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Rebel A. Cole
Lynn Eminent Scholar Chaired
Professor of Finance
Florida Atlantic University
Office Phone:
(561) 297-4969
Fax Number:
(561) 297-2956
Email:
coler@fau.edu
Office:
Kaye Hall 140
777 Glades Road Boca Raton, FL 33431-0991
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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.
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Short Bio:
Dr. Rebel A. Cole hold the Lynn Eminent Scholar Chaired 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 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 1,600,000 researchers worldwide. According to Google
Scholar, Dr. Cole's research has been cited almost 14,000 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).
Teaches:
- Introductory Corporate Finance MBA (FIN6406)
- Advanced Corporate Finance MBA (FIN6806)
- Financial Institutions PhD (FIN7808, FIN7811)
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, Lynn Eminent Scholar Chaired Professor of Finance
Florida Atlantic University, Boca Raton, FL, USA 33481-0991.
(Office) 561-297-4969 (Fax) 561-297-2956 (Mobile) 312-933-0584