Bankers' Pay and the Evolving Structure of US Banking
We study the evolution of pay in US bank holding companies since 1986. We first set out the main empirical characteristics in both cross-section and...
We study the evolution of pay in US bank holding companies since 1986. We first set out the main empirical characteristics in both cross-section and...
We show that all discounted stochastic games DSGs satisfying the usual assumptions have Nash payoff selection correspondences having fixed points. Our...
We develop a model in which long-term swap spreads are determined by end users’ demand for swaps, constrained dealers’ supply of swaps, and the risk...
We ask whether epidemic exposure leads to a shift in financial technology usage and who participates in this shift. We exploit a dataset combining...
An important aspect of network dynamics that has been missing from our understanding of network dynamics in various applied settings is the influence...
Under mild assumptions on primitives, we show that all parameterized state-contingent games (PSGs) have upper Caratheodory (uC) Nash (equilibrium)...
We show that any measurable selection valued correspondence induced by the composition of an m-tuple of real-valued Caratheodory functions with an...
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...
Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in...
Traders’ choice between lit and dark trading venues depends on market conditions, which are affected by execution priority rules in the dark pool...
We demonstrate that the co-existence of different motives for liquidity preferences profoundly affects the efficiency of financial intermediation...
Stochastic processes is one of the key operations research tools for analysis of complex phenomenon. This paper has a unique application to the study...
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...
We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending...