The Quanto Theory of Exchange Rates
We present a new, theoretically motivated, forecasting variable for exchange rates that is based on the prices of quanto index contracts, and show via...
Performance-induced CEO turnover
This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and...
Skills Diversity in Unity
At any point in time, skills gaps, mismatches, and shortages arise because of an imperfect correspondence between the singular sets of skills required...
Trend Growth Durations & Shifts
Policymakers and investors often conceptualize trend growth as simply a medium/long term average growth rate. In practice, these averages are usually...
Executive Compensation: A Survey of Theory and Evidence
This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top...
Determinants of Regulatory Reform
Using panel data for 189 economies from 2004 to 2016, we show that regulatory reform is associated with periods of fiscal imbalances. This association...
The STEM Requirements of "Non-STEM" Jobs: Evidence from UK Online Vacancy Postings and Implications for Skills & Knowledge Shortages
Do employers in "non-STEM" occupations (e.g. Graphic Designers, Economists) seek to hire STEM (Science, Technology, Engineering, and Mathematics)...
Financial Choice and Financial Information
We analyze the implications of increases in the selection of, and information about, derivative financial products in a model in which investors...
Corporate Tax Cuts: examining the record in advanced economies
This discussion paper examines evidence from 39 economies where cuts in the corporate income tax rate have been implemented since 1986. The paper also...
Pipeline Risk in Leveraged Loan Syndication
Leveraged term loans are typically arranged by banks but distributed to institutional investors. Using novel data, we find that to elicit investors’...
The Optimal Consumption Function in a Brownian Model of Accumulation. Part C: A Dynamical System Formulation
This Paper continues the study of the Optimal Consumption Function in a Brownian Model of Accumulation, see Part A [2001] and Part B [2014]; a...
Don’t Stop Me Now: The Impact of Credit Market Fragmentation on Firms’ Financing Constraints
This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis...
Econometric Modeling of Systemic Risk: Going Beyond Pairwise Comparison and Allowing for Nonlinearity
Financial instability and its destructive effects on the economy can lead to financial crises due to its contagion or spillover effects to other parts...
External Financial Dependence and Firms’ Crisis Performance across Europe
Economic research has often relied on a measure of external financial dependence that is constructed using U.S. data and applied to other countries...
Does it Pay to Buy the Pot in the Canadian 6/49 Lotto: Implications for Lottery Design
The Canadian 6/49 Lotto©, despite its unusual payout structure, is one of the few government sponsored lotteries that has the potential for a...
The City of London after Brexit
In March 2017 the UK government will apply for Article 50 of the Lisbon Treaty to end its membership in the European Union. This unprecedented step...
