NYU Stern

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Lawrence J. White

Lawrence J. White

Joined Stern 1976

Leonard N. Stern School of Business
Kaufman Management Center
44 West Fourth Street, 7-65
New York, NY 10012

E-mail lwhite@stern.nyu.edu
Personal website

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Lawrence White has been with New York University Leonard N. Stern School of Business for more than 35 years. His primary research areas of interest include financial regulation, antitrust, network industries, international banking and applied microeconomics.

Professor White has published numerous articles in the Journal of Business, Journal of Economic Perspectives, Journal of Economic Literature, Journal of Political Economy, American Economic Review, Review of Economics and Statistics, Quarterly Journal of Economics, and other leading journals in economics, finance, and law. He is the author of The S&L Debacle: Public Policy Lessons for Bank and Thrift Regulation, among other books, and he is the co-editor (with John Kwoka) of the 6th of edition of The Antitrust Revolution. He contributed chapters to both of the NYU Stern books on the financial crisis - Restoring Financial Stability and Regulating Wall Street. He is the co-author (with Stern's Viral Acharya, Matthew Richardson, and Stijn Van Nieuwerburgh) of Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance.

Research Interests

  • Financial regulation
  • Antitrust
  • General regulation
  • Industrial organization
  • Banks, banking and bank behavior

Courses Taught

  • Business and its Publics
  • Firms & Markets

Academic Background

Ph.D., Economics, 1969
Harvard University

M.Sc., Economics, 1965
London School of Economics

B.A., Economics, 1964
Harvard University

Awards & Appointments

Western Economic Association International Board Member and Secretary-Treasurer 2006
Corporate Practice Commentator Top 10 Corporate and Securities Article of 2005 2005
Review of Industrial Organization General Editor 2004
University of South Australia Fulbright Senior Specialist Grant 2002
Southern Finance Association meetings Outstanding Paper in Financial Institutions 2000

Selected Publications

J.E. Kwoka, Jr., L. White (2013)
The Antitrust Revolution: Economics, Competition, and Policy
6th edn., Oxford University Press, 2014

V. Acharya, M. Richardson, S. Van Nieuwerburgh, L. White (2011)
Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance
Princeton University Press, 2011

V. Acharya, M. Richardson, S. Van Nieuwerburgh, L. White (2011)
The Government-Sponsored Enterprises
Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance. Wiley, 2011

V. Acharya, M. Richardson, S. Van Nieuwerburgh, L. White (2011)
Regulation of Rating Agencies

T. Lenard, L. White
Improving ICANN's Governance and Accountability: A Policy Proposal
Information Economics and Policy

Related Research

Prof. Lawrence White on the implications of government regulations on ratings agencies

Prof. Lawrence White on blue chip stocks' recent earnings reports

Prof. Lawrence White reacts to the Financial Stability Board's proposed shadow banking regulations

Prof. Lawrence White discusses 2014 Nobel Prize in Economics Jean Tirole's research

Prof. Lawrence White explains the significance of Nobel Prize winner Jean Tirole's work on antitrust enforcement

In an op-ed, Prof. Lawrence White proposes a plan for oversight of the Internet Corporation for Assigned Names and Numbers (ICANN)

A Better Way to Govern the Internet

Prof. Lawrence White discusses subprime lending in the auto loan market

Prof. Lawrence White discusses the potential impact of a change to Venezuela's credit rating

Prof. Lawrence White on Fannie Mae and Freddie Mac's guarantee of Bank of America's older mortgages

Prof. Lawrence White on the increased availability of credit for consumers and decrease in payment delinquencies

Prof. Lawrence White on Bank of America's $16.65 billion mortgage settlement

Prof. Lawrence White on the investigation of GM for alleged subprime auto loans

Prof. Lawrence White on the unemployment rate and state of the US economy

Prof. Lawrence White on Wall Street's current low trading volumes

Prof. Lawrence White on Extell Development’s affordable housing controversy in NYC

In an op-ed, Prof. Lawrence White discusses the uncertain future of Internet governance

Internet Governance in Transition: What's the Destination?

"Guaranteed to Fail" is named to American Banker's summer reading list for commercial bankers

In an op-ed, Prof. Lawrence White argues that mortgage finance should be privatized

Areas of Expertise


  • Antitrust & Regulatory Issues
  • Business Strategy
  • Economic History
  • Game Theory
  • Industrial Organization
  • Microeconomics
  • Political Economy
  • Social Security


  • Credit Rating Agencies
  • Derivatives