgi.org

SCHOLARLY PAPERS

68

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Rank 261

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Top 261

in Total Papers Downloads

76,690

SSRN CITATIONS
Rank 181

SSRN RANKINGS

Top 181

in Total Papers Citations

2,061

CROSSREF CITATIONS

1,662

Scholarly Papers (68)

1.
Downloads 41,539 ( 46)
Citation 104

Corporate Governance and Control

Number of pages: 128 Posted: 31 Oct 2002
Marco Becht, Patrick Bolton and Ailsa Röell
Solvay Brussels School of Economics and Management (ULB), Columbia Business School - Department of Economics and Columbia University, School of International and Public Affairs
Downloads 41,290 (46)
Citation 133

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Corporate governance, ownership, takeovers, block holders, boards

Corporate Governance and Control

Number of pages: 168 Posted: 06 Dec 2002 Last Revised: 11 Aug 2021
Marco Becht, Patrick Bolton and Ailsa Röell
Solvay Brussels School of Economics and Management (ULB), Columbia Business School - Department of Economics and Columbia University, School of International and Public Affairs
Downloads 249 (156,642)
Citation 9

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2.
Downloads 4,597 ( 2,497)
Citation 67

Do Investors Care about Carbon Risk?

Columbia Business School Research Paper Forthcoming, Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute – Finance Working Paper 711/2020
Number of pages: 91 Posted: 11 Jun 2019 Last Revised: 20 Nov 2020
Patrick Bolton and Marcin T. Kacperczyk
Columbia Business School - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 4,570 (2,476)
Citation 66

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Carbon Emissions, Climate Change, Stock Returns, Institutional Investors

Do Investors Care About Carbon Risk?

Number of pages: 81 Posted: 13 Apr 2020 Last Revised: 19 Nov 2021
Patrick Bolton and Marcin T. Kacperczyk
Columbia Business School - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 24 (640,012)

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Do Investors Care About Carbon Risk?

Number of pages: 83 Posted: 08 May 2020
Patrick Bolton and Marcin T. Kacperczyk
Columbia Business School - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 3 (813,623)
Citation 8
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Carbon Emissions, climate change, institutional investors, Stock returns

3.

Executive Compensation and Risk Taking

Number of pages: 44 Posted: 07 Jul 2010 Last Revised: 14 Nov 2011
Patrick Bolton, Hamid Mehran and Joel D. Shapiro
Columbia Business School - Department of Economics, Independent and University of Oxford - Said Business School
Downloads 2,749 (6,001)
Citation 63

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executive compensation, risk taking

4.
Downloads 2,259 ( 8,215)
Citation 19

Global Pricing of Carbon-Transition Risk

Number of pages: 59 Posted: 13 Mar 2020 Last Revised: 20 Jul 2021
Patrick Bolton and Marcin T. Kacperczyk
Columbia Business School - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 2,247 (8,130)
Citation 22

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Carbon Emissions, Carbon-Transition Risk, Climate Change, Stock Returns

Global Pricing of Carbon-Transition Risk

Number of pages: 53 Posted: 01 Mar 2021 Last Revised: 26 Nov 2021
Patrick Bolton and Marcin T. Kacperczyk
Columbia Business School - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 11 (744,812)
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Carbon Premium Around the World

Number of pages: 70 Posted: 08 May 2020
Patrick Bolton and Marcin T. Kacperczyk
Columbia Business School - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 1 (837,651)
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5.
Downloads 1,880 ( 11,096)
Citation 57

Market Timing, Investment, and Risk Management

AFA 2012 Chicago Meetings Paper
Number of pages: 59 Posted: 16 Mar 2010 Last Revised: 29 Mar 2012
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 1,823 (11,422)
Citation 55

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risk management, liquidity, financial crisis, market timing, investment, q theory

Market Timing, Investment, and Risk Management

Number of pages: 55 Posted: 28 Feb 2011 Last Revised: 06 Jun 2021
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 57 (464,605)
Citation 15

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6.

Hedging Climate Risk

Financial Analysts Journal, vol. 72, no. 3 (May/June 2016 Forthcoming)
Number of pages: 50 Posted: 24 Sep 2014 Last Revised: 12 Apr 2016
Mats Andersson, Patrick Bolton and Frédéric Samama
AP4, Columbia Business School - Department of Economics and SWF Research Initiative, Amundi
Downloads 1,577 (14,620)
Citation 54

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Climate Risk, Green Index, Tracking Error, Free Option on Carbon

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

Journal of Finance, Forthcoming , AFA 2010 Atlanta Meetings Paper
Number of pages: 50 Posted: 19 Mar 2009 Last Revised: 12 Jul 2011
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 1,327 (18,720)
Citation 59

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investment, q theory, cash management, liquidity, hedging, payout, financing

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

Number of pages: 57 Posted: 07 Apr 2009 Last Revised: 26 Jul 2010
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 197 (196,004)

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8.
Downloads 1,392 ( 17,738)
Citation 77

The Credit Ratings Game

EFA 2009 Bergen Meetings Paper
Number of pages: 46 Posted: 16 Feb 2009
Patrick Bolton, Xavier Freixas and Joel Shapiro
Columbia Business School - Department of Economics, Universitat Pompeu Fabra and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 854 (35,499)
Citation 58

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The Credit Ratings Game

Number of pages: 46 Posted: 01 Jul 2009
Patrick Bolton, Xavier Freixas and Joel Shapiro
Columbia Business School - Department of Economics, Universitat Pompeu Fabra and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 411 (90,759)
Citation 20

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Credit rating agencies, conflicts of interest, ratings shopping

The Credit Ratings Game

Number of pages: 47 Posted: 17 Feb 2009 Last Revised: 13 Sep 2021
Patrick Bolton, Xavier Freixas and Joel D. Shapiro
Columbia Business School - Department of Economics, Universitat Pompeu Fabra and University of Oxford - Said Business School
Downloads 127 (283,307)

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Pay for Short-Term Performance: Executive Compensation in Speculative Markets

Number of pages: 52 Posted: 25 Mar 2005
Patrick Bolton, Wei Xiong and José Scheinkman
Columbia Business School - Department of Economics, Princeton University - Department of Economics and Columbia University
Downloads 1,274 (19,935)
Citation 6

Abstract:

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executive compensation, shareholders conflict

Pay for Short-Term Performance: Executive Compensation in Speculative Markets

Number of pages: 28 Posted: 15 May 2006 Last Revised: 31 Jan 2021
Patrick Bolton, José Scheinkman and Wei Xiong
Columbia Business School - Department of Economics, Columbia University and Princeton University - Department of Economics
Downloads 65 (434,587)
Citation 3

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Downloads 1,276 ( 20,239)
Citation 30

Investor Ideology

Columbia Business School Research Paper No. 18-21, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 557/2018
Number of pages: 80 Posted: 14 Feb 2018 Last Revised: 01 May 2020
Columbia Business School - Department of Economics, University of Florida - Department of Finance, Insurance and Real Estate, Federal Reserve Bank of Chicago and New York University
Downloads 1,255 (20,385)
Citation 34

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Institutional Investors, Proxy Voting, Ideology, Spatial Model

Investor Ideology

Number of pages: 76 Posted: 01 Apr 2019 Last Revised: 09 Oct 2021
Columbia Business School - Department of Economics, University of Florida - Department of Finance, Insurance and Real Estate, Federal Reserve Bank of Chicago and New York University (NYU) - Wilf Family Department of Politics
Downloads 20 (670,663)

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Investor Ideology

Number of pages: 78 Posted: 01 Apr 2019
Columbia Business School - Department of Economics, University of Florida - Department of Finance, Insurance and Real Estate, Federal Reserve Bank of Chicago and New York University (NYU) - Wilf Family Department of Politics
Downloads 1 (837,651)
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institutional investors, Proxy voting, Socially responsible investment

11.

L-Shares: Rewarding Long-Term Investors

ECGI - Finance Working Paper No. 342/2013
Number of pages: 45 Posted: 13 Dec 2012 Last Revised: 24 Feb 2013
Patrick Bolton and Frédéric Samama
Columbia Business School - Department of Economics and SWF Research Initiative, Amundi
Downloads 1,120 (24,524)
Citation 3

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Exit, Voice, Loyalty, Long-term Investors

12.

Carbon Disclosure and the Cost of Capital

Number of pages: 52 Posted: 19 Jan 2021 Last Revised: 15 Nov 2021
Patrick Bolton and Marcin T. Kacperczyk
Columbia Business School - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 1,065 (26,392)
Citation 2

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Carbon Emissions, Voluntary and Mandatory Disclosure, Stock Returns

13.
Downloads 1,031 ( 27,670)
Citation 13

Cream Skimming in Financial Markets

Number of pages: 49 Posted: 28 Feb 2011 Last Revised: 25 Jun 2014
Patrick Bolton, Tano Santos and José Scheinkman
Columbia Business School - Department of Economics, Columbia Business School and Columbia University
Downloads 1,006 (28,211)
Citation 10

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Cream Skimming in Financial Markets

Number of pages: 52 Posted: 28 Feb 2011 Last Revised: 02 Jun 2021
Patrick Bolton, Tano Santos and José Scheinkman
Columbia Business School - Department of Economics, Columbia Business School and Columbia University
Downloads 25 (632,551)

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14.
Downloads 888 ( 34,137)
Citation 34

Credit Default Swaps and the Empty Creditor Problem

Review of Financial Studies (2011), 24(8): 2617-2655
Number of pages: 59 Posted: 13 Mar 2010 Last Revised: 10 Dec 2015
Patrick Bolton and Martin Oehmke
Columbia Business School - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 839 (36,374)
Citation 25

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Credit Default Swaps and the Empty Creditor Problem

Number of pages: 46 Posted: 04 Jun 2010 Last Revised: 21 Mar 2021
Patrick Bolton and Martin Oehmke
Columbia Business School - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 49 (497,738)
Citation 3

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15.
Downloads 884 ( 34,324)

Debt, Taxes, and Liquidity

Columbia Business School Research Paper No. 14-17
Number of pages: 43 Posted: 13 Mar 2014 Last Revised: 22 Nov 2014
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 861 (35,110)

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Capital structure, liquidity, cash, financing frictions, marginal tax benefit of debt, tradeoff theory

Debt, Taxes, and Liquidity

Number of pages: 61 Posted: 31 Mar 2014 Last Revised: 04 Sep 2021
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 23 (647,547)

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Corporate Finance and the Monetary Transmission Mechanism

Number of pages: 48 Posted: 21 Nov 2000
Patrick Bolton and Xavier Freixas
Columbia Business School - Department of Economics and Universitat Pompeu Fabra
Downloads 684 (48,089)
Citation 8

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monetary transmission, asymmetric information, capital constraint

Corporate Finance and the Monetary Transmission Mechanism

Number of pages: 53 Posted: 01 Aug 2001
Patrick Bolton and Xavier Freixas
Columbia Business School - Department of Economics and Universitat Pompeu Fabra
Downloads 31 (591,893)
Citation 15
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Monetary policy, monetary policy, corporate finance, equity capital adequacy constraints

Executive Compensation and Short-Termist Behavior in Speculative Markets

Number of pages: 55 Posted: 28 May 2003
Patrick Bolton, Wei Xiong and José Scheinkman
Columbia Business School - Department of Economics, Princeton University - Department of Economics and Columbia University
Downloads 629 (53,706)
Citation 1

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Executive Compensation, Short-term Behavior, Speculative Market, Corporate Governance

Executive Compensation and Short-Termist Behavior in Speculative Markets

Number of pages: 56 Posted: 25 May 2006 Last Revised: 26 Jul 2021
Patrick Bolton, Wei Xiong and José Scheinkman
Columbia Business School - Department of Economics, Princeton University - Department of Economics and Columbia University
Downloads 69 (420,859)
Citation 24

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Executive Compensation and Short-Termist Behavior in Speculative Markets

Review of Economic Studies, Forthcoming
Posted: 30 Nov 2005
Patrick Bolton, José Scheinkman and Wei Xiong
Columbia Business School - Department of Economics, Columbia University and Princeton University - Department of Economics

Abstract:

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Executive Compensation, Over-investment, Short-term Behavior, Speculative Markets

18.
Downloads 689 ( 48,261)
Citation 4

Leadership, Coordination and Mission-Driven Management

AFA 2009 San Francisco Meetings Paper
Number of pages: 44 Posted: 17 Mar 2008
Columbia Business School - Department of Economics, Princeton University - Department of Economics and Columbia University - Columbia Business School
Downloads 611 (55,742)
Citation 6

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leadership, CEO overconfidence, coordination games

Leadership, Coordination and Mission-Driven Management

Number of pages: 44 Posted: 15 Sep 2008 Last Revised: 06 Sep 2021
Columbia Business School - Department of Economics, Princeton University - Department of Economics and Columbia University - Columbia Business School
Downloads 78 (392,532)

Abstract:

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19.

Firm Commitments

Number of pages: 53 Posted: 10 May 2021 Last Revised: 29 Nov 2021
Patrick Bolton and Marcin T. Kacperczyk
Columbia Business School - Department of Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 667 (50,328)
Citation 1

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Carbon Emissions, Science Based and CDP Targets, Nationally Determined Contributions

20.

Savings Gluts and Financial Fragility

Number of pages: 54 Posted: 08 Mar 2016 Last Revised: 08 Jan 2018
Patrick Bolton, Tano Santos and José Scheinkman
Columbia Business School - Department of Economics, Columbia Business School and Columbia University
Downloads 582 (59,932)
Citation 14

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savings glut, cream skimming, incentives for origination, leverage, financial fragility

21.

Born Out of Necessity: A Debt Standstill for COVID-19

Center for Economic Policy Research; Policy Insight No. 103 (2020), Duke Law School Public Law & Legal Theory Series No. 2020-23
Number of pages: 11 Posted: 28 Apr 2020 Last Revised: 13 May 2020
Columbia Business School - Department of Economics, Center for Contract and Economic Organization, University of California, Berkeley - Department of Economics, University of Virginia School of Law, University of Chicago - Booth School of Business, United Nations - Conference on Trade and Development (UNCTAD) and Graduate Institute Geneva, IHEIDGraduate Institute Geneva, IHEID
Downloads 494 (73,581)
Citation 8

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debt standstill, COVID-19, sovereign debt

22.
Downloads 426 ( 87,829)
Citation 5

The Capital Structure of Nations

Columbia Business School Research Paper No. 16-44
Number of pages: 62 Posted: 02 Jun 2016 Last Revised: 14 Jun 2017
Patrick Bolton and Haizhou Huang
Columbia Business School - Department of Economics and China International Capital Corporation Limited
Downloads 381 (99,082)

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Sovereign Financial Structure, Money, Domestic-currency Liabilities, Foreign-currency Debt

The Capital Structure of Nations

Number of pages: 63 Posted: 25 Jul 2017 Last Revised: 09 Jul 2021
Patrick Bolton and Haizhou Huang
Columbia Business School - Department of Economics and China International Capital Corporation Limited
Downloads 45 (516,337)
Citation 1

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The Capital Structure of Nations

Number of pages: 65 Posted: 25 Jul 2017
Patrick Bolton and Haizhou Huang
Columbia Business School - Department of Economics and China International Capital Corporation Limited
Downloads 0
Citation 4
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23.
Downloads 410 ( 91,817)
Citation 10

Optimal Property Rights in Financial Contracting

Number of pages: 38 Posted: 29 May 2007
Kenneth Ayotte and Patrick Bolton
University of California, Berkeley - School of Law and Columbia Business School - Department of Economics
Downloads 357 (106,700)

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property rights, contracts, legal rules, covenants, bankruptcy

Optimal Property Rights in Financial Contracting

Number of pages: 39 Posted: 24 Aug 2007 Last Revised: 21 Nov 2021
Kenneth Ayotte and Patrick Bolton
University of California, Berkeley - School of Law and Columbia Business School - Department of Economics
Downloads 53 (480,613)
Citation 3

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24.

Strategic Experimentation: A Revision

Number of pages: 54 Posted: 09 Apr 1997
Patrick Bolton and Christopher Harris
Columbia Business School - Department of Economics and University of Cambridge - Department of Applied Economics
Downloads 368 (103,884)
Citation 56

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Downloads 366 (104,510)
Citation 26

Should Derivatives Be Privileged in Bankruptcy?

Journal of Finance (2015), 70(6), 2352-2394
Number of pages: 58 Posted: 16 Mar 2012 Last Revised: 10 Dec 2015
Patrick Bolton and Martin Oehmke
Columbia Business School - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 335 (114,705)
Citation 9

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Derivatives, Swaps, Automatic Stay, Chapter 11, QFCs, Safe Harbors

Should Derivatives Be Privileged in Bankruptcy?

Number of pages: 57 Posted: 21 Nov 2011 Last Revised: 04 Aug 2021
Patrick Bolton and Martin Oehmke
Columbia Business School - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 31 (591,893)
Citation 12

Abstract:

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26.

Understanding Big Data: Data Calculus in the Digital Era

Rotman School of Management Working Paper No. 3791018, Columbia Business School Research Paper Forthcoming
Number of pages: 86 Posted: 25 Feb 2021
Cheung Kong Graduate School of BusinessLuohan Academy, Columbia Business School - Department of Economics, Massachusetts Institute of Technology (MIT) - Department of Economics, Princeton University - Department of Economics, London School of Economics & Political Science (LSE), Stanford Graduate School of Business, International Monetary Fund (IMF), University of Southern California - Marshall School of Business, Princeton University - Department of Economics, University of Toronto - Rotman School of Management, Luohan Academy, Luohan Academy, Luohan Academy, Luohan Academy, Princeton University - Department of Economics and Bendheim Center for Finance and Ant Financial
Downloads 354 (108,466)
Citation 1

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big data, data economics, information economics, privacy, market competition

27.

Mandatory Corporate Carbon Disclosures and the Path to Net Zero

Number of pages: 21 Posted: 25 Oct 2021 Last Revised: 26 Oct 2021
Columbia Business School - Department of Economics, Imperial College London - Accounting, Finance, and Macroeconomics, University of Chicago - Booth School of Business, University of Navarra, IESE Business School, Stanford University - Graduate School of Business and Rotterdam School of Management, Erasmus University
Downloads 351 (109,505)

Abstract:

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Climate change, Nonfinancial information, ESG reporting, sustainability, Reporting mandates, Carbon emissions

Investment under Uncertainty and the Value of Real and Financial Flexibility

Columbia Business School Research Paper No. 14-1
Number of pages: 50 Posted: 07 Dec 2013 Last Revised: 28 Aug 2014
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 286 (135,883)
Citation 7

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Investment Under Uncertainty with Financial Constraints

Number of pages: 81 Posted: 27 Oct 2014 Last Revised: 25 Oct 2021
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 38 (551,661)
Citation 5

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29.

Odious Debts or Odious Regimes?

Law & Contemporary Problems, Vol. 70, p. 83, Autumn 2007, U of Penn, Inst for Law & Econ Research Paper No. 07-30
Number of pages: 25 Posted: 07 Nov 2007 Last Revised: 29 Jun 2011
Patrick Bolton and David A. Skeel
Columbia Business School - Department of Economics and University of Pennsylvania Carey Law School
Downloads 304 (128,071)

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Odious debt doctrine, legal history, international law, politics, systematic suppression, systematic looting, tyranny, UN, United Nations, IMF, International Monetary Fund, sovereign debt, national debt, repayment, forgiveness

Conflicts of Interest, Information Provision and Competition in Banking

Universitat Pompeu Fabra Economics and Business Working Paper No. 760
Number of pages: 45 Posted: 12 Jul 2004
Patrick Bolton, Xavier Freixas and Joel Shapiro
Columbia Business School - Department of Economics, Universitat Pompeu Fabra and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 232 (167,838)

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Conflicts of interest, information provision, one-stop

Conflicts of Interest, Information Provision, and Competition in Banking

Number of pages: 46 Posted: 04 Jul 2004 Last Revised: 21 Nov 2021
Patrick Bolton, Xavier Freixas and Joel Shapiro
Columbia Business School - Department of Economics, Universitat Pompeu Fabra and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 64 (438,164)
Citation 1

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31.
Downloads 283 (138,017)
Citation 55

Outside and Inside Liquidity

The Quarterly Journal of Economics, Vol. 126, No. 1, pp. 259-321, 2011, Columbia Business School Research Paper No. 11-30, Economic Theory Center Working Paper No. 35-2012
Number of pages: 66 Posted: 22 Oct 2011 Last Revised: 31 May 2012
Patrick Bolton, Tano Santos and José Scheinkman
Columbia Business School - Department of Economics, Columbia Business School and Columbia University
Downloads 194 (198,716)
Citation 11

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Outside and Inside Liquidity

Number of pages: 59 Posted: 13 Apr 2009 Last Revised: 16 Aug 2021
Patrick Bolton, Tano Santos and José Scheinkman
Columbia Business School - Department of Economics, Columbia Business School and Columbia University
Downloads 89 (362,071)
Citation 1

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32.

Inside the Black Box: How Should a Sovereign Bankruptcy Framework Be Structured?

Emory Law Journal, Vol. 53, pp. 763, 2004, U of Penn, Inst for Law & Econ Research Paper No. 05-03
Number of pages: 60 Posted: 10 Feb 2005 Last Revised: 29 Jun 2011
David A. Skeel and Patrick Bolton
University of Pennsylvania Carey Law School and Columbia Business School - Department of Economics
Downloads 282 (138,512)
Citation 8

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Bankruptcy, sovereign bankruptcy, bankruptcy framework, sovereign debt restructuring mechanism

33.
Downloads 275 (142,276)
Citation 2

Dynamic Banking and the Value of Deposits

Fisher College of Business Working Paper No. 2020-03-013, Charles A. Dice Working Paper No. 2020-13
Number of pages: 61 Posted: 10 Jun 2020 Last Revised: 23 Sep 2021
Patrick Bolton, Ye Li, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Ohio State University (OSU), Columbia Business School - Finance and Economics and Columbia University
Downloads 269 (144,905)
Citation 2

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Deposits, Dynamic Banking, Q-Theory, Risk Management, Financial Constraint, Supplementary Leverage Ratio, Low Interest Rate, Inside Money, Payment

Dynamic Banking and the Value of Deposits

Number of pages: 61 Posted: 04 Jan 2021 Last Revised: 18 Nov 2021
Patrick Bolton, Ye Li, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Ohio State University (OSU), Columbia Business School - Finance and Economics and Columbia University
Downloads 6 (787,862)
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34.
Downloads 272 (143,888)
Citation 15

Bank Resolution and the Structure of Global Banks

Columbia Business School Research Paper No. 18-39
Number of pages: 60 Posted: 10 May 2018 Last Revised: 17 Aug 2018
Patrick Bolton and Martin Oehmke
Columbia Business School - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 264 (147,648)
Citation 9

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Bank Resolution, Too Big to Fail, TLAC, Ring-Fencing, Bankruptcy, G-SIBs, SIFIs

Bank Resolution and the Structure of Global Banks

Number of pages: 60 Posted: 25 Jun 2018 Last Revised: 05 Aug 2021
Patrick Bolton and Martin Oehmke
Columbia Business School - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 8 (770,604)
Citation 6

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Bank Resolution and the Structure of Global Banks

Number of pages: 62 Posted: 09 Jul 2018
Patrick Bolton and Martin Oehmke
Columbia Business School - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 0
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bank resolution, single point of entry

35.

From Global Savings Glut to Financing Infrastructure: The Advent of Investment Platforms

Number of pages: 48 Posted: 28 Mar 2016
World Bank - African Development Bank, Columbia Business School - Department of Economics, Columbia University, SWF Research Initiative, Amundi and Columbia Business School - Finance and Economics
Downloads 264 (148,243)
Citation 5

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projects, bank, risk, equity, General, Government Policy and Regulation, Other, Infrastructures, All Countries, Public Private Partnership, Long-term Investors

36.

Capital Access Bonds: Contingent Capital with an Option to Convert

Number of pages: 46 Posted: 17 Nov 2011
Patrick Bolton and Frédéric Samama
Columbia Business School - Department of Economics and SWF Research Initiative, Amundi
Downloads 255 (153,509)
Citation 19

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contingent capital, counter-cyclical investment, banking

37.

Net-Zero Carbon Portfolio Alignment

Number of pages: 42 Posted: 16 Sep 2021
Columbia Business School - Department of Economics, Imperial College London - Accounting, Finance, and Macroeconomics and SWF Research Initiative, Amundi
Downloads 244 (160,322)

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carbon neutrality, optimal portfolio, tracking error

38.
Downloads 240 (162,904)
Citation 9

Coco Issuance and Bank Fragility

BIS Working Paper No. 678
Number of pages: 77 Posted: 11 Dec 2017
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department, Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and University of St. Gallen - I.VW-HSG
Downloads 213 (182,260)

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CoCos, Contingent Convertible Capital, Bank Capital Regulation, Basel III

Coco Issuance and Bank Fragility

Number of pages: 75 Posted: 13 Nov 2017 Last Revised: 30 Jul 2021
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department, Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and University of St. Gallen - I.VW-HSG
Downloads 25 (632,551)
Citation 2

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CoCo Issuance and Bank Fragility

Number of pages: 77 Posted: 06 Nov 2017
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department, Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and University of St. Gallen - I.VW-HSG
Downloads 2 (824,303)
Citation 4
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Contingent convertible capital securities; Bail-in

39.

Barriers to Long-Term Cross-Border Investing: A Survey of Institutional Investor Perceptions

Rotman International Journal of Pension Management, Vol. 7, No. 2, 2014, Columbia Business School Research Paper No. 14-43, PBCSF-NIFR Research Paper No. 14-04
Number of pages: 11 Posted: 17 Sep 2014 Last Revised: 19 Feb 2016
Committee on Global Thought, Columbia University, Columbia Business School - Department of Economics, Columbia University, Tsinghua University - PBC School of Finance and SWF Research Initiative, Amundi
Downloads 230 (169,705)

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Co-investing, Investment Regulation, Pension Fund, Public Goods, Short-Termism, Sovereign Wealth Funds

40.

Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime

Number of pages: 29 Posted: 23 Aug 2007
Patrick Bolton and Olivier Jeanne
Columbia Business School - Department of Economics and International Monetary Fund (IMF) - Research Department
Downloads 204 (189,945)
Citation 9

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Sovereign debt, Debt restructuring, Bankruptcy, Sovereign Debt Restructuring Mechanism, Working Paper

41.

Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice Around the World

Number of pages: 36 Posted: 28 Jan 2006
Patrick Bolton
Columbia Business School - Department of Economics
Downloads 191 (201,688)

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Bankruptcy, sovereign debt

Intracompany Governance and Innovation

Number of pages: 86 Posted: 03 Aug 2009 Last Revised: 15 Jun 2014
Sharon Belenzon, Tomer Berkovitz and Patrick Bolton
Duke University, Columbia Business School and Columbia Business School - Department of Economics
Downloads 147 (252,531)

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governance, innovation, patents

Intracompany Governance and Innovation

Number of pages: 88 Posted: 31 Aug 2009 Last Revised: 27 Oct 2021
Sharon Belenzon, Tomer Berkovitz and Patrick Bolton
Duke University, Columbia Business School and Columbia Business School - Department of Economics
Downloads 24 (640,012)

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43.
Downloads 168 (225,315)

Legal Air Cover

Duke Law School Public Law & Legal Theory Series No. 2020-63
Number of pages: 41 Posted: 11 Oct 2020
Patrick Bolton, Mitu Gulati and Ugo Panizza
Columbia Business School - Department of Economics, University of Virginia School of Law and Graduate Institute of International and Development Studies (IHEID) - Department of Economics
Downloads 168 (225,563)

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Sovereign Debt, Restructuring, COVID-19, Sudden Stop, Greek Retrofit

Legal Air Cover

Number of pages: 32 Posted: 03 Nov 2020
Patrick Bolton, Mitu Gulati and Ugo Panizza
Columbia Business School - Department of Economics, University of Virginia School of Law and Graduate Institute of International and Development Studies (IHEID) - Department of Economics
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debt restructuring, Incomplete Contracts, sovereign default

44.

Conflicts of Interest and Credible Information Provision by Specialized and One-Stop Banks

Number of pages: 27 Posted: 21 Jul 2003
Xavier Freixas, Patrick Bolton and Joel Shapiro
Universitat Pompeu Fabra, Columbia Business School - Department of Economics and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 157 (238,702)
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45.

Strategic Conduct in Credit Derivative Markets

International Journal of Industrial Organization (2013), 31(5): 652-658
Number of pages: 23 Posted: 30 Jan 2013 Last Revised: 10 Dec 2015
Patrick Bolton and Martin Oehmke
Columbia Business School - Department of Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 150 (247,851)

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Credit Default Swaps, Counterparty Risk, Naked CDS, Empty Creditors, CDS Auctions, Derivatives in Bankruptcy

46.

Debt, Default, and Risk Management: Corporate Policies Under Incomplete Markets

Columbia Business School Research Paper Forthcoming
Number of pages: 50 Posted: 30 Sep 2019
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 138 (264,915)

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leverage, capital structure, debt capacity, payouts

47.
Downloads 138 (264,915)
Citation 208

Relationship and Transaction Lending in a Crisis

Bank of Italy Temi di Discussione (Working Paper) No. 917
Number of pages: 77 Posted: 12 Jul 2013
Columbia Business School - Department of Economics, Universitat Pompeu Fabra, Bank for International Settlements (BIS) and Bank of Italy
Downloads 77 (395,493)
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relationship banking, transaction banking, crisis

Relationship and Transaction Lending in a Crisis

BIS Working Paper No. 417
Number of pages: 68 Posted: 27 Feb 2014
Columbia Business School - Department of Economics, Universitat Pompeu Fabra, Bank for International Settlements (BIS) and Bank of Italy
Downloads 47 (506,981)
Citation 6

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Relationship Banking, Transaction Banking, Crisis

Relationship and Transaction Lending in a Crisis

Number of pages: 67 Posted: 28 Sep 2013 Last Revised: 11 Sep 2021
Columbia Business School - Department of Economics, Universitat Pompeu Fabra, Bank for International Settlements (BIS) and Bank of Italy
Downloads 14 (719,220)
Citation 106

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Relationship and Transaction Lending in a Crisis

Number of pages: 69 Posted: 24 Sep 2013
Columbia Business School - Department of Economics, Universitat Pompeu Fabra, Bank for International Settlements (BIS) and Bank of Italy
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Citation 17
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crisis, relationship banking, transaction banking

Ownership and Managerial Competition: Employee, Customer, or Outside Ownership

LSE STICERD Research Paper No. TE412
Number of pages: 43 Posted: 16 Jul 2008
Patrick Bolton and Chenggang Xu
Columbia Business School - Department of Economics and University of Hong Kong
Downloads 126 (285,055)

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Ownership and Managerial Competition: Employee, Customer, or Outside Ownership

Posted: 07 Jan 1999
Patrick Bolton and Chenggang Xu
Columbia Business School - Department of Economics and University of Hong Kong

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49.

Market and Public Liquidity

American Economic Review, Vol. 99, No. 2, 594-99, 2009, Economic Theory Center Working Paper No. 34-2012
Number of pages: 7 Posted: 22 Oct 2011
Patrick Bolton, Tano Santos and José Scheinkman
Columbia Business School - Department of Economics, Columbia Business School and Columbia University
Downloads 120 (294,143)
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50.

Money, Sovereignty, and Optimal Currency Areas

Columbia Business School Research Paper No. 18-66
Number of pages: 57 Posted: 18 Aug 2018
Patrick Bolton and Haizhou Huang
Columbia Business School - Department of Economics and China International Capital Corporation Limited
Downloads 115 (303,119)
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Money, Currency Union, Monetary Sovereignty, Strategic Monetization

51.

Thinking Ahead: The Decision Problem

Number of pages: 48 Posted: 22 Jan 2006 Last Revised: 06 Jun 2021
Patrick Bolton and Antoine Faure-Grimaud
Columbia Business School - Department of Economics and London School of Economics
Downloads 83 (374,635)
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Structuring and Restructuring Sovereign Debt: The Role of Seniority

Number of pages: 62 Posted: 16 Feb 2005 Last Revised: 07 Oct 2021
Patrick Bolton and Olivier Jeanne
Columbia Business School - Department of Economics and International Monetary Fund (IMF) - Research Department
Downloads 62 (445,475)
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Structuring and Restructuring Sovereign Debt: The Role of Seniority

Number of pages: 63 Posted: 02 Jun 2005
Patrick Bolton and Olivier Jeanne
Columbia Business School - Department of Economics and International Monetary Fund (IMF) - Research Department
Downloads 19 (678,610)
Citation 5
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Sovereign debt, seniority, debt dilution, collective action clause, sovereign default

53.

The Political Economy of Debt Moratoria, Bailouts and Bankruptcy

IDB Working Paper No. 105
Number of pages: 37 Posted: 19 Apr 2011
Patrick Bolton and Howard Rosenthal
Columbia Business School - Department of Economics and New York University
Downloads 67 (422,341)
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54.

Satisficing Contracts

Number of pages: 46 Posted: 19 Jan 2009 Last Revised: 18 Jul 2021
Patrick Bolton and Antoine Faure-Grimaud
Columbia Business School - Department of Economics and London School of Economics
Downloads 53 (472,844)
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55.

The Great Divide and Beyond - Financial Architecture in Transition

Number of pages: 56 Posted: 21 Feb 2003
Erik Berglöf and Patrick Bolton
Institute of Global Affairs, London School of Economics and Political Science and Columbia Business School - Department of Economics
Downloads 53 (472,844)
Citation 5
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Economic transition, financial development, fiscal discipline, rule of law

56.

The Dynamics of Optimal Risk Sharing

Number of pages: 65 Posted: 21 Jun 2010 Last Revised: 24 Jun 2021
Patrick Bolton and Christopher Harris
Columbia Business School - Department of Economics and University of Cambridge - Department of Applied Economics
Downloads 50 (485,040)

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57.

Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital

Number of pages: 65 Posted: 02 Mar 2015 Last Revised: 29 Oct 2021
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 49 (489,135)
Citation 15

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Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

Number of pages: 47 Posted: 28 Mar 2011 Last Revised: 05 Sep 2021
Patrick Bolton and Olivier Jeanne
Columbia Business School - Department of Economics and Johns Hopkins University - Department of Economics
Downloads 35 (568,252)
Citation 16

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Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

Number of pages: 48 Posted: 04 May 2011
Patrick Bolton and Olivier Jeanne
Columbia Business School - Department of Economics and Johns Hopkins University - Department of Economics
Downloads 10 (753,358)
Citation 17
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banking, collateral, European debt crisis, European Monetary Union, financial contagion, government debt, government default, international financial integration

59.

Leverage Dynamics and Financial Flexibility

Number of pages: 60 Posted: 09 Mar 2020 Last Revised: 26 Sep 2021
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Columbia University
Downloads 13 (701,293)

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60.

Loyalty‐Shares: Rewarding Long‐Term Investors

Journal of Applied Corporate Finance, Vol. 25, Issue 3, pp. 86-97, 2013
Number of pages: 14 Posted: 23 Dec 2013
Patrick Bolton and Frédéric Samama
Columbia Business School - Department of Economics and SWF Research Initiative, Amundi
Downloads 8 (740,723)
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61.

Governance and Climate Change: A Success Story in Mobilizing Investor Support for Corporate Responses to Climate Change

Journal of Applied Corporate Finance, Vol. 28, Issue 2, pp. 29-33, 2016
Posted: 12 Jul 2016
Mats Andersson, Patrick Bolton and Frédéric Samama
AP4, Columbia Business School - Department of Economics and SWF Research Initiative, Amundi
Downloads 1 (800,893)
Citation 4
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62.

Political Intervention in Debt Contracts

Posted: 07 Mar 2003
Patrick Bolton and Howard Rosenthal
Columbia Business School - Department of Economics and New York University

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63.

Predatory Pricing: Response to Critique and Further Elaboration

Posted: 07 Jan 2002
Boston University School of Law, Columbia Business School - Department of Economics and Columbia University - Columbia Business School

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Predatory pricing, strategic theory, below-cost pricing, recoupment, efficiencies defense, robustness of strategic theory, business justification, reputation effect, test market predation, cost-signalling, financial market predation, pricing below-cost, Brooke Group v. Brown & Williamson

64.

Equity, Bonds, and Bank Debt: Capital Structure and Financial Market Equilibrium Under Asymmetric Information

Posted: 30 Mar 2000
Patrick Bolton and Xavier Freixas
Columbia Business School - Department of Economics and Universitat Pompeu Fabra

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65.

Predatory Pricing: Strategic Theory and Legal Policy

Posted: 20 Mar 2000
Columbia Business School - Department of Economics, Boston University School of Law and Columbia University - Columbia Business School

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66.

A Dilution Cost Approach to Financial Intermediation and Securities Markets

Posted: 13 Aug 1998
Patrick Bolton and Xavier Freixas
Columbia Business School - Department of Economics and Universitat Pompeu Fabra

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67.

Optimal Debt Structure and the Number of Creditors

J. OF POLITICAL ECONOMY, February 1996
Posted: 03 Jul 1998
Patrick Bolton and David S. Scharfstein
Columbia Business School - Department of Economics and Harvard Business School - Finance Unit

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68.

The Breakup of Nations: A Political Economy Analysis

QUARTERLY JOURNAL OF ECONOMICS Vol CXII Issue 4, November 1997
Posted: 10 Jun 1998
Patrick Bolton and Gérard Roland
Columbia Business School - Department of Economics and University of California, Berkeley - Department of Economics

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