Forthcoming

• Lawyers in the Shadows: The Transactional Lawyer in a World of Shadow Banking, 63 American University Law Review (no. 1, forthcoming 2013)
• Regulating Ex Post: How Law Can Address the Inevitability of Financial Failure, 92 Texas Law Review (forthcoming 2013) (with Iman Anabtawi)
• Regulating Financial Systems: The Crisis of 2007-2009 and Beyond (Oxford University Press, forthcoming September 2013) (with Ken Anderson)
• Regulating Shadows: Financial Regulation and Responsibility Failure, Washington & Lee Law Review (forthcoming 2013)
• Ring-Fencing, 87 Southern California Law Review (forthcoming 2013)

Works in Progress

• Rollover Risk: Ideating a US Debt Default
• Special - Purpose Entities in National Finance
• The Protection Puzzle: Is Insurance Systemically Risky? (with Daniel Schwarcz)

Books

• Securitization, Structured Finance, and Capital Markets (LexisNexis, 2004) (with Bruce A. Markell & Lissa Lamkin Broome)
• Structured Finance: A Guide to the Principles of Asset Securitization (Chinese edition, Tsinghua University Press 2003).
• Structured Finance: A Guide to the Principles of Asset Securitization (Korean edition, Maeil Business Newspaper, 2003).
• Guia sobre los principios de Securitizacion de Activos (Universidad Finis Terrae, 2002) (Spanish edition of Structured Finance, 3d ed. 2002).
• Structured Finance: A Guide to the Principles of Asset Securitization (2d ed. 1993, 3d ed. 2002).
• PEB Commentary No. 14 on Uniform Commercial Code Sec. 9-102(1)(b).
• Sharing of Research Results in a Federally Sponsored Gene Mapping Project (1987 Report to the Office of Technology Assessment in Congress by the Committee on Science and Law of the Assoc. of the Bar of the City of New York) (with others).
• Peer Review Study (New York Academy of Sciences, 1975) (with others).

Supplements

• 2007 Supplement to Schwarcz, Structured Finance (3d ed. 2002)

Articles and Essays

• Framing Address: A Framework for Analyzing Financial Market Transformations, 36 Seattle University Law Review 299-319 (2013)
• Securitization and Structured Finance, in Handbook of Key Global Financial Markets, Institutions, and Infrastructure 565-573 (Gerard Caprio ed., 2013)
• Shadow Banking, Financial Markets, and the Real Estate Sector, 32 Review of Banking & Financial Law 179-192 (2013)
• Controlling Financial Chaos: The Power and Limits of Law, 2012 Wisconsin Law Review 815-840
• Direct and Indirect U.S. Government Debt, in Is U.S. Government Debt Different? 245-254 (Franklin Allen et al. eds., 2012)
• In-House Counsel's Role in the Structuring of Mortgage-Backed Securities, 2012 Wisconsin Law Review 521-547 (with Shaun Barnes & Kathleen G. Cully)
• Marginalizing Risk, 89 Washington University Law Review 487-518 (2012)
• Regulating Shadow Banking, 31 Review of Banking & Financial Law 619-642 (2012)
• Sovereign Debt Restructuring Options: An Analytical Comparison, 2 Harvard Business Law Review 95-121 (2012)
• The 2011 Diane Sanger Memorial Lecture: Protecting Investors in Securitization Transactions: Does Dodd-Frank Help, or Hurt?, 72 Louisiana Law Review 591-603 (2012)
• The Custom-to-Failure Cycle, 62 Duke Law Journal 767-795 (2012) (with Lucy Chang)
• The Roberta Mitchell Lecture: Structuring Responsibility in Securitization Transactions, 40 Capital University Law Review  803-819 (2012)
• The Use and Abuse of Special-Purpose Entities in Public Finance, 97 Minnesota Law Review 369-406 (2012)
• What is Securitization? And for What Purpose?, 85 Southern California Law Review 1283-1299 (2012)
• A Minimalist Approach to State 'Bankruptcy', 59 UCLA Law Review 322-353 (2011)
• Compensating Market Value Losses: Rethinking the Theory of Damages in a Market Economy, 63 Florida Law Review 1053-1076 (2011)
• Disintermediating Avarice: A Legal Framework for Commercially Sustainable Microfinance, 2011 University of Illinois Law Review 1165-1199
• Facing the Debt Challenge of Countries that are "Too Big to Fail", in Sovereign Debt: From Safety to Default 425-430 (Robert W. Kolb ed., 2011)
• Financial Industry Self-Regulation: Aspiration and Reality, 159 University of Pennsylvania Law Review PENNumbra 293-302 (2011)
• Helping Microfinance Become Commercially Sustainable, 46 Gonzaga Law Review 495-502 (2011)
• Identifying and Managing Systemic Risk: An Assessment of Our Progress, 1 Harvard Business Law Review Online 94-104 (2011)
• Information Asymmetry and Information Failure: Disclosure Problems in Complex Financial Markets in, Corporate Governance and the Global Financial Crisis: International Perspectives 95-112 (William Sun et al. eds., 2011)
• Keynote Address: A Regulatory Framework for Managing Systemic Risk, European Central Bank Seminar on Regulation of Financial Services in the EU: Surveillance?"Resilience?"Transparency (October 20. 2011)
• Keynote Address: Ex Ante Versus Ex Post Approaches to Financial Regulation, 15 Chapman Law Review 258-269 (2011) (Symposium "From Wall Street to Main Street: The Future of Financial Regulation." January 28, 2011)
• Keynote Address: Identifying and Managing Systemic Risk: An Assessment of Our Progress, AGEP Advanced Policy Institute on Financial Services Regulation, George Mason University, March 10, 2011
• Regulating Systemic Risk: Towards an Analytical Framework, 86 Notre Dame Law Review 1349-1412 (2011) (with Iman Anabtawi)
• The Conundrum of Covered Bonds, 66 Business Lawyer 561-586 (2011)
• Distorting Legal Principles, 35 Journal of Corporation Law 697-727 (2010)
• Fiduciaries With Conflicting Obligations, 94 Minnesota Law Review 1867-1913 (2010)
• Keynote Address: The Conflicted Trustee Dilemma, 54 New York Law School Law Review 707-715 (2010) (Symposium on "Fear, Fraud, and the Future of Financial Regulation")
• Keynote Address: The Role of Lawyers in the Global Financial Crisis, 24 Australian Journal of Corporate Law 1-13 (2010)
• Leverhulme Lecture: Regulating Complexity in Financial Markets (November 10, 2010, Oxford University)
• Leverhulme Lecture: The Future of Securitization (November 11, 2010, Oxford University)
• Leverhulme Lecture: The Global Financial Crisis and Systemic Risk (November 9, 2010, Oxford University)
• Too Big to Fail?: Recasting the Financial Safety Net, in The Panic of 2008: Causes Consequences and Implications for Reform 94-115 (Lawrence E. Mitchell & Arthur E. Wilmarth, Jr. eds., 2010)
• Conflicts and Financial Collapse: The Problem of Secondary-Management Agency Costs, 26 Yale Journal on Regulation 457-470 (2009) (Essay from Weil, Gotshal & Manges Routndtable on the Future of Financial Regulation, Yale Law School, February 13, 2009)
• Keynote Address: The Case for a Market Liquidity Provider of Last Resort, 5 NYU Journal of Law & Business 346-354 (2009) (Symposium: Modernizing Financial Regulatory Structure)
• Keynote Address: Understanding the 'Subprime' Financial Crisis, 60 South Carolina Law Review 549-572 (2009) (Law Review Symposium on the Subprime Mortgage Crisis)
• Regulating Complexity in Financial Markets, 87 Washington University Law Review 211-268 (2009)
• The 'Principles' Paradox, 10 European Business Organization Law Review 175-184 (2009), republished in, The Research Handbook of International Financial Regulations (Kern Alexander ed., forthcoming Nov. 2010)
• The Future of Securitization, 41 Connecticut Law Review 1313-1325 (2009) republished as revised in, Lessons from the Financial Crisis 595-600 (Robert W. Kolb ed., 2010)
• Bond Defaults and the Dilemma of the Indenture Trustee, 59 Alabama Law Review 1037-1073 (2008) (with Gregory M. Sergi)
• Disclosure's Failure in the Subprime Mortgage Crisis, 2008 Utah Law Review 1109-1122 (Symposium issue: Subprime Meltdown)
• Markets, Systemic Risk, and the Subprime Mortgage Crisis, 61 SMU Law Review 209-217 (2008) (essay based on 2008 Roy R. Ray Lecture, Southern Methodist University Dedman School of Law)
• Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown, 93 Minnesota Law Review 373-406 (2008), reprinted in Housing Loans and Mortgages 155-190 (S. Ravi ed., 2008)
• Systemic Risk, 97 Georgetown Law Journal 193-249 (2008)
• To Make or to Buy: In-House Lawyering and Value Creation, 33 Journal of Corporation Law 497-575 (2008)
• Automatic Perfection of Sales of Payment Intangibles: A Trap for the Unwary, 68 Ohio State Law Journal 273-279 (2007)
• Explaining the Value of Transactional Lawyering, 12 Stanford Journal of Law, Business & Finance 486-535 (2007)
• Substantive Consolidation of Corporate Groups in Insolvency Situations, and Delaware Limited Liability Companies in the Zone of Insolvency, 81 Australian Law Journal 15 (January 2007)
• Financial Information Failure and Lawyer Responsibility, 31 Journal of Corporation Law 1097-1123 (2006)
• The Public Responsibility of Structured Finance Lawyers, Capital Markets Law Journal 6-20 (2006)
• Looking Forward: 2005-2010 - A Sovereign Debt Restructuring Reverie, 6 Chicago Journal of International Law 381-390 (2005)
• Temporal Perspectives: Resolving the Conflict Between Current and Future Investors, 89 Minnesota Law Review 1044-1090 (2005)
• The Confused U.S. Framework for Foreign-Bank Insolvency: An Open Research Agenda, 1 Review of Law & Economics, article 6 (April 2005)
• The Limits of Lawyering: Legal Opinions in Structured Finance, 84 Texas Law Review 1-58 (2005)
• We Are All Saying Much the Same Thing: A Rejoinder to the Comments of Professors Coffee, Macy, and Simon, 84 Texas Law Review 93-104 (2005)
• 'Idiot's Guide' to Sovereign Debt Restructuring, 53 Emory Law Journal 1189-1218 (2004).
• Collapsing Corporate Structures: Resolving the Tension Between Form and Substance, 60 Business Lawyer 109-145 (November 2004)
• Foreword to Paul Ali & Jan Job de Vries Robbe, Synthetic, Insurance and Hedge Fund Securitisations (2004).
• Is Securitization Legitimate?, in 2004 International Financial Law Review Guide to Structured Finance 115-117 (2004)
• Rethinking the Disclosure Paradigm in a World of Complexity, 2004 University of Illinois Law Review 1-37 (2004).
• Securitization Post-Enron, 25 Cardozo Law Review 1539-1575 (2004); reprinted in 46 Corporate Practice Commentator 963-1001 (2004)
• Subnational Debt Restructuring and the Rule of Law, 1 Journal of Restructuring Finance 129-153 (2004).
• Book Review, 38 Canadian Business Law Journal 150-56 (Feb. 2003) (reviewing Cross Border Collateral: Legal Risks and the Conflict of Laws (R. Potok ed., 2002).
• Commercial Trusts as Business Organization: An Invitation to Comparatists, 13 Duke Journal of Comparative & International Law 321-36 (2003). Special Issue in honor of Herbert L. Bernstein.
• Commercial Trusts as Business Organizations: Unraveling the Mystery, 58 Business Lawyer 559 (2003).
• Enron, and the Use and Abuse of Special Purpose Entities in Corporate Structures, 70 University of Cincinnati Law Review 1309 (2002).
• Global Decentralization and the Subnational Debt Problem, 51 Duke L.J. 1179 (2002).
• Intermediary Risk in The Indirect Holding System For Securities, 12 Duke Journal of Comparative & International Law 309-30 (2002) (with Joanna Benjamin).
• Private Ordering, 97 Northwestern University Law Review 319-49 (2002).
• Private Ordering of Public Markets: The Rating Agency Paradox, 2002 University of Illinois Law Review. 1.
• Restructuring Subnational Debt, 23 Municipal Finance Journal 1 (Fall 2002).
• The Impact of Bankruptcy Reform on "True Sale" Determination in Securitization Transactions, 7 Fordham Journal of Corporate & Financial Law 353 (2002) (presented at the 2001 Eugene Murphy Conference on Corporate Law).
• The Universal Language of International Securitization, 12 Duke Journal of Comparative & International Law 285-308 (2002).
• Indirectly Held Securities and Intermediary Risk, 6 Uniform Law Review/ Revue de droit uniforme 283 (2001).
• Intermediary Risk in a Global Economy, 50 Duke L.J. 1541 (2001).
• The Role of Rating Agencies in Global Market Regulation, in Regulating Financial Services and Markets in the 21st Century 297 (Eil+¡s Ferran & Charles Goodhart eds., 2001).
• Guaranties and Other Third-Party Credit Supports, in Commercial Loan Documentation Guide (with Gabe Shawn Varges).
• Sovereign Debt Restructuring: A Bankruptcy Reorganization Approach, 85 Cornell Law Review 956 (2000).
• Judgment Proofing: A Rejoinder, 52 Stanford Law Review 77 (1999).
• Rethinking Freedom of Contract: A Bankruptcy Paradigm, 77 Texas Law Review 515 (1999).
• The Impact on Securitization of Revised UCC Article 9, 74 Chicago-Kent L. Rev. 947 (1999) reprinted in UCC Bulletin, Dec. 2000, at 1.
• The Inherent Irrationality of Judgment Proofing, 52 Stanford Law Review 1 (1999).
• Towards a Centralized Perfection System for Cross-Border Receivables Financing, 20 University of Pennsylvania Journal of International Economic Law 455 (1999).
• The Universal Language of Cross-Border Finance, 8 Duke Journal of Comparative & International Law 235 (1998).
• Protecting Rights, Preventing Windfalls: A Model for Harmonizing State and Federal Law on Floating Liens, 75 North Carolina Law Review 403 (1997).
• The Attraction of Law and Economics: Is Law an Autonomous Discipline?, 21 Harvard Journal of Law and Public Policy 85 (1997).
• The Easy Case for the Priority of Secured Claims in Bankruptcy, 47 Duke Law Journal 425 (1997).
• Rethinking a Corporation's Obligations to Creditors, 17 Cardozo L. Rev. 647 (1996).
• Rethinking the Role of Recourse in the Sale of Financial Assets, 52 Bus. Law. 159 (1996) (with others).
• A Fundamental Inquiry Into the Statutory Rulemaking Process of Private Legislatures, 29 Ga. L. Rev. 909 (1995).
• Law and Economics of Securitization, New Bus. L., nos. 580 & 581 (1995) (in Japanese).
• The Alchemy of Asset Securitization, 1 Stan. J.L. Bus. & Fin. 133 (1994), reprinted in The Financier, 1994, at 53 and in UCC Bulletin, Aug. 1995, at 1.
• The Global Alchemy of Asset Securitization, 14 Int'l Fin. L. Rev. 30 (1995).
• A New Theory of Recourse in Structured Finance Asset Sales Report, Feb.14, 1994, at 8.
• Civil Forfeiture: A Higher Form of Commercial Law?, 62 Fordham Law Review 287 (1993) (with Alan E. Rothman), reprinted in White Collar Crime Rep., Jan. 1994, at 1, and in UCC Bulletin, Apr. 1994, at 1.
• Save the Blameless from Seizure Laws N.Y. Times, Apr. 3, 1994, § 3, at 11, reprinted as Blameless Need Protection from Forfeiture Statutes Chi. Daily L. Bull., Apr. 4, 1994, at 6 (with Alan E. Rothman).
• Octagon Gas' Ruling Creates Turmoil for Commercial and Asset-Based Finance New York Law Journal, Aug. 4, 1993, at 1.
• The Parts are Greater Than the Whole: How Securitization of Divisible Interests Can Revolutionize Structured Finance and Open the Capital Markets to Middle-Market Companies, 1993 Columbia Bussiness Law Review 139.
• Credit Lyonnais Case Clarifies ABS Issues in Bankruptcy Asset Sales Report, Oct. 12, 1992, at 1.
• Structuring and Legal Issues of Asset Securitization in the United States, in Asset Securitization: International Financial and Legal Perspectives 2 (Joseph Norton & Paul Spellman eds., 1991).
• Structured Finance: The New Way to Securitize Assets, 11 Cardozo L. Rev. 607 (1990).
• Basics of Business Reorganization in Bankruptcy, 68 Journal of Commercial Bank Lending 36-44 (1985) (reprinted in Bankruptcy: A Special Collection from the Journal of Commercial Bank Lending 79-87 (1987))
• The Impact of Fraudulent Conveyance Law on Future Advances Supported by Upstream Guaranties and Security Interests, 9 Cardozo L. Rev. 729 (1987).
• An Analysis of Proposed Changes in Substantive and Procedural Law in Response to Perceived Difficulties in Establishing Whether or Not Causation Exists in Mass Toxic Tort Litigation 41 Record Assoc. Bar of City of N.Y. 905 (1986) (with others).
• Basics of Business Reorganization in Bankruptcy 68 J. Com. Bank Lending 36 (1985).
• Repurchase Agreements and Bankruptcy Changes Nat'l L.J., Sept. 10, 1984, at 18.
• A Disturbing Decision: Analysis of Twistcap, Scott Report, Dec. 1983.
• Dealing with Problems Faced in Bankruptcies Nat'l L.J., Nov. 7, 1983, at 15.
• Resolving Conflicts in Technological Disputes 19 Jurimetrics J. 424 (1979).

Newspaper Articles and Commentary

• Beyond the Bailout, Forbes.com Commentary, October 8, 2008
• How Three Economists View a Financial Rescue Plan, New York Times, September 22, 2008, at C4
• Systemic Risk Meets Subprime Mortgages, Forbes.com Commentary, May 1, 2008
• Ohio Supreme Court Decision Jeopardizes the Financeability of Government Receivables, 59 U.C.C. Bulletin 1 (Sept. 2006) (with Eric Marcus)