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Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is Not Expensive

Anat R. Admati, Peter M. DeMarzo, Martin R. Hellwig, and Paul Pfleiderer, August 2010, Rock Center for Corporate Governance at Stanford University Working Paper No. 86, Stanford Graduate School of Business Research Paper No. 2065.

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• "Easing capital rules would lead banks away from vital lending," letter to the editor by Anat Admati, Financial Times, August 23, 2011
• "Greenspan's reasoning on 'excessive' equity is misleading," text of Letter to the Editor signed by 20 academics, Financial Times, August 2, 2011
• "Admati on Financial Regulation," downloadable podcast interview with EconTalk host Russ Roberts (approx. 1 hour), August 1, 2011
• "Beware of Banks' Flawed Focus on Return on Equity," op ed by Anat Admati, New York Times Dealbook, July 25, 2011
• An Open Letter to JPMorgan Chase Board of Directors, by Anat Admati, in Thomson Reuters Risk Magazine and Huffington Post, June 14, 2011.
• 'Rethinking How Banks Create Value,' by Anat Admati, in June 2011 FS Focus Magazine, published by ICAEW (Institute of Chartered Accountants in England and Wales)
• 'How Banks Fueled the Greek Debt Crisis', Room for Debate commentary by Anat Admati, New York Times online, May 24, 2011
• 'Fed Runs Scared With Boost to Bank Dividends,' By Anat Admati, Bloomberg Opinion, Feb. 24, 2011
• 'Banks Should Not be Allowed to Pay Dividends Until They are Much better Capitalized,' Letter from Anat Admati and other signators, Financial Times, Feb. 15, 2011.
• 'Banks Need to Generate Investor Value Without Subsidies,' Letter from Anat Admati, Financial Times, Feb. 9, 2011.
• 'Was the Financial Crisis Avoidable?', Online column by Anat Admati
  New York Times, Jan. 31, 2011
• 'Excessive Bank Dividends Drain the System of Essential Capital" Letter from Anat Admati, Financial Times, Jan. 28, 2011
• 'Force Banks to Put America's Needs First,' By Anat Admati, Op-Ed Piece, Financial Times, Jan. 20, 2011
• Bankruptcy is Not an Option, 
  By Anat Admati
  New York Times online, Posted Dec. 8, 2010
• What Jamie Dimon Won't Tell You, by Anat Admati, Huffington Post, Dec. 5, 2010
• 'Highly Leveraged Banks Inflict Great Suffering on Society,' Text of Letter from Anat Admati published in Financial Times, December 2, 2010
• 'Healthy Banking System is the Goal, not Profitable Banks,' Text of Letter signed by 20 academics, Published in Financial Times, November 9, 2010.

Video/Audio Related to the Paper

• Large Financial Institutions: Panel from INET's Bretton Woods Conference, April 8-11, Anat Admati
• Mathematical Sciences Research Institute Seminar, Sept. 13, 2010 (Panel discussion begins at 20 minute mark)
• Equity Requirements & Regulators
• What Are Debt and Equity?
• Banks' Risky Levels of Leverage is Like Pollution

Presentations and Lectures

• "Debt Financing in the Domestic Financial Sector," testimony by Paul Pfleiderer to the U.S. Senate Committee on Banking, Housing and Urban Affairs, Financial Institutions and Consumer Protection Subcommittee; August 3 2011
• "The False Tradeoff Between Economic Growth and Bank Capital," slide presentation by Anat Admati, Washington DC briefing, June 22 2011
• Slides from presentation by Anat Admati, Peter DeMarzo and Paul Pfleiderer, Stanford Finance Forum, June 3, 2011
• Slides from Anat Admati's presentation, panel on bank capital, NBER Corporate Finance meeting, Chicago, April 30, 2011

Policy Papers

• "Comments on the Implementation of the Volcker Rule," by Anat Admati and Paul Pfleiderer, submitted to federal regulators February 13, 2012
• "Good Banking Regulation Needs Clear Focus, Sensible Tools, and Political Will," by Anat Admati and Martin Hellwig, December 2011
• "Comments to the UK Independent Commission on Banking," by Anat Admati and Martin Hellwig, July 4, 2011
• "Comments on Proposal to Ensure the Loss Absorbency of Regulatory Capital at the Point of Non-viability", Text prepared by Anat Admati for the Basel Committee on Bank Supervision, October, 2010.

Academic Writing

• On the Relevancy of Modigliani and Miller to Banking: A Parable and Some Observations
  Paul Pfleiderer, Stanford University
• Capital Regulation after the Crisis: Business as Usual?" by Martin Hellwig, Max Planck Institute for Research on Collective Goods, Bonn, Germany, July 2010