Efraim Benmelech

Northwestern University - Kellogg School of Management

Harold L. Stuart Professor of Finance

Evanston, IL 60208

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

  • Northwestern University - Kellogg School of Management

  • National Bureau of Economic Research (NBER)

SCHOLARLY PAPERS

34

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8,014

CITATIONS
Rank 1,271

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Top 1,271

in Total Papers Citations

544

Scholarly Papers (34)

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1.

Did the Community Reinvestment Act (CRA) Lead to Risky Lending?

Downloads 1,711 ( 9,290)
Citation 6

Did the Community Reinvestment Act (CRA) Lead to Risky Lending?

Kreisman Working Papers Series in Housing Law and Policy No. 8
Number of pages: 44 Posted: 08 Nov 2012 Last Revised: 08 Jan 2015
Sumit Agarwal, Efraim Benmelech, Nittai Bergman and Amit Seru
National University of Singapore, Northwestern University - Kellogg School of Management, Tel Aviv University and Stanford University
Downloads 1,592 (10,242)

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CRA, Financial Institutions, Mortgages, Financial Crisis, Household Finance

Did the Community Reinvestment Act (Cra) Lead to Risky Lending?

NBER Working Paper No. w18609
Number of pages: 45 Posted: 07 Dec 2012 Last Revised: 17 Dec 2012
Sumit Agarwal, Efraim Benmelech, Nittai Bergman and Amit Seru
National University of Singapore, Northwestern University - Kellogg School of Management, Tel Aviv University and Stanford University
Downloads 119 (234,059)

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2.

Securitization without Adverse Selection: The Case of CLOs

Downloads 1,117 ( 18,185)
Citation 14

Securitization without Adverse Selection: The Case of CLOs

AFA 2010 Atlanta Meetings Paper, Journal of Financial Economics (JFE), Vol. 106 (1), 91-113, 2012
Number of pages: 58 Posted: 16 Feb 2009 Last Revised: 15 Feb 2018
Efraim Benmelech, Jennifer Dlugosz and Victoria Ivashina
Northwestern University - Kellogg School of Management, Washington University in St. Louis - John M. Olin Business School and Harvard University
Downloads 1,066 (19,145)
Citation 1

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Structured finance, Collateralized loan obligations (CLOs), CDOs, Syndicated loans

Securitization Without Adverse Selection: The Case of Clos

NBER Working Paper No. w16766
Number of pages: 46 Posted: 07 Feb 2011 Last Revised: 09 Feb 2011
Efraim Benmelech, Jennifer Dlugosz and Victoria Ivashina
Northwestern University - Kellogg School of Management, Washington University in St. Louis - John M. Olin Business School and Harvard University
Downloads 51 (389,002)

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3.

Credit Ratings: Qualitative Versus Quantitative Information

Number of pages: 49 Posted: 19 Jun 2017
Efraim Benmelech
Northwestern University - Kellogg School of Management
Downloads 649 (39,182)
Citation 1

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Credit Rating

4.

Financing Labor

Downloads 497 ( 55,368)

Financing Labor

Number of pages: 35 Posted: 20 May 2015
Efraim Benmelech, Nittai Bergman and Amit Seru
Northwestern University - Kellogg School of Management, Tel Aviv University and Stanford University
Downloads 305 (97,776)

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Credit, Financial Constraints, Labor, Unemployment.

Financing Labor

NBER Working Paper No. w17144
Number of pages: 33 Posted: 20 Jun 2011
Efraim Benmelech, Nittai Bergman and Amit Seru
Northwestern University - Kellogg School of Management, Tel Aviv University and Stanford University
Downloads 192 (156,545)

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5.

Collateral Pricing

Downloads 489 ( 56,542)
Citation 30

Collateral Pricing

AFA 2008 New Orleans Meetings Paper
Number of pages: 36 Posted: 06 Feb 2007
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 435 (64,673)
Citation 3

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Collateral, Secured debt, Redeployability, Airlines

Collateral Pricing

NBER Working Paper No. w13874
Number of pages: 46 Posted: 19 Mar 2008 Last Revised: 09 Jul 2008
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 54 (378,839)

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6.

The Credit Rating Crisis

NBER Working Paper No. w15045
Number of pages: 57 Posted: 08 Jun 2009 Last Revised: 03 Oct 2010
Efraim Benmelech and Jennifer Dlugosz
Northwestern University - Kellogg School of Management and Washington University in St. Louis - John M. Olin Business School
Downloads 398 (72,690)

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7.

Stock-Based Compensation and CEO (Dis)Incentives

Downloads 324 ( 92,015)
Citation 46

Stock-Based Compensation and CEO (Dis)Incentives

Number of pages: 53 Posted: 27 Mar 2008
Efraim Benmelech, Eugene Kandel and Pietro Veronesi
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - Department of Economics and University of Chicago - Booth School of Business
Downloads 273 (110,287)
Citation 3

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executive compensation, corporate governance

Stock-Based Compensation and CEO (Dis)Incentives

NBER Working Paper No. w13732
Number of pages: 54 Posted: 11 Jan 2008 Last Revised: 29 Oct 2014
Efraim Benmelech, Pietro Veronesi and Eugene Kandel
Northwestern University - Kellogg School of Management, University of Chicago - Booth School of Business and Hebrew University of Jerusalem - Department of Economics
Downloads 46 (407,088)

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Stock-Based Compensation and CEO (Dis)Incentives

CEPR Discussion Paper No. DP6515
Number of pages: 52 Posted: 05 Jun 2008
Efraim Benmelech, Eugene Kandel and Pietro Veronesi
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - Department of Economics and University of Chicago - Booth School of Business
Downloads 5 (638,162)
Citation 3
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CEO compensation, Sub-optimal investments

8.

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles

Downloads 322 ( 92,665)
Citation 21

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles

Number of pages: 74 Posted: 18 Oct 2014 Last Revised: 08 Feb 2016
Efraim Benmelech, Ralf R. Meisenzahl and Rodney Ramcharan
Northwestern University - Kellogg School of Management, Federal Reserve Board and University of Southern California, Marshall School of Business
Downloads 307 (97,110)
Citation 3

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liquidity, crises, credit

The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles

NBER Working Paper No. w22148
Number of pages: 75 Posted: 11 Apr 2016
Efraim Benmelech, Ralf R. Meisenzahl and Rodney Ramcharan
Northwestern University - Kellogg School of Management, Federal Reserve Board and University of Southern California, Marshall School of Business
Downloads 15 (568,913)
Citation 4

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9.

Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines

Downloads 287 (105,059)
Citation 24

Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines

9th Annual Texas Finance Festival, AFA 2008 New Orleans Meetings Paper
Number of pages: 40 Posted: 12 Mar 2007 Last Revised: 23 May 2008
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 273 (110,287)
Citation 7

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Renegotiation, Liquidation Values, Incomplete Contracts, Aircraft

Liquidation Values and the Credibility of Financial Contract Renegotiation: Evidence from U.S. Airlines

NBER Working Paper No. w14059
Number of pages: 40 Posted: 09 Jun 2008 Last Revised: 13 Jun 2008
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 14 (575,676)

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10.

The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 18th and 19th Century

AFA 2007 Chicago Meetings Paper
Number of pages: 57 Posted: 17 Mar 2006
Efraim Benmelech and Tobias J. Moskowitz
Northwestern University - Kellogg School of Management and Yale University, Yale SOM
Downloads 236 (128,665)
Citation 11

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Financial Development, Regulation, Usury

11.

Negotiating with Labor Under Financial Distress

Downloads 222 (136,616)
Citation 1

Negotiating with Labor Under Financial Distress

AFA 2011 Denver Meetings Paper
Number of pages: 50 Posted: 25 Feb 2010
Efraim Benmelech, Nittai Bergman and Ricardo Enriquez
Northwestern University - Kellogg School of Management, Tel Aviv University and Harvard University
Downloads 203 (148,494)
Citation 2

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Labor, Finance, Pension, Negotiations

Negotiating with Labor Under Financial Distress

NBER Working Paper No. w17192
Number of pages: 48 Posted: 11 Jul 2011
Efraim Benmelech, Nittai Bergman and Ricardo Enriquez
Northwestern University - Kellogg School of Management, Tel Aviv University and Harvard University
Downloads 19 (543,040)

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12.

Credit Traps

Downloads 215 (140,891)
Citation 5

Credit Traps

AFA 2011 Denver Meetings Paper
Number of pages: 40 Posted: 14 Mar 2010
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 189 (158,846)
Citation 5

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Liquidity, Credit Channel of Monetary Policy, Collateral, Banking

Credit Traps

NBER Working Paper No. w16200
Number of pages: 50 Posted: 19 Jul 2010 Last Revised: 31 Jul 2010
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 26 (499,020)

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13.

Economic Conditions and the Quality of Suicide Terrorism

Downloads 195 (154,441)
Citation 13

Economic Conditions and the Quality of Suicide Terrorism

Number of pages: 40 Posted: 26 Mar 2009 Last Revised: 25 Feb 2010
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, RAND Corporation and Hebrew University of Jerusalem - Department of Economics
Downloads 170 (174,795)

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Quantity and Quality of Terrorism, Economic Conditions, Suicide Terrorists

Economic Conditions and the Quality of Suicide Terrorism

NBER Working Paper No. w16320
Number of pages: 40 Posted: 30 Aug 2010
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, RAND Corporation and Hebrew University of Jerusalem - Department of Economics
Downloads 23 (517,320)

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Economic Conditions and the Quality of Suicide Terrorism

CEPR Discussion Paper No. DP7995
Number of pages: 42 Posted: 14 Nov 2010
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, RAND Corporation and Hebrew University of Jerusalem - Department of Economics
Downloads 2 (665,816)
Citation 1
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Economic Conditions, Quantity and Quality of Terrorism, Suicide Terrorists

14.

Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?

Downloads 182 (164,441)
Citation 7

Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?

Number of pages: 44 Posted: 22 Mar 2018 Last Revised: 08 Feb 2019
Efraim Benmelech, Nittai Bergman and Hyunseob Kim
Northwestern University - Kellogg School of Management, Tel Aviv University and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 170 (175,697)

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Monopsony, Wages, Labor Share, Productivity, Employer Concentration

Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?

NBER Working Paper No. w24307
Number of pages: 51 Posted: 02 Jun 2018
Efraim Benmelech, Nittai Bergman and Hyunseob Kim
Northwestern University - Kellogg School of Management, Tel Aviv University and Cornell University - Samuel Curtis Johnson Graduate School of Management
Downloads 12 (589,201)
Citation 1
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15.

Vintage Capital and Creditor Protection

Downloads 172 (172,888)
Citation 1

Vintage Capital and Creditor Protection

Number of pages: 42 Posted: 26 Mar 2008 Last Revised: 22 Oct 2008
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 156 (188,226)
Citation 1

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Vintage Capital, Creditor Rights, Finance and Growth, Airlines

Vintage Capital and Creditor Protection

NBER Working Paper No. w15735
Number of pages: 53 Posted: 10 Feb 2010 Last Revised: 01 Jul 2010
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 16 (562,380)

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16.

The Alchemy of Cdo Credit Ratings

NBER Working Paper No. w14878
Number of pages: 43 Posted: 20 Apr 2009 Last Revised: 28 Aug 2010
Efraim Benmelech and Jennifer Dlugosz
Northwestern University - Kellogg School of Management and Washington University in St. Louis - John M. Olin Business School
Downloads 163 (181,064)
Citation 7

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17.

What Explains the Flow of Foreign Fighters to ISIS?

Downloads 105 (254,832)
Citation 1

What Explains the Flow of Foreign Fighters to ISIS?

Number of pages: 27 Posted: 10 May 2016
Efraim Benmelech and Esteban F. Klor
Northwestern University - Kellogg School of Management and Hebrew University of Jerusalem - Department of Economics
Downloads 53 (382,176)

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What Explains the Flow of Foreign Fighters to Isis?

NBER Working Paper No. w22190
Number of pages: 27 Posted: 25 Apr 2016 Last Revised: 06 May 2016
Efraim Benmelech and Esteban F. Klor
Northwestern University - Kellogg School of Management and Hebrew University of Jerusalem - Department of Economics
Downloads 52 (385,552)

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18.

Credit Market Freezes

Downloads 102 (259,982)
Citation 3

Credit Market Freezes

Number of pages: 47 Posted: 22 Jun 2017
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 90 (284,226)

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Credit Market, Financial Crises, Illiquidity

Credit Market Freezes

NBER Working Paper No. w23512
Number of pages: 48 Posted: 19 Jun 2017
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 12 (589,201)

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Credit Rating

20.

The Political Economy of Financial Regulation: Evidence from U.S. State Usury Laws in the 19th Century

NBER Working Paper No. w12851
Number of pages: 53 Posted: 24 Jan 2007 Last Revised: 30 Apr 2013
Tobias J. Moskowitz and Efraim Benmelech
Yale University, Yale SOM and Northwestern University - Kellogg School of Management
Downloads 78 (307,765)
Citation 1

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21.

Military CEOS

NBER Working Paper No. w19782
Number of pages: 56 Posted: 04 Jan 2014 Last Revised: 23 Jan 2014
Efraim Benmelech and Carola Frydman
Northwestern University - Kellogg School of Management and Northwestern University
Downloads 73 (319,769)
Citation 7

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22.

Counter-Suicide-Terrorism: Evidence from House Demolitions

Downloads 67 (335,117)

Counter-Suicide-Terrorism: Evidence from House Demolitions

Number of pages: 48 Posted: 19 Oct 2012 Last Revised: 13 Nov 2012
Efraim Benmelech, Esteban F. Klor and Claude Berrebi
Northwestern University - Kellogg School of Management, Hebrew University of Jerusalem - Department of Economics and RAND Corporation
Downloads 42 (422,556)

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Counterterrorism, House Demolitions, Suicide Terrorists

Counter-Suicide-Terrorism: Evidence from House Demolitions

NBER Working Paper No. w16493
Number of pages: 36 Posted: 01 Nov 2010
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, RAND Corporation and Hebrew University of Jerusalem - Department of Economics
Downloads 25 (505,048)

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23.

Attack Assignments in Terror Organizations and the Productivity of Suicide Bombers

NBER Working Paper No. w12910
Number of pages: 30 Posted: 17 Feb 2007 Last Revised: 05 Apr 2007
Efraim Benmelech and Claude Berrebi
Northwestern University - Kellogg School of Management and RAND Corporation
Downloads 61 (351,596)

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24.

Do Liquidation Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning Regulation

NBER Working Paper No. w11004
Number of pages: 50 Posted: 20 Jan 2005 Last Revised: 15 Aug 2014
Efraim Benmelech, Tobias J. Moskowitz and Mark J. Garmaise
Northwestern University - Kellogg School of Management, Yale University, Yale SOM and University of California, Los Angeles (UCLA) - Anderson School of Management
Downloads 60 (354,451)
Citation 2

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25.

Bankruptcy and the Collateral Channel

NBER Working Paper No. w15708
Number of pages: 57 Posted: 01 Feb 2010 Last Revised: 06 Feb 2010
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 50 (385,904)
Citation 3

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26.

Repossession and the Democratization of Credit

NBER Working Paper No. w17858
Number of pages: 37 Posted: 24 Feb 2012 Last Revised: 27 Oct 2014
Juliano J. Assunção, Efraim Benmelech and Fernando Souza Silva
Pontifical Catholic University of Rio de Janeiro (PUC-Rio) - Department of Economics, Northwestern University - Kellogg School of Management and affiliation not provided to SSRN
Downloads 31 (459,808)

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27.

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis

NBER Working Paper No. w17468
Number of pages: 33 Posted: 30 Sep 2011
Efraim Benmelech and Eyal Dvir
Northwestern University - Kellogg School of Management and Charles River Associates (CRA) - Competition Practice
Downloads 21 (512,908)

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28.

Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment

NBER Working Paper No. w23570
Number of pages: 64 Posted: 17 Jul 2017
Efraim Benmelech, Adam M. Guren and Brian Melzer
Northwestern University - Kellogg School of Management, Boston University - Department of Economics and Federal Reserve Bank of Chicago
Downloads 20 (518,662)

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29.

The Agglomeration of Bankruptcy

NBER Working Paper No. w20254
Number of pages: 50 Posted: 30 Jun 2014 Last Revised: 18 Jul 2014
Efraim Benmelech, Nittai Bergman, Anna Milanez and Vladimir Mukharlyamov
Northwestern University - Kellogg School of Management, Tel Aviv University, Deloitte Consulting LLP and Georgetown University - McDonough School of Business
Downloads 20 (518,662)

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30.

An Empirical Analysis of the Fed's Term Auction Facility

NBER Working Paper No. w18304
Number of pages: 32 Posted: 18 Aug 2012
Efraim Benmelech
Northwestern University - Kellogg School of Management
Downloads 18 (530,340)
Citation 1

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31.

The Economic Cost of Harboring Terrorism

NBER Working Paper No. w15465
Number of pages: 32 Posted: 03 Nov 2009 Last Revised: 10 Nov 2009
Efraim Benmelech, Claude Berrebi and Esteban F. Klor
Northwestern University - Kellogg School of Management, RAND Corporation and Hebrew University of Jerusalem - Department of Economics
Downloads 18 (530,340)
Citation 1

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33.

Debt, Information, and Illiquidity

NBER Working Paper No. w25054
Number of pages: 54 Posted: 17 Sep 2018
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Tel Aviv University
Downloads 5 (610,687)
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34.

Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads

The Review of Financial Studies, Vol. 22, No. 4, pp. 1545-1584, 2009
Posted: 23 Mar 2009
Efraim Benmelech
Northwestern University - Kellogg School of Management

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G32, G33, L92, N21, N71