Research highlights
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.
Research highlight
Informational Black Holes in Financial Markets
Journal of Finance, 78 (6), 3099-3140
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Corporate Capture of Blockchain Governance
Review of Financial Studies, 36 (4), 1364–1407
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Asset Management Contracts and Equilibrium Prices
Journal of Political Economy, 130(12), 3146-3201
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Measuring the welfare cost of asymmetric information in consumer credit markets
Journal of Financial Economics, 146 (3), 821-840
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Heterogeneous Global Booms and Busts
American Economic Review, 112 (7), 2178-2212
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Central Bank Swap Lines: Evidence on the Lender of Last Resort
The Review of Economic Studies, 89(4), 1654–1693
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Market efficiency in the age of big data
Journal of Financial Economics, 145(1), 154-177
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Public Procurement in Law and Practice
American Economic Review, 112 (4), 1091-1117
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Exchange Rate Exposure and Firm Dynamics
The Review of Economic Studies, 89 (1), 481-514
All publications
Credit Rationing May Involve Excessive Lending
It is typically assumed that equilibrium credit rationing implies insufficient lending. By combining hidden types and hidden action, this paper shows...
Beyond the Sample: Extreme Quantile and Probability Estimation
Economic problems such as large claims analysis in insurance and value-at-risk in fi- nance, require assessment of the probability P of extreme...
Housing Market Fluctuations in a Life-Cycle Economy with Credit Constraints
This paper presents a first step towards a new theory of housing market fluctuations. We develop a life-cycle model where agents face credit...
Asset Allocation Dynamics and Pension Fund Performance
Using a data set on more than 300 UK pension funds' asset holdings, this paper provides a systematic investigation of the performance of managed...
Close-Relationships Between Banks and Firms: Is It Good or Bad
This paper investigates the issues involved in cross-ownership between banks and firms. The idea is that congruity among the parties in control of the...
Close Relationships between Banks and Firms: Is it Good or Bad?
This paper investigates the issues involved in cross-ownership between banks and firms. The idea is that congruity among the parties in control of the...
The Retreat of Inflation and The Making of Monetary Policy: Where Do We Stand?
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Sunk Costs and Competitiveness of European Banks after Deregulation
This paper investigates the determinants of the structure of the banking industry by fitting a monopolistic competition model to a sample of banks...
Informed Trading, Investment, and Welfare
This paper studies the welfare economics of informed trading in a stock market. We provide a model in which all agents are rational and trade either...
Should Speculators be Taxed?
A number of economists have supported the taxation of speculation in financial markets. We examine the welfare economics of such a tax in a model of...
Managers, Debt and Industry Equilibrium
This paper reconsiders the strategic effect of debt under the assumption that quantity choices are made by managers whose objective is to avoid...