Publications

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...

Artificial intelligence will both be of considerable help to the financial authorities and bring new challenges. This column argues the authorities...

We study the impact of green investors on stock prices in a dynamic equilibrium model where investors are green, passive or active. Green investors...

Review of Finance, 28 (2), 511–550

This paper argues that political affiliation plays a central role in shaping household expectations and consumption behavior. Using survey and...

With the deepening of China's reform and opening up, and the sustained development of the Chinese economy, the Chinese bond market has become an...

Risk model hallucination happens when models are forced to forecast the likelihood of extreme events in cases where they have not been trained with...

Journal of Economic Dynamics and Control, 159, 104793

We consider a setting in which privately informed agents are located in a network and trade a risky asset with other agents with whom they are...

This paper investigates the impact of introducing junior unsecured loans (i.e., FinTech loans) in the small business lending market. Using French...

When members of the same household have different risk preferences, whose preference matters more for investment decisions and why? We propose an...

As artificial intelligence makes inroads into the financial system, it exacerbates existing channels of instability and creates new ones. This column...