Green Capital Requirements
We study bank capital requirements as a tool to address financial risks and externalities caused by carbon emissions. Capital regulation can...
ASC Insight: Bank capital regulation and climate change
Climate change has become a major topic of discussion at central banks and financial regulators. Key aspects of this debate include whether and how...
A Theory of Socially Responsible Investment
We characterize necessary conditions for socially responsible investors to impact firm behavior in a setting in which firm production generates social...
Bank Resolution and the Structure of Global Banks
The Review of Financial Studies, 32(6), 2384–2421.
Bank Resolution and the Structure of Global Banks
We study the resolution of global banks by national regulators. Single-point-of-entry (SPOE) resolution, where loss-absorbing capital is shared across...
The Anatomy of the CDS Market
Using novel position and trading data for single-name corporate credit default swaps (CDSs), we provide evidence that CDS markets emerge as...
The Anatomy of the CDS Market
Using novel position and trading data for single-name corporate credit default swaps (CDSs), we provide evidence that CDS markets emerge as...
Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets
Review of Financial Studies, 28 (12): 3303-3337.
