Ideas, Idea Processing, and TFP Growth in the US: 1899 to 2019
Innovativity – an economy's ability to produce the innovations that drive total factor productivity (TFP) growth – requires both ideas and the ability...
Some Evidence of Regulatory Convergence
We find some evidence of regulatory convergence in four distinct areas of business activity over the 2005-2019 period. This convergence is most...
Delegation Chains
We ask why we observe multiple layers of decision-making in fund management with investors, sponsors, fund managers, and consultants, even if...
Bond Funds and Credit Risk
We show that supply-side effects arising from the bond holdings of open-end mutual funds affect corporate credit risk. In our model, funds exposed to...
Dynamic Asset-Backed Security Design
Borrowers obtain liquidity by issuing securities backed by current period payoff and resale price of a long-lived collateral asset. They are privately...
Bankers' Pay and the Evolving Structure of US Banking
We study the evolution of pay in US bank holding companies since 1986 using a structural model of the banking firm. The model incorporates a strong...
Discounted Stochastic Games, the 3M Property and Stationary Markov Perfect Equilibria
We show that all discounted stochastic games DSGs satisfying the usual assumptions have Nash payoff selection correspondences having fixed points. Our...
Demand–Supply Imbalance Risk and Long-Term Swap Spreads
We develop a model in which long-term swap spreads are determined by end users’ demand for swaps, constrained dealers’ supply of swaps, and the risk...
Epidemic Exposure, Financial Technology, and the Digital Divide
We ask whether epidemic exposure leads to a shift in financial technology usage and who participates in this shift. We exploit a dataset combining...
Layered Networks, Equilibrium Dynamics, and Stable Coalitions
An important aspect of network dynamics that has been missing from our understanding of network dynamics in various applied settings is the influence...
Parameterized State-Contingent Games, 3M Minimal Nash Correspondences, and Connectedness
Under mild assumptions on primitives, we show that all parameterized state-contingent games (PSGs) have upper Caratheodory (uC) Nash (equilibrium)...
A Fixed Point Theorem for Measurable Selection Valued Correspondences Induced by Upper Caratheodory Correspondences
We show that any measurable selection valued correspondence induced by the composition of an m-tuple of real-valued Caratheodory functions with an...
Technology as Deregulation
We present suggestive evidence that new technology has reduced business regulation globally over the 2005-2019 period, in the areas of paying...
High-frequency Trading in the Stock Market and the Costs of Option Market Making
Using a comprehensive panel of 2,969,829 stock-day data provided by the Securities and Exchange Commission (MIDAS), we find that HFT activity in the...
International Asset Allocation With Time-varying Investment Opportunities
This paper analyses the international equity holdings of a large panel of UK pension funds. We find considerable evidence of market timing activity...
Municipal Bond Insurance and the U.S. Drinking Water Crisis
We show that the collapse of the municipal bond insurance industry plays an important, but previously overlooked, role in driving regional variation...
