Influential research by members of the Financial Markets Group has been published in some of the most recognised international journals in Economics and Finance, such as the American Economic Review, Econometrica, the Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, the Quarterly Journal of Economics, the Review of Economic Studies, and the Review of Financial Studies. A sample of recent papers is below.
Asset Management Contracts and Equilibrium Prices
Journal of Political Economy, 130(12), 3146-3201
Measuring the welfare cost of asymmetric information in consumer credit markets
Journal of Financial Economics, 146 (3), 821-840
Multi-asset Noisy Rational Expectations Equilibrium with Contingent Claims
The Review of Economic Studies, 89 (5), 2445–2490
Corporate Capture of Blockchain Governance
Review of Financial Studies (forthcoming)
Sentiment and Speculation in a Market with Heterogeneous Beliefs
American Economic Review, 112 (8), 2465-2517
Heterogeneous Global Booms and Busts
American Economic Review, 112 (7), 2178-2212
Central Bank Swap Lines: Evidence on the Lender of Last Resort
The Review of Economic Studies, 89(4), 1654–1693
Market efficiency in the age of big data
Journal of Financial Economics, 145(1), 154-177
Ripples into waves: Trade networks, economic activity, and asset prices
Journal of Financial Economics, 145(1), 217-238
Comomentum: Inferring Arbitrage Activity from Return Correlations
The Review of Financial Studies, 35(7), 3272–3302
The Wall Street stampede: Exit as governance with interacting blockholders
Journal of Financial Economics, 144(2), 433-455
Public Procurement in Law and Practice
American Economic Review, 112 (4), 1091-1117
Extrapolative Bubbles and Trading Volume
The Review of Financial Studies, 35(4), 1682–1722
Clients' Connections Measuring the Role of Private Information in Decentralized Markets
Journal of Finance, 77(1), 505-544
Exchange Rate Exposure and Firm Dynamics
The Review of Economic Studies, 89 (1), 481-514
Performance-Induced CEO Turnover
The Review of Financial Studies, 34 (2), 569-617
Identifying and boosting “Gazelles”: Evidence from business accelerators
Journal of Financial Economics, 139 (1), 260-287
The case against aggressive government action on crypto
The financial regulators have recently taken an active interest in cryptocurrencies, more than a decade after their law enforcement counterparts did...
What Silicon Valley Bank and Credit Suisse tell us about financial regulations
The downfall of Silicon Valley Bank and Credit Suisse has exposed failures in how we regulate the financial system. This column argues that the...
Green Capital Requirements
We study bank capital requirements as a tool to address financial risks and externalities caused by carbon emissions. Capital regulation can...
Informality as an Anti-Measure of Prosperity
In developing economies, the informal sector can account for upwards of 60% of GDP and over 90% of employment. The data show wide disparity in...
Long-Horizon Investing in a Non-CAPM World
We study dynamic portfolio choice in a calibrated equilibrium model where value and momentum anomalies arise because capital slowly moves from under-...
Gender Reform in Rwanda: Change Spurred by Tragedy
Rwanda is among Africa’s leaders in providing equal opportunity between women and men in the economy. Progress in achieving this substantial progress...
Lessons from the collapse of Silicon Valley Bank
The collapse of Silicon Valley Bank shows that banks still pose risks. Are they systemic? Jon Danielsson, Robert Macrae, and Nikola Tchouparov write...
Economic backwardness in Russia
Western sanctions after Russia’s invasion of Ukraine have markedly changed the constitution of President Putin’s inner circle. This column argues that...
The all-out aggression requires an all-out response
As the war in Ukraine enters its second year, the need for increased global support becomes more apparent. This column illustrates this need with two...
How the war is increasing inequality in Russia
The economic sanctions on Russia have had wide-ranging debilitating effects, from asset freezes to individuals’ travel bans and the dissolution of...
Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models
Journal of Finance, 78 (1), 487-557
The role of sentiment in the US economy: 1920 to 1934
The Economic History Review, 76(1), 3-30
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...
Talent Discovery and Poaching Under Asymmetric Information
The Economic Journal, 133 (649), 201-234
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...