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.
Delegation Chains
We ask why we observe multiple layers of decision-making in fund management with investors, sponsors, fund managers, and consultants, even if...
Bond Funds and Credit Risk
We show that supply-side effects arising from the bond holdings of open-end mutual funds affect corporate credit risk. In our model, funds exposed to...
Dynamic Asset-Backed Security Design
Borrowers obtain liquidity by issuing securities backed by current period payoff and resale price of a long-lived collateral asset. They are privately...
Sentiment and Speculation in a Market with Heterogeneous Beliefs
American Economic Review (forthcoming)
The Wall Street stampede: Exit as governance with interacting blockholders
Journal of Financial Economics, 144(2), 433-455
High-frequency Trading in the Stock Market and the Costs of Option Market Making
Using a comprehensive panel of 2,969,829 stock-day data provided by the Securities and Exchange Commission (MIDAS), we find that HFT activity in the...
Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment
Journal of Finance, 76 (6), 3211-3254
Municipal Bond Insurance and the U.S. Drinking Water Crisis
We show that the collapse of the municipal bond insurance industry plays an important, but previously overlooked, role in driving regional variation...
Multi-asset Noisy Rational Expectations Equilibrium with Contingent Claims
The Review of Economic Studies (forthcoming)
A Theory of Socially Responsible Investment
We characterize necessary conditions for socially responsible investors to impact firm behavior in a setting in which firm production generates social...
The Development of Central Bank Digital Currency in China: An Analysis
The People’s Bank of China (PBOC) has launched an ambitious project to develop a digital currency for use in domestic, retail transactions, and is, by...
