Efraim Benmelech

Northwestern University - Kellogg School of Management

Harold L. Stuart Professor of Finance

Evanston, IL 60208

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

43

DOWNLOADS
Rank 5,281

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Top 5,281

in Total Papers Downloads

10,398

SSRN CITATIONS
Rank 833

SSRN RANKINGS

Top 833

in Total Papers Citations

763

CROSSREF CITATIONS

569

Scholarly Papers (43)

Did the Community Reinvestment Act (CRA) Lead to Risky Lending?

Kreisman Working Papers Series in Housing Law and Policy No. 8
Number of pages: 44 Posted: 08 Nov 2012 Last Revised: 08 Jan 2015
Sumit Agarwal, Efraim Benmelech, Nittai Bergman and Amit Seru
National University of Singapore, Northwestern University - Kellogg School of Management, Tel Aviv University and Stanford University
Downloads 1,713 (12,677)

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CRA, Financial Institutions, Mortgages, Financial Crisis, Household Finance

Did the Community Reinvestment Act (Cra) Lead to Risky Lending?

Number of pages: 45 Posted: 07 Dec 2012 Last Revised: 07 Nov 2021
Sumit Agarwal, Efraim Benmelech, Nittai Bergman and Amit Seru
National University of Singapore, Northwestern University - Kellogg School of Management, Tel Aviv University and Stanford University
Downloads 133 (274,517)
Citation 3

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Securitization without Adverse Selection: The Case of CLOs

AFA 2010 Atlanta Meetings Paper, Journal of Financial Economics (JFE), Vol. 106 (1), 91-113, 2012
Number of pages: 58 Posted: 16 Feb 2009 Last Revised: 15 Feb 2018
Efraim Benmelech, Jennifer Dlugosz and Victoria Ivashina
Northwestern University - Kellogg School of Management, Board of Governors of the Federal Reserve System and Harvard University
Downloads 1,150 (23,294)
Citation 46

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Structured finance, Collateralized loan obligations (CLOs), CDOs, Syndicated loans

Securitization Without Adverse Selection: The Case of Clos

Number of pages: 46 Posted: 07 Feb 2011 Last Revised: 25 Apr 2021
Efraim Benmelech, Jennifer Dlugosz and Victoria Ivashina
Northwestern University - Kellogg School of Management, Board of Governors of the Federal Reserve System and Harvard University
Downloads 57 (465,983)

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3.
Downloads 808 (39,048)
Citation 1

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Credit Rating

4.
Downloads 639 ( 53,462)
Citation 5

Financing Labor

Number of pages: 35 Posted: 20 May 2015
Efraim Benmelech, Nittai Bergman and Amit Seru
Northwestern University - Kellogg School of Management, Tel Aviv University and Stanford University
Downloads 411 (91,101)
Citation 6

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Credit, Financial Constraints, Labor, Unemployment.

Financing Labor

Number of pages: 33 Posted: 20 Jun 2011 Last Revised: 19 Nov 2021
Efraim Benmelech, Nittai Bergman and Amit Seru
Northwestern University - Kellogg School of Management, Tel Aviv University and Stanford University
Downloads 228 (171,308)

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5.
Downloads 569 ( 61,906)
Citation 1

The Decline of Secured Debt

Number of pages: 67 Posted: 10 Jan 2020 Last Revised: 30 Apr 2021
Efraim Benmelech, Nitish Kumar and Raghuram G. Rajan
Northwestern University - Kellogg School of Management, University of Florida and University of Chicago - Booth School of Business
Downloads 554 (63,295)
Citation 1

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Corporate Finance, Development of the American Economy, Economic Fluctuations and Growth, Law and Economics

The Decline of Secured Debt

Number of pages: 68 Posted: 13 Jan 2020 Last Revised: 14 Oct 2021
Efraim Benmelech, Nitish Kumar and Raghuram G. Rajan
Northwestern University - Kellogg School of Management, University of Florida and University of Chicago - Booth School of Business
Downloads 15 (712,524)

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Downloads 512 ( 70,730)
Citation 51

Collateral Pricing

AFA 2008 New Orleans Meetings Paper
Number of pages: 36 Posted: 06 Feb 2007
Efraim Benmelech and Nittai Bergman
Downloads 445 (82,982)
Citation 50

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Collateral, Secured debt, Redeployability, Airlines

Collateral Pricing

Number of pages: 46 Posted: 19 Mar 2008 Last Revised: 29 Nov 2021
Efraim Benmelech and Nittai Bergman
Downloads 67 (428,926)

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7.

The Credit Rating Crisis

Number of pages: 57 Posted: 08 Jun 2009 Last Revised: 12 Aug 2021
Efraim Benmelech and Jennifer Dlugosz
Northwestern University - Kellogg School of Management and Board of Governors of the Federal Reserve System
Downloads 419 (89,807)
Citation 11

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The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles

Number of pages: 74 Posted: 18 Oct 2014 Last Revised: 08 Feb 2016
Efraim Benmelech, Ralf Meisenzahl and Rodney Ramcharan
Northwestern University - Kellogg School of Management, Federal Reserve Bank of Chicago and University of Southern California, Marshall School of Business
Downloads 332 (116,253)
Citation 3

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liquidity, crises, credit

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles

Number of pages: 75 Posted: 11 Apr 2016 Last Revised: 09 Jul 2021
Efraim Benmelech, Ralf Meisenzahl and Rodney Ramcharan
Northwestern University - Kellogg School of Management, Federal Reserve Bank of Chicago and University of Southern California, Marshall School of Business
Downloads 26 (627,024)
Citation 17

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Downloads 356 (108,158)
Citation 58

Stock-Based Compensation and CEO (Dis)Incentives

Number of pages: 53 Posted: 27 Mar 2008
Efraim Benmelech, Eugene Kandel and Pietro Veronesi
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - Department of Economics and University of Chicago - Booth School of Business
Downloads 295 (132,017)
Citation 3

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executive compensation, corporate governance

Stock-Based Compensation and CEO (Dis)Incentives

Number of pages: 54 Posted: 11 Jan 2008 Last Revised: 29 Oct 2014
Efraim Benmelech, Pietro Veronesi and Eugene Kandel
Northwestern University - Kellogg School of Management, University of Chicago - Booth School of Business and Hebrew University of Jerusalem - Department of Economics
Downloads 56 (469,837)

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Stock-Based Compensation and CEO (Dis)Incentives

Number of pages: 52 Posted: 05 Jun 2008
Efraim Benmelech, Eugene Kandel and Pietro Veronesi
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - Department of Economics and University of Chicago - Booth School of Business
Downloads 5 (798,062)
Citation 16
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CEO compensation, Sub-optimal investments

Secured Credit Spreads and the Issuance of Secured Debt

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2020-14
Number of pages: 58 Posted: 04 Mar 2020 Last Revised: 03 Dec 2020
Efraim Benmelech, Nitish Kumar and Raghuram G. Rajan
Northwestern University - Kellogg School of Management, University of Florida and University of Chicago - Booth School of Business
Downloads 201 (193,129)

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Secured Credit Spreads and the Issuance of Secured Debt

Number of pages: 57 Posted: 02 Mar 2020 Last Revised: 03 Dec 2020
Efraim Benmelech, Nitish Kumar and Raghuram G. Rajan
Northwestern University - Kellogg School of Management, University of Florida and University of Chicago - Booth School of Business
Downloads 139 (265,064)

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Secured Debt, Credit Spreads, Business Cycle, Distress

Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?

Number of pages: 62 Posted: 22 Mar 2018 Last Revised: 07 Dec 2019
Efraim Benmelech, Nittai Bergman and Hyunseob Kim
Northwestern University - Kellogg School of Management, Tel Aviv University and Federal Reserve Bank of Chicago
Downloads 300 (129,669)
Citation 19

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Monopsony, Wages, Labor Share, Productivity, Employer Concentration

Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?

Number of pages: 51 Posted: 02 Jun 2018 Last Revised: 02 Dec 2021
Efraim Benmelech, Nittai Bergman and Hyunseob Kim
Northwestern University - Kellogg School of Management, Tel Aviv University - Berglas School of Economics and Federal Reserve Bank of Chicago
Downloads 16 (704,301)
Citation 1

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Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines

9th Annual Texas Finance Festival, AFA 2008 New Orleans Meetings Paper
Number of pages: 40 Posted: 12 Mar 2007 Last Revised: 23 May 2008
Efraim Benmelech and Nittai Bergman
Downloads 289 (134,918)
Citation 34

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Renegotiation, Liquidation Values, Incomplete Contracts, Aircraft

Downloads 17 (696,151)

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The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 18th and 19th Century

AFA 2007 Chicago Meetings Paper
Number of pages: 57 Posted: 17 Mar 2006
Northwestern University - Kellogg School of Management and Yale University, Yale SOMAQR Capital
Downloads 260 (151,102)
Citation 22

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Financial Development, Regulation, Usury

14.
Downloads 233 (168,174)
Citation 17

Negotiating with Labor Under Financial Distress

AFA 2011 Denver Meetings Paper
Number of pages: 50 Posted: 25 Feb 2010
Efraim Benmelech, Nittai Bergman and Ricardo Enriquez
Northwestern University - Kellogg School of Management, Tel Aviv University and Harvard University
Downloads 209 (186,092)
Citation 17

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Labor, Finance, Pension, Negotiations

Negotiating with Labor Under Financial Distress

Number of pages: 48 Posted: 11 Jul 2011 Last Revised: 24 Jun 2021
Efraim Benmelech, Nittai Bergman and Ricardo Enriquez
Northwestern University - Kellogg School of Management, Tel Aviv University and Harvard University
Downloads 24 (641,773)

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Downloads 226 (173,227)
Citation 17

Credit Traps

AFA 2011 Denver Meetings Paper
Number of pages: 40 Posted: 14 Mar 2010
Efraim Benmelech and Nittai Bergman
Downloads 196 (197,595)
Citation 19

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Liquidity, Credit Channel of Monetary Policy, Collateral, Banking

Credit Traps

Number of pages: 50 Posted: 19 Jul 2010 Last Revised: 08 Oct 2021
Efraim Benmelech and Nittai Bergman
Downloads 30 (599,821)

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Civic Capital and Social Distancing During the COVID-19 Pandemic

Number of pages: 45 Posted: 01 Jun 2020 Last Revised: 29 Nov 2021
Washington University in St. Louis - Olin Business School, Northwestern University - Kellogg School of Management, National Bureau of Economic Research (NBER), Northwestern University - Kellogg School of Management - Department of Finance and University of Chicago - Booth School of Business
Downloads 120 (296,448)
Citation 2

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Civic Capital and Social Distancing During the Covid-19 Pandemic

Number of pages: 45 Posted: 10 Jun 2020 Last Revised: 26 Aug 2021
Washington University in St. Louis - Olin Business School, Northwestern University - Kellogg School of Management, National Bureau of Economic Research (NBER), Northwestern University - Kellogg School of Management - Department of Finance and University of Chicago - Booth School of Business
Downloads 82 (382,111)

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Civic Capital and Social Distancing During the COVID-19 Pandemic

Number of pages: 47 Posted: 29 Jun 2020
Washington University in St. Louis - Olin Business School, Northwestern University - Kellogg School of Management, National Bureau of Economic Research (NBER), Northwestern University - Kellogg School of Management - Department of Finance and University of Chicago - Booth School of Business
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Citation 20
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Civic capital, COVID, voluntary compliance

Economic Conditions and the Quality of Suicide Terrorism

Number of pages: 40 Posted: 26 Mar 2009 Last Revised: 25 Feb 2010
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - School of Public Policy and Hebrew University of Jerusalem - Department of Economics
Downloads 173 (220,734)

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Quantity and Quality of Terrorism, Economic Conditions, Suicide Terrorists

Economic Conditions and the Quality of Suicide Terrorism

Number of pages: 40 Posted: 30 Aug 2010 Last Revised: 06 Aug 2021
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - School of Public Policy and Hebrew University of Jerusalem - Department of Economics
Downloads 25 (634,348)
Citation 3

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Economic Conditions and the Quality of Suicide Terrorism

Number of pages: 42 Posted: 14 Nov 2010
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - School of Public Policy and Hebrew University of Jerusalem - Department of Economics
Downloads 2 (826,118)
Citation 5
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Economic Conditions, Quantity and Quality of Terrorism, Suicide Terrorists

18.

The Alchemy of Cdo Credit Ratings

Number of pages: 43 Posted: 20 Apr 2009 Last Revised: 28 Aug 2021
Efraim Benmelech and Jennifer Dlugosz
Northwestern University - Kellogg School of Management and Board of Governors of the Federal Reserve System
Downloads 189 (204,234)
Citation 14

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Downloads 176 (217,339)
Citation 10

Vintage Capital and Creditor Protection

Number of pages: 42 Posted: 26 Mar 2008 Last Revised: 22 Oct 2008
Efraim Benmelech and Nittai Bergman
Downloads 158 (238,604)
Citation 8

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Vintage Capital, Creditor Rights, Finance and Growth, Airlines

Vintage Capital and Creditor Protection

Number of pages: 53 Posted: 10 Feb 2010 Last Revised: 01 Jul 2021
Efraim Benmelech and Nittai Bergman
Downloads 18 (688,206)

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The Determinants of Fiscal and Monetary Policies During the COVID-19 Crisis

Number of pages: 44 Posted: 26 Jun 2020 Last Revised: 06 Jan 2021
Efraim Benmelech and Nitzan Tzur-Ilan
Northwestern University - Kellogg School of Management and Federal Reserve Bank of Dallas
Downloads 107 (321,743)
Citation 1

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The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis

Number of pages: 43 Posted: 07 Jul 2020 Last Revised: 27 Jun 2021
Efraim Benmelech and Nitzan Tzur-Ilan
Northwestern University - Kellogg School of Management and Federal Reserve Bank of Dallas
Downloads 32 (587,416)
Citation 3

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Downloads 119 (296,797)
Citation 2

What Explains the Flow of Foreign Fighters to ISIS?

Number of pages: 27 Posted: 10 May 2016
Efraim Benmelech and Esteban F. Klor
Northwestern University - Kellogg School of Management and Hebrew University of Jerusalem - Department of Economics
Downloads 62 (446,796)

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What Explains the Flow of Foreign Fighters to Isis?

Number of pages: 27 Posted: 25 Apr 2016 Last Revised: 20 Aug 2021
Efraim Benmelech and Esteban F. Klor
Northwestern University - Kellogg School of Management and Hebrew University of Jerusalem - Department of Economics
Downloads 57 (465,983)
Citation 1

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Credit Rating

23.

Military CEOS

Number of pages: 56 Posted: 04 Jan 2014 Last Revised: 22 Jul 2021
Efraim Benmelech and Carola Frydman
Downloads 117 (300,384)
Citation 46

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Downloads 116 (302,252)
Citation 5

Credit Market Freezes

Number of pages: 47 Posted: 22 Jun 2017
Efraim Benmelech and Nittai Bergman
Downloads 98 (341,331)

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Credit Market, Financial Crises, Illiquidity

Credit Market Freezes

Number of pages: 48 Posted: 19 Jun 2017 Last Revised: 07 Oct 2021
Efraim Benmelech and Nittai Bergman
Downloads 18 (688,206)
Citation 2

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The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century

Number of pages: 53 Posted: 24 Jan 2007 Last Revised: 14 Aug 2021
Yale University, Yale SOMAQR Capital and Northwestern University - Kellogg School of Management
Downloads 92 (352,741)
Citation 9

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26.

Bankruptcy and the Collateral Channel

Number of pages: 57 Posted: 01 Feb 2010 Last Revised: 04 Dec 2021
Efraim Benmelech and Nittai Bergman
Downloads 77 (392,562)
Citation 11

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Counter-Suicide-Terrorism: Evidence from House Demolitions

Number of pages: 48 Posted: 19 Oct 2012 Last Revised: 18 Jun 2020
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - School of Public Policy and Hebrew University of Jerusalem - Department of Economics
Downloads 50 (494,832)
Citation 1

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Counterterrorism, House Demolitions, Suicide Terrorists

Counter-Suicide-Terrorism: Evidence from House Demolitions

Number of pages: 36 Posted: 01 Nov 2010 Last Revised: 26 Jul 2021
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - School of Public Policy and Hebrew University of Jerusalem - Department of Economics
Downloads 25 (634,348)

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28.

Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation

Number of pages: 50 Posted: 20 Jan 2005 Last Revised: 28 Jul 2021
Northwestern University - Kellogg School of Management, Yale University, Yale SOMAQR Capital and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 68 (420,279)
Citation 21

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29.

Attack Assignments in Terror Organizations and the Productivity of Suicide Bombers

Number of pages: 30 Posted: 17 Feb 2007 Last Revised: 11 Oct 2021
Efraim Benmelech and Claude Berrebi
Northwestern University - Kellogg School of Management and Hebrew University of Jerusalem - School of Public Policy
Downloads 63 (437,215)

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30.

Repossession and the Democratization of Credit

Number of pages: 37 Posted: 24 Feb 2012 Last Revised: 18 Oct 2021
Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics, Northwestern University - Kellogg School of Management and affiliation not provided to SSRN
Downloads 37 (546,301)
Citation 7

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31.

The Resilience of the U.S. Corporate Bond Market During Financial Crises

Number of pages: 55 Posted: 31 May 2021 Last Revised: 18 Nov 2021
Bo Becker and Efraim Benmelech
Stockholm School of Economics and Northwestern University - Kellogg School of Management
Downloads 33 (567,655)

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32.

Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment

Number of pages: 64 Posted: 17 Jul 2017 Last Revised: 27 Nov 2021
Efraim Benmelech, Adam M. Guren and Brian Melzer
Northwestern University - Kellogg School of Management, Boston University - Department of Economics and Federal Reserve Bank of Chicago
Downloads 31 (578,680)

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33.

The Agglomeration of Bankruptcy

Number of pages: 50 Posted: 30 Jun 2014 Last Revised: 05 Nov 2021
Northwestern University - Kellogg School of Management, Tel Aviv University, Deloitte Consulting LLP and Georgetown University - McDonough School of Business
Downloads 28 (596,723)
Citation 3

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34.

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis

Number of pages: 33 Posted: 30 Sep 2011 Last Revised: 25 Sep 2021
Efraim Benmelech and Eyal Dvir
Northwestern University - Kellogg School of Management and Charles River Associates (CRA) - Competition Practice
Downloads 25 (616,137)
Citation 1

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36.

An Empirical Analysis of the Fed&Apos;S Term Auction Facility

Number of pages: 32 Posted: 18 Aug 2012 Last Revised: 08 Jul 2021
Efraim Benmelech
Downloads 23 (629,848)
Citation 1

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37.

The Economic Cost of Harboring Terrorism

Number of pages: 32 Posted: 03 Nov 2009 Last Revised: 07 Oct 2021
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - School of Public Policy and Hebrew University of Jerusalem - Department of Economics
Downloads 19 (658,271)
Citation 5

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38.

Debt, Information, and Illiquidity

Number of pages: 54 Posted: 17 Sep 2018 Last Revised: 17 Jun 2021
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University - Berglas School of Economics
Downloads 18 (665,378)

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39.

Fertility and Savings: The Effect of China's Two-Child Policy on Household Savings

Number of pages: 58 Posted: 07 Dec 2021
Scott R. Baker, Efraim Benmelech, Zhishu Yang and Qi Zhang
Northwestern University, Northwestern University - Kellogg School of Management, Tsinghua University - School of Economics & Management and Durham University
Downloads 6 (758,418)

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Household Savings, Two-Child Policy, China

40.

Private and Social Returns to R&D: Drug Development and Demographics

Number of pages: 15 Posted: 19 Jan 2021 Last Revised: 19 Nov 2021
Downloads 5 (766,079)
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41.

The Secured Credit Premium and the Issuance of Secured Debt

Number of pages: 62 Posted: 02 Mar 2020 Last Revised: 23 Sep 2021
Efraim Benmelech, Nitish Kumar and Raghuram G. Rajan
Northwestern University - Kellogg School of Management, University of Florida and University of Chicago - Booth School of Business
Downloads 5 (766,079)

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42.

Human Capital and the Productivity of Suicide Bombers

JOURNAL OF ECONOMIC PERSPECTIVES -VOL. 21, NO. 3, SUMMER 2007 (pp. 223-238) DOI: 10.1257/jep.21.3.223
Posted: 10 Jul 2020
Efraim Benmelech and Claude Berrebi
Northwestern University - Kellogg School of Management and Hebrew University of Jerusalem - School of Public Policy

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Human Capital, Skills, Occupational Choice, Labor Productivity, National Security, War, Terrorism

43.

Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads

The Review of Financial Studies, Vol. 22, No. 4, pp. 1545-1584, 2009
Posted: 23 Mar 2009
Efraim Benmelech

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G32, G33, L92, N21, N71