Long-Horizon Investing in a Non-CAPM World
We study dynamic portfolio choice in a calibrated equilibrium model where value and momentum anomalies arise because capital slowly moves from under-...
Gender Reform in Rwanda: Change Spurred by Tragedy
Rwanda is among Africa’s leaders in providing equal opportunity between women and men in the economy. Progress in achieving this substantial progress...
Lessons from the collapse of Silicon Valley Bank
The collapse of Silicon Valley Bank shows that banks still pose risks. Are they systemic? Jon Danielsson, Robert Macrae, and Nikola Tchouparov write...
Research highlight
Dynamic Asset-Backed Security Design
The Review of Economic Studies, 90(6), 3282–3314
Economic backwardness in Russia
Western sanctions after Russia’s invasion of Ukraine have markedly changed the constitution of President Putin’s inner circle. This column argues that...
The all-out aggression requires an all-out response
As the war in Ukraine enters its second year, the need for increased global support becomes more apparent. This column illustrates this need with two...
How the war is increasing inequality in Russia
The economic sanctions on Russia have had wide-ranging debilitating effects, from asset freezes to individuals’ travel bans and the dissolution of...
The illusion of control: why the financial sector is more vulnerable than ever to a financial crisis
Reforms following the global financial crisis of 2008 were supposed to create a less risky financial world. But has a one-size-fits all approach to...
Cultural Stereotypes of Multinational Banks
Financial markets, even more than other markets, run on trust. This column uses hand-collected data on banks’ investments in European sovereign debt...
The economic toll of attacks on Ukraine’s power grid
Electricity blackouts caused by Russian rocket attacks on the power grid have become a daily occurrence in Ukraine. This column estimates the economic...
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The Impact of Risk Cycles on Business Cycles: A Historical View
The Review of Financial Studies, 36(7), 2922–2961
Flat tax reform in Ukraine: Lessons from Bulgaria
Developing a tax system which limits tax evasion is a key challenge for many emerging markets. This column argues that introducing a flat tax as a...
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Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models
Journal of Finance, 78 (1), 487-557
A fixed point theorem for measurable selection valued correspondences induced by upper Caratheodory correspondences
Journal of Fixed Point Theory and Applications, 25, 2
