Markets

Corporate Governance and the Returns on Investment

The Real Effects of Financial Markets

A large amount of activity in the financial sector occurs in secondary financial markets, where securities are traded among investors without capital...

Does the Stock Market Harm Investment Incentives?

Credit Default Swaps and the Credit Crisis

Money Market Funds Run Risk: Will Floating Net Asset Value Fix the Problem?

Political Determinants of Competition in the Mobile Telecommunication Industry

We study how political factors can shape competition in the mobile telecommunication sector. We show that the way a government designs the rules of the...

Banning Cassandra from the Market? An Empirical Analysis of Short-Selling Bans during the Covid 19 Crisis

During the recent COVID-19 pandemic crisis, stock markets around the world have witnessed an abrupt decline in security prices and an unprecedented...

Lehman Brothers: Did Markets Know?

On September 15, 2008, Lehman Brothers Inc. announced their filing for bankruptcy. This announcement did take markets by surprise causing widespread...

Corporate Scandals and Household Stock Market Participation

We show that after the revelation of corporate fraud in a state, household stock market participation in that state decreases. Households decrease...

Why do foreign firms leave U.S. equity markets?

Investors’ Horizons and the Amplification of Market Shocks

During episodes of market turmoil, institutional investors with short trading horizons are inclined or forced to sell their holdings to a larger extent...

The Rise of Independent Directors in the United States, 1950-2005: of ShareholderValue and Stock Market Prices

Between 1950 and 2005, the composition of large public company boards dramatically shifted towards independent directors, from approximately 20%...