Discussion Papers

We show that Eastern Orthodox believers are less happy compared to those of Catholic and Protestant faith using data covering more than 100 countries...

We study the effect of superstar firms on an important human capital decision – college students’ choice of major. Past salient, extreme events in an...

We study the effects of stock market volatility on risk-taking and financial crises by constructing a cross-country database spanning up to 211 years...

Macroprudential policy is now based around a countercyclical buffer, relating capital requirements for banks to the degree of excess credit in the...

We present a new, theoretically motivated, forecasting variable for exchange rates that is based on the prices of quanto index contracts, and show via...

This paper presents a methodology to infer multivariate densities that characterize the asset values for a system of financial institutions, and...

This paper provides an explanation for the variety of contracts offered by competitive firms for seemingly identical products or services. I show that...

Using panel data for 189 economies from 2004 to 2016, we show that business-friendly regulations are correlated with the poverty headcount at the...

Predicting stock market crashes is a focus of interest for both researchers and practitioners. Several prediction models have been developed, mostly...

We develop a model in which financially constrained arbitrageurs exploit price discrepancies across segmented markets. We show that the dynamics of...

We present a model of a financial market where some traders are “cursed” when investing in a risky asset, failing to fully appreciate what prices...

This paper revisits the relationship between firm performance and CEO turnover. We drop the distinction between forced and voluntary turnovers and...

We present a new, theoretically motivated, forecasting variable for exchange rates that is based on the prices of quanto index contracts, and show via...

At any point in time, skills gaps, mismatches, and shortages arise because of an imperfect correspondence between the singular sets of skills required...

Policymakers and investors often conceptualize trend growth as simply a medium/long term average growth rate. In practice, these averages are usually...

This paper reviews the theoretical and empirical literature on executive compensation. We start by presenting data on the level of CEO and other top...