Publications

Privately informed about firm fundamentals, corporate insiders detect activism-motivated trades better than other traders. This paper solves the model...

We review the literature on the effectiveness of public policies to facilitate firms’ access to finance. The rationale for such policies is to address...

Debt recycling is an aggressive equity extraction strategy that potentially permits faster repayment of a mortgage. While equity progressively builds...

Journal of International Money and Finance, 148, 103152

A burgeoning economics and political science literature studies the effects of economic sanctions on various aspects of economic and social life of...

Economics Letters, 242, 111889

The credibility of an institution is, almost, synonymous with how well it is trusted. This column uses survey data to examine how trust in various...

Journal of International Money and Finance, 146, 103107

Artificial intelligence can act to either stabilise the financial system or to increase the frequency and severity of financial crises. This second...

The rapid adoption of artificial intelligence is transforming the financial industry. This first of a two-column series argues that AI may either...

We survey a large representative sample of retail investors in China to elicit their memories of stock market investment and return expectations. We...

We build a model of the law of small numbers (LSN)—the incorrect belief that even small samples represent the properties of the underlying population...

Using a unique transaction-level data, we document that only 60% of bilateral repos held by UK banks are backed by high quality collateral. Banks...