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Rebel A. Cole
Lynn Eminent Scholar Endowed
Professor of Finance
Florida Atlantic University
Kaye Hall 140
777 Glades Road Boca Raton, FL 33431-0991
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 hold the Lynn Eminent Scholar Endowed Professorship of Finance
and has been a full professor of finance in the College of Business at Florida
Atlantic University in Boca Raton, FL USA since August 2016. He teaches graduate-level
courses in corporate finance and financial institutions. Prior to coming to
FAU, Dr. Cole was a Professor of Finance at DePaul
University in Chicago, IL USA, at the University
of New South Wales in Sydney, Australia and at the University
of Auckland in Auckland, New Zealand. During his career, he has taught finance
to students 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 Financial Intermediation,
the Journal of Corporate Finance, 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, entrepreneurial finance and real estate. 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 400,000 researchers worldwide. According to Google
Scholar, Dr. Cole's research has been cited more than 8,500 times. According
to Scopus and Web of Science, Dr. Cole's research has been cited more than 2,000
Dr. Cole is also an active commentator in the media. During the past decade,
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, Forbes, 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,
India, 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, Yemen and Zimbabwe.
Dr. Cole has participated in more than 80 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.
Check out Dr. Cole's recent
commentary in the media, including:
- SNL Bank and Thrift Daily (Oct. 5, 2018): Community banks show edge over
big banks in small-business lending.
- Federal Reserve Board (Oct. 4, 2018): Speech
by Fed Vice-Chairman Quarles on trends in urban and community banks.
- QSRWeb.com (Sep. 20, 2018):
Study: Restaurant brands going public can rake it in with 2-stage IPO
- Finanzen.ch (sep. 20, 2018): FAU
Study Finds Firms Going Public Can Avoid Underpricing and Stock Volatility
by Taking Alternative Two-Stage IPO
- Jun. 04: Nasdaq.com (Jun. 04, 2018): How
to Wring the Most Business Value from a Personal Loan
- Jun. 04: USA Today (Jun. 04, 2018): How
to Wring the Most Business Value from a Personal Loan
- Forbes.com (Mar. 30, 2018): The
Hidden Cost of Online Borrowing: Leaving the Banking Relationship Behind
- Federal Reserve Board (Mar. 26, 2018): Speech
by Fed Vice-Chairman Quarles on the roles of consumer protection and small
business access to credit in financial inclusion
- Forbes.com(Mar. 20, 2018): Senate
Bank Bill May Only Indirectly Boost Small Business Loans.
- PYMENTS.COM (Feb. 20, 2018): SMBs
Financed Via Personal Debt Less Likely Thrive, Study Finds
- Forbes.com (Feb. 19, 2018): A
New Study Says Business Loans Help Startups Grow. Personal Loans Don't.
- Forbes.com (Jan. 31, 2018): Trying
to Goad More Small Business Bank Loans? Somebody Will Object.
- PYMENTS.COM (Jan. 29, 2018)):
SBA Turns Attention To Credit Unions To Revive Small Biz Lending
- Forbes.com (Jan. 29, 2018): Entrepreneurs
Always Think Next Year Will Bring Easier Credit. They're Wrong.
- Markets.BusinessInsider.com (Jan. 23, 2018):
Bank Lending to Small Businesses Still Depressed Several Years After Financial
Crisis Ended 2017
- Forbes.com (Sep. 26, 2017): Did
BofA Lie About A Loan? 7 Years Later, A Businessman May Get His Day In Court
- Foxbusiness.com (Oct. 05, 2016): What
You Need to Know About the Fed's Annual Capital Plan and Stress Test Assessments
- Third Way( Sep. 20, 2016): To
Grow New Businesses, Improve Access to Credit
- 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
- 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?
- 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
- Cole, Rebel A., Iannos Floros, and Vladimir Ivanov. 2018.
Reducing uncertainty through a two-stage IPO. Journal of Financial
- Rebel A. Cole and Tatyana Sokolyk. 2018. Debt
Financing, Survival, and Growth of Start-Up. Journal of Corporate
Finance 50, 609-625.
- Na Dai, Vladamir Ivanov, and Rebel A. Cole. 2017. Entreprenuerial
optimismp. Journal of Corporate Finance 44, 289-307.
- Rebel A. Cole and Lawrence J. White. 2017. When
time is not on our side: the cost of regulatory forbearance in the closure
of insolvent banks. Journal of Banking and Finance 80, 235-249.
- 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).
- Introductory Corporate Finance MBA (FIN6406)
- Advanced Corporate Finance MBA (FIN6806)
- Financial Institutions PhD (FIN7932)
- Professor of Finance and Real Estate, DePaul University, Chicago, IL, USA
- 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, Lynn Eminent Scholar Professor of Finance
Florida Atlantic University, Boca Raton, FL, USA 33481-0991.
(Office) 561-297-4969 (Fax) 561-297-2956(Mobile) 312-933-0584 (Skype) rebelcole