Discussion Papers

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...

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...

It is sometimes said that an effect of the COVID-19 pandemic will be heightened appreciation of the importance of scientific research and expertise...