Portrait Photo

Mark Jeffrey Flannery

Bank of America Eminent Scholar Chair
Eminent Scholar

University of Florida
Warrington College of Business
Finance, Insurance and Real Estate Department
Stuzin Hall 315C
PO Box 117168
Gainesville, FL 32611

(352) 392-3184
Email

Biography

Mark J. Flannery has been the BankAmerica Eminent Scholar in Finance at the University of Florida since 1989. His published work has often involved academic studies of the financial regulatory process, particularly as it applies to banks in the U.S. and abroad. His “hands on” regulatory experience most recently includes more than two years as the Chief Economist and Director of the Division of Economics and Risk Analysis at the U.S. Securities and Exchange Commission. In that position, he was involved in developing numerous rules and regulations for the mutual fund industry, CDS trading standards, and various equity market and firm reporting requirements.

Professor Flannery worked as a part-time Senior Adviser to the Office of Financial Research from 2011-2014, and has been a long-term visitor to the Federal Reserve Bank of New York’s Research Department. He served on the New York Fed’s Financial Advisory Roundtable (2006 -2014) and on the Federal Reserve System’s stress-test-related Model Validation Council (May 2012 – 2014, chair 2013-2014). In 2003, he helped establish the FDIC’s Center for Financial Research and then served as co-director and senior adviser until 2007.

Professor Flannery has published extensively, particularly in the areas of corporate finance and financial regulation. He holds economics degrees from Princeton (A.B.) and Yale (M.A., MPhil, and Ph.D.). He served as president of the Financial Intermediation Research Society (FIRS), president and board chairman of the Financial Management Association, and member of the board of directors of the American Finance Association. He was an editor of the Journal of Money, Credit and Banking from 2000-2005. He previously held faculty positions at the University of Pennsylvania and the University of North Carolina (Chapel Hill), and visiting positions at NYU, the London Business School, and the University of New South Wales.

He has been recognized for excellence in both teaching and research: MBA teaching award (Best core course professor in 2006, 2009, and 2014); FMA Fellow; “Most Significant Paper” published in the Journal of Financial Intermediation during 2013; Jensen Prize for Corporate Finance and Organizations at the Journal of Financial Economics (second prize in 2012, first prize in 2013); “Best Paper in Financial Institutions,” 1995 Financial Management Association Meeting.

Current research interests include the stability of “shadow banking” institutions and Islamic banking.

Education

  • PhD - Economics, Yale University, 1978
  • MPhil - Economics, Yale University, 1974
  • MA - Economics, Yale University, 1973
  • AB - Summa Cum Laude, Princeton University, 1972

Research Areas

  • Asset Pricing
  • Government Regulation of the Financial Sector
  • Empirical Corporate Finance
  • Financial Management of Financial Institutions

Market Discipline In Regulation: Pre and Post Crisis
Accepted Year: 2018
Authors: Mark Flannery


Some Effects of Capital Regulation When There are Competing, Nonbank Lenders
Published Year: 2016
Authors: Mark Flannery


Market Discipline in Bank Supervision
Published Year: 2010
Authors: A. Berger, P. Molyneux, J. Wilson, Mark Flannery


The Role of Hedge Funds in World Capital Markets
Published Year: 2007
Authors: Paolo Savona, Mark Flannery


No Pain, No Gain? Effecting Market Discipline via 'Reverse Convertible Debentures
Published Year: 2005
Authors: Hal Scott, Mark Flannery


Commentary
Published Year: 2004
Authors: Mark Flannery


Discussion of three papers on credit rating agencies
Accepted Year: 2004
Authors: Richard Levich, Carmen Reinhart, Giovanni Majnoni, Mark Flannery


Market Discipline of U.S. Financial Firms: Recent Evidence and Research Issues
Published Year: 2004
Authors: William Hunter, George Kaufman, Claudio Borio, Kostas Tsatsaronis, Mark Flannery


Market Discipline of U.S. Financial Firms: Recent Evidence and Research Issues
Published Year: 2004
Authors: William Hunter, George Kaufman, Claudio Borio, Kostas Tsatsaronis, Mark Flannery


Market Discipline in the Governance of U.S. Bank Holding Companies: Monitoring versus Influencing
Published Year: 2001
Authors: R. Bliss, Frederic Mishkin, Mark Flannery


Discussion of the Historical and Foreign Experience with Universal Banking
Published Year: 1996
Authors: Anthony Saunders, Ingo Walter, Mark Flannery


Banking and Finance
Published Year: 1995
Authors: J. Houston, Mark Flannery


Prudential Regulation in Banking
Published Year: 1995
Authors: Kuniho Sawamoto, Zenta Nakajima, Hiroo Taguchi, Mark Flannery


Deposit Insurance
Published Year: 1992
Authors: Mark Flannery


Payments System Risk and Public Policy
Published Year: 1988
Authors: William Haraf, Mark Flannery


A Portfolio View of Loan Selection and Pricing
Published Year: 1985
Authors: Robert Eisenbeis, Richard Aspinwall, Mark Flannery

Forging Best Practices in Risk Management
Authors: Paul Glasserman, David Mordecai, Cliff Rossi, Mark Flannery


Market Evidence on the Opaqueness of Bank Assets
Published Year: 1997
Authors: S. Kwan, M. Nimalendran, Mark Flannery


Off-Site Surveillance Systems
Published Year: 1997
Authors: Mark Flannery


Technology and Payments: Deja Vu All Over Again?
Published Year: 1996
Authors: Mark Flannery


Pricing Bank Default Risk in Subordinated Debenture Yields
Published Year: 1995
Authors: S. Sorescu, Mark Flannery


Corporate Finance, Market Discipline, and Bank Supervision
Published Year: 1994
Authors: Mark Flannery


The Implications of 'Banking's Decline' for Safety and Soundness Regulation
Published Year: 1994
Authors: Mark Flannery


Government Risk-Bearing in the Financial Sector of a Capitalist Economy
Published Year: 1993
Authors: Mark Flannery


Contagious Bank Runs, Financial Structure, and Corporate Separateness within a Bank Holding Company
Published Year: 1986
Authors: Mark Flannery


Policy Issues in Federal Deposit Insurance
Published Year: 1983
Authors: Mark Flannery


The Impact of Market Interest Rates on Intermediary Stock Prices
Published Year: 1982
Authors: C. James, Mark Flannery


Identifying Problem Banks
Published Year: 1979
Authors: J. Guttentag, Mark Flannery

Using ETF Premia to Measure Corporate Bond Liquidity
Journal: Unknown
Authors: MAHENDRARAJAH NIMALENDRAN, Mark Flannery, Sugata Ray, Amirhossein Yousefi


The contrasting worldviews of bank and securities market regulators
Journal: Journal of Money, Credit and Banking
Authors: Mark Flannery


Broker-dealers as residual liquidity providers in the corporate bond market
Journal: Unknown
Authors: Mark Flannery, Igor Kozhanov


House prices, bank balance sheets, and bank credit supply
Journal: Unknown
Authors: Mark Flannery, Leming Lin


Interest Rates and Risk Aversion: Evidence from Money Market Fund Investors
Journal: Unknown
Authors: Mark Flannery


Evaluating the Information in the Federal Reserve Stress Tests
Journal: Journal of Financial Intermediation
Published Year: 2017
Authors: Mark Flannery, Anna Kovner, Beverlly Hirtle


Stabilizing Large Financial Institutions with Contingent Capital Certificates
Journal: Unknown
Published Year: 2016
Authors: Mark Flannery


Maintaining Adequate Bank Capital: An Empirical Analysis of European Banks
Journal: Journal of Banking and Finance
Published Year: 2015
Authors: Emanuela Giacomini, Mark Flannery


A review of the literature on contingent capital bonds
Journal: Annual Review of Financial Economics
Accepted Year: 2014
Authors: Mark Flannery


Major Investments, Firm Financing Decisions, and Long-run Performance
Journal: Review of Finance
Published Year: 2014
Authors: R. Elsas, J. Garfinkel, Mark Flannery


Maintaining Adequate Bank Capital
Journal: Journal of Money, Credit and Banking
Accepted Year: 2013
Authors: Mark Flannery


The Effect of Bank Shocks on Corporate Financing and Investment: Evidence from 2007-2009 Financial Crisis
Journal: Unknown
Authors: Emanuela Giacomini, Xiaohong (Sara) Wang, Mark Flannery


Cash Flows and Leverage Adjustments
Journal: Journal of Financial Economics
Published Year: 2012
Authors: Michael Faulkender, Kristine Hankins, Jason Schmidt, Mark Flannery


Credit lines and the substitutability of cash and debt
Journal: Journal of Financial and Quantitative Analysis
Year: Unknown
Authors: B. Lockhart, Mark Flannery


Data-Driven Deposit Insurance Assessments
Journal: Unknown
Authors: Atay Kizilaslan, Mark Flannery


Do Credit Spreads Reflect Mean-Reverting Leverage?
Journal: Journal of Financial and Quantitative Analysis
Published Year: 2012
Authors: Stanislava Nikolova, Ozde Oztekin, Mark Flannery


Institutional Determinants of Capital Structure Adjustment Speeds
Journal: Journal of Financial Economics
Accepted Year: 2012
Authors: Ozde Oztekin, Mark Flannery


The 2007-09 Financial Crisis and Bank Opaqueness
Journal: Journal of Financial Intermediation
Published Year: 2012
Authors: S. Kwan, M. Nimalendran, Mark Flannery


Credit Default Swap Spreads Are Viable Substitutes for Credit Ratings
Journal: University of Pennsylvania Law Review
Published Year: 2011
Authors: Joel Houston, Frank Partnoy, Mark Flannery


Financial system instability: Threats, prevention, management, and resolution
Journal: Journal of Financial Stability
Published Year: 2011
Authors: Mark Flannery


Frequent Issuers' Influence on Long-Run Post-Issuance Returns
Journal: Journal of Financial Economics
Published Year: 2011
Authors: M. Billett, J. Garfinkel, Mark Flannery


Measuring equity capital when Stress-testing large financial institutions
Journal: Unknown
Authors: Mark Flannery


Macroeconomic News and the DM/$ Exchange Rate, 1980-1998
Journal: Unknown
Authors: A. Protopapadakis, Mark Flannery


What to do about TBTF
Journal: Unknown
Authors: Mark Flannery


Fiduciary Standards and Institutions' Preference for Dividend-Paying Stocks
Journal: Financial Management
Published Year: 2008
Authors: K. Hankins, M. Nimalendran, Mark Flannery


What Caused the Bank Capital Build-up of the 1990s?
Journal: Review of Finance
Published Year: 2008
Authors: K. Rangan, Mark Flannery


Why Do Large Banking Organizations Hold So Much Capital?
Journal: Journal of Financial Services Research
Published Year: 2008
Authors: A. Berger, R. DeYoung, O. Oztekin, D. Lee, Mark Flannery


Impact of Macroeconomic Announcements on Index Options' Implied Volatility Measures
Journal: Unknown
Authors: E. Aktase, A. Protopapadakis, Mark Flannery


Scale Economies at Payday Loan Stores
Journal: Unknown
Authors: K. Samolyk, Mark Flannery


Supervising Bank Safety and Soundness: Some Open Issues
Journal: Federal Reserve Bank of Atlanta Economic Review
Published Year: 2007
Authors: Mark Flannery


Are Bank Loans Special? Evidence on the Post-Announcement Performance of Bank Borrowers
Journal: Journal of Financial and Quantitative Analysis
Published Year: 2006
Authors: M. Billett, J. Garfinkel, Mark Flannery


New Estimates of the Jumbo-Conforming Spread
Journal: Unknown
Authors: A. Blinder, B. Lockhart, Mark Flannery


Partial Adjustment toward Target Capital Structures
Journal: Journal of Financial Economics
Published Year: 2006
Authors: K. Rangan, Mark Flannery


The Federal Home Loan Bank System: The 'Other' Housing GSE
Journal: Federal Reserve Bank of Atlanta Economic Review
Published Year: 2006
Authors: W. Frame, Mark Flannery


Market Evidence on the Opaqueness of Banking Firms' Assets
Journal: Journal of Financial Economics
Published Year: 2004
Authors: S. Kwan, M. Nimalendran, Mark Flannery


Discussion of three papers on credit rating agencies
Journal: Ratings, Rating Agencies, and the Global Financial System
Authors: Mark Flannery


Market Discipline in the Governance of U.S. Bank Holding Companies: Monitoring versus Influencing
Journal: European Finance Review
Published Year: 2002
Authors: R. Bliss, Mark Flannery


Macroeconomic Factors Do Influence Aggregate Stock Returns
Journal: Review of Financial Studies, The
Published Year: 2002
Authors: A. Protopapadakis, Mark Flannery


The Informational Content of Bank Exam Ratings and Subordinated Debt Prices
Journal: Journal of Money, Credit and Banking
Published Year: 2001
Authors: R. DeYoung, W. Lang, S. Sorescu, Mark Flannery


The Faces of Market Discipline
Journal: Journal of Financial Services Research
Published Year: 2001
Authors: Mark Flannery


Comparing Market and Regulatory Assessments of Bank Performance: Who Knows What When?
Journal: Journal of Money, Credit and Banking
Published Year: 2000
Authors: A. Berger, S. Davies, Mark Flannery


Modernizing Financial Regulation: The Relation Between Interbank Transactions and Supervisory Reform
Journal: Journal of Financial Services Research
Published Year: 1999
Authors: Mark Flannery


Discussion' of 'Megamergers and Expanded Scope: Theories of Bank Size and Activity Diversity
Journal: Journal of Banking & Finance
Published Year: 1999
Authors: Mark Flannery


The Value of a Government Monitor for Firms with Hard-to-Value Assets
Journal: Journal of Money, Credit and Banking
Published Year: 1999
Authors: J. Houston, Mark Flannery


Using Market Information in Prudential Bank Supervision: A Review of the U.S. Empirical Evidence
Journal: Journal of Money, Credit and Banking
Published Year: 1998
Authors: Mark Flannery


Discussion of 'Who Benefits from Secondary Market Price Stabilization of IPOs?'
Journal: Journal of Banking & Finance
Published Year: 1998
Authors: Mark Flannery


Asset Pricing with Time-Varying Factor Volatilities
Journal: Journal of Banking & Finance
Published Year: 1997
Authors: A. Hameed, R. Harjes, Mark Flannery


Financial Crises, Payment System Problems, and Discount Window Lending
Journal: Journal of Money, Credit and Banking
Published Year: 1996
Authors: Mark Flannery


Evidence of Bank Market Discipline In Subordinated Debenture Yields: 1983-1991
Journal: Journal of Finance
Published Year: 1996
Authors: S. Sorescu, Mark Flannery


The Effect of Lender Identity on a Borrowing Firm's Equity Return
Journal: Journal of Finance
Published Year: 1995
Authors: M. Billett, J. Garfinkel, Mark Flannery


Debt Maturity Structure and the Deadweight Cost of Leverage: Optimally Financing Banking Firms
Journal: American Economic Review
Published Year: 1994
Authors: Mark Flannery


Financing Multiple Investment Projects
Journal: Financial Management
Published Year: 1993
Authors: J. Houston, S. Venkataraman, Mark Flannery


Does the Debt Market Assess Large Banks' Risk?
Journal: Journal of Monetary Economics
Published Year: 1992
Authors: D. Ellis, Mark Flannery


Pricing Deposit Insurance When the Insurer Measures Bank Risk with Error
Journal: Journal of Banking & Finance
Published Year: 1991
Authors: Mark Flannery


Capital Regulation and Insured Banks' Choice of Individual Loan Default Risk
Journal: Journal of Monetary Economics
Published Year: 1989
Authors: Mark Flannery


From T-bills to Common Stocks: Investigating the Generality of Intra-Week Return Seasonality
Journal: Journal of Finance
Published Year: 1988
Authors: A. Protopapadakis, Mark Flannery


The Bank-Customer Relationship
Journal: Geld, Banken und Versicherungen
Published Year: 1987
Authors: T. Devinney, Mark Flannery


Asymmetric Information and Risky Debt Maturity Choice
Journal: Journal of Finance
Published Year: 1986
Authors: Mark Flannery


Market Evidence on the Effective Maturity of Bank Assets and Liabilities
Journal: Journal of Money, Credit and Banking
Published Year: 1984
Authors: C. James, Mark Flannery


The Effect of Interest Rate Changes on the Common Stock of Financial Institutions
Journal: Journal of Finance
Published Year: 1984
Authors: C. James, Mark Flannery


The Social Cost of Unit Banking Restrictions
Journal: Journal of Monetary Economics
Published Year: 1984
Authors: Mark Flannery


Interest Rates and Bank Profitability: Additional Evidence
Journal: Journal of Money, Credit and Banking
Published Year: 1983
Authors: Mark Flannery


Retail Bank Deposits as Quasi-fixed Factors of Production
Journal: American Economic Review
Published Year: 1983
Authors: Mark Flannery


Correspondent Services and Cost Economies in Commercial Banking
Journal: Journal of Banking & Finance
Published Year: 1983
Authors: Mark Flannery


Can State Bank Examination Data Replace FDIC Examination Visits?
Journal: Journal of Bank Research
Published Year: 1983
Authors: Mark Flannery


Market Interest Rates and Commercial Bank Profitability: An Empirical Investigation
Journal: Journal of Finance
Published Year: 1981
Authors: Mark Flannery


Indexing the U.S. Economy: Simulation Results with the MPS Model
Journal: Journal of Econometrics
Published Year: 1981
Authors: L. Johnson, Mark Flannery


Risk-Efficient Monopoly Pricing for the Multiproduct Firm: Comment
Journal: Quarterly Journal of Economics
Published Year: 1979
Authors: Mark Flannery

Broker-dealers as residual liquidity providers in the corporate bond market
Authors: Mark Flannery


The Effect of a Government Reference Bond on Corporate Borrowing Costs: Evidence from a Natural Experiment
Authors: Mark Flannery, Baolian Wang, Claire Hong


Share Class Responses to Past Performance within Mutual Funds
Authors: Mark Flannery, Da Tian