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

SCHOLARLY PAPERS

32

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CITATIONS
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338

Scholarly Papers (32)

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
Georgetown University - Department of Finance, Northwestern University - Kellogg School of Management, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Stanford University
Downloads 1,458 (9,520)
Citation 3

Abstract:

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
Sumit Agarwal, Efraim Benmelech, Nittai Bergman and Amit Seru
Georgetown University - Department of Finance, Northwestern University - Kellogg School of Management, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Stanford University
Downloads 112 (209,636)
Citation 3

Abstract:

Securitization without Adverse Selection: The Case of CLOs

AFA 2010 Atlanta Meetings Paper
Number of pages: 58 Posted: 16 Feb 2009 Last Revised: 16 Apr 2013
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 988 (17,547)
Citation 14

Abstract:

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
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 44 (358,096)
Citation 14

Abstract:

3.
Downloads 481 ( 48,196)
Citation 29

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 Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 430 (54,837)
Citation 29

Abstract:

Collateral, Secured debt, Redeployability, Airlines

Collateral Pricing

NBER Working Paper No. w13874
Number of pages: 46 Posted: 19 Mar 2008
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 51 (335,594)
Citation 29

Abstract:

4.
Downloads 336 ( 74,272)
Citation 6

Financing Labor

Number of pages: 35 Posted: 20 May 2015
Efraim Benmelech, Nittai Bergman and Amit Seru
Northwestern University - Kellogg School of Management, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Stanford University
Downloads 189 (135,095)
Citation 6

Abstract:

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, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Stanford University
Downloads 147 (169,052)
Citation 6

Abstract:

5.

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 310 (67,215)
Citation 31

Abstract:

6.
Downloads 305 ( 82,793)
Citation 20

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 262 (97,379)
Citation 20

Abstract:

executive compensation, corporate governance

Stock-Based Compensation and CEO (Dis)Incentives

NBER Working Paper No. w13732
Number of pages: 54 Posted: 11 Jan 2008
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 38 (379,783)
Citation 20

Abstract:

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 (552,081)
Citation 20
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Abstract:

CEO compensation, Sub-optimal investments

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 272 (93,628)

Abstract:

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 11 (519,804)
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Abstract:

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 Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 266 (95,871)
Citation 28

Abstract:

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
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 12 (514,061)
Citation 28

Abstract:

9.
Downloads 215 (119,767)
Citation 7

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, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard University
Downloads 199 (128,747)
Citation 7

Abstract:

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, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard University
Downloads 16 (490,612)
Citation 7

Abstract:

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
Downloads 212 (113,995)
Citation 25

Abstract:

Financial Development, Regulation, Usury

11.
Downloads 208 (123,648)
Citation 3

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 Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 184 (138,607)
Citation 3

Abstract:

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 Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 24 (444,298)
Citation 3

Abstract:

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 166 (152,119)
Citation 5

Abstract:

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 20 (467,315)
Citation 5

Abstract:

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 (571,627)
Citation 5
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Abstract:

Economic Conditions, Quantity and Quality of Terrorism, Suicide Terrorists

13.
Downloads 164 (153,695)
Citation 3

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 Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 151 (165,217)
Citation 3

Abstract:

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
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 13 (508,176)
Citation 3

Abstract:

14.

The Alchemy of Cdo Credit Ratings

NBER Working Paper No. w14878
Number of pages: 43 Posted: 20 Apr 2009
Efraim Benmelech and Jennifer Dlugosz
Northwestern University - Kellogg School of Management and Washington University in St. Louis - John M. Olin Business School
Downloads 139 (167,811)
Citation 55

Abstract:

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 46 (351,415)
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Abstract:

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 41 (368,595)

Abstract:

16.
Downloads 81 (258,956)

Credit Market Freezes

Number of pages: 47 Posted: 22 Jun 2017
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 71 (282,580)

Abstract:

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 Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 10 (525,344)
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Abstract:

17.

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 56 (316,056)
Citation 39

Abstract:

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 32 (404,212)
Citation 1

Abstract:

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 21 (461,482)
Citation 1

Abstract:

19.

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
Tobias J. Moskowitz and Efraim Benmelech
Downloads 49 (298,009)
Citation 24

Abstract:

20.

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
Downloads 40 (336,299)
Citation 5

Abstract:

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
Downloads 37 (339,304)
Citation 8

Abstract:

22.

Bankruptcy and the Collateral Channel

NBER Working Paper No. w15708
Number of pages: 57 Posted: 01 Feb 2010
Efraim Benmelech and Nittai Bergman
Northwestern University - Kellogg School of Management and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 33 (361,459)
Citation 22

Abstract:

23.

The Agglomeration of Bankruptcy

NBER Working Paper No. w20254
Number of pages: 50 Posted: 30 Jun 2014
Northwestern University - Kellogg School of Management, Massachusetts Institute of Technology (MIT) - Sloan School of Management, Deloitte Consulting LLP and Georgetown University - McDonough School of Business
Downloads 12 (483,245)

Abstract:

24.

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 12 (462,365)
Citation 3

Abstract:

25.

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 9 (483,245)
Citation 3

Abstract:

26.

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
Downloads 5 (488,352)

Abstract:

27.

Repossession and the Democratization of Credit

NBER Working Paper No. w17858
Number of pages: 37 Posted: 24 Feb 2012 Last Revised: 27 Oct 2014
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 5 (503,762)

Abstract:

28.
Downloads 0 (493,603)
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Abstract:

29.
Downloads 0 (288,561)

Abstract:

Credit Rating

Abstract:

Credit Rating

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Abstract:

32.

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

Abstract:

G32, G33, L92, N21, N71