Discussion Papers

Using hand-collected data spanning more than a decade on European banks’ sovereign debt portfolios, we show that the trust of residents of a bank’s...

Does the increased prevalence of algorithmic trading (AT) produce real economic effects? We find that AT contributes to managerial learning by...

Innovativity – an economy's ability to produce the innovations that drive total factor productivity (TFP) growth – requires both ideas and the ability...

We find some evidence of regulatory convergence in four distinct areas of business activity over the 2005-2019 period. This convergence is most...

We ask why we observe multiple layers of decision-making in fund management with investors, sponsors, fund managers, and consultants, even if...

We show that supply-side effects arising from the bond holdings of open-end mutual funds affect corporate credit risk. In our model, funds exposed to...

Borrowers obtain liquidity by issuing securities backed by current period payoff and resale price of a long-lived collateral asset. They are privately...

We study the evolution of pay in US bank holding companies since 1986. We first set out the main empirical characteristics in both cross-section and...

We show that all discounted stochastic games DSGs satisfying the usual assumptions have Nash payoff selection correspondences having fixed points. Our...

We develop a model in which long-term swap spreads are determined by end users’ demand for swaps, constrained dealers’ supply of swaps, and the risk...

We ask whether epidemic exposure leads to a shift in financial technology usage and who participates in this shift. We exploit a dataset combining...

An important aspect of network dynamics that has been missing from our understanding of network dynamics in various applied settings is the influence...

Under mild assumptions on primitives, we show that all parameterized state-contingent games (PSGs) have upper Caratheodory (uC) Nash (equilibrium)...

We show that any measurable selection valued correspondence induced by the composition of an m-tuple of real-valued Caratheodory functions with an...

We present suggestive evidence that new technology has reduced business regulation globally over the 2005-2019 period, in the areas of paying...

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...