Institutional Trade Persistence and Long-term Equity Returns
Recent studies show that single-quarter institutional herding positively predicts short-term returns. Motivated by the theoretical herding literature...
The Price Impact of Institutional Herding
In this paper we develop a simple theoretical model to analyze the impact of institutional herding on asset prices. A growing empirical literature has...
Cycles, Contagion and Crises
This Special Paper is a collection of contributions to a conference on Cycles, Contagion and Crises which took place on 28-29 June 2007 at the...
Efficient dynamic coordination with individual learning
We study how the presence of multiple participation opportunities coupled with individual learning about payoffs affects the ability of agents to...
Regionality Revisited: an examination of the direction of spread of currency crises
What determines the direction of spread of currency crises? We examine data on waves of currency crises in 1992, 1994, 1997, and 1998 to evaluate...
Coordination, learning, and delay
This paper studies how the introduction of social learning with costs to delay affects coordination games with incomplete information. We present a...
Does one Soros make a difference?: a theory of currency crises with large and small traders
Do large investors increase the vulnerability of a country to speculative attacks in the foreign exchange markets? To address this issue, we build a...
