Discussion Papers

UK government bond yields tend to rise in a two-day window before labor market data releases and monetary policy news. This effect, particularly...

We study causal narratives – narratives which describe a (potentially incorrect) causal relationship between variables. In a series of experiments...

This paper studies the general equilibrium implications of arbitrage trades in segmented financial markets. Arbitrageurs choose a category of trades...

This paper studies how firms allocate their Corporate Social Responsibility (CSR) expenditures to inform the welfare effects of corporate...

We analyze the stability of financial investment networks, where financial institutions hold overlapping portfolios of assets. We consider the effect...

We provide worldwide large-sample evidence of a recent innovation in corporate governance: the voluntary creation of a separate board committee to...

A global consensus is growing on the contribution that corporations and finance must make towards the net-zero transition in line with the Paris...

We develop a novel method to infer intra-quarter trading of individual mutual funds. After a mutual fund executes a trade, its reported portfolio...

We study coordinated engagements by a prominent international network of long-term shareholders cooperating to influence firms on environmental and...

Climate change is one of the highest-ranking issues on the political and social agenda. Corporations are one of the main actors that will play a major...

We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...

In a canonical takeover model we let informed large shareholders choose between making a bid and initiating a sale to another acquirer. Such takeover...

India’s Unified Payment Interface (UPI) is an example of how an innovative payments and settlement system can initiate an economy wide transformation...

An organization is autonomous if it has the right or power of self-government. Self-government implies that autonomous organizations cannot rely on...

We investigate how timeliness in enforcing legal contracts affects economic growth across countries. We focus on judicial timeliness as a proxy for...

Privately informed about firm fundamentals, corporate insiders detect activism-motivated trades better than other traders. This paper solves the model...