Corporate Resilience to Banking Crises: The Roles of Trust and Trade Credit...
Are firms more resilient to systemic banking crises in economies with higher levels of social trust? Using firm-level data in 34 countries from 1990 through 2011, we find that liquidity-dependent firms...
View ArticleThe Deposits Channel of Monetary Policy -- by Itamar Drechsler, Alexi Savov,...
We propose and test a new channel for the transmission of monetary policy. We show that when the Fed funds rate increases, banks widen the interest spreads they charge on deposits, and deposits flow...
View ArticleLearning, Career Paths, and the Distribution of Wages -- by Santiago Caicedo,...
We develop a theory of career paths and earnings in an economy in which agents organize in production hierarchies. Agents climb these organizational hierarchies as they learn stochastically from other...
View ArticleLevered Returns -- by Ivo Welch
Do financial markets properly reflect leverage? Unlike Gomes and Schmid (2010) who examine this question with a structural approach (using long-term monthly stock characteristics), my paper examines it...
View ArticleFaculty Preferences over Unionization: Evidence from Open Letters at Two...
What determines employee preferences for unionizing their workplaces? A substantial literature addresses this question with surveys on worker attitudes and pay. Unionization drives at the Universities...
View ArticleThe Real Effects of Liquidity During the Financial Crisis: Evidence from...
Illiquidity in short-term credit markets during the financial crisis might have severely curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United...
View ArticleSEC: Company Misled Investors About Energy-Efficient Technology
The Securities and Exchange Commission today announced fraud charges against a Texas-based technology company and its founder accused of boosting stock sales with false claims about a supposedly...
View ArticleCall For Papers For The 5th Annual EBA Research Workshop
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View ArticleBM&FBOVESPA And Cetip Announce Agreement To Combine Operations - The...
BM&FBOVESPA and Cetip presented the press today with a proposal to merge the operations of the two companies, creating a world-class financial infrastructure company of great systemic importance,...
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Marshall Sprung, Co-Chief Of Asset Management Unit, To Leave SEC After 13...
The Securities and Exchange Commission today announced that Marshall S. Sprung, co-chief of the Division of Enforcement’s Asset Management Unit, is planning to leave the agency later this month.read...
View ArticleCFTCâs Market Risk Advisory Committee Announces Agenda For April 26...
The U.S. Commodity Futures Trading Commission (CFTC) today announced the agenda for the upcoming Market Risk Advisory Committee (MRAC) public meeting that will be held on April 26, 2016 at CFTC’s...
View ArticleBOX Options Exchange Price Improvement For March
In the month of March price improved contracts on BOX Options Exchange (“BOX”) averaged 340,567 per day. Price improvement versus the prevailing NBBO for contracts submitted via BOX’s price improvement...
View ArticleNasdaq Announces End-Of-Month Open Short Interest Positions In Nasdaq Stocks...
At the end of the settlement date of March 31, 2016, short interest in 2,301 Nasdaq Global MarketSM securities totaled 8,166,679,657 shares compared with 8,250,861,296 shares in 2,298 Global Market...
View ArticleNew York Attorney General Eric T. Schneiderman-Led State & Federal...
Attorney General Eric T. Schneiderman today joined members of the state and federal working group he co-chairs to announce a $5 billion settlement with Goldman Sachs over the bank’s deceptive practices...
View ArticleU.S. Justice Department: Goldman Sachs Agrees To Pay More Than $5 Billion In...
The Justice Department, along with federal and state partners, announced today a $5.06 billion settlement with Goldman Sachs related to Goldman’s conduct in the packaging, securitization, marketing,...
View ArticleCeleste Koeleveld Appointed General Counsel At New York State Department Of...
Celeste Koeleveld has been appointed General Counsel at the Department of Financial Services (DFS). Ms. Koeleveld will lead DFS’s Office of General Counsel and be responsible for all legal matters in...
View ArticleWeekly Announcements â April 11, 2016
University of Sussex Joins Innovation Research & Policy Network Research Centers Papers read more...
View ArticleDistribution-Constrained Optimal Stopping. (arXiv:1604.03042v1 [math.OC])
We solve the problem of optimal stopping of a Brownian motion subject to the constraint that the stopping time's distribution is a given measure consisting of finitely-many atoms. In particular, we...
View ArticleReconstruction of Order Flows using Aggregated Data. (arXiv:1604.02759v1...
In this work we investigate tick-by-tick data provided by the TRTH database for several stocks on three different exchanges (Paris - Euronext, London and Frankfurt - Deutsche B\"orse) and on a 5-year...
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