1The first draft of this paper with a different title was dated November 17, 2007, which is still available as
Acharya (2007), cited as one of the references. I am immensely thankful to an anonymous referee for
numerous useful suggestions on the first version of the paper and to Benjamin Carney for his comments on
presentation of this draft. This revision is dated March 31, 2016. The author is solely responsible for any
remaining error or lapse in presentation. The author, Dr. Sankarshan Acharya, is Director of the Research
Center on Finance and Governance. He also teaches at the University of Illinois at Chicago.