Rebel A. Cole
Rebel A. Cole is a Professor of Finance and Real Estate in the Kellstadt College of Commerce at DePaul University in Chicago, Illinois, where he has taught since July 2003. He teaches classes in corporate finance at both the graduate and undergraduate level.
Personal life
Cole was born in Asheville, North Carolina on August 25, 1958 to Frank Allen Cole and Kathleen Krahenbuhl Godwin Cole, and attended St. Genevieve-Gibbons Hall for primary school, the Asheville School and Asheville High School for high school, and the University of North Carolina at Chapel Hill for college and graduate School. From UNC, he received an A.B. in Economics, Industrial Relations, and Political Science in May 1981 and a Ph.D. in Business Administration with specialization in Finance in May 1988. His half-sister is the author Gail Godwin. He is married to Caroline Lee and resides in downtown Chicago.
Career
After receiving his PhD in Business Administration from the University of North Carolina at Chapel Hill, Cole began his career in late 1987 as a financial economist at the Federal Home Loan Bank Board, during the height of the savings & loan crisis. Here, he began a series of scholarly articles on the failures of thrift institutions, which he continued from 1989 - 1991 as a financial economist at the Federal Reserve Bank of Dallas. Cole returned to Washington in 1991 as a supervisory financial analyst in the Division of Banking Supervision & Regulation at the Federal Reserve Board where he led the development of SEER—the Fed's statistical early warning system for bank failures. After completing development of SEER in 1993, Cole transferred to the Board's Division of Research & Statistics, where he was the co-principal investigator of the 1993 National Survey of Small Business Finance. In this position, he began what has become more than 20 years of research on the availability of credit to small firms. After completion of the survey in 1997, Cole spent one year as Chief Economist of the Employment Policies Institute in Washington D.C. before returning to academia as a professor of finance at the University of Auckland in New Zealand. After two year, Cole moved to Sydney, Australia to take a professorship at the University of New South Wales—Australia's flagship university. He remained at UNSW until July 2003, when he moved back to the U.S. for a professorship at DePaul University in Chicago, where he remains today. Since leaving the Fed in 1997, Cole also began a second career as a special advisor to the World Bank, the Asian Development Bank and the International Monetary Fund, providing training on issues related to banking supervision. In this capacity, he has participated or led more than 60 international missions to central banks in more than 40 countries.
Cole is a prolific author who, according to Google Scholar, has written more than 120 articles that have been cited by other scholars more than 5,000 times and have appeared in such academic journals as The Journal of Finance, the Journal of Financial Economics, and the Journal of Financial and Quantitative Analysis. He is best known for his work on agency costs and ownership structure and the availability of credit to small firms. His research interests focus on corporate governance, commercial banking, entrepreneurship and real estate.
Cole also is an active commentator in the media. During the past few years, he has been interviewed for stories in 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.
Bibliography: Refereed Publications
- Roddewig, Richard J., and Rebel A. Cole. 2014. Real estate value impacts from fracking: Industry response and proper analytical techniques. Real Estate Issues 39 (3), 6-20.
- Berkman, Henk, 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.
- Cole, Rebel A. 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.
- Cole, Rebel A. 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 42, 5-29.
- Cannon, Susanne E. and Rebel A. Cole. 2011. How accurate are commercial real-estate appraisal? Evidence from 25 years of NCREIF data. Journal of Portfolio Management 35 (5), 68-88.
- Cannon, Susanne E. and Rebel A. Cole. 2011. Changes in REIT liquidity: Evidence from daily data 1988-2007. Journal of Real Estate Finance and Economics 43, 258-280.
- Chernykh, Lucy and Rebel A. Cole. 2011. Does deposit insurance improve financial intermediation? Evidence from the Russian experiment. Journal of Banking & Finance 35, 388-402.
- Ang, James S., 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, 1 36.
- Berkman, Henk, Rebel A. Cole and Lawrence J. Fu. 2010. Political connections and minority-shareholder protection: Evidence from securities-market regulation in China. Journal of Financial & Quantitative Analysis 45, 1391-1417.
- Berkman, Henk, Rebel A. Cole and Lawrence J. Fu. 2009. Expropriation through loan guarantees to related parties: Evidence from China. Journal of Banking & Finance 33, 141-156.
- Cole, Rebel A., Fariborz Moshirian and Qionbing Wu. 2008. Bank stock returns and economic growth. Journal of Banking & Finance 32, 996-1007.
- Cole, Rebel A. 2007. Henderson Global Investors: Institutional investments in real estate. Journal of Real Estate Practice and Education 10, 107-122.
- Cole, Rebel A., 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.
- Ang, James, Rebel A. Cole and James Lin. 2000. Agency costs and ownership structure. The Journal of Finance 55, 81-106.
- Cole, Rebel A. 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.
- Cole, Rebel A. 1998. The importance of relationships to the availability of credit. Journal of Banking & Finance 22, 959-997.
- Cole, Rebel A. and Jeffery W. Gunther. 1998. Predicting bank failures: A comparison of on- and off-site monitoring systems. Journal of Financial Services Research 13, 103-117.
- Bhasin, Vijay, Rebel A. Cole and Joseph K. Kiely. 1997. Changes in REIT liquidity 1990-94: Evidence from intra-day transactions. Real Estate Economics 25, 615-630.
- Eisenbeis, Robert A., Paul M. Horvitz and Rebel A. Cole. 1996. Commercial banks and real estate lending: The Texas experience. Journal of Regulatory Economics 10, 275-290.
- Cole, Rebel A. and Robert A. Eisenbeis. 1996. The role of principal-agent problems in the 1980s thrift crisis. Real Estate Economics 24, 195-218.
- Cole, Rebel A. and Jeffery W. Gunther. 1995. Separating the likelihood and timing of bank failure. Journal of Banking& Finance 19, 1073-1089.
- Fenn, George W. and Rebel A. Cole. 1994. Announcements of asset-quality problems and contagion effects in the life insurance industry. Journal of Financial Economics 35, 181-198.
- Cole, Rebel A. and Joseph A. McKenzie. 1994. Thrift asset-class returns and efficient diversification of thrift institution portfolios. Real Estate Economics (formerly Journal of the American Real Estate and Urban Economics Association) 22, 95-116.
- Cole, Rebel A., Robert A. Eisenbeis and Joseph A. McKenzie. 1994. Asymmetric-information and principal-agent problems as sources of value in FSLIC-assisted acquisitions of thrift institutions. Journal of Financial Services Research 8, 5-28.
- Cole, Rebel A. 1993. When are thrift institutions closed? An agency-theoretic model. Journal of Financial Services Research 7, 283-307.
- McKenzie, Joseph A., Rebel A. Cole and Richard A. Brown. 1992. Moral hazard, portfolio allocation, and asset returns for thrift institutions. Journal of Financial Services Research 5, 315-339.
- Curry, Timothy, Joseph Blalock and Rebel Cole. 1991. Recoveries on distressed real estate and the relative efficiency of public versus private management. Real Estate Economics (formerly Journal of the American Real Estate and Urban Economics Association) 19, 495-515.
- Miles, Mike, Rebel Cole and David Guilkey. 1990. A different look at commercial real estate returns. Real Estate Economics (formerly Journal of the American Real Estate and Urban Economics Association) 18, 403-430.
- Guilkey, David, Mike Miles and Rebel Cole. 1989. The motivations for institutional real estate sales and implications for generalizing from specific property sales to asset class returns. Real Estate Economics (formerly Journal of the American Real Estate and Urban Economics Association) 17, 70-86.
- Cole, Rebel, David Guilkey, Mike Miles and Brian Webb. 1989. More scientific diversification categories in commercial real estate. Real Estate Review, Spring, 59-66.
- Cole, Rebel, David Guilkey and Mike Miles. 1987. Pension fund investment managers’ unit values deserve confidence. Real Estate Review, Spring. 84-89.
- Cole, Rebel, David Guilkey and Mike Miles. 1986. Towards an assessment of the reliability of commercial appraisals. The Appraisal Journal, July, 422-432.
Bibliography: Non-Refereed Publications
- Cole, Rebel A. 2014. Credit scoring and credit-market outcomes: Evidence from the SSBF and KFS. U.S. Small Business Administration Research Study No. 419. Available at: https://www.sba.gov/sites/default/files/files/rs419tot.pdf
- Cole, Rebel A. 2012. How did the financial crisis affect small-business lending in the U.S.? U.S. Small Business Administration Research Study No. 399. Available at: http://www.sba.gov/advocacy/7540/361941
- Cole, Rebel A. 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. Available at: http://books.google.com/books?id=i_eI2o_N66wC&pg=PA305
- Cole, Rebel A. 2011. How do firms choose legal form of organization? U.S. Small Business Administration Research Study No. 383. Available at: http://www.sba.gov/sites/default/files/files/rs383tot.pdf.
- Cole, Rebel A. 2010. Bank credit, trade credit or no credit? Evidence from the Surveys of Small Business Finances. U.S. Small Business Administration Research Study No. 365. Available at: http://www.sba.gov/advo/research/rs365.pdf.
- Cole, Rebel A. 2009. Who needs credit and who gets credit? Evidence from the Surveys of Small Business Finances. In Small Business in Focus: Finance. A Compendium of Research by the Small Business Administration Office of Advocacy, July, 95-133. Available at http://www.sba.gov/ADVO/research/09finfocus.pdf.
- Cole, Rebel A. 2008. What do we know about the capital structure of privately held firms? Evidence from the Surveys of Small Business Finances. U.S. Small Business Administration Research Study No. 324. Available at http://www.sba.gov/ADVO/research/rs324tot.pdf.
- Cole, Rebel A. and Jonathan Dombrow. 2007. The state of rental housing in Cook County. Published by the MacArthur Foundation, Chicago, IL. Available at: http://ulichicago.org/PreservationCompact/Docs/The_State_of_Rental_Housing_Cook_County.pdf.
- Cole, Rebel A., Lawrence W. Goldberg and Lawrence J. White. 1999. Cookie-cutter versus character: The micro structure of small-business lending by large and small banks. In Business Access to Capital and Credit: A Federal Reserve System Research Conference, Federal Reserve Bank of Chicago. Available at: http://www.chicagofed.org/cedric/files/business_access_capital_full_proceedings.pdf.
- Cole, Rebel A. and Nicholas Walraven. 1998. Banking consolidation and the availability of credit to small businesses: Evidence from the 1993 National Survey of Small Businesses. In Consolidation in the Financial Services Industry, Proceedings of a conference sponsored by the Federal Reserve Bank of New York held March 27 in New York City, NY USA. Available at: http://www.newyorkfed.org/research/conference/1998/consolidation.html.
- Cole, Rebel A., John D. Wolken and R. Louise Woodburn. 1996. Bank and nonbank competition for small business credit: Evidence from the 1987 and 1993 National Surveys of Small Business Finances. Federal Reserve Bulletin 82, November. 983-995. Available at: http://www.federalreserve.gov/pubs/bulletin/1996/1196lead.pdf.
- Bhasin, Vijay, Rebel A. Cole and Joseph K. Kiely. 1996. REIT liquidity and bid-ask spreads. Real Estate Finance 13, Summer 1996. Reprinted in CFA Digest February 1997, Vol. 27, No. 1, 33-55. Available at: http://www.cfapubs.org/doi/abs/10.2469/dig.v27.n1.12.
- Cole, Rebel A. and Hamid Mehran. 1996. The effect of changes in ownership structure on firm performance. In Proceedings of a Conference on Bank Structure and Performance, Federal Reserve Bank of Chicago.
- Cole, Rebel A. and Jeffery W. Gunther. 1995. A CAMEL rating’s shelf life. Financial Industry Studies, Federal Reserve Bank of Dallas, December. Available at: http://dallasfed.org/banking/fis/fis9502.pdf.
- Cole, Rebel A., Joseph A. McKenzie and Lawrence J. White. 1995. Deregulation gone awry: Moral hazard in the savings and loan industry. In Bank Failures: Causes, Consequences and Cures, edited by Michael S. Lawler and John H. Wood, Kluwer Academic Publishers: Norwell, MA. Available at: http://ssrn.com/abstract=1293468.
- Cole, Rebel A. and John D. Wolken. 1995. Financial services uses by small businesses: Evidence from the 1993 National Survey of Small Business Finances. Federal Reserve Bulletin 81 July. Board of Governors of the Federal Reserve System, Washington, DC. 629-667.
- Cole, Rebel A., Barbara G. Cornyn and Jeffery W. Gunther. 1995. FIMS: A new monitoring system for banking organizations. Federal Reserve Bulletin 81, January. Board of Governors of the Federal Reserve System, Washington, DC. 1-15.
- Cole, Rebel A. and Jeffery W. Gunther. 1994. When are failing banks closed? Financial Industry Studies, Federal Reserve Bank of Dallas, December. 1-12.
- Cole, Rebel A. and George W. Fenn. 1994. Did commercial real estate lending cause the banking crisis?” Real Estate Finance 11:3, Fall. 59-68.
- Cole, Rebel A. and Jeffery W. Gunther. 1993. Separating the likelihood and timing of bank failure Financial Industry Studies 93-2, Federal Reserve Bank of Dallas. Available at: http://econpapers.repec.org/paper/fipfeddfi/93-2.htm
- Cole, Rebel A. and George W. Fenn. 1992. Announcements of asset-quality problems and stock returns: The case of life insurance companies,” with George Fenn. In Proceedings of a Conference on Bank Structure and Performance, Federal Reserve Bank of Chicago.
- Cole, Rebel A. and Hamid Mehran. 1991. Executive compensation and corporate performance: Evidence from the thrift industry. In Proceedings of a Conference on Bank Structure and Performance, Federal Reserve Bank of Chicago. Available at: http://ssrn.com/abstract=1307382.
- Cole, Rebel A. 1990. Thrift resolution activities: Historical overview and implications. Financial Industry Studies, Federal Reserve Bank of Dallas, May 1990. Reprinted in Annual Editions: Money and Banking, 1991. James P. Egan, editor, Guilford, CT: The Dushkin Publishing Group, Inc. Available at: http://condor.depaul.edu/rcole/Research/Cole_Implications_FIS_1990.PDF
- Cole, Rebel A., Joseph McKenzie, and Lawrence J. White. 1990. The causes and costs of thrift institution failures: a structure- behavior-outcomes approach. Financial Industry Studies 90-5, Federal Reserve Bank of Dallas. http://econpapers.repec.org/paper/fipfeddfi/90-5.htm
- Cole, Rebel A. 1990. Agency conflicts and thrift resolution costs. Financial Industry Studies 90-3, Federal Reserve Bank of Dallas. Available at: http://econpapers.repec.org/paper/fipfeddfi/90-3.htm
- Cole, Rebel A. 1990. Insolvency versus closure: why the regulatory delay in closing troubled thrifts? Financial Industry Studies 90-2, Federal Reserve Bank of Dallas. Available at: http://econpapers.repec.org/paper/fipfeddfi/90-2.htm
- Brown, Richard A., Joseph A. McKenzie, and Rebel A. Cole. Going beyond traditional mortgages: the portfolio performance of thrifts. Financial Industry Studies 90-1, Federal Reserve Bank of Dallas. Available at: http://econpapers.repec.org/paper/fipfeddfi/90-1.htm
- Cole, Rebel A. and Robert A. Eisenbeis. 1989. Value creation and excess returns in FSLIC-assisted takeovers of troubled thrifts. In Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago.
- Cole, Rebel A. and Robert A. Eisenbeis. 1989. Excess returns and sources of value in FSLIC-assisted acquisitions of troubled thrifts. Financial Industry Studies 90-2, Federal Reserve Bank of Dallas. Available at: http://econpapers.repec.org/paper/fipfeddfi/89-1.htm
- Cole, Rebel A. and Robert A. Eisenbeis. 1989. Value creation and excess returns in FSLIC-assisted takeovers of troubled thrifts. In Proceedings of a Conference on Bank Structure and Competition, Federal Reserve Bank of Chicago.
References
External links
- Rebel A. Cole webpages at Social Science Research Network.
- Rebel A. Cole webpages at DePaul University.
- Rebel A. Cole webpages at Scholar Google.
- Rebel A. Cole webpages at ResearchGate.
- Rebel A. Cole webpages at REPEC.