Yishay Yafeh

Education

• Ph.D. Harvard University, 1993

Publications

Book

• "Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today", Oxford University Press, 2006 (with Paolo Mauro and Nathan Sussman).

Research Papers

• "Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea and Israel" (VOX EU column, Promarket column, presentation video at the University of Chicago), ECGI Law Working Paper No. 542/20
• "The Effect of Minority Veto Rights on Controller Pay Tunneling”, Journal of Financial Economics, Vol. 138, No. 3, 2020, pp. 777-788, the Journal of Financial Economics (with Jesse Fried and Ehud Kamar)
• "The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1926-1950” (with Eugene Kandel, Konstantin Kosenko and Randall Morck), Strategic Management Journal, Vol. 40, No. 5, 2019, pp. 781-808 (Online Appendix)
• "Incentive Fees and Competition in Pension Funds: Evidence from a Regulatory Experiment in Israel” (with Assaf Hamdani, Eugene Kandel and Yevgeny Mugerman, NBER Working Paper No. 22634) link to published version, Journal of Law, Finance, and Accounting: Vol. 2: No. 1, 2017, pp 49-86,
• "Institutions and Financial Frictions: Estimating with Structural Restrictions on Firm Value and Investment” (with Stijn Claessens and Kenichi Ueda), Journal of Development Economics, Vol. 110, September 2014, pp. 107-122
• "Institutional Investors as Minority Shareholders" (with Assaf Hamdani), Review of Finance, Vo. 17, No. 2, April 2013, pp. 691-725.
• "Comovement of Newly Added Stocks with National Market Indices: Evidence from around the World" (with Stijn Claessens), Review of Finance, Vol. 17, No. 1, January 2013, pp. 203-227.
• "Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans"? (with Mariassunta Giannetti), Management Science, Vol. 58, No. 2, February 2012, pp. 365-383.
• "Long Term Changes in Voting Power and Control Structure following the Unification of Dual Class Shares"(with Beni Lauterbach), Journal of Corporate Finance, Vol. 17, No. 2 (April 2011), pp. 215-228.
• "Business Groups in Emerging Markets: Paragons or Parasites?" (with Tarun Khanna), Journal of Economic Literature, Vol. 45, No. 2, pp. 331-373
• "Business Groups and Risk Sharing around the World" (with Tarun Khanna), Journal of Business, Vol. 78, No. 1, January 2005, pp. 301-340.
• "Sources of Funds and Investment Strategies of Venture Capital Funds: Evidence from Germany, Israel, Japan and the UK" (with Colin Mayer and Koen Schoors), Journal of Corporate Finance, Vol. 11, No.3, June 2005, pp 586-608..
• "Institutional Reforms, Financial Development and Sovereign Debt: Britain 1690-1790" (with Nathan Sussman), Journal of Economic History, Vol. 66, No. 4, December 2006, pp. 906-935.
• "The Corporation of Foreign Bondholders" (with Paolo Mauro), IMF Working Paper No. 03/107.
• "Can Venture Capital Funds Pick Winners? Evidence from Pre-IPO Survival Rates and Post-IPO Performance" (with Hedva Ber), Israel Economic Review Vol. 5, No. 1, 2007, pp. 23-46.
• "Japan's Banking Crisis: An Event-Study Perspective" (with Hideaki Miyajima), Journal of Banking and Finance, Vol. 31, No. 9, 2007, pp. 2866-2885.
• "Japan's Corporate Groups: Some International and Historical Perspectives", in M. Blomström, J. Corbett, F. Hayashi and A. Kashyap (eds.), Structural Impediments to Growth in Japan, University of Chicago Press, pp. 259-284 (also appeared as NBER Working Paper No. 9386, December 2002).
• "Corporate Governance in Japan: Past Performance and Future Prospects", Oxford Review of Economic Policy, Vol. 16, No. 2, Summer 2000, pp. 74-84.
• "Institutions, Reforms, and Country Risk: Lessons from Japanese Government Debt in the Meiji Period" (with Nathan Sussman). Journal of Economic History, Vol 6, No. 2, June 2000, pp. 442-467.
• "Large Shareholders and Banks: Who Monitors and How?" (with Oved Yosha) , Economic Journal, Vol. 113, No. 484, January 2003, pp. 128-146.
• "Conflict of Interests in Universal Banking: Bank Lending, Stock Underwriting and Fund Management" (with Hedva Ber and Oved Yosha). Journal of Monetary Economics, Vol. 47, No. 1, February 2001, pp. 189-218.
• "Organization of Financial Systems and Strategic Use of Relationship Banking" (with Oved Yosha), European Finance Review, Vol. 5, No. 1-2, pp. 63-78.
• "Vagabond Shoes Longing to Stray: Why Foreign Firms List in the United States" (with Asher Blass), Journal of Banking and Finance, Vol. 25, No. 3, March 2001, pp. 555-572.
• "Emerging Markets Spreads: Then Versus Now" (with Paolo Mauro and Nathan Sussman), Quarterly Journal of Economics, Vol. 117, No. 2, May 2002, pp. 695-733.
• "On the Costs of a Bank-Centered Financial System: Evidence from the Changing Main Bank Relations in Japan" (with David Weinstein), Journal of Finance, Vol. 53, No. 2, April 1998, pp. 635-672.