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 Halting Gender Reforms in Burundi
In the sixty years since its independence Burundi has taken some steps to improve the legal standing of women in the economy and society. These steps...
Asset Management as Creator of Market Inefficiency
Atlantic Economic Journal, 51, 1–11
Welfare Costs of Catastrophes: Lost Consumption and Lost Lives
The Economic Journal, 131 (634), 946–969
Gender Legal Reform in Zimbabwe: Wanting
Zimbabwe has introduced some legal reforms towards women’s rights in the first three dozen years since its independence in 1980, though these changes...
Personality Differences and Investment Decision-Making
We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five...
Layered Networks, Equilibrium Dynamics, and Stable Coalitions
Dynamic Games and Applications (2022)
Bank Presence and Health
This paper demonstrates that increasing bank presence in underserved areas can substantially improve households’ health. I apply a regression...
Towards a new tax system in Ukraine
Ukraine’s tax system functions primarily on the basis of unofficial rules of tax collection. This divergence between law and practice predates Russia...
Gender Legal Reforms in Zambia: Motivated by International Conventions
In 2023, Zambia ranked 17th among African countries on the World Bank’s Women Business and the Law index, a notable decline over a half century. The...
Changes in CEO stock option grants: A look at the numbers
Journal of Corporate Finance, 75, 102226
Management insulation and bank failures
Journal of Financial Intermediation, 47, 100909
Latent Fragility: Conditioning Banks' Joint Probability of Default on the Financial Cycle
We propose the CoJPoD, a novel framework explicitly linking the cross-sectional and cyclical dimensions of systemic risk. In this framework, banking...
A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers
We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome...
Passive Investing and the Rise of Mega-Firms
We study how passive investing affects asset prices. Flows into passive funds raise disproportionately the stock prices of the economy’s largest firms...
Does Board Size Matter?
This paper uses legal board size requirements to test whether board size affects firm performance and value. Since 1976, the minimum size of German...
Will asset managers with large amounts of capital and high risk-bearing capacity hold large blocks and monitor aggressively? Both block size and...