Discussion Papers

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...

We generalise a stochastic version of the workhorse SIR (Susceptible-Infectious- Removed) epidemiological model to account for spatial dynamics...

Due to their complex features, structured financial products can hurt the average investor. Are certain investors particularly vulnerable? Using...

The literature has provided over a dozen explanations for the widely documented excessive trading puzzle of retail investors trading so much that it...

This paper surveys the state of the art in research in racetrack and lottery markets. Market efficiency and the pricing of various wagers is studied...