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View many of my television interviews.
Rebel A. Cole
1 E. Jackson Blvd.
Chicago, IL 60604
Prof. Cole training Sudanese government officials
on stress testing during a March 2016 workshop in Khartoum (left) and
training staff of the Central Bank of Ghana on implementation of Basel
II during a June 2015 workshop in Accra (right).
Prof. Cole testifying on Jan. 25, 2016 before
the Illinois Senate Committee on Financial Services about the decline
in bank lending to small businesses. My written testimony can be found
and video at youtube can be found here.
Dr. Rebel A. Cole has been a Professor of Finance in the
Driehaus College of Business at DePaul University
since July 2003 and a Professor of Real Estate since July 2008. He teaches graduate-level
courses in financial management, corporate governance and valuation, as well
as the capstone course for undergraduate finance majors. Prior to coming to
DePaul, Dr. Cole taught at the University of
New South Wales in Sydney, Australia and the University
of Auckland in Auckland, New Zealand. During his career, he has taught finance
in six different countries (Australia, Bahrain, People's Republic of China,
New Zealand, Switzerland and the U.S.).
Dr. Cole has published peer-reviewed articles in top academic journals that
include the Journal of Finance,
the Journal of Financial Economics,
the Journal of Financial &
Quantitative Analysis, the Journal
of Banking &Finance, the Journal
of Real Estate Finance and Economics and Real
Estate Economics. His primary areas of research are commercial banking,
corporate governance, financial institutions, real estate and small-business
finance. Most of his manuscripts are available for free download from the Social
Science Research Network (SSRN), where he is ranked in the top 0.3% of more
than 300,000 researchers worldwide. According to Google
Scholar, Dr. Cole's research has been cited more than 6,500 times. According
to Scopus, Dr. Cole's research has been cited more than 1,300 times. According
to the Social Science Citation Index, Dr. Cole's research has been cited more
than 1,200 times.
Dr. Cole is also an active commentator in the media. During the past few years,
he has been interviewed for stories in the Wall Street Journal, the New York
Times, the American Banker, Bloomberg BusinessWeek, the Chicago Tribune, CNN
Money, the Huffington Post, NPR's All Things Considered, Voice of America News,
the Washington Post, the Washington Times, and Yahoo Finance. He has appeared
in television interviews on CNN, First Business News, Fox Business News, the
PBS Nightly Business Report, as well as on local Chicago stations including
several appearances on WTTW's Chicago Tonight.
Dr. Cole received his PhD in Business Administration from the Kenan-Flagler
School of Business at the University of North
Carolina at Chapel Hill in 1988. For the next ten years, he worked as a
staff economist at the Federal Home Loan Bank Board (now the Office
of Thrift Supervision), where he worked on the 1980s S&L crisis; at
the Federal Reserve Bank of Dallas, where
he worked on the 1990s banking crisis; and at the Board
of Governors of the Federal Reserve System in Washington, DC, where he oversaw
the design, development and implementation of the System
for Estimating Examination Ratings (SEER)--the Fed's primary system for
offsite monitoring of banks and bank holding companies--and served as co-principal
investigator for the
Survey of Small Business Finances.
Since leaving the Board of Governors in 1997, Dr.Cole has served as a special
advisor to the Asian Development Bank, th Carribbean
Technical Assistance Center, the International
Monetary Fund, the Middle East Technical
Assistance Center, and the World Bank,
providing technical assistance and training to Central Banks in developing countries
that include Antigua, the Bahamas, Belize, Cape Verde, China, Ghana, Guyana,
Jamaica, Jordan, Kenya, Lebanon, Malaysia, the Maldives, Mongolia, Montserrat,
Morocco, Nigeria, Palestine, the Philippines, Russia, St. Lucia, St. Kitts,
Sudan, Syria, Trinidad & Tobago, Turkey, Uzbekistan and Yemen. Dr. Cole
has participated in more than 60 international missions to these countries to
assist in the development of stress tests, financial stability reports, and
off-site monitoring systems for commercial banks and other financial institutions.
During August 2008 and May 2009, Dr. Cole was a visiting scholar at the Federal
Deposit Insurance Corporation (FDIC) in Washington, DC.
Is the U.S. jobs market improving? Not very much. check
Are U.S. banks lending to small businesses? Not yet. check
Should Congress abandon the business tax deduction for interest expense? Of
Check out Dr. Cole's recent
commentary in the media, including:
- Tax Notes (May. 09, 2016): 100
Percent Expensing Is No Alternative for Interest Deductibility
- American Banker (Mar. 03, 2016): Small
Businesses Are Unhappy With Online Lenders
- Bankrate.com (Feb. 29, 2016): What
Happens When Your Bank Is Liquidated?
- Wall Street Journal (Nov 26, 2015): Big
Banks Cut Bank Lending to Small Businesses
- Wall Street Journal (May 26, 2015): Entrepreneurs
May Be a Lot More Creditworthy Than They Think
- Int'l Business Times (Mar. 04, 2015): Stress
Tests on Big Banks Are Too Predicable, Treasury Department Paper Says
- American Banker (Feb. 25, 2015): Irony
of JPM's Organic-Growth Pitch Not Lost on Dimon
- American Banker (Feb. 16, 2015): Banks
Rev Up Small-Business Lending Amid Critics, New Competitors
- American Banker (Feb. 16, 2015): Are
the Big Banks Open for Small Business Lending?
- Bloomberg News (Dec. 17, 2014): Russia's
Latest Torment: Higher Prices for Everything
- New York Times (May 21, 2014): In
Credit Suisse Settlement, a Question of Justice
- New York Times (Mar. 13, 2014): What
North Dakota's Public Bank Does for Small Businesses
- New York Times (Oct.08, 2013): The
Guarantee That Banks May Fear to Invoke
- American Banker (Oct. 07, 2013: Buried
in the Fine Print: $57 B of FHA Loans Big Banks May Have to Eat
- New York Times (Aug.02, 2013): Barclays,
Caught Short, Is Now in a Bind
- New York Times (May 01, 2013: Banks
Ease Capital Cost of Loans to Brokers
- New York Times (Mar.08, 2013): Banks
Pass Fed’s Tests; Critics Say It Was Easy
- CNN Money (Nov. 14, 2012): Study:
Bank bailout didn't boost small business lending
- Bloomberg Businessweek (Nov. 08, 2012): TARP
Verdict: Bailouts Failed to Help Small Business
- Voice of America News (Sep. 11, 2012): Central
Bank to Weigh Further Stimulus Measures
- Voice of America News (Sep. 07, 2012): Weak
US Employment Report Could Force Central Bank Action
- PBS Nightly Business Report (Jul.11, 2012): Fed's
Role with LIBOR
- WTTW Chicago Tonight (Jun.12, 2012): Fed:
Recession Shrank Wealth 40%
- Bloomberg News (Apr.18, 2012): Bank
of America Faces Bad Home-Equity Loans: Mortages
- WTTW Chicago Tonight (Apr.10, 2012): The
- New York Times (Mar. 14, 2012): Questions
as Banks Increase Dividends
- Fox Business News (Feb.10, 2012): Is
the Fed Doing Enough To Fix Housing?
- American Banker (Nov. 2, 2011): FDIC's
Failure Role Larger Than It Likes To Admit
- Washington Post (Sep. 20, 2011): Creating
Better Banks of America
- Bloomberg Businessweek (Sep. 14, 2011): BofA
Cuts May Aid PNC As Rivals Challenge Too-Big-To-Fail Firms
- CNN Weekday with Brooke Baldwin (Sep. 12, 2011): CNN
Weekday: Bank of America Job Cuts
- NPR All Things Considered (Sep. 12, 2011): How
Bank of America Lost its Balance
- Bloomberg Businessweek (Sep. 11, 2011): Moynihan
Cedes Top Rank as BofA Disowns Bigger-is-Better
- American Banker (Aug. 15, 2011): Why
CAMELS Aren't As Secret As You Think
Banker (July 30, 2011): Bankers
Brace for Default, Credit Quality Hit
American Banker (April 28, 2011): Servicing
Wrongs Could Force Banks to Take Big Losses on FHA Loans
- New York Times (October 21, 2010): Quote of the Day Oct. 21,
- New York Times (October 21, 2010): Big
Clash on Foreclosures is Taking Place
- Fox Business News (September 28, 2010): Default on Second Mortgage to Save Home
- Washington Post (September 24, 2010): Bank's Dispute Strategy to Force a Quicker
- Rebel A. Cole and Tatyana Sokolyk. 2016. Who
needs credit and who gets credit? Evidence from the Surveys of Small Business
Finances. Journal of Financial Stability 24, 40-60.
- Rebel A. Cole and Hamid Mehran. 2016. What
do we know about executive compensation at small privately held firms? Small
Business Economics 46, 215-237.
- Rebel A. Cole, Douglas Cumming, and Dan Li. 2016. Do
banks or VCs spur small firm growth? Journal of International Financial
Markets, Institutions, and Money 41, 60-72.
- Lucy Chernykh and Rebel A. Cole. 2015. How
should we measure capital adequacy? A simple proposal. Journal of
Financial Stability 20, 131-143.
- Richard Roddewig and Rebel A. Cole. 2014. Real
estate value impacts from fracking: Industry response and proper analytical
techniques. Real Estate Issues 39 (3), 6-20.
- Henk Berkman, Rebel A. Cole, and Lawrence J. Fu. 2014. Improving
corporate governance where the State is the controlling block holder: Evidence
from China. European Journal of Finance 20, 752-777.
- Rebel A. Cole. 2014. Credit
scores and credit market outcomes: Evidence from the Survey of Small Business
Finances and the Kauffman Firm Survey. U.S. Small Business Administration
Research Study No. 419.
- Rebel A. Cole. 2013. What
do we know about the capital structure of privately held firms? Evidence from
the Surveys of Small Business Finances. Financial Management
- Rebel A. Cole and Lawrence J. White. 2012. Déjà
Vu all over again: The causes of U.S. commercial bank failures this time around.
Journal of Financial Services Research 45, 5-29.
- Rebel A. Cole. 2012 Availability
of credit to small firms young and old. In The Oxford Handbook of
Entrepreneurial Finance, edited by Douglas Cumming. Oxford University
- Rebel A. Cole. 2012. How
did the financial crisis affect small business lending in the U.S.? U.S.
Small Business Administration Research Study No. 399.
- Susanne E. Cannon and Rebel A. Cole. 2011. How
accurate are commercial appraisals? Evidence from 25 years of NCREIF sales
data. Journal of Portfolio Management 35 (5), 68-88.
- Susanne E. Cannon and Rebel A. Cole. 2011. Changes
in REIT liquidity 1987-2007: Evidence from daily data. Journal of
Real Estate Finance and Economics 43, 258-280.
- Lucy Chernykh and Rebel A. Cole. 2011. Does
deposit insurance improve financial intermediation? Evidence from the Russian
experiment. Journal of Banking & Finance, 35 (2), 388-402.
- James S. Ang, Rebel A. Cole and Dan Lawson. 2010. The
role of owner in capital structure decisions: An analysis of single-owner
corporations. Journal of Entrepreneurial Finance 14 (3), 1-36.
- Henk Berkman, Rebel A. Cole and Lawrence J. Fu. 2010. Political
connections and minorityshareholder protection: Evidence from securities-market
regulation in China. Journal of Financial &Quantitative Analysis
45 (6), 1391-1417.
- Henk Berkman, Rebel A. Cole and Lawrence Fu. 2009. Expropriation
through loan guarantees to related parties: Evidence from China. Journal
of Banking & Finance 33, 141-156.
- Rebel A. Cole, Fari Moshirian and Linda Wu. 2008. Bank
stock returns and economic growth. Journal of Banking & Finance
- Rebel A. Cole, Lawrence G. Goldberg and Lawrence J. White. 2004. Cookie-cutter
versus character: The micro structure of small-business lending by large and
small banks. Journal of Financial & Quantitative Analysis
- James S. Ang, Rebel A. Cole and James Wu Lin. 2000. Agency
costs and ownership structure. The Journal of Finance 55, 81-106.
- Rebel A. Cole and Hamid Mehran. 1998. The
effect of changes in ownership structure on performance: Evidence from the
thrift industry. Journal of Financial Economics 50, 291-317.
- Rebel A. Cole. 1998. The importance
of relationships to the availability of credit. Journal of Banking
& Finance 22, 959-997.
- Rebel A. Cole and Jeffery W. Gunther. 1998. Predicting
bank failures: A comparison of on- and off-site monitoring systems. Journal
of Financial Services Research 13, 103-177.
- Rebel A. Cole and Jeffery W. Gunther. 1995. Separating
the likelihood and timing of bank failure. Journal of Banking &
Finance 19, 1073-1089.
- Rebel A. Cole and John D. Wolken. 1995. Sources
and uses of financial services by small businesses: Evidence from the 1993
National Survey of Small Business Finances. Federal Reserve Bulletin
- Rebel A. Cole, Barbara G. Cornyn and Jeffery W. Gunther. 1995. FIMS:
A new monitoring system for banking organizations. Federal Reserve
Bulletin 81, 1-15.
- Rebel A. Cole and George W. Fenn. 1994. Announcements
of asset-quality problems and contagion effects in the life insurance industry.
Journal of Financial Economics 35, 181-198.
- Rebel Cole, Tim Curry, and Joseph Blalock. 1991. Recoveries
on distressed real estate and the relative efficiency of public vs. private
management. Real Estate Economics 19, 495-515.
- Rebel Cole, David Guilkey and Mike Miles. 1990. A
different look at commercial real estate returns. Real Estate Economics
- Rebel Cole, David Guilkey and Mike Miles. 1989. The
motivation for institutional real estate sales and implications for asset
class returns. Real Estate Economics 17, 70-86.
- Rebel Cole, David Guilkey and Mike Miles. 1986. Toward
an assessment of the reliabilty of commercial appraisals. The Appraisal
- Ph.D Business Administration (Specialization in Finance),
University of North Carolina at Chapel Hill (1988).
- B.A. Economics and Political Science, University
of North Carolina at Chapel Hill (1981).
- Professor of Finance, University of New South Wales, Sydney, Australia
- Professor of Finance, University of Auckland, Auckland, New Zealand
- Financial Economist, Board of Governors of the Federal Reserve System,
Washington, DC, USA
- Financial Economist, Federal Reserve Bank of Dallas, Dallas, TX, USA
- Financial Economist, Federal Home Loan Bank Board, Washington, DC, USA
Rebel A. Cole, Professor of Finance and Real Estate
DePaul University, 1 E. Jackson Blvd.--Suite 5531, Chicago, IL 60604.
(Office) 312-362-6887 (Fax) 888-425-4687 (Mobile) 312-933-0584 (Skype) rebelcole