Caroline Fohlin

Emory University

Professor of Economics

Dept. of Economics

Atlanta, GA Georgia 30322

United States

http://https://scholar.google.com/citations?user=Ma08bxEAAAAJ&hl=en

Centre for Economic Policy Research (CEPR)

London

United Kingdom

  • Emory University

  • Centre for Economic Policy Research (CEPR)

SCHOLARLY PAPERS

26

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12,182

SSRN CITATIONS
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Top 13,060

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31

CROSSREF CITATIONS

59

Scholarly Papers (26)

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1.

Banking Industry Structure, Competition, and Performance: Does Universality Matter?

California Institute of Technology Social Science Working Paper No. 1078
Number of pages: 47 Posted: 13 Dec 2000
Caroline Fohlin
Emory University
Downloads 2,262 (9,205)
Citation 4

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Financial institutions, universal banking, financial system design, competition, concentration, banking industry atructure, profitability, return on assets

2.

Economic, Political, and Legal Factors in Financial System Development: International Patterns in Historical Perspective

Social Science Working Paper No. 1089
Number of pages: 37 Posted: 09 May 2001
Caroline Fohlin
Emory University
Downloads 1,645 (15,426)
Citation 16

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Financial system design, universal banking, economic growth, legal tradition, political centralization

3.

A Brief History of Investment Banking from Medieval Times to the Present

Oxford Handbook of Banking and Financial History, Edited by Youssef Cassis, Catherine Schenk, and Richard Grossman, 2016
Number of pages: 40 Posted: 16 Nov 2014 Last Revised: 09 Aug 2016
Caroline Fohlin
Emory University
Downloads 1,448 (18,691)
Citation 2

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Investment banking, merchant bank, universal banking, law and finance

4.

IPO Underpricing in Two Universes: Berlin, 1882-1892, and New York, 1998-2000

Caltech Social Science Working Paper No. 1088
Number of pages: 47 Posted: 20 Mar 2001
Caroline Fohlin
Emory University
Downloads 1,155 (26,152)
Citation 5

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IPO, underpricing, underwriter reputation

5.

Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907

Downloads 552 ( 70,949)
Citation 9

Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907

Number of pages: 54 Posted: 08 Apr 2015 Last Revised: 08 Aug 2016
Caroline Fohlin, Thomas Gehrig and Marlene Haas
Emory University, University of Vienna and Independent
Downloads 552 (70,145)
Citation 13

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Microstructure, Panic, Information Asymmetry, Funding Illiquidity, Market Illiquidity, Fire Sales, Price Discovery

Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907

CEPR Discussion Paper No. DP10497
Number of pages: 46 Posted: 24 Mar 2015
Caroline Fohlin, Thomas Gehrig and Marlene Haas
Emory University, University of Vienna and Independent
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information risk, liquidity risk, price discovery, rumour-based panic

6.

Liquidity and Competition in Unregulated Markets: The New York Stock Exchange Before the SEC

Number of pages: 50 Posted: 24 Feb 2009
Caroline Fohlin, Thomas Gehrig and Tobias Bruenner
Emory University, University of Vienna and University of Lincoln (UK)
Downloads 541 (72,731)
Citation 6

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7.

Relationship Banking, Liquidity, and Investment in the German Industrialization

Downloads 484 ( 83,361)
Citation 8

Relationship Banking, Liquidity, and Investment in the German Industrialization

Number of pages: 36 Posted: 13 Nov 1998
Caroline Fohlin
Emory University
Downloads 484 (82,592)
Citation 8

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8.

Trading Costs in Early Securities Markets: The Case of the Berlin Stock Exchange 1880-1910

Downloads 476 ( 85,034)
Citation 12

Trading Costs in Early Securities Markets: The Case of the Berlin Stock Exchange 1880-1910

Number of pages: 40 Posted: 19 Sep 2006
Thomas Gehrig and Caroline Fohlin
University of Vienna and Emory University
Downloads 438 (92,984)
Citation 3

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price discovery, effective spreads, market microstructure

Trading Costs in Early Securities Markets: The Case of the Berlin Stock Exchange, 1880-1910

CEPR Discussion Paper No. 5827
Number of pages: 40 Posted: 10 Nov 2006
Caroline Fohlin and Thomas Gehrig
Emory University and University of Vienna
Downloads 38 (596,051)
Citation 5
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Price discovery, effective spreads, market microstructure

9.

Regulation, Taxation, and the Development of the German Universal Banking System, 1884-1913

Downloads 426 ( 96,907)
Citation 2

Regulation, Taxation, and the Development of the German Universal Banking System, 1884-1913

Caltech Social Science Working Paper 1065R
Number of pages: 42 Posted: 08 Jul 2001
Caroline Fohlin
Emory University
Downloads 426 (96,089)
Citation 2

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Stock market, taxes, regulation, universal banking, concentration

Regulation, Taxation, and the Development of the German Universal Banking System, 1884-1913

Forthcoming in European Review of Economic History
Posted: 13 Aug 2001
Caroline Fohlin
Emory University

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Stock Market, Taxes, Regulation, Universal Banking, Concentration

10.

How Important Historically Were Financial Systems for Growth in the U.K., U.S., Germany, and Japan?

Number of pages: 55 Posted: 02 Nov 2010
Franklin Allen, Forrest Capie, Caroline Fohlin, Hideaki Miyajima, Richard Sylla, Yishay Yafeh and Geoffrey Wood
Imperial College London, Bank of England, Emory University, Waseda University - Graduate School of Commerce, New York University - Stern School of Business, Department of Economics, Hebrew University of Jerusalem - Jerusalem School of Business Administration and Cass Business School
Downloads 423 (97,697)
Citation 12

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11.

'Shooting the Messenger?' The Impact of Short Sale Bans in Times of Crisis

Number of pages: 35 Posted: 27 Apr 2010 Last Revised: 31 Oct 2010
Ian Appel and Caroline Fohlin
UVA Darden and Emory University
Downloads 421 (98,185)
Citation 6

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short selling ban, liquidity, volatility

12.

Financial Systems and Economic Development in Historical Perspective

Forthcoming in Handbook of Cliometrics, Springer Verlag.
Number of pages: 36 Posted: 17 Nov 2014
Caroline Fohlin
Emory University
Downloads 385 (109,517)
Citation 2

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Financial systems, law and finance, finance and growth

13.

Has the Cross-Section of Average Returns Always Been the Same? Evidence from Germany, 1881-1913

Caltech Social Science Working Paper No. 1084
Number of pages: 29 Posted: 05 Apr 2001
Peter Bossaerts and Caroline Fohlin
University of Melbourne - Department of Finance and Emory University
Downloads 345 (122,963)
Citation 1

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Common stock returns, beta, momentum portfolio, selection bias

14.

Creating Modern Venture Capital: Institutional Design and Performance in the Early Years

Number of pages: 43 Posted: 08 Jan 2013
Caroline Fohlin
Emory University
Downloads 322 (132,395)
Citation 2

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venture capital, Small Business Investment Companies (SBICs)

15.

Mobilizing Money: How the World's Richest Nations Financed Industrial Growth

Caroline Fohlin, MOBILZING MONEY: HOW THE WORLD'S RICHEST NATIONS FINANCED INDUSTRIAL GROWTH, New York: Cambridge University Press (UFJ Monograph Prize), 2012
Number of pages: 33 Posted: 05 Aug 2010 Last Revised: 11 Mar 2012
Caroline Fohlin
Emory University
Downloads 275 (155,808)

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financial system design, economic growth, finance-led growth

16.

Bank Relationships, Ownership Concentration, and Investment Patterns of Spanish Corporate Firms

Number of pages: 45 Posted: 19 Oct 2006
Caroline Fohlin and Félix J. López-Iturriaga
Emory University and Universidad de Valladolid - Department of Finance and Accounting
Downloads 268 (159,982)
Citation 1

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investment, cash-flow sensitivity, financing constraints, managerial overinvestment, bank relationships, ownership concentration, civil law tradition

17.

The Venture Capital Divide: Germany and the United States in the Post-War Era

Number of pages: 65 Posted: 07 Oct 2016 Last Revised: 09 Oct 2016
Caroline Fohlin
Emory University
Downloads 236 (181,167)
Citation 2

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Venture Capital, Innovation, Technology, Financial Systems

18.

Rumors and Runs in Opaque Markets: Evidence from Panic of 1907

CESifo Working Paper Series No. 6048
Number of pages: 55 Posted: 11 Oct 2016
Caroline Fohlin, Thomas Gehrig and Marlene Haas
Emory University, University of Vienna and Independent
Downloads 167 (247,143)

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microstructure, panic, information asymmetry, funding illiquidity, market illiquidity, fire sales, price discovery

19.

How Anomalous are the Anomalies in Common Stock Returns? Fresh Evidence from Pre-World War I Germany

Number of pages: 69 Posted: 20 Oct 2006
Caroline Fohlin and Steffen Reinhold
Emory University and E.CA Economics
Downloads 136 (291,710)
Citation 1

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CAPM, size, value, momentum effects, stock market anomalies, relationship banking, Germany

20.

When 'No News' is Bad News: Complexity and Uncertainty in the Global Crisis of 1914

Number of pages: 52 Posted: 29 Nov 2016
Caroline Fohlin
Emory University
Downloads 87 (395,361)

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Financial Market Microstructure, Liquidity, Complexity, Uncertainty, Market Efficiency, Call Money Market, Liquidity Backstop, Financial Crisis, Central Bank Policy

21.

Competition in American Commercial Banking, 1888-1925

Number of pages: 53 Posted: 25 Jun 2014
Caroline Fohlin
Emory University
Downloads 55 (503,065)

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Commercial Banking, Bank Competition, Market Power, Profitability, ROA, ROE

22.

Do Global Pandemics Matter for Stock Prices? Lessons from the 1918 Spanish Flu

NBER Working Paper No. w28356
Number of pages: 23 Posted: 19 Jan 2021 Last Revised: 25 Jun 2022
Marco Del Angel, Caroline Fohlin and Marc Weidenmier
University of California Irvine, Emory University and Chapman University
Downloads 42 (562,374)

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23.

Finance Capitalism in Industrializing Autocracies: Evidence from Corporate Balance Sheets in Imperial Germany and Russia

Downloads 23 (678,657)

Finance Capitalism in Industrializing Autocracies: Evidence from Corporate Balance Sheets in Imperial Germany and Russia

CEPR Discussion Paper 17029 (2022)
Number of pages: 48 Posted: 07 Mar 2022
Caroline Fohlin and Amanda G. Gregg
Emory University and Middlebury College
Downloads 23 (699,324)

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law and finance, capital structure, financial markets, industrialization, Russia, Germany

Finance Capitalism in Industrializing Autocracies: Evidence from Corporate Balance Sheets in Imperial Germany and Russia

CEPR Discussion Paper No. DP17029
Number of pages: 51 Posted: 29 Mar 2022
Caroline Fohlin and Amanda G. Gregg
Emory University and Middlebury College
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Capital Structure, financial markets, Industrialization, Law and Finance

24.

Liquidity Effects of the 2020 European Short Sale Ban

Number of pages: 12 Posted: 12 Aug 2022
Caroline Fohlin, Zhikun Lu and Nan Zhou
Emory University, Emory University - Goizueta Business School and Johns Hopkins University, Advanced Academic Programs
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short sale ban, liquidity, market microstructure

25.

Two Centuries of U.S. Banking Concentration: 1820-2019

CEPR Discussion Paper No. DP14516
Number of pages: 13 Posted: 25 Mar 2020
Caroline Fohlin and Matthew Jaremski
Emory University and Utah State University - Huntsman School of Business
Downloads 4 (851,924)
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bank concentration, Too Big To Fail

26.

Does Civil Law Tradition and Universal Banking Crowd Out Securities Markets? Pre-World War I Germany as Counter-Example

Enterprise and Society, Vol. 8, Issue 3, pp. 602-641, 2007
Posted: 30 Jun 2008
Caroline Fohlin
Emory University

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