FLORIDA ATLANTIC UNIVERSITY®
James McNulty

James McNulty

Professor Emeritus
Finance Department

Biography

James E. McNulty is Emeritus Professor of Finance at Florida Atlantic University. He earned a PhD in Economics from the University of North Carolina at Chapel Hill in 1975.

Prior to joining the FAU faculty in 1989 he worked for 18 years as a financial economist for the Federal Home Loan Bank of Atlanta, a federal bank regulatory agency. In this capacity he provided internal research and internal consulting on financial management and regulatory issues, served on the Bank’s Asset and Liability Management Committee, and helped design the Bank’s interest rate swap program. He was considered one of the leading academic researchers in the FHLB System. He has been quoted in Euromoney, The Wall Street Journal, Inside Mortgage Finance, The American Banker, National Thrift News, and other industry publications, as well as in local newspapers.

His paper was awarded the Outstanding Paper in Financial Institutions prize at the Southern Finance Association Annual Meeting in 2007. He has served as a referee for many academic journals including the Journal of Money, Credit and Banking, the Journal of Banking and Finance, the Journal of Financial Services Research, Financial Review, the Journal of Economics and Business, and the National Tax Journal.

He has published a total of over 100 articles, including over 50 articles in refereed academic journals, and other articles in banking practitioner publications and personal finance articles in magazines. A number of these articles have been reprinted in other publications.

From 1992 to 2013 he served as an expert witness in banking cases in 17 states, including a bank regulatory case that was ultimately decided by the Ohio Supreme Court. He is a former President of the Atlanta Chapter of the National Association of Business Economists.

Education

  • PhD (1975) Economics, University of North Carolina
  • MA (1967) Economics, Northwestern University
  • BA (1966) Economics, College of William and Mary

Intellectual Contributions

  • McNulty, James; Brady, Kevin. How Efficiency Wage Theory Helps Explain Differences in Bank Financial Performance (forthcoming), Quarterly Journal of Finance and Accounting
  • Damm, Jason; McNulty, James. (2022). Attorney Discipline, the Quality of Legal Systems and Economic Growth within the United States, The Quarterly Review of Economics and Finance, 84, 516-533
  • McNulty, James. (2021). Consumer Protection Settlements: Theory and Policy Issues, The CLS Blue Sky Blog -- Columbia University Law School's Blog on Corporations and the Capital Markets
  • McNulty, James. (2019). Mortgage Servicers Have Monopoly Power; Do Financial Regulators Understand This? , Duke Law School's Financial Regulatory Blog
  • McNulty, James; Garcia-Feijoo, Luis; Viale, Ariel. (2019). The Regulation of Mortgage Servicing: Lessons from the Financial Crisis, Contemporary Economic Policy, 37(1), 170-180
  • McNulty, James. (2017). Subprime Mortgage Servicing Regulation and the Financial Crisis, The CLS Blue Sky Blog -- Columbia University Law School's Blog on Corporations and the Capital Markets
  • Akhigbe, Aigbe; McNulty, James; Stevenson, Bradley. (2017). Does the form of ownership affect firm performance? Evidence from US bank profit efficiency before and during the financial crisis, Quarterly Review of Economics and Finance, 64, 120-129
  • Akhigbe, Aigbe; McNulty, James; Stevenson, Bradley. (2017). Additional evidence on transparency and bank financial performance, Review of Financial Economics, 32, 1-6
  • Agapova, Anna; McNulty, James. (2016). Interest rate spreads and banking system efficiency: General considerations with an application to the transition economies of Central and Eastern Europe, International Review of Financial Analysis, 47(154-165)
  • McNulty, James; Akhigbe, Aigbe. (2016). What do a bank's legal expenses reveal about its internal controls and operational risk?, Journal of Financial Stability, https://doi.org/10.1016/j.jfs.2016.10.001
  • McNulty, James; Akhigbe, Aigbe. (2015). Toward a Better Measure of Bank Corporate Governance, Advances in Financial Economics: International Corporate Governance, Emerald Group Publishing Limited, 18, 81-124
  • McNulty, James; Murdock, Marina; Richie, Nivine. (2013). Are Commercial Bank Lending Propensities Useful in Understanding Small Firm Finance?, Journal of Economics and Finance, 37, 511-527
  • Akhigbe, Aigbe; McNulty, James; Stevenson, Bradley. (2013). How Does Transparency Affect Bank Financial Performance?, International Review of Financial Analysis, 29, 24-30
  • McNulty, James; Akhigbe, Aigbe. (2013). Loan Officer Compensation and Bank Performance, The Risk Management Association (RMA) Journal
  • McNulty, James. (2012). Case: Derivatives and Ethics: Terminating an Interest Rate Swap, Journal of Financial Education, 38(1/2), 93-126
  • Harper, Joel; McNulty, James. (2012). Obstacles to the Development of a Banking System in Transition Economies: A Literature Summary, Financial Markets, Institutions and Instruments, 21(4), 203-240
  • Akhigbe, Aigbe; McNulty, James. (2011). Bank Monitoring, Profit Efficiency and the Commercial Lending Business Model, Journal of Economics and Business, 63(6), 531-551
  • McNulty, James. (2009). The Long Term Demand for Housing, the Housing Glut and the Implications for the Financial Crisis, Business Economics, 44, 206-215
  • McNulty, James. (2008). Bank Mergers and Small Firm Finance: Evidence From Lender Liability, Financial Markets, Institutions and Instruments, 17(2)
  • Harper, Joel; McNulty, James. (2008). Financial System Size in Transition Economies: The Effect of Legal Origin, Journal of Money, Credit and Banking, 40(6), 1263-1280
  • McNulty, James; Harper, Joel; Pennathur, Anita. (2007). Financial Intermediation and the Rule of Law in the Transitional Economies of Central and Eastern Europe, Quarterly Review of Economics and Finance, 47(1), 55-68
  • Aggarwal, Raj; Akhigbe, Aigbe; McNulty, James. (2006). Are Differences in Acquiring Bank Profit Efficiency Priced in Financial Markets, Journal of Financial Services Research
  • McNulty, James; Richie, Nivine. (2006). Embedded Options in Mortgages, Advances in Financial Education
  • Gleason, Kimberly; McNulty, James; Pennathur, Anita. (2005). Returns to Acquirers of Privatizing Financial Services Firms: An International Examination, Journal of Banking and Finance, 29, 2043-2065
  • Akhigbe, Aigbe; McNulty, James. (2005). Profit Efficiency Sources and Differences among Small and Large US Commercial Banks, Journal of Economics and Finance
  • Carter, David; McNulty, James. (2005). Deregulation, Technological Change and the Business Lending Performance of Large and Small Banks, Journal of Banking and Finance
  • Carter, David; McNulty, James; Verbrugge, James. (2004). Do Small Banks Have an Advantage in Lending? An Analysis of Business Loan Yields at Small and Large Banks, Journal of Financial Services Research, 25(2/3)
  • McNulty, James. (2003). A Perspective on Market Discipline in Banking, Research in Financial Services: Market Discipline in Banking: Theory and Evidence
  • McNulty, James. (2003). Emerging Market Bank Reform: Lessons From the Former Soviet Countries, Journal of Emerging Markets
  • Akhigbe, Aigbe; McNulty, James. (2003). The Profit Efficiency of Small U.S. Commercial Banks, Journal of Banking and Finance
  • McNulty, James. (2002). Finance Theory, Lender Liability and the Value of Banking Relationships: A Survey and Interpretation, Quarterly Journal of Business and Economics
  • McNulty, James; Akhigbe, Aigbe; Verbrugge, James. (2001). Small Bank Loan Quality in a Deregulated Environment: The Information Advantage Hypothesis, Journal of Economics and Business, 53(2-3), 325-339
  • McNulty, James. (2000). Secondary Mortgage Market Pedagogy: The Crucial Role of Prepayments, Journal of Real Estate Practice and Education
  • McNulty, James; Davis, Jaime. (2000). Which Small Business Loan Relationships Should Bankers Nurture?, Journal of Lending and Credit Risk Management
  • McNulty, James; Boekelo, John. (1999). Two Approaches to Measuring Journal Quality: Application to Finance Journals, Journal of Economics and Finance, 23(1), 30-38
  • McNulty, James; Akhigbe, Aigbe. (1998). Is There Excess Capacity in Rural Banking Markets?, Financial Review
  • McNulty, James; Smith, Stephen. (1998). A Note on Correlated Interest Rate Risk and Funding Strategies for Nonfinancial Firms, Financial Review
  • Lai, Van; Collins, M.; McNulty, James. (1997). Thrift Viability and the Adequacy of Net Interest Margins: A Simultaneous Equations Analysis of Interest Rate Risk, Journal of Real Estate Research, 16(2)
  • McNulty, James; Akhigbe, Aigbe. (1996). Ray Scale, Scope and Product Specific Sale Economies at All U.S. Commerical Banks, Research in Financial Services
  • McNulty, James. (1995). Overbuilding, Real Estate Lending Decisions and the Regional Economic Base, Journal of Real Estate Finance and Economics
  • Lindley, J.; Verbrugge, James; McNulty, James; Gup, Benton. (1992). Investment Policy, Financing Policy and Performance Characteristics of DeNovo Thrift Institutions, Journal of Banking and Finance, 16(2), 313-330
  • Wall, Larry; Pringle, John; McNulty, James. (1990). Interest Rate Swap Credit Exposure and Capital Requirements, Dow Jones - Irwin
  • McNulty, James; Stieber, Sharon. (1990). The Development and Standardization of the Swap Market, Dow Jones - Irwin
  • Wall, Larry; Pringle, John; McNulty, James. (1990). Capital Requirements for Interest-Rate and Foreign-Exchange Hedges, Economic Review, Federal Reserve Bank of Atlanta
  • McNulty, James. (1990). The Pricing of Interest Rate Swaps, Journal of Financial Services Research
  • Bennett, Dennis; Cohen, Deborah; McNulty, James. (1988). Interest Rate Swaps and the Management of Interest Rate Risk for Mortgage Lenders, Housing Finance Review
  • Goldstein, Steven; McNulty, James; Verbrugge, James. (1987). Scale Economies in the Savings and Loan Industry Before Diversification, Journal of Economics and Business
  • McNulty, James. (1986). Measuring Interest Rate Risk: What Do We Really Know?, Journal of Retail Banking
  • McNulty, James. (1982). Economies of Scale: A Case Study of the Florida Savings and Loan Industry, Review, Federal Reserve Bank of Atlanta
  • McNulty, James; Chalker, William. (1980). The Forward Commitment Market For Mortgage-Backed Securities, Federal Home Loan Bank Board Journal
  • McNulty, James. (1980). A Reexamination of the Problem of State Usury Ceilings: The Impact in the Mortgage Market, Quarterly Review of Economics and Business, (currently: Quarterly Review of Economics and Finance)
  • McNulty, James. (1978). The Impact of Usury Ceilings on Home Financing, Real Estate Review
  • McNulty, James. (1977). A Test of the Time Dimension in Economic Base Analysis, Land Economics
  • MoreLess
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