Follow my research on Google Scholar, SSRN, and ResearchGate. View/download my publications. View/download my working papers. View/download my citations according to Google Scholar. View/download my citations according to Web of Science View/download my presentations. Follow my media commentary here. View many of my television interviews.

Rebel A. Cole CEO Krahenbuhl Global Consulting LLC Former Professor of Finance Former Federal Reserve Board Staff Economist Office Phone: (561) 749-0004 Mobile Number: (312) 933-0584 Email:   rebelcole@rebelcole.com

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 here and video at youtube can be found here.

Short Bio:

Dr. Rebel A. Cole is the chief executive officer of Krahenbuhl Global Consultings LLC, which he founded in 1998. Prior to moving to south Florida, Dr. Cole was 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 real estate, entrepreneurial finance, and financial institutions. Most of his manuscripts are available for free download from the Social Science Research Network (SSRN), where he is ranked in the top 0.1% of more than 2,400,000 researchers worldwide. According to Google Scholar, Dr. Cole's research has been cited more than 15,000 times. According to Scopus and Web of Science, Dr. Cole's research has been cited more than 3,000 times.

Dr. Cole is also an active commentator in the media. During his career, he has been cited 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 and The Today Show, as well as several local Chicago and south Florida news shows.

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, the Caribbean 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:

• WLRN Miami (Mar. 25, 2024): Why there's confidence South Florida is (mostly) immune to a commercial real estate correction .
• Business Insider (Mar. 9, 2024): These 28 regional and community banks exceed regulators' threshold for high commercial real-estate concentration risk: Here's what's really at stake.
• Globe Street (Feb. 29, 2024): Fed Unintended Consequences May Put More Pressure on Regional Banks.
• Globe Street (Feb. 27, 2024): A Significant Share of Banks Are Overexposed to CRE.
• Inc. (Feb. 13, 2024): New York Community Bancorp Woes Keep Squeezing Regional Bank Sector.
• Fox Business (Feb. 12, 2024): Real estate pain for US regional banks is piling up, investors warn.
• Reuters (Feb. 12, 2024): Real estate pain for US regional banks is piling up, say investors.
• Reuters (Oct. 18, 2023): Banks report continued pain on commercial real estate loans.
• Business Insider (May 1, 2023): Banks are finally admitting they have a problem with billions of dollars of looming real-estate defaults.
• Wall Street Journal (Mar. 30, 2023): Small Banks Are Losing to Big Banks. Their Customers Are About to Feel It.
• Bankrate (Mar. 23, 2023): What happens when a bank is liquidated?.
• American Banker (Mar. 16, 2023): Federal Home Loan bank borrowings jump this week by nearly $250 billion.
• American Banker (Sep. 21, 2022): Are there too many banks?
• The Financial Times (Apr. 30, 2022): Elon Musk’s bank loans show the divide in American finance.
• The Financial Times (Dec. 13, 2021): Race and finance: America’s segregated banking sector.
• Bloomberg Law (Oct. 15, 2020): Floridians fared worst in study of pandemic unemployment relief.
• Fox 35 News -- Orlando, FL (Aug. 23, 2020): With COVID-19 cases on the decline, is Phase 3 of reopening Florida coming soon?
• ABC Action News -- Tampa Bay, FL (Aug. 14, 2020): FAU Professor warns a key COVID-19 metric Florida uses could be misleading.
• CBS 12 News -- Palm Beach, FL (Aug. 13, 2020): South Florida lab under investigation for holding on to thousands of COVID test results.
• Fox 35 News -- Orlando, FL (Aug. 4, 2020): Tracking Coronavirus: 245 more COVID-19 deaths reported by Florida health officials.
• The Today Show (Jul. 24, 2020): US tops 4 million coronavirus cases as infections surge in South.
• Fox 35 News -- Orlando, FL (Jul. 24, 2020): FAU researchers create COVID-19 tracker.
• CBS 12 News -- Palm Beach, FL (Jul. 21, 2020): FAU researchers create new COVID-19 tracker.
• CBS 12 News -- Palm Beach, FL (Jul. 18, 2020): Man who died in motorcycle crash counted as COVID-19 death in Florida: Report.
• CBS 12 News -- Palm Beach, FL (Jul. 17, 2020): Dozens of Florida labs still report only positive COVID tests, skewing positivity rate.
• Fox 35 News -- Orlando, FL (Jul. 16, 2020): Florida professor says COVID-19 death counts need more transparency
• ABC 7 News -- Sarasota, FL (Jul. 15, 2020): Is Florida COVID-19 positivity rate accurate? Labs not reporting negative test results.
• Wall Street Journal (Jul. 6, 2020): Small Business Loans Helped the Well-Heeled and Connected, Too.
• Wall Street Journal (Mar. 31, 2020): SBA Loans to Charge 0.5% Interest, Can Be Forgiven If Used to Save Jobs.
• American Banker (Mar. 26, 2020): Emergency coronavirus program gives fintechs a shot at SBA lending.
• 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
• Forbes.com(Mar. 20, 2018): Senate Bank Bill May Only Indirectly Boost Small Business Loans.
• 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.
• Forbes.com (Jan. 29, 2018): Entrepreneurs Always Think Next Year Will Bring Easier Credit. They're Wrong.
• Foxbusiness.com (Oct. 05, 2016): What You Need to Know About the Fed's Annual Capital Plan and Stress Test Assessments
• 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
• 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

Selected Publications:

• Rebel A. Cole, Qionbing Wu. 2023. Macroeconomic conditions and bank failure. Journal of Forecasting, forthcoming
• Rebel A. Cole, Sofia Johan, and Denis Schweizer. 2021. Corporate failures: Declines, collapses, and scandals. Journal of Corporate Finance 67: 101872.
• Rebel A. Cole and Jason Damm. 2020. How did the financial crisis affect small-business lending in the U.S.?. Journal of Financial Research 43, 767-820.
• Rebel A. Cole, Travis Davidson, and Hongxia Wang. 2020. Why do bank holding companies purchase bank-owned life insurance?. Review of Quantitative Finance and Accounting, In Press.
• Rebel A. Cole, Iannos Floros and Vladimir Ivanov. 2018. Reducing uncertainty through a two-stage IPO. Journal of Financial Intermediation38, 45-57.
• 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 optimism. 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 45, 777-813.
• 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 Press. 305-340.
• 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 32, 995-1007.
• 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 39, 227-251.
• 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 81, 629-667.
• 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 18, 403-430.
• 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 Journal, 422-432.

Education:

• 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).

Previous Positions:

• 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, CEO, Krahenbuhl Global Consulting, LLC
Delray Beach, FL, USA 33483.
(Office) 561-749-0004 (Mobile) 312-933-0584