Research highlights
Influential research by members of the Financial Markets Group has been published in some of the most recognised international journals in Economics and Finance, such as the American Economic Review, Econometrica, the Journal of Finance, the Journal of Financial Economics, the Journal of Political Economy, the Quarterly Journal of Economics, the Review of Economic Studies, and the Review of Financial Studies. A sample of recent papers is below.
Research highlight
Informational Black Holes in Financial Markets
Journal of Finance, 78 (6), 3099-3140
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Corporate Capture of Blockchain Governance
Review of Financial Studies, 36 (4), 1364–1407
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Asset Management Contracts and Equilibrium Prices
Journal of Political Economy, 130(12), 3146-3201
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Measuring the welfare cost of asymmetric information in consumer credit markets
Journal of Financial Economics, 146 (3), 821-840
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Heterogeneous Global Booms and Busts
American Economic Review, 112 (7), 2178-2212
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Central Bank Swap Lines: Evidence on the Lender of Last Resort
The Review of Economic Studies, 89(4), 1654–1693
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Market efficiency in the age of big data
Journal of Financial Economics, 145(1), 154-177
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Public Procurement in Law and Practice
American Economic Review, 112 (4), 1091-1117
Research highlight
Exchange Rate Exposure and Firm Dynamics
The Review of Economic Studies, 89 (1), 481-514
All publications
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach
When members of the same household have different risk preferences, whose preference matters more for investment decisions and why? We propose an...
How AI can undermine financial stability
As artificial intelligence makes inroads into the financial system, it exacerbates existing channels of instability and creates new ones. This column...
The Market Cost of Business Cycle Fluctuations
We propose a novel approach to measure the costs of aggregate economic fluctuations, that does not require specification of preferences or the data...
Putting the Price in Asset Pricing
We propose a novel way to estimate a portfolio’s abnormal price, the percentage gap between price and the present value of dividends computed with a...
The meandering path of gender reform in Africa
Informality prevails in Africa, especially among women. Eighty-eight per cent of working African women were employed in the informal economy in 2022...
Long-Horizon Exchange Rate Expectations
We study exchange rate expectations in surveys of financial professionals and find that they successfully forecast currency appreciation at the two...
All The President’s Money: Market Concentration, Oligarchs and Sanctions in Hybrid Regimes
Hybrid regimes feature combinations of democratic and autocratic attributes. Their common element is a leader who cultivates a clientele of favored...
The calming of short-term market fear and its long-term consequences: The central banks’ dilemma
Gender-based violence blocks Pakistan’s economic development
Despite some advances in women’s rights in Pakistan, economic and political unrest has increased gender-based violence in the country. A system of...
A growth plan for Greece
In January 2020, the Greek government appointed a Commission to propose a growth plan for the Greek economy. The Pissarides Commission produced a...
A Growth Strategy for the Greek Economy
The Greek government appointed in January 2020 a Commission chaired by Nobel Prize winner Christopher Pissarides to propose a growth plan. The...
An Unconventional FX Tail Risk Story
We examine how the tail risk of currency returns over the past 20 years were impacted by central bank (monetary and liquidity) measures across the...
The Uneven Path Towards Women’s Rights in Argentina
Argentina’s progress towards legal equality for women has been slower than in most other Latin American countries. In 1971 Argentina’s score of 31 on...
