The Wall Street Stampede: Exit as Governance with Interacting Blockholders
The growth of the asset management industry has made it commonplace for firms to have multiple institutional blockholders. In such firms, the strength...
Margin Trading and Leverage Management
We use granular data covering regulated (brokerage-financed) and unregulated (shadow-financed) margin trading during the 2015 market turmoil in China...
Why Don’t Most Mutual Funds Short Sell?
An intriguing observation in the US mutual fund industry is that most equity funds do not short sell, even though virtually all regulatory...
Informed Trading in Government Bond Markets
Using comprehensive administrative data from the UK, we examine trading by different investor types in government bond markets. Our sample covers...
Epidemic exposure, fintech adoption, and the digital divide
Although epidemics are frequently cited as inducing changes in economic behaviour and accelerating technological and behavioural trends, there may be...
CEO Compensation: Evidence From the Field
We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to...
Shareholder Liability and Bank Failure
Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in...
Reducing the compliance costs of regulation
In much of the world, property sales are highly regulated and expensive. Using World Bank data, this column shows that while regulators and...
Dark Trading and Alternative Execution Priority Rules
Traders’ choice between lit and dark trading venues depends on market conditions, which are affected by execution priority rules in the dark pool...
Speculative and Precautionary Demand for Liquidity in Competitive Banking Markets
We demonstrate that the co-existence of different motives for liquidity preferences profoundly affects the efficiency of financial intermediation...
The Market for CEOs
We study the market for CEOs of large publicly-traded US firms, analyze new CEOs’ prior connections to the hiring firm, and explore how hiring choices...
Using a mean changing stochastic processes exit-entry model for stock market long-short prediction
Stochastic processes is one of the key operations research tools for analysis of complex phenomenon. This paper has a unique application to the study...
CEPS/ECMI Policy Brief – Why finalizing Basel III is good for the European banking sector
Basel III is an internationally agreed set of measures to strengthen the regulation, supervision and risk management of banks. Finalising the 2017...
