Flights to Safety
AbstractWe identify flight-to-safety (FTS) days for twenty-three countries using only stock and bond returns and a model averaging approach. FTS days comprise less than 2% of the sample and are...
View ArticleFinancial Frictions and the Great Productivity Slowdown
AbstractWe study the role of financial frictions for productivity. Using a rich cross-country firm-level data, we exploit variation in preexisting exposure to the 2008 global financial crisis to study...
View ArticleOver-the-Counter versus Limit-Order Markets: The Role of Traders’...
AbstractOver-the-counter (OTC) markets attract substantial trading volume despite exhibiting frictions absent in centralized limit-order markets. We compare the efficiency of OTC and limit-order...
View ArticleThe Limits of Lending? Banks and Technology Adoption across Russia
AbstractWe exploit historically determined variation in local credit markets to identify the impact of bank lending on innovation across Russian firms. We find that deeper credit markets increase...
View ArticleBanks’ Balance Sheets and Liquidation Values: Evidence from Real Estate...
AbstractThis paper finds that declining bank equity or liquidity reduces liquidation values of bank-owned real estate and accelerates the pace of asset sales. Buyers of these assets earn significant...
View ArticleCareer Risk and Market Discipline in Asset Management
AbstractWe establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers. Using hand-collected data on 1,948 professionals, we find that top...
View ArticleDynamic Asset Sales with a Feedback Effect
AbstractI analyze a dynamic model of over-the-counter asset sales in which the seller receives stock-sensitive compensation, and the transaction conveys information about the firmâs value. I examine...
View ArticleFinancial Literacy Externalities
AbstractWe use unique administrative data and a quasi-field experiment of exogenous allocation in Sweden to estimate medium- and longer-run effects of peoplesâ exposure to financially literate...
View ArticleResiliency and Stock Returns
AbstractWe present resiliency as a measure of liquidity and assess its relationship to expected returns. We establish a covariance-based measure, RES, that captures opening period resiliency, and use...
View ArticleGovernment as Customer of Last Resort: The Stabilizing Effects of Government...
AbstractI document a beneficial effect of the governmentâs participation in product markets. Exploiting the 2008â2009 financial crisis as a natural experiment, I show that federal procurement...
View ArticleEmployment Protection, Investment, and Firm Growth
AbstractWe exploit the adoption of U.S. state-level labor protection laws to study the effect of employment protection on corporate investment rates and sales growth. We find that, following the...
View ArticleFinancial Illiteracy and Pension Contributions: A Field Experiment on...
AbstractI conduct a field experiment to study the relationship between peoplesâ misunderstanding of compound interest and their pension contributions in rural China. I find that explaining the...
View ArticleErratum
In the version of âOver-the-Counter versus Limit-Order Markets: The Role of Tradersâ Expertiseâ by Vincent Glode and Christian C. Opp (10.1093/rfs/hhz061) that originally published online, the...
View ArticleSEC Names Mark D. Reinhold as Deputy Chief Human Capital Officer in the...
The Securities and Exchange Commission today announced that Mark D. Reinhold has been named Deputy Director of the agencyâs Office of Human Resources (OHR). Mr. Reinhold will help to manage programs...
View ArticleSEC Names Allen Blume as Deputy Chief Financial Officer
The Securities and Exchange Commission today announced that Allen Blume has been named Deputy Chief Financial Officer in the agencyâs Office of Financial Management (OFM). Mr. Blumeâs...
View Articleg2s3
Theory and Practice of #DeepLearning Join us for Summer School 20 â 31 July 2019 at AIMS South Africa! 2020 Gene Golub SIAM Summer School Application deadlineâ¦
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What are Modular Forms?
The Strange Functions Used to Solve Fermat’s Last TheoremContinue reading on Cantorâs Paradise »
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Christine Lagarde has her work cut out for her
Christine Lagardeâs reign at the European Central Bank (ECB) has heralded a shift not in the monetary policy field, but mainly in terms of communication, at least judging from her first press...
View ArticleGreenwich hedge fund WorldQuant axes 130 staffers as quants struggle
Greenwich hedge fund WorldQuant axes 130 staffers as quants strugglehttps://t.co/fdKg2aauBk â moneyscience (@moneyscience) January 10, 2020
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