This programme examines how different types of agents interact in financial markets; how asset prices are formed and relate to economic fundamentals; how price movements impact firms’ investment and the macro-economy; and how regulatory policies affect market outcomes and economic welfare. Part of the research in this programme is conducted within the Paul Woolley Centre (PWC). Research at the PWC departs from the Arrow-Debreu view of frictionless markets and emphasizes the role of financial institutions and their managers’ incentives in influencing asset prices and the allocation of capital in the economy, and in causing occasional mispricing and misallocation. PWC research focuses primarily on the asset management sector.
The Programme Director is Dimitri Vayanos.
Paul Woolley Centre
Latest Publications
Inferring Mutual Fund Intra-Quarter Trading - An Application to ESG Window Dressing
We develop a novel method to infer intra-quarter trading of individual mutual funds. After a mutual fund executes a trade, its reported portfolio...
Sustainable Investing: Evidence From the Field
We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...
Supply and Demand and the Term Structure of Interest Rates
Annual Review of Financial Economics, 16, 115 - 151