Discussion Papers

This paper provides a novel efficiency rationale for progressive corporate taxation based on commitment problems in entrepreneurial finance. Poor...

We highlight the multiplier role of (public) safe assets by studying a model of a bank’s balance sheet. The bank optimally constructs a portfolio of...

How do copayments affect the benefits and costs of health insurance in low-income settings? We study this question in a field experiment in rural...

Skilled intermediaries can represent multiple investors, generating economies of scale in screening costs. However, locating competent intermediaries...

This paper analyses how firms respond to liquidity shocks when asset prices are endogenously determined through matching frictions. Building on...

Using an equilibrium network model and a large international panel of cross-border trade, we analyse empirically the drivers of foreign currency...

We introduce discounted alpha - a novel framework for equity valuation. By correcting market prices rather than discounting long-horizon cash flows...

We analyse how public health insurance affects private insurance markets in mixed public-private systems. Extending the standard selection framework...

Almost all firms repurchase shares through open-market repurchase programs. In contrast, issue methods are more diverse: at-the-market offerings...

We provide a novel priced Wold representation that, using the pricing restrictions of a large cross-section of asset returns, sharply identifies...

We provide a powerful new predictor of the equity premium: Smoothed past overnight market returns strongly negatively forecast the quarterly close-to...

Financial regulations rely on regulator-controlled models to generate probabilistic forecasts which determine firm constraints. I refer to these...

Factor regressions provide a model-agnostic way to identify what drives Treasury yields, but not which investors respond. We develop an equilibrium...

We analyze how the use of artificial intelligence affects the monitoring and advisory relationship between CEOs and corporate boards. AI can serve as...

We construct a firm-specific profit uncertainty index and profit shocks for Swedish firms and their employees (1997-2017) using shrinkage methods on...

The canonical view of bankruptcy law is that it solves a market failure by imposing a collective choice process that supplants the market. We propose...