Patrick Bolton

Columbia University - Columbia Business School, Economics

Barbara and David Zalaznick Professor of Business

420 West 118th Street

New York, NY 10027

United States

http://www0.gsb.columbia.edu/faculty/pbolton/

Centre for Economic Policy Research (CEPR)

Fellow

London

United Kingdom

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

European Corporate Governance Institute (ECGI)

Fellow

c/o the Royal Academies of Belgium

Rue Ducale 1 Hertogsstraat

1000 Brussels

Belgium

http://www.ecgi.org

SCHOLARLY PAPERS

72

DOWNLOADS
Rank 252

SSRN RANKINGS

Top 252

in Total Papers Downloads

84,633

SSRN CITATIONS
Rank 181

SSRN RANKINGS

Top 181

in Total Papers Citations

2,055

CROSSREF CITATIONS

1,659

Scholarly Papers (72)

1.
Downloads 41,796 ( 48)
Citation 103

Corporate Governance and Control

Number of pages: 128 Posted: 31 Oct 2002
Marco Becht, Patrick Bolton and Ailsa Röell
Solvay Brussels School of Economics and Management (ULB), Columbia University - Columbia Business School, Economics and Columbia University, School of International and Public Affairs
Downloads 41,535 (48)
Citation 130

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Corporate governance, ownership, takeovers, block holders, boards

Corporate Governance and Control

NBER Working Paper No. w9371
Number of pages: 168 Posted: 06 Dec 2002 Last Revised: 09 Feb 2022
Marco Becht, Patrick Bolton and Ailsa Röell
Solvay Brussels School of Economics and Management (ULB), Columbia University - Columbia Business School, Economics and Columbia University, School of International and Public Affairs
Downloads 261 (162,110)
Citation 9

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2.
Downloads 6,156 ( 1,713)
Citation 67

Do Investors Care about Carbon Risk?

Columbia Business School Research Paper Forthcoming, Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute – Finance Working Paper 711/2020
Number of pages: 91 Posted: 11 Jun 2019 Last Revised: 20 Nov 2020
Patrick Bolton and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 6,091 (1,724)
Citation 66

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Carbon Emissions, Climate Change, Stock Returns, Institutional Investors

Do Investors Care About Carbon Risk?

NBER Working Paper No. w26968
Number of pages: 81 Posted: 13 Apr 2020 Last Revised: 10 Mar 2022
Patrick Bolton and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 62 (478,143)

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Do Investors Care About Carbon Risk?

CEPR Discussion Paper No. DP14568
Number of pages: 83 Posted: 08 May 2020
Patrick Bolton and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 3 (885,106)
Citation 8
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Carbon Emissions, climate change, institutional investors, Stock returns

3.
Downloads 3,426 ( 4,639)
Citation 19

Global Pricing of Carbon-Transition Risk

Number of pages: 74 Posted: 13 Mar 2020 Last Revised: 31 May 2022
Patrick Bolton and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 3,409 (4,582)
Citation 23

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Carbon Emissions, Carbon-Transition Risk, Climate Change, Stock Returns

Global Pricing of Carbon-Transition Risk

NBER Working Paper No. w28510
Number of pages: 53 Posted: 01 Mar 2021 Last Revised: 27 May 2022
Patrick Bolton and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 15 (760,778)
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Carbon Premium Around the World

CEPR Discussion Paper No. DP14567
Number of pages: 70 Posted: 08 May 2020
Patrick Bolton and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 2 (899,061)
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4.

Executive Compensation and Risk Taking

FRB of New York Staff Report No. 456
Number of pages: 44 Posted: 07 Jul 2010 Last Revised: 14 Nov 2011
Patrick Bolton, Hamid Mehran and Joel D. Shapiro
Columbia University - Columbia Business School, Economics, Independent and University of Oxford - Said Business School
Downloads 2,814 (6,475)
Citation 63

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executive compensation, risk taking

5.

Carbon Disclosure and the Cost of Capital

Number of pages: 52 Posted: 19 Jan 2021 Last Revised: 15 Nov 2021
Patrick Bolton and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 1,995 (11,265)
Citation 2

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Carbon Emissions, Voluntary and Mandatory Disclosure, Stock Returns

6.
Downloads 1,894 ( 12,183)
Citation 57

Market Timing, Investment, and Risk Management

AFA 2012 Chicago Meetings Paper
Number of pages: 59 Posted: 16 Mar 2010 Last Revised: 29 Mar 2012
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 1,835 (12,588)
Citation 55

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risk management, liquidity, financial crisis, market timing, investment, q theory

Market Timing, Investment, and Risk Management

NBER Working Paper No. w16808
Number of pages: 55 Posted: 28 Feb 2011 Last Revised: 06 Jun 2021
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 59 (490,128)
Citation 15

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7.

Hedging Climate Risk

Financial Analysts Journal, vol. 72, no. 3 (May/June 2016 Forthcoming)
Number of pages: 50 Posted: 24 Sep 2014 Last Revised: 12 Apr 2016
Mats Andersson, Patrick Bolton and Frédéric Samama
AP4, Columbia University - Columbia Business School, Economics and Sciences Po, S&P
Downloads 1,701 (14,478)
Citation 54

Abstract:

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Climate Risk, Green Index, Tracking Error, Free Option on Carbon

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

Journal of Finance, Forthcoming , AFA 2010 Atlanta Meetings Paper
Number of pages: 50 Posted: 19 Mar 2009 Last Revised: 12 Jul 2011
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 1,359 (19,951)
Citation 59

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investment, q theory, cash management, liquidity, hedging, payout, financing

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

NBER Working Paper No. w14845
Number of pages: 57 Posted: 07 Apr 2009 Last Revised: 26 Jul 2010
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 200 (209,363)

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9.
Downloads 1,413 ( 19,165)
Citation 77

The Credit Ratings Game

EFA 2009 Bergen Meetings Paper
Number of pages: 46 Posted: 16 Feb 2009
Patrick Bolton, Xavier Freixas and Joel Shapiro
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 859 (38,850)
Citation 58

Abstract:

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The Credit Ratings Game

Number of pages: 46 Posted: 01 Jul 2009
Patrick Bolton, Xavier Freixas and Joel Shapiro
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 423 (95,851)
Citation 20

Abstract:

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Credit rating agencies, conflicts of interest, ratings shopping

The Credit Ratings Game

NBER Working Paper No. w14712
Number of pages: 47 Posted: 17 Feb 2009 Last Revised: 14 Mar 2022
Patrick Bolton, Xavier Freixas and Joel D. Shapiro
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra and University of Oxford - Said Business School
Downloads 131 (298,444)

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10.
Downloads 1,342 ( 20,697)
Citation 30

Investor Ideology

Columbia Business School Research Paper No. 18-21, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 557/2018
Number of pages: 80 Posted: 14 Feb 2018 Last Revised: 01 May 2020
Columbia University - Columbia Business School, Economics, University of Florida - Department of Finance, Insurance and Real Estate, Federal Reserve Bank of Chicago and New York University
Downloads 1,313 (21,038)
Citation 34

Abstract:

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Institutional Investors, Proxy Voting, Ideology, Spatial Model

Investor Ideology

NBER Working Paper No. w25717
Number of pages: 76 Posted: 01 Apr 2019 Last Revised: 09 Apr 2022
Columbia University - Columbia Business School, Economics, University of Florida - Department of Finance, Insurance and Real Estate, Federal Reserve Bank of Chicago and New York University (NYU) - Wilf Family Department of Politics
Downloads 28 (654,108)

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Investor Ideology

CEPR Discussion Paper No. DP13633
Number of pages: 78 Posted: 01 Apr 2019
Columbia University - Columbia Business School, Economics, University of Florida - Department of Finance, Insurance and Real Estate, Federal Reserve Bank of Chicago and New York University (NYU) - Wilf Family Department of Politics
Downloads 1 (915,283)
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institutional investors, Proxy voting, Socially responsible investment

Pay for Short-Term Performance: Executive Compensation in Speculative Markets

Number of pages: 52 Posted: 25 Mar 2005
Patrick Bolton, Wei Xiong and José Scheinkman
Columbia University - Columbia Business School, Economics, Princeton University - Department of Economics and Columbia University
Downloads 1,275 (21,968)
Citation 6

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executive compensation, shareholders conflict

Pay for Short-Term Performance: Executive Compensation in Speculative Markets

NBER Working Paper No. w12107
Number of pages: 28 Posted: 15 May 2006 Last Revised: 31 Jan 2021
Patrick Bolton, José Scheinkman and Wei Xiong
Columbia University - Columbia Business School, Economics, Columbia University and Princeton University - Department of Economics
Downloads 66 (462,962)
Citation 3

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12.

Firm Commitments

Columbia Business School Research Paper
Number of pages: 58 Posted: 10 May 2021 Last Revised: 08 Jun 2022
Patrick Bolton and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 1,188 (24,851)
Citation 3

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Carbon Emissions, Science Based and CDP Targets, Nationally Determined Contributions

13.

L-Shares: Rewarding Long-Term Investors

ECGI - Finance Working Paper No. 342/2013
Number of pages: 45 Posted: 13 Dec 2012 Last Revised: 24 Feb 2013
Patrick Bolton and Frédéric Samama
Columbia University - Columbia Business School, Economics and Sciences Po, S&P
Downloads 1,159 (25,739)
Citation 3

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Exit, Voice, Loyalty, Long-term Investors

14.

Net-Zero Carbon Portfolio Alignment

Number of pages: 30 Posted: 16 Sep 2021 Last Revised: 22 Jan 2022
Columbia University - Columbia Business School, Economics, Imperial College London - Accounting, Finance, and Macroeconomics and Sciences Po, S&P
Downloads 1,095 (28,098)

Abstract:

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carbon neutrality, optimal portfolio, tracking error

Mandatory Corporate Carbon Disclosures and the Path to Net Zero

Number of pages: 21 Posted: 25 Oct 2021 Last Revised: 26 Oct 2021
Columbia University - Columbia Business School, Economics, Imperial College London - Accounting, Finance, and Macroeconomics, University of Chicago - Booth School of Business, University of Navarra, IESE Business School, Stanford University - Graduate School of Business and Rotterdam School of Management, Erasmus University
Downloads 919 (35,386)

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Climate change, Nonfinancial information, ESG reporting, sustainability, Reporting mandates, Carbon emissions

Mandatory Corporate Carbon Disclosures and the Path to Net Zero

Management and Business Review, Vol. 1, No. 3, Fall 2021
Number of pages: 8 Posted: 21 Mar 2022
Columbia University - Columbia Business School, Economics, Stanford University - Graduate School of Business, Imperial College London - Accounting, Finance, and Macroeconomics, University of Chicago - Booth School of Business, University of Navarra, IESE Business School and Rotterdam School of Management, Erasmus University
Downloads 142 (281,931)

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net zero, carbon economy, carbon emissions, GHG

16.
Downloads 1,040 ( 30,103)
Citation 13

Cream Skimming in Financial Markets

Number of pages: 49 Posted: 28 Feb 2011 Last Revised: 25 Jun 2014
Patrick Bolton, Tano Santos and José Scheinkman
Columbia University - Columbia Business School, Economics, Columbia Business School and Columbia University
Downloads 1,011 (30,899)
Citation 10

Abstract:

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Cream Skimming in Financial Markets

NBER Working Paper No. w16804
Number of pages: 52 Posted: 28 Feb 2011 Last Revised: 02 Jun 2022
Patrick Bolton, Tano Santos and José Scheinkman
Columbia University - Columbia Business School, Economics, Columbia Business School and Columbia University
Downloads 29 (646,971)

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17.
Downloads 923 ( 35,599)
Citation 34

Credit Default Swaps and the Empty Creditor Problem

Review of Financial Studies (2011), 24(8): 2617-2655
Number of pages: 59 Posted: 13 Mar 2010 Last Revised: 10 Dec 2015
Patrick Bolton and Martin Oehmke
Columbia University - Columbia Business School, Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 871 (38,076)
Citation 25

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Credit Default Swaps and the Empty Creditor Problem

NBER Working Paper No. w15999
Number of pages: 46 Posted: 04 Jun 2010 Last Revised: 21 Mar 2021
Patrick Bolton and Martin Oehmke
Columbia University - Columbia Business School, Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 52 (519,894)
Citation 3

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18.
Downloads 904 ( 36,652)

Debt, Taxes, and Liquidity

Columbia Business School Research Paper No. 14-17
Number of pages: 43 Posted: 13 Mar 2014 Last Revised: 22 Nov 2014
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 877 (37,708)

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Capital structure, liquidity, cash, financing frictions, marginal tax benefit of debt, tradeoff theory

Debt, Taxes, and Liquidity

NBER Working Paper No. w20009
Number of pages: 61 Posted: 31 Mar 2014 Last Revised: 05 Mar 2022
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 27 (661,341)

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19.
Downloads 718 ( 50,074)
Citation 4

Leadership, Coordination and Mission-Driven Management

AFA 2009 San Francisco Meetings Paper
Number of pages: 44 Posted: 17 Mar 2008
Columbia University - Columbia Business School, Economics, Princeton University - Department of Economics and Columbia University - Columbia Business School
Downloads 632 (58,375)
Citation 6

Abstract:

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leadership, CEO overconfidence, coordination games

Leadership, Coordination and Mission-Driven Management

NBER Working Paper No. w14339
Number of pages: 44 Posted: 15 Sep 2008 Last Revised: 07 Mar 2022
Columbia University - Columbia Business School, Economics, Princeton University - Department of Economics and Columbia University - Columbia Business School
Downloads 86 (398,281)

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Corporate Finance and the Monetary Transmission Mechanism

Number of pages: 48 Posted: 21 Nov 2000
Patrick Bolton and Xavier Freixas
Columbia University - Columbia Business School, Economics and Universitat Pompeu Fabra
Downloads 685 (52,622)
Citation 8

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monetary transmission, asymmetric information, capital constraint

Corporate Finance and the Monetary Transmission Mechanism

Number of pages: 53 Posted: 01 Aug 2001
Patrick Bolton and Xavier Freixas
Columbia University - Columbia Business School, Economics and Universitat Pompeu Fabra
Downloads 31 (633,338)
Citation 15
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Monetary policy, monetary policy, corporate finance, equity capital adequacy constraints

Executive Compensation and Short-Termist Behavior in Speculative Markets

Number of pages: 55 Posted: 28 May 2003
Patrick Bolton, Wei Xiong and José Scheinkman
Columbia University - Columbia Business School, Economics, Princeton University - Department of Economics and Columbia University
Downloads 630 (58,621)
Citation 1

Abstract:

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Executive Compensation, Short-term Behavior, Speculative Market, Corporate Governance

Executive Compensation and Short-Termist Behavior in Speculative Markets

NBER Working Paper No. w9722
Number of pages: 56 Posted: 25 May 2006 Last Revised: 24 Jan 2022
Patrick Bolton, Wei Xiong and José Scheinkman
Columbia University - Columbia Business School, Economics, Princeton University - Department of Economics and Columbia University
Downloads 72 (441,818)
Citation 24

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Executive Compensation and Short-Termist Behavior in Speculative Markets

Review of Economic Studies, Forthcoming
Posted: 30 Nov 2005
Patrick Bolton, José Scheinkman and Wei Xiong
Columbia University - Columbia Business School, Economics, Columbia University and Princeton University - Department of Economics

Abstract:

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Executive Compensation, Over-investment, Short-term Behavior, Speculative Markets

22.

Born Out of Necessity: A Debt Standstill for COVID-19

Center for Economic Policy Research; Policy Insight No. 103 (2020), Duke Law School Public Law & Legal Theory Series No. 2020-23
Number of pages: 11 Posted: 28 Apr 2020 Last Revised: 13 May 2020
Columbia University - Columbia Business School, Economics, Center for Contract and Economic Organization, University of California, Berkeley - Department of Economics, University of Virginia School of Law, University of Chicago - Booth School of Business, United Nations - Conference on Trade and Development (UNCTAD) and Graduate Institute Geneva, IHEIDGraduate Institute Geneva, IHEID
Downloads 617 (60,971)
Citation 8

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debt standstill, COVID-19, sovereign debt

23.

Savings Gluts and Financial Fragility

Number of pages: 54 Posted: 08 Mar 2016 Last Revised: 08 Jan 2018
Patrick Bolton, Tano Santos and José Scheinkman
Columbia University - Columbia Business School, Economics, Columbia Business School and Columbia University
Downloads 591 (64,396)
Citation 14

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savings glut, cream skimming, incentives for origination, leverage, financial fragility

24.

Understanding Big Data: Data Calculus in the Digital Era

Rotman School of Management Working Paper No. 3791018, Columbia Business School Research Paper Forthcoming
Number of pages: 86 Posted: 25 Feb 2021
Cheung Kong Graduate School of BusinessLuohan Academy, Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology (MIT) - Department of Economics, Princeton University - Department of Economics, London School of Economics & Political Science (LSE), Stanford Graduate School of Business, International Monetary Fund (IMF), University of Southern California - Marshall School of Business, Princeton University - Department of Economics, University of Toronto - Rotman School of Management, Luohan Academy, Luohan Academy, Luohan Academy, Luohan Academy, Princeton University - Department of Economics and Bendheim Center for Finance and Ant Financial
Downloads 501 (79,151)
Citation 1

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big data, data economics, information economics, privacy, market competition

25.
Downloads 477 ( 83,996)
Citation 5

The Capital Structure of Nations

Columbia Business School Research Paper No. 16-44
Number of pages: 62 Posted: 02 Jun 2016 Last Revised: 14 Jun 2017
Patrick Bolton and Haizhou Huang
Columbia University - Columbia Business School, Economics and China International Capital Corporation Limited
Downloads 425 (95,298)

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Sovereign Financial Structure, Money, Domestic-currency Liabilities, Foreign-currency Debt

The Capital Structure of Nations

NBER Working Paper No. w23612
Number of pages: 63 Posted: 25 Jul 2017 Last Revised: 07 Jan 2022
Patrick Bolton and Haizhou Huang
Columbia University - Columbia Business School, Economics and China International Capital Corporation Limited
Downloads 52 (519,894)
Citation 1

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The Capital Structure of Nations

CEPR Discussion Paper No. DP12157
Number of pages: 65 Posted: 25 Jul 2017
Patrick Bolton and Haizhou Huang
Columbia University - Columbia Business School, Economics and China International Capital Corporation Limited
Downloads 0
Citation 4
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26.
Downloads 415 ( 98,824)
Citation 10

Optimal Property Rights in Financial Contracting

Number of pages: 38 Posted: 29 May 2007
Kenneth Ayotte and Patrick Bolton
University of California, Berkeley - School of Law and Columbia University - Columbia Business School, Economics
Downloads 361 (114,999)

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property rights, contracts, legal rules, covenants, bankruptcy

Optimal Property Rights in Financial Contracting

NBER Working Paper No. w13316
Number of pages: 39 Posted: 24 Aug 2007 Last Revised: 22 May 2022
Kenneth Ayotte and Patrick Bolton
University of California, Berkeley - School of Law and Columbia University - Columbia Business School, Economics
Downloads 54 (510,997)
Citation 3

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27.

The Financial Cost of Carbon

Number of pages: 40 Posted: 10 May 2022
Patrick Bolton, Zachery Halem and Marcin T. Kacperczyk
Columbia University - Columbia Business School, Economics, MIT Laboratory for Financial Engineering and Imperial College London - Accounting, Finance, and Macroeconomics
Downloads 397 (103,981)

Abstract:

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financial cost of carbon, cost of capital, carbon emissions, carbon pricing

28.

Strategic Experimentation: A Revision

Number of pages: 54 Posted: 09 Apr 1997
Patrick Bolton and Christopher Harris
Columbia University - Columbia Business School, Economics and University of Cambridge - Department of Applied Economics
Downloads 387 (107,136)
Citation 56

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Downloads 367 (113,691)
Citation 26

Should Derivatives Be Privileged in Bankruptcy?

Journal of Finance (2015), 70(6), 2352-2394
Number of pages: 58 Posted: 16 Mar 2012 Last Revised: 10 Dec 2015
Patrick Bolton and Martin Oehmke
Columbia University - Columbia Business School, Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 336 (124,619)
Citation 9

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Derivatives, Swaps, Automatic Stay, Chapter 11, QFCs, Safe Harbors

Should Derivatives Be Privileged in Bankruptcy?

NBER Working Paper No. w17599
Number of pages: 57 Posted: 21 Nov 2011 Last Revised: 02 Feb 2022
Patrick Bolton and Martin Oehmke
Columbia University - Columbia Business School, Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 31 (633,338)
Citation 12

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30.
Downloads 346 (121,327)
Citation 2

Dynamic Banking and the Value of Deposits

Fisher College of Business Working Paper No. 2020-03-013, Charles A. Dice Working Paper No. 2020-13
Number of pages: 61 Posted: 10 Jun 2020 Last Revised: 23 Sep 2021
Patrick Bolton, Ye Li, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Ohio State University (OSU), Columbia University - Columbia Business School, Finance and Columbia University
Downloads 340 (123,074)
Citation 2

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Deposits, Dynamic Banking, Q-Theory, Risk Management, Financial Constraint, Supplementary Leverage Ratio, Low Interest Rate, Inside Money, Payment

Dynamic Banking and the Value of Deposits

NBER Working Paper No. w28298
Number of pages: 61 Posted: 04 Jan 2021 Last Revised: 28 Apr 2022
Patrick Bolton, Ye Li, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Ohio State University (OSU), Columbia University - Columbia Business School, Finance and Columbia University
Downloads 6 (850,923)
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Investment under Uncertainty and the Value of Real and Financial Flexibility

Columbia Business School Research Paper No. 14-1
Number of pages: 50 Posted: 07 Dec 2013 Last Revised: 28 Aug 2014
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 294 (143,490)
Citation 7

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Investment Under Uncertainty with Financial Constraints

NBER Working Paper No. w20610
Number of pages: 81 Posted: 27 Oct 2014 Last Revised: 25 Apr 2022
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 40 (579,625)
Citation 5

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32.

Odious Debts or Odious Regimes?

Law & Contemporary Problems, Vol. 70, p. 83, Autumn 2007, U of Penn, Inst for Law & Econ Research Paper No. 07-30
Number of pages: 25 Posted: 07 Nov 2007 Last Revised: 29 Jun 2011
Patrick Bolton and David A. Skeel
Columbia University - Columbia Business School, Economics and University of Pennsylvania Carey Law School
Downloads 311 (135,891)

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Odious debt doctrine, legal history, international law, politics, systematic suppression, systematic looting, tyranny, UN, United Nations, IMF, International Monetary Fund, sovereign debt, national debt, repayment, forgiveness

Conflicts of Interest, Information Provision and Competition in Banking

Universitat Pompeu Fabra Economics and Business Working Paper No. 760
Number of pages: 45 Posted: 12 Jul 2004
Patrick Bolton, Xavier Freixas and Joel Shapiro
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 232 (181,897)

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Conflicts of interest, information provision, one-stop

Conflicts of Interest, Information Provision, and Competition in Banking

NBER Working Paper No. w10571
Number of pages: 46 Posted: 04 Jul 2004 Last Revised: 22 May 2022
Patrick Bolton, Xavier Freixas and Joel Shapiro
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
Downloads 64 (470,376)
Citation 1

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34.
Downloads 292 (145,216)
Citation 15

Bank Resolution and the Structure of Global Banks

Columbia Business School Research Paper No. 18-39
Number of pages: 60 Posted: 10 May 2018 Last Revised: 17 Aug 2018
Patrick Bolton and Martin Oehmke
Columbia University - Columbia Business School, Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 283 (149,304)
Citation 9

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Bank Resolution, Too Big to Fail, TLAC, Ring-Fencing, Bankruptcy, G-SIBs, SIFIs

Bank Resolution and the Structure of Global Banks

NBER Working Paper No. w24737
Number of pages: 60 Posted: 25 Jun 2018 Last Revised: 05 Aug 2021
Patrick Bolton and Martin Oehmke
Columbia University - Columbia Business School, Economics and London School of Economics & Political Science (LSE) - Department of Finance
Downloads 9 (819,442)
Citation 6

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Bank Resolution and the Structure of Global Banks

CEPR Discussion Paper No. DP13032
Number of pages: 62 Posted: 09 Jul 2018
Patrick Bolton and Martin Oehmke
Columbia University - Columbia Business School, Economics and London School of Economics & Political Science (LSE) - Department of Finance
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bank resolution, single point of entry

35.
Downloads 288 (147,343)
Citation 55

Outside and Inside Liquidity

The Quarterly Journal of Economics, Vol. 126, No. 1, pp. 259-321, 2011, Columbia Business School Research Paper No. 11-30, Economic Theory Center Working Paper No. 35-2012
Number of pages: 66 Posted: 22 Oct 2011 Last Revised: 31 May 2012
Patrick Bolton, Tano Santos and José Scheinkman
Columbia University - Columbia Business School, Economics, Columbia Business School and Columbia University
Downloads 197 (212,201)
Citation 11

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Outside and Inside Liquidity

NBER Working Paper No. w14867
Number of pages: 59 Posted: 13 Apr 2009 Last Revised: 14 Feb 2022
Patrick Bolton, Tano Santos and José Scheinkman
Columbia University - Columbia Business School, Economics, Columbia Business School and Columbia University
Downloads 91 (384,395)
Citation 1

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36.

Inside the Black Box: How Should a Sovereign Bankruptcy Framework Be Structured?

Emory Law Journal, Vol. 53, pp. 763, 2004, U of Penn, Inst for Law & Econ Research Paper No. 05-03
Number of pages: 60 Posted: 10 Feb 2005 Last Revised: 29 Jun 2011
David A. Skeel and Patrick Bolton
University of Pennsylvania Carey Law School and Columbia University - Columbia Business School, Economics
Downloads 287 (147,892)
Citation 8

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Bankruptcy, sovereign bankruptcy, bankruptcy framework, sovereign debt restructuring mechanism

37.
Downloads 282 (150,544)
Citation 9

Coco Issuance and Bank Fragility

BIS Working Paper No. 678
Number of pages: 77 Posted: 11 Dec 2017
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department, Columbia University - Columbia Business School, Economics, Emory University Goizueta Business School and University of St. Gallen - I.VW-HSG
Downloads 238 (177,518)

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CoCos, Contingent Convertible Capital, Bank Capital Regulation, Basel III

Coco Issuance and Bank Fragility

NBER Working Paper No. w23999
Number of pages: 75 Posted: 13 Nov 2017 Last Revised: 28 Jan 2022
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department, Columbia University - Columbia Business School, Economics, Emory University Goizueta Business School and University of St. Gallen - I.VW-HSG
Downloads 42 (568,719)
Citation 2

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CoCo Issuance and Bank Fragility

CEPR Discussion Paper No. DP12418
Number of pages: 77 Posted: 06 Nov 2017
Bank for International Settlements (BIS), Bank for International Settlements (BIS) - Monetary and Economic Department, Columbia University - Columbia Business School, Economics, Emory University Goizueta Business School and University of St. Gallen - I.VW-HSG
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Citation 4
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Contingent convertible capital securities; Bail-in

38.

From Global Savings Glut to Financing Infrastructure: The Advent of Investment Platforms

IMF Working Paper No. 16/18
Number of pages: 48 Posted: 28 Mar 2016
World Bank - African Development Bank, Columbia University - Columbia Business School, Economics, Columbia University, Sciences Po, S&P and Columbia University - Columbia Business School, Finance
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Citation 5

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projects, bank, risk, equity, General, Government Policy and Regulation, Other, Infrastructures, All Countries, Public Private Partnership, Long-term Investors

39.

Capital Access Bonds: Contingent Capital with an Option to Convert

Number of pages: 46 Posted: 17 Nov 2011
Patrick Bolton and Frédéric Samama
Columbia University - Columbia Business School, Economics and Sciences Po, S&P
Downloads 259 (163,968)
Citation 18

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contingent capital, counter-cyclical investment, banking

40.

Barriers to Long-Term Cross-Border Investing: A Survey of Institutional Investor Perceptions

Rotman International Journal of Pension Management, Vol. 7, No. 2, 2014, Columbia Business School Research Paper No. 14-43, PBCSF-NIFR Research Paper No. 14-04
Number of pages: 11 Posted: 17 Sep 2014 Last Revised: 19 Feb 2016
Committee on Global Thought, Columbia University, Columbia University - Columbia Business School, Economics, Columbia University, Tsinghua University - PBC School of Finance and Sciences Po, S&P
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Co-investing, Investment Regulation, Pension Fund, Public Goods, Short-Termism, Sovereign Wealth Funds

41.

Environmental Protection and Sovereign Debt Restructuring

Capital Markets Law Journal (forthcoming 2022), Virginia Public Law and Legal Theory Research Paper No. 2022-35, Virginia Law and Economics Research Paper No. 2022-07
Number of pages: 19 Posted: 25 Feb 2022 Last Revised: 26 May 2022
Columbia University - Columbia Business School, Economics, Center for Contract and Economic Organization, Graduate Institute of International and Development Studies (IHEID) - Department of Economics, Graduate Institute Geneva, IHEIDGraduate Institute Geneva, IHEID and University of Virginia School of Law
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ESG, sovereign debt, restructuring, green

42.
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Legal Air Cover

Duke Law School Public Law & Legal Theory Series No. 2020-63
Number of pages: 41 Posted: 11 Oct 2020
Patrick Bolton, Mitu Gulati and Ugo Panizza
Columbia University - Columbia Business School, Economics, University of Virginia School of Law and Graduate Institute of International and Development Studies (IHEID) - Department of Economics
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Sovereign Debt, Restructuring, COVID-19, Sudden Stop, Greek Retrofit

Legal Air Cover

CEPR Discussion Paper No. DP15336
Number of pages: 32 Posted: 03 Nov 2020
Patrick Bolton, Mitu Gulati and Ugo Panizza
Columbia University - Columbia Business School, Economics, University of Virginia School of Law and Graduate Institute of International and Development Studies (IHEID) - Department of Economics
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debt restructuring, Incomplete Contracts, sovereign default

43.

Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime

IMF Working Paper No. 07/192
Number of pages: 29 Posted: 23 Aug 2007
Patrick Bolton and Olivier Jeanne
Columbia University - Columbia Business School, Economics and International Monetary Fund (IMF) - Research Department
Downloads 207 (202,977)
Citation 9

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Sovereign debt, Debt restructuring, Bankruptcy, Sovereign Debt Restructuring Mechanism, Working Paper

44.

Toward a Statutory Approach to Sovereign Debt Restructuring: Lessons from Corporate Bankruptcy Practice Around the World

IMF Working Paper No. 03/13
Number of pages: 36 Posted: 28 Jan 2006
Patrick Bolton
Columbia University - Columbia Business School, Economics
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Bankruptcy, sovereign debt

Intracompany Governance and Innovation

Number of pages: 86 Posted: 03 Aug 2009 Last Revised: 15 Jun 2014
Sharon Belenzon, Tomer Berkovitz and Patrick Bolton
Duke University, Columbia Business School and Columbia University - Columbia Business School, Economics
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governance, innovation, patents

Intracompany Governance and Innovation

NBER Working Paper No. w15304
Number of pages: 88 Posted: 31 Aug 2009 Last Revised: 27 Apr 2022
Sharon Belenzon, Tomer Berkovitz and Patrick Bolton
Duke University, Columbia Business School and Columbia University - Columbia Business School, Economics
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46.

Conflicts of Interest and Credible Information Provision by Specialized and One-Stop Banks

Number of pages: 27 Posted: 21 Jul 2003
Xavier Freixas, Patrick Bolton and Joel Shapiro
Universitat Pompeu Fabra, Columbia University - Columbia Business School, Economics and Universitat Pompeu Fabra - Faculty of Economic and Business Sciences
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Citation 1

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47.

Debt, Default, and Risk Management: Corporate Policies Under Incomplete Markets

Columbia Business School Research Paper Forthcoming
Number of pages: 50 Posted: 30 Sep 2019
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 156 (259,251)

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leverage, capital structure, debt capacity, payouts

48.

Strategic Conduct in Credit Derivative Markets

International Journal of Industrial Organization (2013), 31(5): 652-658
Number of pages: 23 Posted: 30 Jan 2013 Last Revised: 10 Dec 2015
Patrick Bolton and Martin Oehmke
Columbia University - Columbia Business School, Economics and London School of Economics & Political Science (LSE) - Department of Finance
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Credit Default Swaps, Counterparty Risk, Naked CDS, Empty Creditors, CDS Auctions, Derivatives in Bankruptcy

49.
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Citation 207

Relationship and Transaction Lending in a Crisis

Bank of Italy Temi di Discussione (Working Paper) No. 917
Number of pages: 77 Posted: 12 Jul 2013
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra, Bank for International Settlements (BIS) and Bank of Italy
Downloads 79 (418,927)
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relationship banking, transaction banking, crisis

Relationship and Transaction Lending in a Crisis

BIS Working Paper No. 417
Number of pages: 68 Posted: 27 Feb 2014
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra, Bank for International Settlements (BIS) and Bank of Italy
Downloads 47 (543,251)
Citation 6

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Relationship Banking, Transaction Banking, Crisis

Relationship and Transaction Lending in a Crisis

NBER Working Paper No. w19467
Number of pages: 67 Posted: 28 Sep 2013 Last Revised: 12 Mar 2022
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra, Bank for International Settlements (BIS) and Bank of Italy
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Citation 105

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Relationship and Transaction Lending in a Crisis

CEPR Discussion Paper No. DP9662
Number of pages: 69 Posted: 24 Sep 2013
Columbia University - Columbia Business School, Economics, Universitat Pompeu Fabra, Bank for International Settlements (BIS) and Bank of Italy
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Citation 17
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crisis, relationship banking, transaction banking

50.

Money, Sovereignty, and Optimal Currency Areas

Columbia Business School Research Paper No. 18-66
Number of pages: 57 Posted: 18 Aug 2018
Patrick Bolton and Haizhou Huang
Columbia University - Columbia Business School, Economics and China International Capital Corporation Limited
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Citation 1

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Money, Currency Union, Monetary Sovereignty, Strategic Monetization

Ownership and Managerial Competition: Employee, Customer, or Outside Ownership

LSE STICERD Research Paper No. TE412
Number of pages: 43 Posted: 16 Jul 2008
Patrick Bolton and Chenggang Xu
Columbia University - Columbia Business School, Economics and University of Hong Kong
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Ownership and Managerial Competition: Employee, Customer, or Outside Ownership

Posted: 07 Jan 1999
Patrick Bolton and Chenggang Xu
Columbia University - Columbia Business School, Economics and University of Hong Kong

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52.

Market and Public Liquidity

American Economic Review, Vol. 99, No. 2, 594-99, 2009, Economic Theory Center Working Paper No. 34-2012
Number of pages: 7 Posted: 22 Oct 2011
Patrick Bolton, Tano Santos and José Scheinkman
Columbia University - Columbia Business School, Economics, Columbia Business School and Columbia University
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53.

Thinking Ahead: The Decision Problem

NBER Working Paper No. w11867
Number of pages: 48 Posted: 22 Jan 2006 Last Revised: 06 Jun 2021
Patrick Bolton and Antoine Faure-Grimaud
Columbia University - Columbia Business School, Economics and London School of Economics
Downloads 85 (397,202)
Citation 1

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Structuring and Restructuring Sovereign Debt: The Role of Seniority

NBER Working Paper No. w11071
Number of pages: 62 Posted: 16 Feb 2005 Last Revised: 03 Apr 2022
Patrick Bolton and Olivier Jeanne
Columbia University - Columbia Business School, Economics and International Monetary Fund (IMF) - Research Department
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Citation 6

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Structuring and Restructuring Sovereign Debt: The Role of Seniority

Number of pages: 63 Posted: 02 Jun 2005
Patrick Bolton and Olivier Jeanne
Columbia University - Columbia Business School, Economics and International Monetary Fund (IMF) - Research Department
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Citation 5
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Sovereign debt, seniority, debt dilution, collective action clause, sovereign default

55.

The Political Economy of Debt Moratoria, Bailouts and Bankruptcy

IDB Working Paper No. 105
Number of pages: 37 Posted: 19 Apr 2011
Patrick Bolton and Howard Rosenthal
Columbia University - Columbia Business School, Economics and New York University
Downloads 71 (439,786)
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56.

Satisficing Contracts

NBER Working Paper No. w14654
Number of pages: 46 Posted: 19 Jan 2009 Last Revised: 24 Jan 2022
Patrick Bolton and Antoine Faure-Grimaud
Columbia University - Columbia Business School, Economics and London School of Economics
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Citation 1

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57.

The Dynamics of Optimal Risk Sharing

NBER Working Paper No. w16094
Number of pages: 65 Posted: 21 Jun 2010 Last Revised: 24 Jun 2022
Patrick Bolton and Christopher Harris
Columbia University - Columbia Business School, Economics and University of Cambridge - Department of Applied Economics
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58.

Digital Circular Economy For Net Zero

Number of pages: 86 Posted: 25 May 2022
Columbia University - Columbia Business School, Economics, Accenture, Stanford University, University of Michigan at Ann Arbor - School of Natural Resources & Environment, Cheung Kong Graduate School of BusinessLuohan Academy, Luohan Academy, Luohan Academy, Luohan Academy and London School of Economics & Political Science (LSE)
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Carbon emission, net zero, digitalization, circular economy, governance, multi-level perspective, socio-technical system

59.

Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital

NBER Working Paper No. w20979
Number of pages: 65 Posted: 02 Mar 2015 Last Revised: 29 Apr 2022
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 53 (506,776)
Citation 15

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60.

The Great Divide and Beyond - Financial Architecture in Transition

Number of pages: 56 Posted: 21 Feb 2003
Erik Berglöf and Patrick Bolton
Institute of Global Affairs, London School of Economics and Political Science and Columbia University - Columbia Business School, Economics
Downloads 53 (506,776)
Citation 5
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Economic transition, financial development, fiscal discipline, rule of law

61.

The Great Carbon Arbitrage

IMF Working Paper No. 2022/107
Number of pages: 65 Posted: 07 Jun 2022
International Monetary Fund, Columbia University - Columbia Business School, Economics and Stanford Institute for Economic Policy Research, Stanford University
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Climate, Carbon, Environment, Climate Policy, Valuation of Environmental Effects, Financial Economics

Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

NBER Working Paper No. w16899
Number of pages: 47 Posted: 28 Mar 2011 Last Revised: 06 Mar 2022
Patrick Bolton and Olivier Jeanne
Columbia University - Columbia Business School, Economics and Johns Hopkins University - Department of Economics
Downloads 36 (602,199)
Citation 16

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Sovereign Default Risk and Bank Fragility in Financially Integrated Economies

CEPR Discussion Paper No. DP8358
Number of pages: 48 Posted: 04 May 2011
Patrick Bolton and Olivier Jeanne
Columbia University - Columbia Business School, Economics and Johns Hopkins University - Department of Economics
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Citation 17
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banking, collateral, European debt crisis, European Monetary Union, financial contagion, government debt, government default, international financial integration

63.

Leverage Dynamics and Financial Flexibility

NBER Working Paper No. w26802
Number of pages: 60 Posted: 09 Mar 2020 Last Revised: 27 Mar 2022
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 38 (577,560)

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64.

Loyalty‐Shares: Rewarding Long‐Term Investors

Journal of Applied Corporate Finance, Vol. 25, Issue 3, pp. 86-97, 2013
Number of pages: 14 Posted: 23 Dec 2013
Patrick Bolton and Frédéric Samama
Columbia University - Columbia Business School, Economics and Sciences Po, S&P
Downloads 12 (761,443)

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65.

Governance and Climate Change: A Success Story in Mobilizing Investor Support for Corporate Responses to Climate Change

Journal of Applied Corporate Finance, Vol. 28, Issue 2, pp. 29-33, 2016
Posted: 12 Jul 2016
Mats Andersson, Patrick Bolton and Frédéric Samama
AP4, Columbia University - Columbia Business School, Economics and Sciences Po, S&P
Downloads 5 (828,303)
Citation 4

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66.

Political Intervention in Debt Contracts

Posted: 07 Mar 2003
Patrick Bolton and Howard Rosenthal
Columbia University - Columbia Business School, Economics and New York University

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67.

Predatory Pricing: Response to Critique and Further Elaboration

Posted: 07 Jan 2002
Boston University School of Law, Columbia University - Columbia Business School, Economics and Columbia University - Columbia Business School

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Predatory pricing, strategic theory, below-cost pricing, recoupment, efficiencies defense, robustness of strategic theory, business justification, reputation effect, test market predation, cost-signalling, financial market predation, pricing below-cost, Brooke Group v. Brown & Williamson

68.

Equity, Bonds, and Bank Debt: Capital Structure and Financial Market Equilibrium Under Asymmetric Information

Posted: 30 Mar 2000
Patrick Bolton and Xavier Freixas
Columbia University - Columbia Business School, Economics and Universitat Pompeu Fabra

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69.

Predatory Pricing: Strategic Theory and Legal Policy

Posted: 20 Mar 2000
Columbia University - Columbia Business School, Economics, Boston University School of Law and Columbia University - Columbia Business School

Abstract:

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70.

A Dilution Cost Approach to Financial Intermediation and Securities Markets

Posted: 13 Aug 1998
Patrick Bolton and Xavier Freixas
Columbia University - Columbia Business School, Economics and Universitat Pompeu Fabra

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71.

Optimal Debt Structure and the Number of Creditors

J. OF POLITICAL ECONOMY, February 1996
Posted: 03 Jul 1998
Patrick Bolton and David S. Scharfstein
Columbia University - Columbia Business School, Economics and Harvard Business School - Finance Unit

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72.

The Breakup of Nations: A Political Economy Analysis

QUARTERLY JOURNAL OF ECONOMICS Vol CXII Issue 4, November 1997
Posted: 10 Jun 1998
Patrick Bolton and Gérard Roland
Columbia University - Columbia Business School, Economics and University of California, Berkeley - Department of Economics

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