Discussion Papers

This paper studies the restrictions on consumption, portfolio choice, and social discounting implied by a sustainability constraint, that utility...

How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities...

A mutual fund’s demand for a pricing factor, measured by the loading of the fund’s returns on the factor’s returns, is persistent over time. When...

We propose an extrapolative model of bubbles to explain the sharp rise in prices and volume observed in historical financial bubbles. The model...

This paper investigates the role of sentiment in the US macro economy from 1920 to 1934. We use 2.4 million digitized articles from the Wall St...

Since 1978 China has developed strongly using a particular form of capitalism which has relied upon close relations between private enterprise and the...

This paper studies how managers react to shareholder empowerment that makes the votes on shareholder proposals regarding majority-voting director...

Universal owners - large institutional investors with highly diversified and long-term portfolios spanning the entire global capital market - have...

We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending...

We use a 50-year panel of gendered laws for 190 countries to examine whether laws and legal change are associated with several measures of women’s...

We show theoretically and empirically that flows into index funds raise the prices of large stocks in the index disproportionately more than the...

In this study, we propose an implied forward-looking measure for systemic risk that employs the information from put option prices, the Systemic...

The effects of large banks on the real economy are theoretically ambiguous and politically controversial. I identify quasi-exogenous increases in bank...

The paper studies incentives and trading decisions of an arbitrageur who can take concentrated bets in an illiquid market and who cares about interim...

It is sometimes said that an effect of the COVID-19 pandemic will be heightened appreciation of the importance of scientific research and expertise...

What drives actual government policies after financial crises? In this paper, we first present a simple model of post-crisis policymaking driven by...