Publications

Management Science, 0(0).

This policy note summarises the main empirical findings on the effectiveness of macroprudential policy: macroprudential policy contributes to a...

There is little direct empirical evidence on the investment behavior of wealthy households. Based on a proprietary database of investment portfolios...

We develop a dynamic model of DeFi lending that incorporates the following key features: 1) borrowing and lending are decentralized, anonymous...

This paper shows that, in a world dominated by vehicle currencies, firms engaging in international operations retain currency risk and hedge it real...

The paper develops a model of bubbles that can be taken to the data and explain the behavior of asset prices and their statistics. We depart from the...

The British Accounting Review, 55 (4),101171

Investors have limited and time-varying attention. These constraints are heterogeneous across investors, which can create asymmetric information and...

AEA Papers and Proceedings, 111, 361-65

We survey thousands of affluent American investors to examine the relationship between personalities and investment decisions. The Big Five...

Atlantic Economic Journal, 51, 1–11

We develop a two-country model in which currency and bond markets are populated by different investor clienteles, and segmentation is partly overcome...

We study how passive investing affects asset prices. Flows into passive funds raise disproportionately the stock prices of the economy’s largest firms...

Will asset managers with large amounts of capital and high risk-bearing capacity hold large blocks and monitor aggressively? Both block size and...

We study bank capital requirements as a tool to address financial risks and externalities caused by carbon emissions. Capital regulation can...