Publications

11 Aug 2020
News

Your Customers Have Changed. Here's How To Engage Them Again.

2022
Working Paper

On the Estimation of Demand-Based Asset Pricing Models

By: Philippe van der Beck

A growing literature uses portfolio holdings data to quantify the impact of investor demand on equilibrium prices via counterfactual experiments. The key parameter in relating demand and equilibrium prices is investors’ elasticity of demand with respect to the price.... View Details

Keywords: Price; Investment Portfolio; Institutional Investing; Financial Instruments

SSRN

19 Dec 2018
Working Paper Summaries

Find and Replace: R&D Investment Following the Erosion of Existing Products

Keywords: by Joshua Krieger, Xuelin Li, and Richard T. Thakor

The Ethnic Migrant Inventor Effect: Codification and Recombination of Knowledge Across Borders

Ethnic migrant inventors may differ from locals in terms of the knowledge they bring to host firms. We study the role of first-generation ethnic migrant inventors in cross-border transfer of knowledge previously locked within the cultural context of their home regions.... View Details

March 2015
Article

Vulnerable Banks

By: Robin Greenwood, Augustin Landier and David Thesmar

We present a model in which fire sales propagate shocks across bank balance sheets. When a bank experiences a negative shock to its equity, a natural way to return to target leverage is to sell assets. If potential buyers are limited, then asset sales depress prices,... View Details

Keywords: Financial Liquidity; Financial Crisis; Banks and Banking; Banking Industry; Europe

18 Jul 2021
News

Hybrid Work: How to Maximise Your In-office Days

21 Jun 2018
News

Former Intel board member who left a month ago was totally surprised by the CEO's resignation

22 Feb 2010
News

Lowering The Boom On Financial Leverage

05 Nov 2009
Working Paper Summaries

Medium Term Business Cycles in Developing Countries

Keywords: by Diego Comin, Norman Loayza, Farooq Pasha & Luis Serven

Research Summary

The Role of Institutions in Overcoming Imperfect Monitoring in Relational Contracting (with Carmit Segal)

In a world in which firms can be hit by transitory adverse shocks it may be too costly for any single worker to verify the true state of the world. In this case, it may not be possible for firms to lower wages in response to adverse shocks and still have the workers... View Details

2016
Working Paper

The Attenuating Effect of Banking Relationships on Credit Market Disruption

By: Stefan Dimitriadis and Mike Horia Teodorescu

This article examines how the relationship between banks and corporations moderates the effect of credit market disruptions. The 2008-09 financial crisis led to a dramatic restriction in the supply of credit to corporations via the syndicated loan market... View Details

Keywords: Banks and Banking; Relationships; Financial Markets; System Shocks; Banking Industry; United States

March 2005
Article

Short- and Long-term Demand Curves for Stocks: Theory and Evidence on the Dynamics of Arbitrage

By: Robin Greenwood

I develop a framework to analyze demand curves for multiple risky securities at extended horizons in a setting with limits-to-arbitrage. Following an unexpected change in uninformed investor demand for several assets, I predict returns of each security to be... View Details

Keywords: Limits To Arbitrage; Event Studies; Demand Curves; Portfolio Choice; Framework; Demand and Consumers; Change; Risk and Uncertainty; Debt Securities; Forecasting and Prediction; Stocks; Assets; Investment Portfolio; System Shocks; Price; Japan

11 Aug 2022
News

These Families Thought Food Inflation Was Bad in 2021. It Only Got Worse

08 May 2017
Working Paper Summaries

Monetary Policy and Global Banking

Keywords: by Falk Bräuning and Victoria Ivashina; Banking

December 2006
Article

Europe vs America: Institutional Hysteresis in a Simple Normative Model

By: Rafael Di Tella and Robert MacCulloch

We show how the differences in US and European institutions can arise in a normative model. The paper focuses on the labor market and the government's decision to set unemployment benefits in response to an unemployment shock. The government balances insurance... View Details

Keywords: Optimal Unemployment Benefits; Labor Market Institutions; Hysteresis; Europe; United States

October 2023
Article

Laboratory Safety and Research Productivity

By: Alberto Galasso, Hong Luo and Brooklynn Zhu

Are laboratory safety practices a tax on scientific productivity? We examine this question by exploiting the substantial increase in safety regulations at the University of California following the shocking accidental death of a research assistant in 2008.... View Details

Keywords: Economics Of Science; Risk Perception; Safety Regulations; Governing Rules, Regulations, and Reforms; Working Conditions; Safety; Performance Productivity

Article

Complementarity between Audited Financial Reporting and Voluntary Disclosure: The Case of Former Andersen Clients

By: Richard Frankel, Alon Kalay, Gil Sadka and Yuan Zou

Prior literature presents various perspectives on the role of financial reporting. One view is that mandatory periodic reporting disciplines managers and encourages timely voluntary disclosure. We examine this "confirmation hypothesis" using the shock to financial... View Details

Keywords: Financial Disclosure; Mandatory Reporting; Reliability; Voluntary Disclosure; Financial Reporting; Quality; Corporate Disclosure

28 Jun 2021
News

The Great American Burnout is Just Getting Started

2007
Other Unpublished Work

Implementing Technology

By: Diego Comin and Bart Hobijn

We introduce a tractable model of endogenous growth in which the returns to innovation are determined by the technology adoption decisions of the users of new technologies. Technology adoption involves an implementation investment that determines the initial... View Details

Keywords: Learning; Investment; Investment Return; Innovation and Invention; Growth and Development Strategy; Performance Productivity; Technology Adoption