Benjamin E. Hermalin

Thomas and Alison Schneider Distinguished Professor of Finance
  and Professor and Department Chair, Department of Economics





Updated July 27, 2014

Short Bio • Contact Information • Working Papers

Publications

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Journal Publications

  1. “The Determinants of Board Composition,” The RAND Journal of Economics, Vol. 19 (1988), pp. 589–606. (co-authored with Michael Weisbach). [Reprinted in Governance, Directors, and Boards, edited by M. Ezzamel (a volume in the Corporate Governance in the New Global Economy series), Edward Elgar Publishing, 2005.]
  2. “Legal Restrictions on Private Contracts Can Enhance Efficiency,” The Journal of Law, Economics, and Organization, Vol. 6 (1990), pp. 381–409. (co-authored with Philippe Aghion).
  3. “Moral Hazard and Verifiability: The Effects of Renegotiation in Agency,” Econometrica, Vol. 59 (1991), pp. 1735–1753. (co-authored with Michael Katz).
  4. “The Effects of Board Composition and Direct Incentives on Firm Performance,” Financial Management, Vol. 20 (1991), No. 4, pp. 101–112. (co-authored with Michael Weisbach).
  5. “The Effects of Competition on Executive Behavior,” The RAND Journal of Economics, Vol. 23 (1992), pp. 350–365.
  6. “Managerial Preferences Concerning Risky Projects,” The Journal of Law, Economics, and Organization, Vol. 9 (1993), pp. 127–135.
  7. “The Use of an Agent in a Signalling Model,” Journal of Economic Theory, Vol. 60 (1993), pp. 83–113. (co-authored with Bernard Caillaud).
  8. “Judicial Modification of Contracts between Sophisticated Parties: A More Complete View of Incomplete Contracts and their Breach,” The Journal of Law, Economics, and Organization, Vol. 9 (1993), pp. 230–255. (co-authored with Michael Katz).
  9. “A Comparison of Nonparametric Methods to Measure Efficiency in the Savings and Loan Industry,” Journal of the American Real Estate and Urban Economics Association, Vol. 22 (1994), pp. 169–193. (co-authored with Richard Garbaccio and Nancy Wallace).
  10. “The Determinants of Efficiency and Solvency in Savings and Loans,” The RAND Journal of Economics, Vol. 25 (1994), pp. 361–381. (co-authored with Nancy Wallace).
  11. “Heterogeneity in Organizational Form: Why Otherwise Identical Firms Choose Different Incentives for their Managers,” The RAND Journal of Economics, Vol. 25 (1994), pp. 518–537.
  12. “An Economic Analysis of Takings,” Journal of Law, Economics, and Organization, Vol. 11 (1995), pp. 64–86.
  13. “Buyouts in Large Corporations,” Journal of Legal Studies, Vol. 25 (1996), pp. 351–370. (co-authored with Alan Schwartz).
  14. “Endogenously Chosen Boards of Directors and Their Monitoring of the CEO,” The American Economic Review, Vol. 88 (1998), pp. 96–118. (co-authored with Michael Weisbach). [Reprinted in Governance, Directors, and Boards, M. Ezzamel, ed., Cheltenham, UK: Edward Elgar Publishing, Ltd., 2005.]
  15. “Toward an Economic Theory of Leadership: Leading by Example,” The American Economic Review, Vol. 88 (1998), pp. 1188–1206. [Reprinted in Corporate Strategies for Managing Environmental Risk, Bernard Sinclair-Desgagné, ed., Ashgate Publishing, 2004.]
  16. “The Firm as a Non-economy: Some Comments on Holmstrom,” Journal of Law, Economics, & Organization, Vol. 15 (1999), pp. 103–106.
  17. “Contract Renegotiation and Options in Agency,” Journal of Law, Economics, & Organization, Vol. 16 (2000), pp. 395–423. (co-authored with Aaron S. Edlin).
  18. “Firm Performance and Executive Compensation in the Savings and Loan Industry,” Journal of Financial Economics, Vol. 61 (2001), pp. 139–170. (co-authored with Nancy E. Wallace).
  19. “Implementing the First Best in an Agency Relationship with Renegotiation: A Corrigendum,” Econometrica, Vol. 69 (2001), pp. 1391–1395. (co-authored with Aaron S. Edlin).
  20. “Adverse Selection, Short-Term Contracting, and the Underprovision of On-the-Job Training,” Contributions to Economic Analysis & Policy, Vol. 1 (2002), Issue 1, Article 5.
  21. “Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature,” Economic Policy Review, Vol. 9 (2003), pp. 7–26. (co-authored with Michael Weisbach). [Reprinted in The Icfaian Journal of Management Research, Vol. 3 (2004), pp. 39–67. Reprinted in Governance: An International Perspective, Vol. 1, edited by D. Denis & J. McConnell, Edward Elgar, 2005.]
  22. “Hospital Governance, Performance Objectives, and Organizational Form,” Journal of Corporate Finance, Vol. 10 (2004), pp. 527–548. (co-authored with Leslie Eldenburg, Michael Weisbach, & Marta Wosinska).
  23. “Sender or Receiver: Who Should Pay to Exchange an Electronic Message?” RAND Journal of Economics, Vol. 35 (2004), pp. 423–448. (co-authored with Michael Katz).
  24. “What is Crime,” Journal of Institutional and Theoretical Economics, Vol. 161(2) (2005), pp. 303–318.
  25. “Trends in Corporate Governance,” Journal of Finance, Vol. 60(5) (2005), pp. 2351–2384. Notes on derivations not found in article.
  26. “Privacy, Property Rights, and Efficiency: The Economics of Privacy as Secrecy,” Quantitative Marketing and Economics, Vol. 4 (2006), pp. 209–239. (co-authored with Michael L. Katz).
  27. “Your Network or Mine? The Economics of Routing Rules,” RAND Journal of Economics, Vol. 37 (2006), pp. 692–719. (co-authored with Michael Katz).
  28. “Leading for the Long Term,” Journal of Economic Behavior and Organizations, Vol. 62 (2007), pp. 1–19.
  29. “Leadership and Information,” American Economic Review, Vol. 97 (2007), pp. 944–947 . (co-authored with Mana Komai and Mark Stegeman).
  30. “The Economics of Product-Line Restrictions With an Application to the Network Neutrality Debate,” Information Economics and Policy, Vol. 19 (2007), pp. 215–248. (co-authored with Michael L. Katz).
  31. “Vague Terms: Contracting when Precision in Terms is Infeasible,” Journal of Institutional and Theoretical Economics, Vol. 164 (2008) pp. 76–94.
  32. “A Model of the Effect of Affect on Economic Decision Making,” Quantitative Marketing and Economics, Vol. 6 (2008), pp. 17–40. (co-authored with Alice M. Isen).
  33. “Information and the Hold-up Problem,” RAND Journal of Economics, Vol. 40 (2009), pp. 405–423. (co-authored with Michael L. Katz).
  34. “The Role of Boards of Directors in Corporate Governance: A Conceptual Framework and Survey,” Journal of Economic Literature, Vol. 48 (2010), pp. 59–108 (co-authored with Renée Adams and Michael S. Weisbach).
  35. “Customer or Complementor? Intercarrier Compensation with Two-Sided Benefits,” Journal of Economics and Management Strategy, Vol. 20 (2011), pp. 379–408 (co-authored with Michael L. Katz).
  36. “Information Disclosure and Corporate Governance, ” Journal of Finance, Vol. 67 (2012), pp. 195–233 (co-authored with Michael S. Weisbach).
  37. “The Economics of Network Neutrality,” RAND Journal of Economics, Vol. 43 (2012), pp. 602–629 (co-authored with Nicholas Economides).
  38. “Product Differentiation through Exclusivity: Is there a One-Market- Power-Rent Theorem?” Journal of Economics and Management Strategy, Vol. 22 (2013), pp. 1–27 (co-authored with Michael L. Katz).
  39. “The Relational Underpinnings of Formal Contracting and the Welfare Consequences of Legal System Improvement,” Economics Letters, Vol. 119 (2013), pp. 72–76 (co-authored with Larry Li and Tony Naughton).
  40. “Unobserved Investment, Endogenous Quality, and Trade,” RAND Journal of Economics, Vol. 44 (2013), pp. 33-55.