Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models
Journal of Finance, 78 (1), 487-557
The illusion of control: why the financial sector is more vulnerable than ever to a financial crisis
Reforms following the global financial crisis of 2008 were supposed to create a less risky financial world. But has a one-size-fits all approach to...
Systemic risk and digital assets
Despite the U.S. Federal Reserve declaring that FTX doesn’t threaten the stability of the broader financial sector, several recent regulatory and...
Cultural Stereotypes of Multinational Banks
Financial markets, even more than other markets, run on trust. This column uses hand-collected data on banks’ investments in European sovereign debt...
The economic toll of attacks on Ukraine’s power grid
Electricity blackouts caused by Russian rocket attacks on the power grid have become a daily occurrence in Ukraine. This column estimates the economic...
Flat tax reform in Ukraine: Lessons from Bulgaria
Developing a tax system which limits tax evasion is a key challenge for many emerging markets. This column argues that introducing a flat tax as a...
Measuring the welfare cost of asymmetric information in consumer credit markets
Journal of Financial Economics, 146 (3), 821-840
The beginning of the end for cryptocurrencies
Cryptocurrencies have enjoyed a remarkable run from obscurity to a trillion dollar valuation in just over a decade. This column argues, however, that...
Cultural Stereotypes of Multinational Banks
Using hand-collected data spanning more than a decade on European banks’ sovereign debt portfolios, we show that the trust of residents of a bank’s...
Ukraine’s wages and job loss trends during the war
Many statistical reports in Ukraine have been suspended since the start of Russia’s invasion, including on labour markets. This column uses wage...
ASC Insight: Bank capital regulation and climate change
Climate change has become a major topic of discussion at central banks and financial regulators. Key aspects of this debate include whether and how...
The illusion of control
Global macroprudential and microprudential regulatory changes since 2008 have been designed to make a repeat of a systemic crisis much less likely...
Giant funds and market mispricing
The short-termism of corporate managers has been a recurring concern of policymakers for decades due to the close tie with mispricing in capital...
Epidemic Exposure, Financial Technology, and the Digital Divide
Journal of Money, Credit and Banking, 54 (7), 1913-1940
Multi-asset Noisy Rational Expectations Equilibrium with Contingent Claims
The Review of Economic Studies, 89 (5), 2445–2490
Why Do Boards Exist? Governance Design in the Absence of Corporate Law
Review of Financial Studies (forthcoming)
