Financial instability transition under heterogeneous investments and portfolio diversification
We analyze the stability of financial investment networks, where financial institutions hold overlapping portfolios of assets. We consider the effect...
Corporate Social Responsibility Committee: International Evidence
We provide worldwide large-sample evidence of a recent innovation in corporate governance: the voluntary creation of a separate board committee to...
Private Companies: The Missing Link on The Path to Net Zero
A global consensus is growing on the contribution that corporations and finance must make towards the net-zero transition in line with the Paris...
Inferring Mutual Fund Intra-Quarter Trading - An Application to ESG Window Dressing
We develop a novel method to infer intra-quarter trading of individual mutual funds. After a mutual fund executes a trade, its reported portfolio...
Coordinated Engagements
We study coordinated engagements by a prominent international network of long-term shareholders cooperating to influence firms on environmental and...
The Clash of ‘E’ and ‘S’ of ESG: Just Transition on the Path to Net Zero and the Implications for Sustainable Corporate Governance and Finance
Climate change is one of the highest-ranking issues on the political and social agenda. Corporations are one of the main actors that will play a major...
Sustainable Investing: Evidence From the Field
We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...
The Evolution of the Market for Corporate Control
In a canonical takeover model we let informed large shareholders choose between making a bid and initiating a sale to another acquirer. Such takeover...
India’s Unified Payments Interface (UPI) system and its transformative impact on the economy
India’s Unified Payment Interface (UPI) is an example of how an innovative payments and settlement system can initiate an economy wide transformation...
Governance and Management of Autonomous Organizations
An organization is autonomous if it has the right or power of self-government. Self-government implies that autonomous organizations cannot rely on...
Timely Justice as a Determinant of Economic Growth
We investigate how timeliness in enforcing legal contracts affects economic growth across countries. We focus on judicial timeliness as a proxy for...
Trading Ahead of Barbarians’ Arrival at the Gate: Insider Trading on Non-Inside Information
Privately informed about firm fundamentals, corporate insiders detect activism-motivated trades better than other traders. This paper solves the model...
Public Policies for Private Finance
We review the literature on the effectiveness of public policies to facilitate firms’ access to finance. The rationale for such policies is to address...
Phase transitions in debt recycling
Debt recycling is an aggressive equity extraction strategy that potentially permits faster repayment of a mortgage. While equity progressively builds...
The Effects of Economic Sanctions
A burgeoning economics and political science literature studies the effects of economic sanctions on various aspects of economic and social life of...
Investor Memory and Biased Beliefs: Evidence from the Field
We survey a large representative sample of retail investors in China to elicit their memories of stock market investment and return expectations. We...
