Timing Complex News to Target Attention
Investors have limited and time-varying attention. These constraints are heterogeneous across investors, which can create asymmetric information and...
The gap between law and practice in gender rights
In the past century, legal reforms for women’s rights improved economic and social outcomes for women and for society as a whole around the world...
The Halting Gender Reforms in Burundi
In the sixty years since its independence Burundi has taken some steps to improve the legal standing of women in the economy and society. These steps...
Research highlight
Why Do Boards Exist? Governance Design in the Absence of Corporate Law
Review of Financial Studies, 36 (5),1788–1836
Gender Legal Reform in Zimbabwe: Wanting
Zimbabwe has introduced some legal reforms towards women’s rights in the first three dozen years since its independence in 1980, though these changes...
Personality Differences and Investment Decision-Making
We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five...
Private companies: the missing link on the path to net zero
Journal of Corporate Law Studies, 22 (2), 887–929
Options-based systemic risk, financial distress, and macroeconomic downturns
Journal of Financial Markets, 65, 100834
Bank Presence and Health
This paper demonstrates that increasing bank presence in underserved areas can substantially improve households’ health. I apply a regression...
Towards a new tax system in Ukraine
Ukraine’s tax system functions primarily on the basis of unofficial rules of tax collection. This divergence between law and practice predates Russia...
Gender Legal Reforms in Zambia: Motivated by International Conventions
In 2023, Zambia ranked 17th among African countries on the World Bank’s Women Business and the Law index, a notable decline over a half century. The...
Latent Fragility: Conditioning Banks' Joint Probability of Default on the Financial Cycle
We propose the CoJPoD, a novel framework explicitly linking the cross-sectional and cyclical dimensions of systemic risk. In this framework, banking...
A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers
We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome...
