Publications

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...

We introduce the concept of subtle discrimination - biased acts that cannot be objectively ascertained as discriminatory - and study its implications...

Evidence from experiments, surveys, and the field has uncovered both underreaction and overreaction to new information. We provide new experimental...

Financial crises are not complicated, and many claim to know why they happen and how to prevent them. Why then do they happen with such alarming...

Management Science 0(0)

A reform removing the need for businesses to use a company seal when dealing with government agencies means ‘signed, sealed and delivered’ has become...

We examine a novel mechanism whereby the US dollar’s global dominance can have a large, unexpected impact on foreign Treasury yields in crisis periods...

This paper is concerned with upstreamness and downstreamness of industries and countries in global value chains. Upstreamness and downstreamness...

Banks remain fragile, which could be reduced if they held more equity and less debt. Bankers, however, fear this could affect their compensation...

The Review of Corporate Finance Studies, cfae009

Safety and stability are essential for public utilities. But they face pressure to innovate to keep up with technological innovation, environmental...

We propose a loglinear present-value identity in which investment ("scale"), profitability ("yield"), and discount rates determine a firm’s market-to...

Ranking sectors and countries within global value chains is of paramount importance to estimate risks and forecast growth in large economies. However...