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.
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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
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Identifying and boosting “Gazelles”: Evidence from business accelerators
Journal of Financial Economics, 139 (1), 260-287
Revenge of the experts: Will COVID-19 renew or diminish public trust in science?
Journal of Public Economics, Volume 193, 2021,104343.
Tracking Biased Weights: Asset Pricing Implications of Value-Weighted Indexing
We show theoretically and empirically that flows into index funds raise the prices of large stocks in the index disproportionately more than the...
Options-based systemic risk, financial distress, and macroeconomic downturns
In this study, we propose an implied forward-looking measure for systemic risk that employs the information from put option prices, the Systemic...
Are Bigger Banks Better? Firm-Level Evidence from Germany
The effects of large banks on the real economy are theoretically ambiguous and politically controversial. I identify quasi-exogenous increases in bank...
Outsized Arbitrage
The paper studies incentives and trading decisions of an arbitrageur who can take concentrated bets in an illiquid market and who cares about interim...
Vaccine challenges
Last week brought welcome news about the apparent effectiveness of a potential Covid-19 vaccine. While the challenges of manufacturing and...
Financial policymaking after crises: Public versus private interest
Financial crises invariably lead governments to intervene in one way or another, whether to ease the damage to middle-class voters, to respond to the...
Revenge of the Experts: Will COVID-19 Renew or Diminish Public Trust in Science?
It is sometimes said that an effect of the COVID-19 pandemic will be heightened appreciation of the importance of scientific research and expertise...
Domestic Banks As Lightning Rods? Home Bias and Information during the Eurozone Crisis
Journal of Money, Credit and Banking, Volume 52, 2020,12744.
Making furlough portable would encourage people to move into new jobs
Furlough is here to stay – in the UK, at least until March. The author argues that making part of furlough income portable would encourage people to...
How we learned to stop counting cases and worry about network effects instead
The commuter hub was key to the spread of COVID-19 in London. The authors of the article estimate it contributed to over 42% of all London cases. When...
Reform bankruptcy laws to save businesses from going under
Faced with the prospect of hundreds of thousands of businesses going under, the UK changed its bankruptcy laws in June. Other G7 countries that put...
COVID-19 hurt women’s employment the hardest
Changes to maternity leave and pension regulation, among other policy tools, can lessen the burden on women.
