Influential research by members of the Financial Markets Group has been published in some of the most recognised international journals in the field.
Click to see a collection of notable FMG working papers which have been published in American Economic Review, Econometrica, Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, and Review of Financial Studies.
Technology as Deregulation
We present suggestive evidence that new technology has reduced business regulation globally over the 2005-2019 period, in the areas of paying...
Property Rights and Urban Form
The Journal of Law and Economics, 65(S1)
Clients' Connections Measuring the Role of Private Information in Decentralized Markets
Journal of Finance, 77(1), 505-544
Taming the bias zoo
Journal of Financial Economics, 143(2), 716-741
High-frequency Trading in the Stock Market and the Costs of Option Market Making
Using a comprehensive panel of 2,969,829 stock-day data provided by the Securities and Exchange Commission (MIDAS), we find that HFT activity in the...
Post-Corona balanced budget fiscal stimulus: The case for shifting taxes onto land
Land’s share in economies’ nonfinancial assets equals between 40% and 60%, and in the US currently equals over 50%. This constitutes a very large base...
How global risk perceptions affect economic growth
The relationship between financial risk and economic growth is complex. This column finds that perceptions of high risk unambiguously harm growth...
Inflating Away the Public Debt? An Empirical Assessment
The Review of Financial Studies, 35 (3), 1553-1595
Measuring the ex-ante incentive effects of creditor control rights during bankruptcy reorganization
Journal of Financial Economics, 143 (1), 381-408
Exchange Rate Exposure and Firm Dynamics
The Review of Economic Studies, 89 (1), 481-514
Informed trading in government bond markets
Journal of Financial Economics, 142 (3), 1253-1274
Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment
Journal of Finance, 76 (6), 3211-3254
Municipal Bond Insurance and the U.S. Drinking Water Crisis
We show that the collapse of the municipal bond insurance industry plays an important, but previously overlooked, role in driving regional variation...
A Theory of Socially Responsible Investment
We characterize necessary conditions for socially responsible investors to impact firm behavior in a setting in which firm production generates social...
Why some nations’ labour markets did better during the pandemic
Leaving human capital out of policy discussions might lead to incorrect inferences about which measures were most successful during the pandemic...
The Development of Central Bank Digital Currency in China: An Analysis
The People’s Bank of China (PBOC) has launched an ambitious project to develop a digital currency for use in domestic, retail transactions, and is, by...