default author photo

Caroline Fohlin

Emory University

Professor of Economics

Rich Building

Emory University

Atlanta, GA Georgia 30322-0001

United States

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

Centre for Economic Policy Research (CEPR)

London

United Kingdom

SCHOLARLY PAPERS

31

DOWNLOADS
Rank 6,375

SSRN RANKINGS

Top 6,375

in Total Papers Downloads

15,980

TOTAL CITATIONS
Rank 16,051

SSRN RANKINGS

Top 16,051

in Total Papers Citations

100

Scholarly Papers (31)

Actions:
Email selected abstracts
1.

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 2,420 (15,033)
Citation 2

Abstract:

Loading...

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

2.

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 2,367 (15,394)
Citation 4

Abstract:

Loading...

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

3.

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 1,850 (22,860)
Citation 21

Abstract:

Loading...

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

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 1,195 (43,921)
Citation 5

Abstract:

Loading...

IPO, underpricing, underwriter reputation

5.

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 745 (84,725)
Citation 6

Abstract:

Loading...

6.

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

Downloads 688 (94,189)
Citation 14

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 685 (93,117)
Citation 13

Abstract:

Loading...

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
Downloads 3 (1,657,086)
Citation 1
  • Add to Cart

Abstract:

Loading...

information risk, liquidity risk, price discovery, rumour-based panic

7.

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 607 (110,789)
Citation 12

Abstract:

Loading...

8.

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 581 (117,644)
Citation 2

Abstract:

Loading...

Financial systems, law and finance, finance and growth

9.

Relationship Banking, Liquidity, and Investment in the German Industrialization

Downloads 553 (125,289)
Citation 11

Relationship Banking, Liquidity, and Investment in the German Industrialization

Number of pages: 36 Posted: 13 Nov 1998
Caroline Fohlin
Emory University
Downloads 553 (123,528)
Citation 11

Abstract:

Loading...

Abstract:

Loading...

10.

'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 499 (142,318)
Citation 6

Abstract:

Loading...

short selling ban, liquidity, volatility

11.

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

Downloads 495 (142,638)
Citation 8

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 448 (158,840)
Citation 3

Abstract:

Loading...

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 47 (1,119,531)
Citation 5
  • Add to Cart

Abstract:

Loading...

Price discovery, effective spreads, market microstructure

12.

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

Downloads 464 (154,228)
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 464 (152,302)
Citation 2

Abstract:

Loading...

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

Abstract:

Loading...

Stock Market, Taxes, Regulation, Universal Banking, Concentration

13.

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 449 (160,353)
Citation 2

Abstract:

Loading...

venture capital, Small Business Investment Companies (SBICs)

14.

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 419 (175,046)
Citation 2

Abstract:

Loading...

Venture Capital, Innovation, Technology, Financial Systems

15.

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 Cambridge and Emory University
Downloads 387 (191,334)
Citation 1

Abstract:

Loading...

Common stock returns, beta, momentum portfolio, selection bias

16.

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 332 (228,126)

Abstract:

Loading...

financial system design, economic growth, finance-led growth

17.

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 304 (249,561)
Citation 1

Abstract:

Loading...

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

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 287 (268,226)

Abstract:

Loading...

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

19.

Short Sale Bans May Improve Market Quality During Crises: New Evidence from the 2020 Covid Crash

SAFE Working Paper No. 365, 2022
Number of pages: 22 Posted: 01 Dec 2022
Caroline Fohlin, Zhikun Lu and Nan Zhou
Emory University, New York University (NYU) - New York University (NYU), Shanghai and Northeastern University (USA)
Downloads 209 (375,182)

Abstract:

Loading...

20.

Liquidity Crises in Opaque Markets: The NYSE in the Panic of 1907

European Corporate Governance Institute – Finance Working Paper No. 1116/2025
Number of pages: 53 Posted: 18 Dec 2025 Last Revised: 22 Dec 2025
Caroline Fohlin and Thomas Gehrig
Emory University and University of Vienna
Downloads 196 (387,924)

Abstract:

Loading...

market microstructure, panic, shadow banking, information asymmetry, funding illiquidity, market illiquidity

21.

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 191 (403,391)
Citation 1

Abstract:

Loading...

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

22.

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 143 (521,245)

Abstract:

Loading...

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

23.

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

Downloads 119 (608,822)

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 95 (726,646)

Abstract:

Loading...

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
Downloads 24 (1,459,262)
  • Add to Cart

Abstract:

Loading...

Capital Structure, financial markets, Industrialization, Law and Finance

24.

Competition in American Commercial Banking, 1888-1925

Number of pages: 53 Posted: 25 Jun 2014
Caroline Fohlin
Emory University
Downloads 103 (684,672)

Abstract:

Loading...

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

25.

Stock Returns and the Spanish Flu, 1918-1920

Number of pages: 17 Posted: 26 Mar 2023
Marco Del Angel, Caroline Fohlin and Marc Weidenmier
California State University, Los Angeles, Emory University and Chapman University
Downloads 87 (777,583)

Abstract:

Loading...

stock returns, influenza

26.

The Impact of Short Sale Bans During Crises: A New Look at the 2020 Covid Crash Response

Number of pages: 39 Posted: 17 Oct 2024
Caroline Fohlin, Zhikun Lu and Nan Zhou
Emory University, New York University (NYU) - New York University (NYU), Shanghai and Northeastern University (USA)
Downloads 78 (844,901)

Abstract:

Loading...

Short sale ban, financial market microstructure, financial regulation

27.

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 2023
Marco Del Angel, Caroline Fohlin and Marc Weidenmier
University of California, Irvine, Emory University and Chapman University
Downloads 74 (852,604)

Abstract:

Loading...

28.

Liquidity Effects of the 2011-2012 European Short Sale Ban

Number of pages: 29 Posted: 20 Sep 2022 Last Revised: 27 Sep 2023
Caroline Fohlin and Nan Zhou
Emory University and Northeastern University (USA)
Downloads 72 (883,195)

Abstract:

Loading...

short sale ban, liquidity, market microstructure

29.

Stock Returns and the 1918 Spanish Flu

Number of pages: 13 Posted: 09 Nov 2022
Marco Del Angel, Caroline Fohlin and Marc Weidenmier
University of California, Irvine, Emory University and Chapman University
Downloads 53 (1,041,696)

Abstract:

Loading...

G12, G14, B26.

30.

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 13 (1,518,554)
  • Add to Cart

Abstract:

Loading...

bank concentration, Too Big To Fail

31.

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

Abstract:

Loading...