Discussion Papers

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...

Evidence from experiments, surveys, and the field has uncovered both underreaction and overreaction to new information. We provide new experimental...

We examine a novel mechanism whereby the US dollar’s global dominance can have a large, unexpected impact on foreign Treasury yields in crisis periods...

This paper is concerned with upstreamness and downstreamness of industries and countries in global value chains. Upstreamness and downstreamness...

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...

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

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