Discussion Papers

We develop a novel method to infer intra-quarter trading of individual mutual funds. After a mutual fund executes a trade, its reported portfolio...

We study coordinated engagements by a prominent international network of long-term shareholders cooperating to influence firms on environmental and...

Climate change is one of the highest-ranking issues on the political and social agenda. Corporations are one of the main actors that will play a major...

We survey 509 equity portfolio managers from both traditional and sustainable funds on whether, why, and how they incorporate firms’ environmental and...

In a canonical takeover model we let informed large shareholders choose between making a bid and initiating a sale to another acquirer. Such takeover...

India’s Unified Payment Interface (UPI) is an example of how an innovative payments and settlement system can initiate an economy wide transformation...

An organization is autonomous if it has the right or power of self-government. Self-government implies that autonomous organizations cannot rely on...

We investigate how timeliness in enforcing legal contracts affects economic growth across countries. We focus on judicial timeliness as a proxy for...

Privately informed about firm fundamentals, corporate insiders detect activism-motivated trades better than other traders. This paper solves the model...

We review the literature on the effectiveness of public policies to facilitate firms’ access to finance. The rationale for such policies is to address...

Debt recycling is an aggressive equity extraction strategy that potentially permits faster repayment of a mortgage. While equity progressively builds...

A burgeoning economics and political science literature studies the effects of economic sanctions on various aspects of economic and social life of...

We survey a large representative sample of retail investors in China to elicit their memories of stock market investment and return expectations. We...

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...