Rebel Cole

Biography

Dr. Cole is a Lynn Eminent Scholar Chaired Professor of Finance at the College of Business of Florida Atlantic University in Boca Raton, FL. He received his PhD in Business Administration from the University of North Carolina in 1988, after which he spent ten years working in the Federal Reserve System, primarily at the Board of Governors in Washington, DC where he oversaw 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 the 1993 iteration of the Fed’s Survey of Small Business Finances. Since leaving the Board of Governors in 1997, Dr. Cole has served as a special advisor to the International Monetary Fund, the World Bank and other non-governmental organizations, providing training and technical assistance to central banks in developing countries that include Antigua, the Bahamas, Belize, Bhutan, Cape Verde, China, Ghana, Guyana, Jamaica, Jordan, Kenya, Lebanon, Malaysia, the Maldives, Mongolia, Montserrat, Morocco, Palestine, the Philippines, Russia, St. Kitts, St. Lucia, 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 indicators, and off-site monitoring systems for commercial banks and other financial institutions. 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. According to Google Scholar, his works have been cited by other scholars more than 11,000 times. According to Scopus, his works have been cited more than 2,500 times. Most of his research papers are available for download from his website at www.rebelcole.com. Dr. Cole is a frequent commentator in the financial press. During the past few years, he has been quoted in, or appeared on: Accounting Today, the American Banker, the Bloomberg Businessweek, CNN Money, Fox Business News, the Huffington Post, the New York Times, National Public Radio, the PBS Nightly Business Report, the Street.com, the Voice of America, the Wall Street Journal, the Washington Post, WTTW’s Chicago Tonight, and Yahoo Finance.

Education

• PhD (1988) Finance, University of North Carolina at Chapel Hill
• BA (1981) Economics and Political Science, University of North Carolina at Chapel Hill

Intellectual Contributions

• Cole, Rebel; Wu, Qionbing. Economic conditions and bank failure (forthcoming), Journal of Forecasting
• Cole, Rebel; Davidson, Travis; Wang, Hongxia. (2021). Why do bank holding companies purchase bank-owned life insurance?, Review of Quantitative Finance and Accounting, 57(1), 29-59
• Cole, Rebel; Johan, Sofia; Schweizer, Denis. (2021). Corporate failures: declines, collapses, and scandals, Journal of Corporate Finance, 67, 101872
• Cole, Rebel; Damm, Jason. (2020). Do Banks Lend Where They Borrow? Local Small-Business Lending in the U.S., U.S. Small Business Administration Research Study
• Cole, Rebel; Damm, Jason. (2020). How did the financial crisis affect small-business lending in the U.S.?, Journal of Financial Research, 43, 767-820
• Cole, Rebel; Floros, Iannos; Ivanov, Vladamir. (2019). Reducing uncertainty through a two-stage IPO, Journal of Financial Intermediation, 38, 45-57
• Cole, Rebel; Sokolyk, Tatyana. (2018). Debt financing, survival and growth of start-up firms, Journal of Corporate Finance, 50, 609-625
• Cole, Rebel. (2018). How Did Bank Lending to Small Business in the United States Fare After the Financial Crisis?, U.S. Small Business Administration Research Study 439, 78 pages
• Dai, Na; Ivanov, Vladamir; Cole, Rebel. (2017). Entrepreneurial Optimism, Credit Availability, and Cost of Financing: Evidence from U.S. Small Businesses, Journal of Corporate Finance, 44, 289-307
• Cole, Rebel; White, Lawrence. (2017). When time is not on our side: The costs of regulatory forbearance in the closure of insolvent banks, Journal of Banking and Finance, 80, 235-249
• Cole, Rebel; Cumming, Douglas; Li, Dan. (2016). Do banks or VCs spur growth?, Journal of International Financial Markets, Institutions, and Money, 41, 60-72
• Cole, Rebel; Mehran, Hamid. (2016). What do we know about executive compensation at small privately held firms?, Small Business Economics, 46, 215-237
• Cole, Rebel; Sokolyk, Tatyana. (2016). Who needs credit and who gets credit? Evidence from the Surveys of Small Business Finances, Journal of Financial Stability, 24, 40-60
• Chernykh, Lucy; Cole, Rebel. (2015). How should we measure bank capital adequacy? A simple proposal, Journal of Financial Stability, 20, 131-143
• Berkman, Henk; Cole, Rebel; Fu, Lawrence. (2014). Improving corporate governance where the State is the controlling block holder: Evidence from China, European Journal of Finance, 20, 752-777
• Roddewig, Richard; Cole, Rebel. (2014). Real estate value impacts from fracking: Industry response and proper analytical techniques, Real Estate Issues, 39(3), 6-20
• Cole, Rebel. (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; White, Lawrence. (2012). Deja Vu all over again: The causes of U.S. commerical bank failures this time around, Journal of Financial Services Research, 42, 5-29
• Cannon, Susanne; Cole, Rebel. (2011). Changes in REIT liquidity: Evidence from daily data 1988-2007, Journal of Real Estate Finance and Economics, 43, 258-280
• Chernykh, Lucy; Cole, Rebel. (2011). Does deposit insurance improve financial intermediation? Evidence from the Russian experiment, Journal of Banking & Finance, 35, 388-402
• Cannon, Susanne; Cole, Rebel. (2011). How accurate are commerical real-estate appraisal? Evidence from 25 years of NCREIF data, Journal of Portfolio Management, 35(5), 68-88
• Berkman, Henk; Cole, Rebel; Fu, Lawrence. (2010). Political connections and minority-shareholder protection: Evidence from securities-market regulation in China, Journal of Financial & Quantitative Analysis, 45, 1391-1417
• Ang, James; Cole, Rebel; Lawson, Dan. (2010). The role of owner in capital structure decisions: An analysis of single-owner corporations, Journal of Entrepreneurial Finance, 14, 1-36
• Berkman, Henk; Cole, Rebel; Fu, Lawrence. (2009). Expropriation through loan guarantees to related parties: Evidence from China, Journal of Banking & Finance, 33, 141-156
• Cole, Rebel; Moshirian, Fariborz; Wu, Qionbing. (2008). Bank stock returns and economic growth, Journal of Banking & Finance, 32, 996-1007
• Cole, Rebel. (2007). Henderson Global Investors: Institutional investments in real estate, Journal of Real Estate Practice and Education, 10, 107-122
• Cole, Rebel; Goldberg, Lawrence; White, Lawrence. (2004). Cookie-cutter versus character: The micro structure of small-busines lending by large and small banks, Journal of Financial & Quantitative Analysis, 39, 227-251
• Ang, James; Cole, Rebel; Lin, James. (2000). Agency costs and ownership structure, Journal of Finance, 55, 81-106
• Cole, Rebel; Gunther, Jeffery. (1998). Predicting bank failures: A comparison of on- and off-site monitoring systems, Journal of Financial Services Research, 13, 103-117
• Cole, Rebel; Mehran, Hamid. (1998). The effect of changes in ownership structure on performance: Evidence from the thrift industry, Journal of Financial Economics, 50, 291-317
• Cole, Rebel. (1998). The importance of relationships to the availability of credit, Journal of Banking & Finance, 22, 959-997
• Bhasin, Vijay; Cole, Rebel; Kiely, Joseph. (1997). Changes in REIT liquidity 1990-94: Evidence from intra-day transactions, Real Estate Economics, 25, 615-630
• Eisenbeis, Robert; Horvitz, Paul; Cole, Rebel. (1996). Commerical banks and real estate lending: The Texas experience, Journal of Regulatory Economics, 10, 275-290
• Cole, Rebel; Eisenbeis, Robert. (1996). The role of principal-agent problems in the 1980s thrift crisis, Real Estate Economics, 24, 195-218
• Cole, Rebel; Gunther, Jeffery. (1995). Separating the likelihood and timing of bank failure, Journal of Banking & Finance, 19, 1073-1089
• Fenn, George; Cole, Rebel. (1994). Announcements of asset-quality problems and contagion effects in the life insurance industry, Journal of Financial Economics, 35, 181-198
• Cole, Rebel; Eisenbeis, Robert; McKenzie, Joseph. (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; McKenzie, Joseph. (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. (1993). When are thrift institutions closed? An agency-theoretic model, Journal of Financial Services Research, 7, 283-307
• McKenzie, Joseph; Cole, Rebel; Brown, Richard. (1992). Moral hazard, portfolio allocation, and asset returns for thrift institutions, Journal of Financial Services Research, 5, 315-339
• Curry, Timothy; Blalock, Joseph; Cole, Rebel. (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; Cole, Rebel; Guillkey, David. (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
• Cole, Rebel; Guillkey, David; Miles, Mike; Webb, Brian. (1989). More scientific diversification categories in commerical real estate, Real Estate Review(Spring), 59-66
• Guillkey, David; Miles, Mike; Cole, Rebel. (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; Guillkey, David; Miles, Mike. (1987). Pension fund investment managers' unit values deserve confidence, Real Estate Review(Spring), 84-89
• Cole, Rebel; Guillkey, David; Miles, Mike. (1986). Towards an assessment of the reliability of commercial appraisals, The Appraisal Journal(July), 422-432
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