Discussion Papers

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...

Using a representative survey of U.S. lawyers, we document a sizeable gender gap in early partnership aspirations, which explains half of the later...

Competitive challenges and regulatory uncertainty associated with the green transition should incentivize firms to innovate and to sway regulatory...

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

In the sixty years since its independence Burundi has taken some steps to improve the legal standing of women in the economy and society. These steps...

Zimbabwe has introduced some legal reforms towards women’s rights in the first three dozen years since its independence in 1980, though these changes...

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

This paper demonstrates that increasing bank presence in underserved areas can substantially improve households’ health. I apply a regression...

In 2023, Zambia ranked 17th among African countries on the World Bank’s Women Business and the Law index, a notable decline over a half century. The...

We propose the CoJPoD, a novel framework explicitly linking the cross-sectional and cyclical dimensions of systemic risk. In this framework, banking...

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...

This paper uses legal board size requirements to test whether board size affects firm performance and value. Since 1976, the minimum size of German...

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...

We study dynamic portfolio choice in a calibrated equilibrium model where value and momentum anomalies arise because capital slowly moves from under-...