Areas of Expertise

Banking and Bank Regulation

Academic Degrees

• PhD, Indiana University, 1983
• MBA, Indiana University, 1982
• MA, Northern Illinois University, 1973
• BA, DePauw University, 1968

Professional Experience

• U.S. Army, 1969-1972, 1st Lieutenant, Adjutant General Corps.
• National Boulevard Bank, Chicago, 1974-1977, Commercial Loan Officer
• Marina Bank (LaSalle Group), Chicago, 1978-1979, Vice President
• Stern School of Business, New York University, 1983-1998, Professor of Finance and Director William R. Berkley Center for Entrepreneurial Studies
• Kelley School of Business, Indiana University, 1998 - 2023, Chase Chair of Banking and Finance
• Kelley School of Business, Indiana University, 1998 -, Professor of Finance
• Current/Past Consultant and/or Visiting Scholar to: Bank of Japan, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Chicago, Federal Reserve Bank of San Francisco, International Finance Corporation, OECD, Riksbank, Peoples Bank of China, World Bank

Awards, Honors & Certificates

• Associate Editor, Journal of Financial Stability
• Associate Editor, Journal of Financial Services Research
• Editorial Board, Journal of Financial Management, Markets and Institutions
• Associate Editor, Journal of Money, Credit, and Banking (past)
• Associate Editor, Journal of Banking and Finance (past)
• Associate Editor, The Journal of Entrepreneurial Finance and Business Ventures (past)
• Editorial Board, Small Business Economics Journal (past)
• Editorial Board, Business Horizons (past)
• Board of Directors and VP, Global Services, Financial Management Association (past)
• Secretary/Treasurer, Financial Intermediation Research Society (past)
• Indiana University 2015 Distinguished Faculty Research Lecture Award

Selected Publications

• Berger, A. N., Bouwman, C. H. S., Norden, L., Roman, R. A., Udell, G. F., and Wang, T. (2024). Piercing through Opacity: Relationships and Credit Card Lending to Consumers and Small Businesses during Normal Times and the COVID-19 Crisis. Journal of Political Economy, 132(2), 484–551.
• Ferrando, A., Popov, A., and Udell, G. F. (2022). Unconventional Monetary Policy, Funding Expectations and Firm Decisions. European Economic Review, 149, 104268. 
• Illueca, M., Norden, L., Pacelli, J., and Udell, G. (2022). Countercyclical Prudential Buffers and Bank Risk-Taking. Journal of Financial Intermediation, 51, 100961.
• Ono, A., Uchida, H., Udell, G. F., and Uesugi, I. (2021). Lending Pro-Cyclicality and Macroprudential Policy: Evidence from Japanese LTV Ratios. Journal of Financial Stability, 53, 100819
• Norden, L., Udell, G. F., and Wang, T. (2020). Do Bank Bailouts Affect the Provision of Trade Credit? Journal of Corporate Finance, 60, 101522.
• Fernando, A., Popov, A., and Udell, G. F. (2019). Do SMEs Benefit from Unconventional Monetary Policy and How?  Micro-Evidence from the Eurozone. Journal of Money, Credit and Banking, 51(4), 895-928.
• Tian, X., Udell, G. F. and Yu, X.  (2016). Disciplining Delegated Monitors: When Venture Capitalists Fail to Prevent Fraud by their IPO Firms. Journal of Accounting and Economics, 61(2-3), 526-544.
• Carbo-Valverde, S., Rodriguez-Fernandez, F., and Udell, G. F. (2016). Trade Credit, the Financial Crisis, and SME Access to Finance. Journal of Money, Credit and Banking, 48(1), 113-143.

  Abstract

  Abstract

  Mounting evidence indicates that firms, particularly SMEs, suffered from a significant credit crunch during this crisis. Little research exists on how SMEs coped with this problem due to a lack of data in the U.S. and elsewhere. We analyze for the first time whether trade credit provided an alternative source of external finance to SMEs during the crisis. Using firm-level Spanish data we find that credit constrained SMEs depend on trade credit, but not bank loans, and that the intensity of this dependence increased during the financial crisis. Unconstrained firms, in contrast, are dependent on bank loans not trade credit.

• Presbitero, A. F., Udell, G. F., and Zazzaro, A. (2014). The Home Bias and the Credit Crunch: A Regional Perspective. Journal of Money, Credit and Banking, 46(s1): 53-85.

  Abstract

  Abstract

  Using detailed data on loan applications and decisions for a large sample of manufacturing firms in Italy during the recent financial crisis, we find that the credit crunch has been harsher in provinces with a large share of branches owned by distantly managed banks. Inconsistent with a flight to quality we do not find evidence that economically weaker firms suffered more during the crisis. In contrast, we find that financially healthier firms were affected more in functionally distant credit markets than in markets populated by less distant banks, consistent with a home bias on the part of nationwide banks.

• Ongena, S., Popov, A., and Udell, G. F. (2013). When the Cat’s Away the Mice Will Play: Does Regulation at Home Affect Bank Risk-taking Abroad. Journal of Financial Economics, 108(3), 727-750.
• Uchida, H., Udell, G. F., and Yamori, N. (2012). Loan Officers and Relationship Lending to SMEs. Journal of Financial Intermediation, 21(1), 97-122.
• Udell, G. F., and Popov, A. (2012). Cross-Border Banking, Credit Access and the Financial Crisis. Journal of International Economics, 87(1), 147-161.
• Radhakrishnan G., Udell, G. F., and Yerramill, V. (2011). Why Do Firms Form New Banking Relationships? Journal of Financial and Quantitative Analysis, 46(5), 1335-1365.
• Berger, A. N., and Udell, G. F. (2004). The Institutional Memory Hypothesis and the Procyclicality of Bank Lending Behavior. Journal of Financial Intermediation, 13(4), 458-495.
• Berger, A. N., Saunders, A., Scalise, J., and Udell, G. F.  (1998). The Effects of Bank Mergers and Acquisitions on Small Business Lending. Journal of Financial Economics, 50(2), 187-229.
• Berger, A. N., and Udell, G. F.  (1998). The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle. Journal of Banking and Finance, 22(6-8), 613-673.
• Berger, A. N., and Udell, G. F. (1995). Relationship Lending and Lines of Credit in Small Firm Finance. Journal of Business, 68(3), 351-381.
• Berger, A. N., and Udell, G. F. (1992). Some Evidence on the Empirical Significance of Credit Rationing. Journal of Political Economy, 100(5), 1047-1077. Reprinted in New Theories of Market Failure: A Critical Examination (2003), Chicago, IL: The University of Chicago Press.
• Arnoud W. A., Boot, A. W. A., Thakor, A. V., and Udell, G. F. (1991). Secured Lending and Default Risk:  Equilibrium Analysis, Policy Implications and Empirical Results. The Economic Journal, 101, 458-472.
• Udell, G. F,. and Berger, A. N. (1990). Collateral, Loan Quality, and Bank Risk. Journal of Monetary Economics, 25(1), 21-42. 

Edited on October 1, 2025