Influential research by members of the Paul Woolley Centre has been published in some of the most recognised international journals in the field.
Click to see a collection of notable PWC working papers which have been published in American Economic Review, Econometrica, Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Quarterly Journal of Economics, Review of Economic Studies, and Review of Financial Studies.
Clients' Connections Measuring the Role of Private Information in Decentralized Markets
Journal of Finance, 2021, in press
Blockchain Analysis of the Bitcoin Market
In this paper, we provide detailed analyses of the Bitcoin network and its main participants. We build a novel database using a large number of public...
Comomentum: Inferring Arbitrage Activity from Return Correlations
The Review of Financial Studies, 2021, in press
Cleansing by Tight Credit: Rational Cycles and Endogenous Lending Standards
Endogenous cycles are generated by the two-way interaction between lenders’ behavior in the credit market and production fundamentals. When lenders...
Information, Market Power and Welfare
We study a financial market in which agents with interdependent values bid for a risky asset. Some agents are privately informed of their own value...
The Wall Street Stampede: Exit as Governance with Interacting Blockholders
The growth of the asset management industry has made it commonplace for firms to have multiple institutional blockholders. In such firms, the strength...
Margin Trading and Leverage Management
We use granular data covering regulated (brokerage-financed) and unregulated (shadow-financed) margin trading during the 2015 market turmoil in China...
Why Don’t Most Mutual Funds Short Sell?
An intriguing observation in the US mutual fund industry is that most equity funds do not short sell, even though virtually all regulatory...
Informed Trading in Government Bond Markets
Using comprehensive administrative data from the UK, we examine trading by different investor types in government bond markets. Our sample covers...
Sustainability in a Risky World
This paper studies the restrictions on consumption, portfolio choice, and social discounting implied by a sustainability constraint, that utility...
Factor Demand and Factor Returns
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...
Extrapolative Bubbles and Trading Volume
We propose an extrapolative model of bubbles to explain the sharp rise in prices and volume observed in historical financial bubbles. The model...
