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- Teaching Interest
Private Equity and Venture Capital (Executive Education)
By: Josh Lerner
As equity markets appear to strengthen, interest rates remain low, and asset values look attractive, private equity firms are uniquely positioned to pursue new opportunities. This
- Research Summary
Rare Consumption Disasters
Another defining feature of financial crises is consumption disasters, or large drops in aggregate consumption. Rather than taking the standard approach of seeking implications of such rare disasters for asset pricing in consumption data, Professor Siriwardane asks... View Details
- Teaching Interest
Real Estate Management Program: Finance, Design, and Leadership
By: Andy Wu
How do you achieve short-term stability and long-term growth in the unpredictable real estate marketplace? This program explores how forward-thinking real estate leaders are positioning their firms to seize growth opportunities and maximize asset value. Equipped... View Details
- Forthcoming
- Article
Segmented Arbitrage
We use arbitrage activity in equity, fixed income, and foreign exchange markets to characterize the frictions and constraints facing intermediaries. The average pairwise correlation between the 32 arbitrage spreads that we study is 22%. These low correlations are... View Details
- Research Summary
The Baby Business: How Markets are Changing the Future of Birth
By: Debora L. Spar
It is difficult to conceive of the child as commerce. For even at the start of the 21st century, we like to believe that some things remain beyond both markets and science; that there are some things that money can't buy. In economic terms, these things are defined as... View Details
- Forthcoming
- Article
The Disappearing Index Effect
By: Robin Greenwood and Marco Sammon
The abnormal return associated with a stock being added to the S&P 500 has fallen from an average
of 7.4% in the 1990s to 0.3% over the past decade. This has occurred despite a significant increase in the
share of stock market assets linked to the index. A similar... View Details
- Forthcoming
- Article
The Evolution of Financial Services in the United States
By: Robin Greenwood, Robert Ialenti and David Scharfstein
This article surveys the literature on the historical growth and transformation of the U.S. financial sector. The sector expanded rapidly between 1980 until 2006, when its contribution to GDP rose from 4.8% to 7.6%. After the Global Financial Crisis, the size of the... View Details
- Forthcoming
- Article
The Imperfect Intermediation of Money-Like Assets
By: Jeremy C. Stein and Jonathan Wallen
We study supply-and-demand effects in the U.S. Treasury bill market by comparing the returns on T-bills to the administered policy rate on the Federal Reserve’s reverse repurchase (RRP) facility. In spite of the arguably more money-like properties of an investment in... View Details
- Forthcoming
- Article
Who Values Democracy?
By: Max Miller
This paper examines the conventional view that redistribution is central to the democratization process using data from stock markets. Consistent with this view, democratizations have a large, negative impact on asset valuations driven by a rise in redistribution risk.... View Details
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