"Where Do Institutional Investors Seek Shelter when Disaster Strikes? Evidence from COVID-19", with Simon Glossner, Stefano Ramelli, and Alexander F. Wagner

Financial Innovation with Endogenous Experimentation Zhaohui Chen, Alan Morrisson, and William Wilhelm We present a model in which a long-lived bank endogenously learns about the environment for financial innovation through experimentation on its clients. When the bank has superior knowledge of the state of the world facing its clients, it Read more…

Exchange Rates and Endogenous Productivity Nils Gornemann, Pablo Guerron-Quintana, and Felipe Saffie September 15, 2020 Abstract Real exchange rates (RERs) display sizable fluctuations not only over the business cycle,but also at lower frequencies, resulting in large and persistent swings over decades—facts that many business cycle models struggle to match. We Read more…

Title: Corporate Counsel as Information Intermediaries: Survey Evidence Description: We plan to conduct a survey of corporate counsel. Before sending it out, we’d like to get some feedback on the questions we are planning to ask. In particular, which questions would be interesting to an academic audience. Our survey is Read more…

"Corporate Capital Raising during the COVID Crisis" with Greg Nini and Edie Hotchkiss

"Flight to Safety: How Economic Downturns Affect Talent Flows to Startups", with Shai Bernstein and Richard Townsend

Britain’s Great Railway Mania of the 1840s: The Roles of Politics, Money, and Liberalization (joint with Scott Miller)

Regulatory Costs of Being Public: Evidence from Bunching Estimation (joint with Michael Ewens and Kairong Xiao) https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3740722 Many disclosure and internal governance regulations for U.S. public firms trigger when a firm's public float exceeds a threshold. Consistent with firms seeking to avoid costly regulation, we document significant bunching around multiple Read more…

Securities Lending and Trading by Active and Passive Funds Abstract I study the market for lending and borrowing securities in the United States. I find that by making securities available for borrowing, mutual funds acquire information about short selling, which they exploit for trading. Funds with discretion in their investment Read more…

Hiding in Plain Sight: The Global Implications of Manager Disclosure (joint with Richard Evans, Miguel Ferreira, and Pedro Matos)

Revisiting Roll's R2 Puzzle (with Brent Kitchens and Chris Yung) Abstrac: We resolve Roll's R2 puzzle. Before legislation enacted to prevent such practices, information leakage through selective disclosure could be incorporated into market prices prior to public release of news. I.e., "news days" did not deliver news to the stock Read more…

Crowded out from the Beginning: Impact of Government Debt on Corporate Financing Cagri Akkoyun, Nuri Ersahin, & Christopher James March 22, 2021 Abstract Using hand-collected data on corporate bond and stock offerings, we identify the impact of government debt on corporate financing during World War I. The early twentieth century Read more…

"Why are firm growth distributions fat-tailed?"

Zoom link: https://darden-virginia.zoom.us/j/96249829459. Decarbonizing Institutional Investor Portfolios by Vaska Atta-Darkua, Simon Glossner, Philipp Krueger, Pedro Matos Combining global data on institutional investors’ equity holdings and firm-level carbon emissions, we study whether and how climate-conscious institutions reduce the carbon emissions of their equity portfolios. We find that institutions actively decarbonized their Read more…