Discussion Papers

We survey directors and investors on the objectives, constraints, and determinants of CEO pay. 67% of directors would sacrifice shareholder value to...

Does enhanced shareholder liability reduce bank failure? We compare the performance of around 4,200 state-regulated banks of similar size in...

Traders’ choice between lit and dark trading venues depends on market conditions, which are affected by execution priority rules in the dark pool...

We demonstrate that the co-existence of different motives for liquidity preferences profoundly affects the efficiency of financial intermediation...

We study the market for CEOs of large publicly-traded US firms, analyze new CEOs’ prior connections to the hiring firm, and explore how hiring choices...

Stochastic processes is one of the key operations research tools for analysis of complex phenomenon. This paper has a unique application to the study...

This paper studies the restrictions on consumption, portfolio choice, and social discounting implied by a sustainability constraint, that utility...

How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities...

A mutual fund’s demand for a pricing factor, measured by the loading of the fund’s returns on the factor’s returns, is persistent over time. When...

We propose an extrapolative model of bubbles to explain the sharp rise in prices and volume observed in historical financial bubbles. The model...

This paper investigates the role of sentiment in the US macro economy from 1920 to 1934. We use 2.4 million digitized articles from the Wall St...

Since 1978 China has developed strongly using a particular form of capitalism which has relied upon close relations between private enterprise and the...

This paper studies how managers react to shareholder empowerment that makes the votes on shareholder proposals regarding majority-voting director...

Universal owners - large institutional investors with highly diversified and long-term portfolios spanning the entire global capital market - have...

We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending...

We use a 50-year panel of gendered laws for 190 countries to examine whether laws and legal change are associated with several measures of women’s...