Publications

Can financial intermediaries help solve the externalities of the real-economy, even when all investors are purely return-driven? This paper develops a...

We study empirically and theoretically the effects of international financial flows on resource allocation. Using the universe of firms in Hungary, we...

Central clearing counterparties (CCPs) manage counterparty risk by requiring clearing members to post margins. This paper explores the role of margins...

What determines whether and how regulations are reformed? We use a newly constructed data set of 3,590 successful and failed regulatory reforms in 189...

No jurisdiction can ignore stablecoins. They can be banned outright only in the most effectively authoritarian countries, or accommodated and even...

Stablecoins are private digital money pegged to a fiat currency, overwhelmingly the US dollar. Dollar stablecoins reinforce American monetary and...

Stablecoins are private digital money designed to trade at par with a fiat currency, usually the US dollar. This column argues that stablecoins are...

We study how firms choose to allocate control over strategic corporate decisions between shareholders and management in a historical setting where...

We show that the standard econometric framework typically yields inconsistent estimates of price discovery measures in the presence of richer market...

We formulate a price discovery model in which the price discovery measures vary either locally, say, for instance, at intervals of 30 minutes or at a...

We present a model of biased promotions in which firm size, wages, and internal labor markets are endogenously determined in a competitive labor...

We study how late payment in public procurement affects corporate policies by analyzing a public program that unexpectedly repaid local government...

I test the predictions of human memory models in a high-stakes trading environment. Using alphabetical rankings of stocks from portfolio statements, I...

We analyze 18 quadrillion models for the joint pricing of corporate bond and stock returns. Strikingly, we find that equity and nontradable factors...

We introduce a measure of a government’s fiscal position that exploits cointegrating relationships among fiscal variables. The measure is a loglinear...

Each financial crisis brings more financial supervision, more models and larger buffers – but still fragility persists. The paradox of perfect...