Correlation between upstreamness and downstreamness in random global value chains
This paper is concerned with upstreamness and downstreamness of industries and countries in global value chains. Upstreamness and downstreamness...
The continuing financial fragility of banks
Banks remain fragile, which could be reduced if they held more equity and less debt. Bankers, however, fear this could affect their compensation...
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A Theory of Socially Responsible Investment
The Review of Economic Studies, rdae048
The Systemic Governance Influence of Expectation Documents: Evidence from a Universal Owner
The Review of Corporate Finance Studies, 14 (2), 372–407
How a regulated utility innovates without breaking things
Safety and stability are essential for public utilities. But they face pressure to innovate to keep up with technological innovation, environmental...
Scale or Yield? A Present-Value Identity
We propose a loglinear present-value identity in which investment ("scale"), profitability ("yield"), and discount rates determine a firm’s market-to...
Upstreamness and downstreamness in input-output analysis from local and aggregate information
Ranking sectors and countries within global value chains is of paramount importance to estimate risks and forecast growth in large economies. However...
How the financial authorities can take advantage of artificial intelligence
Artificial intelligence will both be of considerable help to the financial authorities and bring new challenges. This column argues the authorities...
The Impact of Green Investors on Stock Prices
We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors...
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Scale or Yield? A Present-Value Identity
The Review of Financial Studies, 37(3), 950–988
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Personality differences and investment decision-making
Journal of Financial Economics, 153, 103776
Polarized Expectations, Polarized Consumption
This paper argues that political affiliation plays a central role in shaping household expectations and consumption behavior. Using survey and...
Chinese Debt Capital Markets - An Emerging Global Market with Chinese Characteristics
With the deepening of China's reform and opening up, and the sustained development of the Chinese economy, the Chinese bond market has become an...
When risk models hallucinate
Risk model hallucination happens when models are forced to forecast the likelihood of extreme events in cases where they have not been trained with...
Dynamic industry uncertainty networks and the business cycle
Journal of Economic Dynamics and Control, 159, 104793
