Lucy White

Lucy White joined the finance group at Harvard Business School in 2002. She has taught the two required finance courses in the first year of the M.B.A. programme, and currently teaches the optional second-year advanced corporate finance course “Corporate Financial Management.” Professor White received her B.A. in Philosophy, Politics and Economics, and her M.Phil. in Economics, from the University of Oxford; and a D.E.E.Q.A. (European Diploma in Economics) from the University of Toulouse. She gained a doctorate in economics from the University of Oxford in 1999 for her research on Strategic Behaviour under Uncertainty; and a doctorate in finance from the University of Toulouse in 2001 for her Essais en Finance d'Entreprise.

Professor White's research interests are wide-ranging within micro-economic theory, including auctions, bargaining, industrial organisation, banking and corporate finance. Her most recent work focuses on the impact of deposit insurance and capital requirements on risk-taking by banks, especially in light of the new Basel regulations. Her work has been published in top finance and economics journals, such as the Journal of Finance, Econometrica, American Economic Review and the RAND Journal of Economics. Professor White is a Research Fellow of the Centre for Economic Policy Research. She has also consulted part-time for NERA on anti-trust matters.

EDUCATION

PhD, Université de Toulouse, 2001 PhD, Oxford University, Nuffield College, 1999

SELECTED PUBLICATIONS

• White, L., Walther, A. (2019). "Rules versus Discretion in Bank Resolution", Review of Financial Studies
• Mailath, G., Nocke, V., White, L. (2017). "When and how the punishment must fit the crime", International Economic Review, 58 (2), 315-330
• Guembel, A., White, L. (2014). "Good cop, bad cop: Complementarities between debt and equity in disciplining management", Journal of Financial Intermediation, 23 (4), 541-569
• Morrison, A., White, L. (2013). "Reputational contagion and optimal regulatory forbearance", Journal of Financial Economics, 110 (3), 642-658
• Morrison, A., White, L. (2011). "Deposit insurance and subsidized recapitalizations", Journal of Banking & Finance, 35 (12), 3400-3416
• Eso, P., Nocke, V., White, L. (2010). "Competition for scarce resources", The RAND Journal of Economics, 41 (3), 524-548
• Nocke, V., White, L. (2010). "Vertical merger, collusion, and disruptive buyers", International Journal of Industrial Organization, 28 (4), 350-354
• White, L., Williams, M. (2009). "Bargaining with imperfect enforcement", The RAND Journal of Economics, 40 (2), 317-339
• MORRISON, A., WHITE, L. (2009). "Level Playing Fields in International Financial Regulation", The Journal of Finance, 64 (3), 1099-1142
• White, L. (2008). "Prudence in bargaining: The effect of uncertainty on bargaining outcomes", Games and Economic Behavior, 62 (1), 211-231
• Nocke, V., White, L. (2007). "Do Vertical Mergers Facilitate Upstream Collusion?", American Economic Review, 97 (4), 1321-1339
• White, L. (2007). "Foreclosure with Incomplete Information", Journal of Economics & Management Strategy, 16 (2), 507-535
• Morrison, A., White, L. (2005). "Crises and Capital Requirements in Banking", American Economic Review, 95 (5), 1548-1572
• Eso, P., White, L. (2004). "Precautionary Bidding in Auctions", Econometrica, 72 (1), 77-92

SELECTED RESEARCH PRESENTATIONS

• White, L. A Theory of Vote Trading and Information, University of Luxembourg, 2019

AWARDS AND HONORS

• 2019, First Year MBA Outstanding Teacher, Boston University
• 2011, Center for Economic Policy Research (CEPR) Research Fellow in Finance, Centre for Economic Policy Research, London, UK
• 2011, Centre for Economic Policy Research Research Fellow in Industrial Organization, Centre for Economic Policy Research, London, UK
• 2009, Member of the Finance Theory Group, Finance Theory Group