Discussion Papers

Debt recycling is an aggressive equity extraction strategy that potentially permits faster repayment of a mortgage. While equity progressively builds...

A burgeoning economics and political science literature studies the effects of economic sanctions on various aspects of economic and social life of...

We survey a large representative sample of retail investors in China to elicit their memories of stock market investment and return expectations. We...

We build a model of the law of small numbers (LSN)—the incorrect belief that even small samples represent the properties of the underlying population...

Using a unique transaction-level data, we document that only 60% of bilateral repos held by UK banks are backed by high quality collateral. Banks...

We introduce the concept of subtle discrimination - biased acts that cannot be objectively ascertained as discriminatory - and study its implications...

Evidence from experiments, surveys, and the field has uncovered both underreaction and overreaction to new information. We provide new experimental...

We examine a novel mechanism whereby the US dollar’s global dominance can have a large, unexpected impact on foreign Treasury yields in crisis periods...

This paper is concerned with upstreamness and downstreamness of industries and countries in global value chains. Upstreamness and downstreamness...

We propose a loglinear present-value identity in which investment ("scale"), profitability ("yield"), and discount rates determine a firm’s market-to...

Ranking sectors and countries within global value chains is of paramount importance to estimate risks and forecast growth in large economies. However...

We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors...

This paper argues that political affiliation plays a central role in shaping household expectations and consumption behavior. Using survey and...

We consider a setting in which privately informed agents are located in a network and trade a risky asset with other agents with whom they are...

This paper investigates the impact of introducing junior unsecured loans (i.e., FinTech loans) in the small business lending market. Using French...

When members of the same household have different risk preferences, whose preference matters more for investment decisions and why? We propose an...