Working Paper
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...
Read morePolitical 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...
Read moreBanning 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...
Read moreLehman 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...
Read moreCorporate 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...
Read moreInvestors’ 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...
Read moreThe 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%...
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