NBER Papers in JEL Code G1: General Financial Markets

w23921 Anusha Chari
Peter Blair Henry
Racha Moussa

Does Capital Scarcity Matter?
w23933 Alexander M. Chinco
Adam D. Clark-Joseph
Mao Ye

Sparse Signals in the Cross-Section of Returns
w23895 William Gornall
Ilya A. Strebulaev

Squaring Venture Capital Valuations with Reality
w23910 Andrei S. Gonçalves
Chen Xue
Lu Zhang

Does the Investment Model Explain Value and Momentum Simultaneously?
w23883 Samuel M. Hartzmark
Kelly Shue

A Tough Act to Follow: Contrast Effects In Financial Markets
w23886 Valentin Haddad
Serhiy Kozak
Shrihari Santosh

Predicting Relative Returns
w23854 Laura A. Bakkensen
Lint Barrage

Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics: Going Under Water?
w23863 Pedro Bordalo
Nicola Gennaioli
Rafael La Porta
Andrei Shleifer

Diagnostic Expectations and Stock Returns
w23809 Xiaomeng Lu
Robert F. Stambaugh
Yu Yuan

Anomalies Abroad: Beyond Data Mining
w23817 Pablo Kurlat
Florian Scheuer

Signaling to Experts
w23830 William N. Goetzmann
Dasol Kim

Negative Bubbles: What Happens After a Crash
w23764 Kimberly A. Berg
Nelson Mark

Global Macro Risks in Currency Excess Returns
w23766 V.V. Chari
Lawrence Christiano

Financialization in Commodity Markets
w23773 Hanno Lustig
Robert J. Richmond

Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates
w23783 Cory Cutsail
Farley Grubb

The Paper Money of Colonial North Carolina, 1712-1774
w23785 Francesco D’Acunto
Marcel Prokopczuk
Michael Weber

Historical Antisemitism, Ethnic Specialization, and Financial Development
w23796 David Berger
Ian Dew-Becker
Stefano Giglio

Uncertainty Shocks as Second-Moment News Shocks
w23751 Marcel Nutz
José A. Scheinkman

Supply and Shorting in Speculative Markets
w23754 Jeffrey A. Frankel
Ayako Saiki

Does It Matter If Statistical Agencies Frame the Month's CPI Reporton a 1-Month or 12-month Basis?
w23759 Wenxin Du
Joanne Im
Jesse Schreger

The U.S. Treasury Premium
w23740 Stefania Albanesi
Giacomo De Giorgi
Jaromir Nosal

Credit Growth and the Financial Crisis: A New Narrative
w23741 Russell Cooper
Guozhong Zhu

Household Finance in China
w23680 Leif Andersen
Darrell Duffie
Yang Song

Funding Value Adjustments
w23685 Francis X. Diebold
Laura Liu
Kamil Yilmaz

Commodity Connectedness
w23689 Anisha Ghosh
George M. Constantinides

What Information Drives Asset Prices?
w23696 Jonathan B. Berk
Jules H. van Binsbergen

Regulation of Charlatans in High-Skill Professions
w23699 Eugenio Cerutti
Stijn Claessens
Andrew K. Rose

How Important is the Global Financial Cycle? Evidence from Capital Flows
w23704 João F. Gomes
Marco Grotteria
Jessica A. Wachter

Cyclical Dispersion in Expected Defaults
w23708 George M. Constantinides
Michal Czerwonko
Stylianos Perrakis

Mispriced Index Option Portfolios
w23723 Geoffrey Heal
Price Uncertainty and Price-Contingent Securities
w23650 Alexander M. Chinco
Mao Ye

Investment-Horizon Spillovers
w23651 Elena Gerko
Hélène Rey

Monetary Policy in the Capitals of Capital
w23670 Lubos Pastor
Robert F. Stambaugh
Lucian A. Taylor

Portfolio Liquidity and Diversification: Theory and Evidence
w23628 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets
w23614 Ricardo J. Caballero
Alp Simsek

A Risk-centric Model of Demand Recessions and Macroprudential Policy
w23570 Efraim Benmelech
Adam Guren
Brian T. Melzer

Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment
w23572 Jonas Heipertz
Amine Ouazad
Romain Rancière
Natacha Valla

Balance-Sheet Diversification in General Equilibrium: Identification and Network Effects
w23565 Stefan Avdjiev
Leonardo Gambacorta
Linda S. Goldberg
Stefano Schiaffi

The Shifting Drivers of Global Liquidity
w23554 Gustavo S. Cortes
Marc D. Weidenmier

Stock Volatility and the Great Depression
w23557 Terence C. Burnham
Harry Gakidis
Jeffrey Wurgler

Investing in the Presence of Massive Flows: The Case of MSCI Country Reclassifications
w23561 Matthijs Breugem
Adrian Buss

Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency
w23563 Kewei Hou
Haitao Mo
Chen Xue
Lu Zhang

The Economics of Value Investing
w23512 Efraim Benmelech
Nittai K. Bergman

Credit Market Freezes
w23522 Marco Di Maggio
Francesco Franzoni
Amir Kermani
Carlo Sommavilla

The Relevance of Broker Networks for Information Diffusion in the Stock Market
w23527 Stefano Giglio
Dacheng Xiu

Inference on Risk Premia in the Presence of Omitted Factors
w23502 Manuel Adelino
Antoinette Schoar
Felipe Severino

Dynamics of Housing Debt in the Recent Boom and Great Recession
w23474 Anusha Chari
Karlye Dilts Stedman
Christian Lundblad

Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows
w23476 Andrea L. Eisfeldt
Hanno Lustig
Lei Zhang

Complex Asset Markets
w23480 Michael D. Bauer
James D. Hamilton

Robust Bond Risk Premia
w23455 Daniel Andrei
Bruce I. Carlin

Asset Pricing in the Quest for the New El Dorado
w23438 Camelia M. Kuhnen
Sarah Rudorf
Bernd Weber

The Effect of Prior Choices on Expectations and Subsequent Portfolio Decisions
w23449 Anthony A. DeFusco
Charles G. Nathanson
Eric Zwick

Speculative Dynamics of Prices and Volume
w23457 Maryam Farboodi
Laura Veldkamp

Long Run Growth of Financial Technology
w23419 Elias Albagli
Christian Hellwig
Aleh Tsyvinski

Imperfect Financial Markets and Shareholder Incentives in Partial and General Equilibrium
w23424 Ali Ozdagli
Michael Weber

Monetary Policy through Production Networks: Evidence from the Stock Market
w23425 Michał Dzieliński
Alexander F. Wagner
Richard J. Zeckhauser

Straight Talkers and Vague Talkers: The Effects of Managerial Style in Earnings Conference Calls
w23432 David Hirshleifer
Po-Hsuan Hsu
Dongmei Li

Innovative Originality, Profitability, and Stock Returns
w23407 Laura Alfaro
Gonzalo Asis
Anusha Chari
Ugo Panizza

Lessons Unlearned? Corporate Debt in Emerging Markets
w23377 Kaiji Chen
Jue Ren
Tao Zha

The Nexus of Monetary Policy and Shadow Banking in China
w23394 Kewei Hou
Chen Xue
Lu Zhang

Replicating Anomalies
w23344 Adam Jørring
Andrew W. Lo
Tomas J. Philipson
Manita Singh
Richard T. Thakor

Sharing R&D Risk in Healthcare via FDA Hedges
w23359 Fabio Castiglionesi
Fabio Feriozzi
Guido Lorenzoni

Financial Integration and Liquidity Crises
w23363 Philippe Bacchetta
Eric van Wincoop

Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns
w23365 Ralph S.J. Koijen
Motohiro Yogo

Risk of Life Insurers: Recent Trends and Transmission Mechanisms
w23373 Markus Ibert
Ron Kaniel
Stijn Van Nieuwerburgh
Roine Vestman

Are Mutual Fund Managers Paid For Investment Skill?
w23327 Takatoshi Ito
Masahiro Yamada

Did the Reform Fix the London Fix Problem?
w23314 Cristina Arellano
Yan Bai
Luigi Bocola

Sovereign Default Risk and Firm Heterogeneity
w23317 Mike Anderson
René M. Stulz

Is Post-Crisis Bond Liquidity Lower?
w23293 Vahid Gholampour
Eric van Wincoop

What can we Learn from Euro-Dollar Tweets?
w23274 Azi Ben-Rephael
Bruce I. Carlin
Zhi Da
Ryan D. Israelsen

Demand for Information and Asset Pricing
w23249 Juliane Begenau
Berardino Palazzo

Firm Selection and Corporate Cash Holdings
w23226 Lu Zhang
The Investment CAPM
w23227 Joachim Freyberger
Andreas Neuhierl
Michael Weber

Dissecting Characteristics Nonparametrically
w23231 Kurt F. Lewis
Francis A. Longstaff
Lubomir Petrasek

Asset Mispricing
w23234 Maryam Farboodi
Gregor Jarosch
Robert Shimer

The Emergence of Market Structure
w23206 Joel Hasbrouck
Richard M. Levich

FX Market Metrics: New Findings Based on CLS Bank Settlement Data
w23191 Robin Greenwood
Andrei Shleifer
Yang You

Bubbles for Fama
w23194 Markus K. Brunnermeier
Michael Sockin
Wei Xiong

China's Gradualistic Economic Approach and Financial Markets
w23170 Wenxin Du
Alexander Tepper
Adrien Verdelhan

Deviations from Covered Interest Rate Parity
w23175 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

Currency Matters: Analyzing International Bond Portfolios
w23184 Lubos Pastor
Pietro Veronesi

Political Cycles and Stock Returns
w23163 Fatih Guvenen
Sam Schulhofer-Wohl
Jae Song
Motohiro Yogo

Worker Betas: Five Facts about Systematic Earnings Risk
w23151 Julio A. Carrillo
Enrique G. Mendoza
Victoria Nuguer
Jessica Roldán-Peña

Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies
w23152 Alexander Wagner
Richard J. Zeckhauser
Alexandre Ziegler

Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade
w23124 Geert Bekaert
Arnaud Mehl

On the Global Financial Market Integration "Swoosh" and the Trilemma
w23127 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Rents, Technical Change, and Risk Premia: Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares
w23115 Briana Chang
Harrison Hong

Assignment of Stock Market Coverage
w23065 Karen K. Lewis
Edith X. Liu

Disaster Risk and Asset Returns: An International Perspective
w23073 Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla
Tatjana Schimetschek

Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence
w23083 Thomas Philippon
Pierre Pessarossi
Boubacar Camara

Backtesting European Stress Tests
w23040 Ioannis Branikas
Harrison Hong
Jiangmin Xu

Location Choice, Portfolio Choice
w23030 Charles G. Nathanson
Eric Zwick

Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market
w23023 Matthew J. Kotchen
Maximizing the Impact of Climate Finance: Funding Projects or Pilot Projects?
w22991 Gonzalo Cortazar
Cristobal Millard
Hector Ortega
Eduardo S. Schwartz

Commodity Price Forecasts, Futures Prices and Pricing Models
w22997 Edward L. Glaeser
Real Estate Bubbles and Urban Development
w22982 Joseph Gerakos
Juhani T. Linnainmaa
Adair Morse

Asset Managers: Institutional Performance and Smart Betas
w22942 Raimond Maurer
Olivia S. Mitchell

Older Peoples' Willingness to Delay Social Security Claiming
w22903 David Berger
Nicholas Turner
Eric Zwick

Stimulating Housing Markets
w22905 Tano Santos
Pietro Veronesi

Habits and Leverage
w22914 Erik Gilje
Robert Ready
Nikolai Roussanov

Fracking, Drilling, and Asset Pricing: Estimating the Economic Benefits of the Shale Revolution
w22878 Daniel Green
Brian T. Melzer
Jonathan A. Parker
Arcenis Rojas

Accelerator or Brake? Cash for Clunkers, Household Liquidity, and Aggregate Demand
w22882 Paolo Sodini
Stijn Van Nieuwerburgh
Roine Vestman
Ulf von Lilienfeld-Toal

Identifying the Benefits from Home Ownership: A Swedish Experiment
w22883 Andreas Fagereng
Luigi Guiso
Luigi Pistaferri

Portfolio Choices, Firm Shocks and Uninsurable Wage Risk
w22890 Harrison Hong
Frank Weikai Li
Jiangmin Xu

Climate Risks and Market Efficiency
w22894 Juhani T. Linnainmaa
Michael R. Roberts

The History of the Cross Section of Stock Returns
w22839 Geert Bekaert
Eric Engstrom
Andrey Ermolov

Macro Risks and the Term Structure of Interest Rates
w22851 Peter Diep
Andrea L. Eisfeldt
Scott Richardson

Prepayment Risk and Expected MBS Returns
w22820 Takatoshi Ito
Masahiro Yamada

Puzzles in the Forex Tokyo "Fixing": Order Imbalances and Biased Pricing by Banks
w22822 Andreas Fagereng
Luigi Guiso
Davide Malacrino
Luigi Pistaferri

Heterogeneity and Persistence in Returns to Wealth
w22829 Itzhak Ben-David
Francesco Franzoni
Rabih Moussawi

Exchange Traded Funds (ETFs)
w22831 Andreas Neuhierl
Michael Weber

Monetary Policy and the Stock Market: Time-Series Evidence
w22795 Kent D. Daniel
Robert B. Litterman
Gernot Wagner

Applying Asset Pricing Theory to Calibrate the Price of Climate Risk
w22793 Ari Levine
Yao Hua Ooi
Matthew Richardson

Commodities for the Long Run
w22774 Nathan Foley-Fisher
Borghan Narajabad
Stephane Verani

Securities Lending as Wholesale Funding: Evidence from the U.S. Life Insurance Industry
w22789 Edward Glaeser
Wei Huang
Yueran Ma
Andrei Shleifer

A Real Estate Boom with Chinese Characteristics
w22790 Tarek A. Hassan
Thomas M. Mertens
Tony Zhang

Currency Manipulation
w22751 Ricardo J. Caballero
Alp Simsek

A Model of Fickle Capital Flows and Retrenchment
w22763 Samuel G. Hanson
David S. Scharfstein
Adi Sunderam

Fiscal Risk and the Portfolio of Government Programs
w22740 Steven J. Davis
An Index of Global Economic Policy Uncertainty
w22743 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Macrofinancial History and the New Business Cycle Facts
w22717 Vanya Horneff
Raimond Maurer
Olivia S. Mitchell

Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities
w22723 Sang Byung Seo
Jessica A. Wachter

Do Rare Events Explain CDX Tranche Spreads?
w22694 Luigi Bocola
Alessandro Dovis

Self-Fulfilling Debt Crises: A Quantitative Analysis
w22696 Sumit Agarwal
Gene Amromin
Itzhak Ben-David
Douglas D. Evanoff

Loan Product Steering in Mortgage Markets
w22697 Nicolae Gârleanu
Stavros Panageas
Jianfeng Yu

Impediments to Financial Trade: Theory and Applications
w22645 Jose Berrospide
Ricardo Correa
Linda Goldberg
Friederike Niepmann

International Banking and Cross-border Effects of Regulation: Lessons from the United States
w22638 Marco Di Maggio
Amir Kermani
Christopher Palmer

How Quantitative Easing Works: Evidence on the Refinancing Channel
w22592 Wenxin Du
Carolin E. Pflueger
Jesse Schreger

Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
w22605 Francis Larson
John A. List
Robert D. Metcalfe

Can Myopic Loss Aversion Explain the Equity Premium Puzzle? Evidence from a Natural Field Experiment with Professional Traders
w22572 Francesco Bianchi
Martin Lettau
Sydney C. Ludvigson

Monetary Policy and Asset Valuation
w22576 Jacob Boudoukh
Jordan Brooks
Matthew Richardson
Zhikai Xu

The Complexity of Liquidity: The Extraordinary Case of Sovereign Bonds
w22520 Michael Weber
Cash Flow Duration and the Term Structure of Equity Returns
w22527 Hengjie Ai
Ravi Bansal

Risk Preferences and The Macro Announcement Premium
w22551 Robert P. Bartlett
Justin McCrary

How Rigged Are Stock Markets?: Evidence From Microsecond Timestamps
w22529 Ravi Bansal
Dana Kiku
Marcelo Ochoa

Price of Long-Run Temperature Shifts in Capital Markets
w22533 Markus K. Brunnermeier
Yuliy Sannikov

The I Theory of Money
w22547 Daniel R. Cavagnaro
Berk A. Sensoy
Yingdi Wang
Michael S. Weisbach

Measuring Institutional Investors' Skill from Their Investments in Private Equity
w22477 Darren J. Kisgen
Matthew Osborn
Jonathan Reuter

Analyst Promotions within Credit Rating Agencies: Accuracy or Bias?
w22485 John H. Cochrane
w22486 Philip Brookins
Jennifer Brown
Dmitry Ryvkin

Peer Information and Risk-taking under Competitive and Non-competitive Pay Schemes
w22492 Söhnke M. Bartram
Gregory Brown
René M. Stulz

Why Does Idiosyncratic Risk Increase with Market Risk?
w22473 Wendy C.Y. Li
Bronwyn H. Hall

Depreciation of Business R&D Capital
w22461 Nina Boyarchenko
David O. Lucca
Laura Veldkamp

Taking Orders and Taking Notes: Dealer Information Sharing in Treasury Markets
w22438 David Huffman
Raimond Maurer
Olivia S. Mitchell

Time Discounting and Economic Decision-making Among the Elderly
w22414 Valentin Haddad
Erik Loualiche
Matthew Plosser

Buyout Activity: The Impact of Aggregate Discount Rates
w22416 Rhys Bidder
Ian Dew-Becker

Long-Run Risk is the Worst-Case Scenario
w22404 Taylor D. Nadauld
Berk A. Sensoy
Keith Vorkink
Michael S. Weisbach

The Liquidity Cost of Private Equity Investments: Evidence from Secondary Market Transactions
w22380 David Aikman
Oliver Bush
Alan M. Taylor

Monetary Versus Macroprudential Policies: Causal Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report
w22364 Jaroslav Borovička
Lars Peter Hansen

Term Structure of Uncertainty in the Macroeconomy
w22354 Monika Piazzesi
Martin Schneider

Housing and Macroeconomics
w22355 Priyank Gandhi
Hanno Lustig
Alberto Plazzi

Equity is Cheap for Large Financial Institutions: The International Evidence
w22360 Hong Ru
Antoinette Schoar

Do Credit Card Companies Screen for Behavioral Biases?
w22330 Harold Cole
Daniel Neuhann
Guillermo Ordoñez

Debt Crises: For Whom the Bell Tolls
w22332 Marco Di Maggio
Amir Kermani
Zhaogang Song

The Value of Trading Relationships in Turbulent Times
w22343 Markus K. Brunnermeier
Yuliy Sannikov

Macro, Money and Finance: A Continuous Time Approach
w22297 George-Marios Angeletos
Chen Lian

Incomplete Information in Macroeconomics: Accommodating Frictions in Coordination
w22295 Emmanuel Farhi
Matteo Maggiori

A Model of the International Monetary System
w22258 Michael Bailey
Ruiqing Cao
Theresa Kuchler
Johannes Stroebel

Social Networks and Housing Markets
w22270 Benjamin Hébert
Jesse Schreger

The Costs of Sovereign Default: Evidence from Argentina
w22271 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

A Model of Safe Asset Determination
w22276 Treb Allen
David Atkin

Volatility and the Gains from Trade
w22247 Itzhak Ben-David
Francesco Franzoni
Rabih Moussawi
John Sedunov

The Granular Nature of Large Institutional Investors
w22255 Kyle C. Meng
Using a Free Permit Rule to Forecast the Marginal Abatement Cost of Proposed Climate Policy
w22228 Roger E.A. Farmer
Pricing Assets in an Economy with Two Types of People
w22196 Robert E. Hall
The Role of the Growth of Risk-Averse Wealth in the Decline of the Safe Real Interest Rate
w22198 Nicholas Ford
Charles Yuji Horioka

The 'Real' Explanation of the PPP Puzzle
w22208 Alan Moreira
Tyler Muir

Volatility Managed Portfolios
w22209 Jeffrey Hoopes
Patrick Langetieg
Stefan Nagel
Daniel Reck
Joel Slemrod
Bryan Stuart

Who Sold During the Crash of 2008-9? Evidence from Tax-Return Data on Daily Sales of Stock
w22212 Saki Bigio
Jennifer La’O

Financial Frictions in Production Networks
w22183 Drew D. Creal
Jing Cynthia Wu

Bond Risk Premia in Consumption-based Models
w22169 Nicola Cetorelli
Linda S. Goldberg

Organizational Complexity and Balance Sheet Management in Global Banks
w22143 William N. Goetzmann
Dasol Kim
Robert J. Shiller

Crash Beliefs From Investor Surveys
w22146 Itzhak Ben-David
Justin Birru
Viktor Prokopenya

Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading
w22150 Ivo Welch
Levered Returns
w22152 Itamar Drechsler
Alexi Savov
Philipp Schnabl

The Deposits Channel of Monetary Policy
w22161 Zhi Da
Borja Larrain
Clemens Sialm
José Tessada

Coordinated Noise Trading: Evidence from Pension Fund Reallocations
w22162 David Backus
Nina Boyarchenko
Mikhail Chernov

Term Structures of Asset Prices and Returns
w22134 Campbell R. Harvey
Yan Liu

Rethinking Performance Evaluation
w22135 Roger Farmer
Pawel Zabczyk

The Theory of Unconventional Monetary Policy
w22115 Itzhak Ben-David
Justin Birru
Andrea Rossi

Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders
w22096 Mikhail Chernov
Brett R. Dunn
Francis A. Longstaff

Macroeconomic-Driven Prepayment Risk and the Valuation of Mortgage-Backed Securities
w22089 Rüdiger Fahlenbrach
Robert Prilmeier
René M. Stulz

Why Does Fast Loan Growth Predict Poor Performance for Banks?
w22100 Richard G. Anderson
Michael Bordo
John V. Duca

Money and Velocity During Financial Crises: From the Great Depression to the Great Recession
w22081 Nicholas Ford
Charles Yuji Horioka

The "Real" Explanation of the Feldstein-Horioka Puzzle
w22053 Douglas W. Diamond
Anil K. Kashyap

Liquidity Requirements, Liquidity Choice and Financial Stability
w22066 Cristian Badarinza
John Y. Campbell
Tarun Ramadorai

International Comparative Household Finance
w22017 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

What Makes US Government Bonds Safe Assets?
w22016 Rajnish Mehra
Sunil Wahal
Daruo Xie

Is Idiosyncratic Risk Quantitatively Significant?
w22020 Rajnish Mehra
Arunima Sinha

The Term Structure of Interest Rates in India
w22023 Hanno Lustig
Adrien Verdelhan

Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates?
w22028 David S. Bates
How Crashes Develop: Intradaily Volatility and Crash Evolution
w22044 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Safe Asset Scarcity and Aggregate Demand
w22045 Stefano Giglio
Bryan Kelly

Excess Volatility: Beyond Discount Rates
w22047 Pablo Kurlat
The Social Value of Financial Expertise
w22008 Gary Gorton
Guillermo Ordoñez

Good Booms, Bad Booms
w21993 Markus K. Brunnermeier
Luis Garicano
Philip Lane
Marco Pagano
Ricardo Reis
Tano Santos
David Thesmar
Stijn Van Nieuwerburgh
Dimitri Vayanos

The Sovereign-Bank Diabolic Loop and ESBies
w21997 Jesús Fernández-Villaverde
Oren Levintal

Solution Methods for Models with Rare Disasters
w21967 Grey Gordon
Aaron Hedlund

Accounting for the Rise in College Tuition
w21977 Urban J. Jermann
Financial Markets' Views about the Euro-Swiss Franc Floor
w21938 Shin-ichi Fukuda
Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates
w21945 Kent Daniel
David Hirshleifer

Overconfident Investors, Predictable Returns, and Excessive Trading
w21944 Nicholas Barberis
Robin Greenwood
Lawrence Jin
Andrei Shleifer

Extrapolation and Bubbles
w21911 Charles W. Calomiris
Mauricio Larrain
José M. Liberti
Jason D. Sturgess

How Collateral Laws Shape Lending and Sectoral Activity
w21920 Zhiguo He
Bryan Kelly
Asaf Manela

Intermediary Asset Pricing: New Evidence from Many Asset Classes
w21871 Robert J. Barro
Tao Jin

Rare Events and Long-Run Risks
w21879 David López-Salido
Jeremy C. Stein
Egon Zakrajšek

Credit-Market Sentiment and the Business Cycle
w21881 Farley Grubb
Colonial Virginia's Paper Money Regime, 1755-1774: Value Decomposition and Performance
w21888 Robert J. Barro
Gordon Y. Liao

Options-Pricing Formula with Disaster Risk
w21890 Kaiji Chen
Jue Ren
Tao Zha

What We Learn from China's Rising Shadow Banking: Exploring the Nexus of Monetary Tightening and Banks' Role in Entrusted Lending
w21847 Konrad B. Burchardi
Thomas Chaney
Tarek A. Hassan

Migrants, Ancestors, and Investments
w21848 Xavier Gabaix
Behavioral Macroeconomics Via Sparse Dynamic Programming
w21854 Donald B. Keim
Olivia S. Mitchell

Simplifying Choices in Defined Contribution Retirement Plan Design
w21750 Robin Greenwood
Samuel Hanson
Dimitri Vayanos

Forward Guidance in the Yield Curve: Short Rates versus Bond Supply
w21805 Carmen M. Reinhart
Christoph Trebesch

The International Monetary Fund: 70 Years of Reinvention
w21792 Jonathan P. Beauchamp
Daniel J. Benjamin
Christopher F. Chabris
David I. Laibson

Controlling for the Compromise Effect Debiases Estimates of Risk Preference Parameters
w21795 Carola Frydman
Dimitris Papanikolaou

In Search of Ideas: Technological Innovation and Executive Pay Inequality
w21803 Sydney C. Ludvigson
Sai Ma
Serena Ng

Uncertainty and Business Cycles: Exogenous Impulse or Endogenous Response?
w21804 Andrea Eisfeldt
Andrew Demers

Rental Yields and HPA: The Returns to Single Family Rentals
w21771 Francisco Barillas
Jay Shanken

Comparing Asset Pricing Models
w21767 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Andreas Weber

Climate Change and Long-Run Discount Rates: Evidence from Real Estate
w21734 Charles Yuji Horioka
Akiko Terada-Hagiwara
Takaaki Nomoto

Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein-Horioka Paradox Revisited
w21737 Ryan Banerjee
Michael B. Devereux
Giovanni Lombardo

Self-Oriented Monetary Policy, Global Financial Markets and Excess Volatility of International Capital Flows
w21739 Francesco Trebbi
Kairong Xiao

Regulation and Market Liquidity
w21749 Ralph S.J. Koijen
Motohiro Yogo

An Equilibrium Model of Institutional Demand and Asset Prices
w21722 Silvia Miranda-Agrippino
Hélène Rey

World Asset Markets and the Global Financial Cycle
w21731 Darrell Duffie
Lei Qiao
Yeneng Sun

Dynamic Directed Random Matching
w21696 Darrell Duffie
Haoxiang Zhu

Size Discovery
w21698 Francisco Barillas
Jay Shanken

Which Alpha?
w21700 William Goetzmann
Simon Huang

Momentum in Imperial Russia
w21693 William N. Goetzmann
Bubble Investing: Learning from History
w21686 Felipe S. Iachan
Plamen T. Nenov
Alp Simsek

The Choice Channel of Financial Innovation
w21661 G. Andrew Karolyi
David T. Ng
Eswar S. Prasad

The Coming Wave: Where Do Emerging Market Investors Put Their Money?
w21668 Lubos Pastor
Pietro Veronesi

Income Inequality and Asset Prices under Redistributive Taxation
w21673 Joseph S. Briggs
David Cesarini
Erik Lindqvist
Robert Östling

Windfall Gains and Stock Market Participation
w21674 Eduardo Borensztein
Eduardo Cavallo
Olivier Jeanne

The Welfare Gains from Macro-Insurance Against Natural Disasters
w21626 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

Phasing Out the GSEs
w21633 Scott R. Baker
Nicholas Bloom
Steven J. Davis

Measuring Economic Policy Uncertainty
w21634 Ross Levine
Chen Lin
Lai Wei

Insider Trading and Innovation
w21563 Nicolae B. Gârleanu
Lasse H. Pedersen

Efficiently Inefficient Markets for Assets and Asset Management
w21575 Mete Kilic
Jessica A. Wachter

Risk, Unemployment, and the Stock Market: A Rare-Event-Based Explanation of Labor Market Volatility
w21576 Peter N. Ireland
Monetary Policy, Bond Risk Premia, and the Economy
w21550 Andrew B. Abel
Crowding Out in Ricardian Economies
w21557 Ravi Jagannathan
Binying Liu

Dividend Dynamics, Learning, and Expected Stock Index Returns
w21518 Takatoshi Ito
Masahiro Yamada

Was the Forex Fixing Fixed?
w21528 Ricardo Lagos
Shengxing Zhang

Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-fulfilling Liquidity Crises
w21530 Brandon Gipper
Christian Leuz
Mark Maffett

Public Audit Oversight and Reporting Credibility: Evidence from the PCAOB Inspection Regime
w21533 Robert F. Stambaugh
Yu Yuan

Mispricing Factors
w21502 Grace Xing Hu
Jun Pan
Jiang Wang

Tri-Party Repo Pricing
w21512 Sumit Agarwal
Gene Amromin
Souphala Chomsisengphet
Tomasz Piskorski
Amit Seru
Vincent Yao

Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program
w21495 Robert Shimer
Iván Werning

Efficiency and Information Transmission in Bilateral Trading
w21480 Joel M. David
Ina Simonovska

Correlated Beliefs, Returns, and Stock Market Volatility
w21487 Frederico Belo
Xiaoji Lin
Jun Li
Xiaofei Zhao

Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor
w21491 Torben G. Andersen
Nicola Fusari
Viktor Todorov

The Pricing of Short-Term market Risk: Evidence from Weekly Options
w21449 Mila Getmansky
Peter A. Lee
Andrew W. Lo

Hedge Funds: A Dynamic Industry In Transition
w21462 Pietro Bonaldi
Ali Hortaçsu
Jakub Kastl

An Empirical Analysis of Funding Costs Spillovers in the EURO-zone with Application to Systemic Risk
w21421 Adrian Buss
Bernard Dumas

The Dynamic Properties of Financial-Market Equilibrium with Trading Fees
w21386 Steffen Andersen
John Y. Campbell
Kasper Meisner Nielsen
Tarun Ramadorai

Inattention and Inertia in Household Finance: Evidence from the Danish Mortgage Market
w21409 Sandra E. Black
Paul J. Devereux
Petter Lundborg
Kaveh Majlesi

Poor Little Rich Kids? The Determinants of the Intergenerational Transmission of Wealth
w21328 Fernando Alvarez
Gadi Barlevy

Mandatory Disclosure and Financial Contagion
w21329 Robert Novy-Marx
Backtesting Strategies Based on Multiple Signals
w21332 Sandra E. Black
Paul J. Devereux
Petter Lundborg
Kaveh Majlesi

On the Origins of Risk-Taking
w21349 Wolfgang Keller
Carol H. Shiue
Xin Wang

Capital Markets in China and Britain, 18th and 19th Century: Evidence from Grain Prices
w21305 Florentin Butaru
QingQing Chen
Brian Clark
Sanmay Das
Andrew W. Lo
Akhtar Siddique

Risk and Risk Management in the Credit Card Industry
w21281 Honghui Chen
Vijay Singal
Robert F. Whitelaw

Comovement Revisited
w21286 Robert P. Bartlett
Justin McCrary

Dark Trading at the Midpoint: Pricing Rules, Order Flow, and High Frequency Liquidity Provision
w21227 Lucian A. Bebchuk
Alon Brav
Wei Jiang

The Long-Term Effects of Hedge Fund Activism
w21234 Jules H. van Binsbergen
Ralph S.J. Koijen

The Term Structure of Returns: Facts and Theory
w21236 Geert Bekaert
Kenton Hoyem
Wei-Yin Hu
Enrichetta Ravina

Who is Internationally Diversified? Evidence from 296 401(k)
w21238 Mark Huggett
Greg Kaplan

How Large is the Stock Component of Human Capital?
w21243 Geetesh Bhardwaj
Gary Gorton
Geert Rouwenhorst

Facts and Fantasies about Commodity Futures Ten Years Later
w21244 Chun Chang
Kaiji Chen
Daniel F. Waggoner
Tao Zha

Trends and Cycles in China's Macroeconomy
w21214 Camelia M. Kuhnen
Andrei C. Miu

Socioeconomic Status and Learning from Financial Information
w21224 Erik Eyster
Matthew Rabin
Dimitri Vayanos

Financial Markets where Traders Neglect the Informational Content of Prices
w21196 Sunil Kanwar
Bronwyn H. Hall

The Market Value of R&D in Weak Innovation Regimes: Evidence from India
w21162 Hélène Rey
Dilemma not Trilemma: The global Financial Cycle and Monetary Policy Independence
w21166 Harrison Hong
Weikai Li
Sophie X. Ni
Jose A. Scheinkman
Philip Yan

Days to Cover and Stock Returns
w21181 Craig Doidge
G. Andrew Karolyi
René M. Stulz

The U.S. listing gap
w21182 Ian Dew-Becker
Stefano Giglio
Anh Le
Marius Rodriguez

The Price of Variance Risk
w21150 Andrea Beltratti
René M. Stulz

Bank sovereign bond holdings, sovereign shock spillovers, and moral hazard during the European crisis
w21161 George M. Constantinides
Lei Lian

The Supply and Demand of S&P 500 Put Options
w21118 Pablo Kurlat
Liquidity as Social Expertise
w21122 Takatoshi Ito
Masahiro Yamada

High-frequency, Algorithmic Spillovers Between NASDAQ and Forex
w21108 Robert L. McDonald
Anna Paulson

AIG in Hindsight
w21075 Chunxin Jia
Yaping Wang
Wei Xiong

Social Trust and Differential Reactions of Local and Foreign Investors to Public News
w21060 Clemens Sialm
Hanjiang Zhang

Tax-Efficient Asset Management: Evidence from Equity Mutual Funds
w21064 Gian Luca Clementi
Berardino Palazzo

Investment and The Cross-Section of Equity Returns
w21043 Sandra E. Black
Paul J. Devereux
Petter Lundborg
Kaveh Majlesi

Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets
w21056 Francesco Bianchi
Rare Events, Financial Crises, and the Cross-Section of Asset Returns
w21054 Karen K. Lewis
Do Foreign Firm Betas Change During Cross-listing?
w21040 Takatoshi Ito
Satoshi Koibuchi
Kiyotaka Sato
Junko Shimizu

Exchange Rate Exposure and Risk Management: The case of Japanese Exporting Firms
w21016 Hang Bai
Kewei Hou
Howard Kung
Lu Zhang

The CAPM Strikes Back? An Investment Model with Disasters
w21020 Jeffrey R. Brown
Joshua M. Pollet
Scott J. Weisbenner

The In-State Equity Bias of State Pension Plans
w20968 Denis Gromb
Dimitri Vayanos

The Dynamics of Financially Constrained Arbitrage
w20984 Robert Novy-Marx
Fundamentally, Momentum is Fundamental Momentum
w20985 Robert Novy-Marx
How Can a Q-Theoretic Model Price Momentum?
w20991 Marina Druz
Alexander F. Wagner
Richard J. Zeckhauser

Tips and Tells from Managers: How Analysts and the Market Read Between the Lines of Conference Calls
w20964 Sebastian Edwards
Sovereign Default, Debt Restructuring, and Recovery Rates: Was the Argentinean "Haircut" Excessive?
w20949 Jeffrey R. Brown
Anne M. Farrell
Scott J. Weisbenner

Decision-Making Approaches and the Propensity to Default: Evidence and Implications
w20957 Jennifer N. Carpenter
Fangzhou Lu
Robert F. Whitelaw

The Real Value of China's Stock Market
w20926 Jerry Tsai
Jessica A. Wachter

Disaster Risk and its Implications for Asset Pricing
w20930 Alexander Ljungqvist
Donghua Chen
Dequan Jiang
Haitian Lu
Mingming Zhou

State Capitalism vs. Private Enterprise
w20880 Jia Chen
Kewei Hou
René M. Stulz

Are Firms in "Boring" Industries Worth Less?
w20858 Rui Albuquerque
Martin Eichenbaum
Dimitris Papanikolaou
Sergio Rebelo

Long-run Bulls and Bears
w20860 Kristin Forbes
Marcel Fratzscher
Roland Straub

Capital Flow Management Measures: What Are They Good For?
w20823 Monika Piazzesi
Martin Schneider
Johannes Stroebel

Segmented Housing Search
w20831 Roger E.A. Farmer
Global Sunspots and Asset Prices in a Monetary Economy
w20803 Markus K. Brunnermeier
Yuliy Sannikov

International Credit Flows and Pecuniary Externalities
w20813 Boyan Jovanovic
Viktor Tsyrennikov

Trading on Sunspots
w20814 Benjamin Golez
Peter Koudijs

Four Centuries of Return Predictability
w20815 Matti Keloharju
Juhani T. Linnainmaa
Peter Nyberg

Common Factors in Return Seasonalities
w20796 Lars E.O. Svensson
Forward Guidance
w20758 Martin Goetz
Luc Laeven
Ross Levine

Does the Geographic Expansion of Bank Assets Reduce Risk?
w20769 Joel M. David
Espen Henriksen
Ina Simonovska

The Risky Capital of Emerging Markets
w20776 Christopher L. Culp
Yoshio Nozawa
Pietro Veronesi

Option-Based Credit Spreads
w20777 Sergey Chernenko
Samuel G. Hanson
Adi Sunderam

The Rise and Fall of Demand for Securitizations
w20744 Martin Lettau
Sydney C. Ludvigson
Sai Ma

Capital Share Risk in U.S. Asset Pricing
w20746 Julien Hugonnier
Benjamin Lester
Pierre-Olivier Weill

Heterogeneity in Decentralized Asset Markets
w20726 Laura Alfaro
Anusha Chari
Fabio Kanczuk

The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
w20721 Robert Novy-Marx
Mihail Velikov

A Taxonomy of Anomalies and their Trading Costs
w20711 Don H. Kim
Jonathan H. Wright

Jumps in Bond Yields at Known Times
w20712 Stephen Foerster
Juhani T. Linnainmaa
Brian T. Melzer
Alessandro Previtero

Retail Financial Advice: Does One Size Fit All?
w20691 Markus K. Brunnermeier
Alp Simsek
Wei Xiong

A Welfare Criterion for Models with Distorted Beliefs
w20700 Lubos Pastor
Robert F. Stambaugh
Lucian A. Taylor

Do Funds Make More When They Trade More?
w20704 Michael Greenstone
Alexandre Mas
Hoai-Luu Nguyen

Do Credit Market Shocks affect the Real Economy? Quasi-Experimental Evidence from the Great Recession and 'Normal' Economic Times
w20678 Anisha Ghosh
George M. Constantinides

Prices, Consumption, and Dividends Over the Business Cycle: A Tale of Two Regimes
w20682 Kewei Hou
Chen Xue
Lu Zhang

A Comparison of New Factor Models
w20684 Russell Cooper
Guozhong Zhu

Household Finance over the Life-Cycle: What does Education Contribute?
w20660 Benjamin Chabot
Eric Ghysels
Ravi Jagannathan

Momentum Trading, Return Chasing, and Predictable Crashes
w20665 Daron Acemoglu
Tarek A. Hassan
Ahmed Tahoun

The Power of the Street: Evidence from Egypt's Arab Spring
w20638 Hui Chen
Rui Cui
Zhiguo He
Konstantin Milbradt

Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle
w20651 Zhi Da
Ravi Jagannathan
Jianfeng Shen

Growth Expectations, Dividend Yields, and Future Stock Returns
w20652 Robert J. Barro
Jesús Fernández-Villaverde
Oren Levintal
Andrew Mollerus

Safe Assets
w20620 Darrell Duffie
Piotr Dworczak
Haoxiang Zhu

Benchmarks in Search Markets
w20623 Veronica Guerrieri
Robert Shimer

Markets with Multidimensional Private Information
w20588 Songzi Du
Haoxiang Zhu

Welfare and Optimal Trading Frequency in Dynamic Double Auctions
w20589 Francis Longstaff
Valuing Thinly-Traded Assets
w20591 Robert Novy-Marx
Understanding Defensive Equity
w20592 Campbell R. Harvey
Yan Liu
Heqing Zhu

. . . and the Cross-Section of Expected Returns
w20608 Benjamin Lester
Guillaume Rocheteau
Pierre-Olivier Weill

Competing for Order Flow in OTC Markets
w20571 John D. Burger
Rajeswari Sengupta
Francis E. Warnock
Veronica Cacdac Warnock

U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull
w20540 Darrell Duffie
Piotr Dworczak

Robust Benchmark Design
w20421 David Chambers
Elroy Dimson
Justin Foo

Keynes, King's and Endowment Asset Management
w20526 Michael B. Devereux
Changhua Yu

International Financial Integration and Crisis Contagion
w20496 Jonathan Zinman
Household Debt: Facts, Puzzles, Theories, and Policies
w20516 Nicolas S. Lambert
Michael Ostrovsky
Mikhail Panov

Strategic Trading in Informationally Complex Environments
w20476 Alex Edmans
Luis Goncalves-Pinto
Yanbo Wang
Moqi Xu

Strategic News Releases in Equity Vesting Months
w20480 Andrea M. Buffa
Dimitri Vayanos
Paul Woolley

Asset Management Contracts and Equilibrium Prices
w20490 Javier Bianchi
Saki Bigio

Banks, Liquidity Management and Monetary Policy
w20459 Asaf Bernstein
Eric Hughson
Marc D. Weidenmier

Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse
w20416 Andrew G. Atkeson
Andrea L. Eisfeldt
Pierre-Olivier Weill

Entry and Exit in OTC Derivatives Markets
w20433 Kent Daniel
Robert J. Hodrick
Zhongjin Lu

The Carry Trade: Risks and Drawdowns
w20435 Jonathan B. Berk
Jules H. van Binsbergen

Assessing Asset Pricing Models Using Revealed Preference
w20437 Lorenz Kueng
Tax News: The Response of Household Spending
to Changes in Expected Taxes
w20439 Kent Daniel
Tobias J. Moskowitz

Momentum Crashes
w20445 Anna Orlik
Laura Veldkamp

Understanding Uncertainty Shocks and the Role of Black Swans
w20390 Andrew Foerster
Juan Rubio-Ramírez
Daniel F. Waggoner
Tao Zha

Perturbation Methods for Markov-Switching DSGE Models
w20391 Peter Benczur
Cosmin L. Ilut

Evidence for Relational Contracts in Sovereign Bank Lending
w20394 Lars Peter Hansen
Uncertainty Outside and Inside Economic Models
w20410 Joao Granja
Gregor Matvos
Amit Seru

Selling Failed Banks
w20370 Oliver D. Bunn
Robert J. Shiller

Changing Times, Changing Values: A Historical Analysis of Sectors within the US Stock Market 1872-2013
w20345 Alberto Bisin
Piero Gottardi
Guido Ruta

Equilibrium Corporate Finance and Intermediation
w20328 YiLi Chien
Harold L. Cole
Hanno Lustig

Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy
w20336 Tatiana Didier
Ross Levine
Sergio L. Schmukler

Capital Market Financing, Firm Growth, Firm Size Distribution
w20339 Jens Hilscher
Alon Raviv
Ricardo Reis

Inflating Away the Public Debt? An Empirical Assessment
w20303 Frank Schorfheide
Dongho Song
Amir Yaron

Identifying Long-Run Risks: A Bayesian Mixed-Frequency Approach
w20319 David Backus
Axelle Ferriere
Stanley Zin

Risk and Ambiguity in Models of Business Cycles
w20282 Itamar Drechsler
Qingyi Freda Drechsler

The Shorting Premium and Asset Pricing Anomalies
w20287 Morris A. Davis
Stijn Van Nieuwerburgh

Housing, Finance and the Macroeconomy
w20294 Tarek A. Hassan
Rui C. Mano

Forward and Spot Exchange Rates in a Multi-currency World
w20300 Alex Edmans
Lucius Li
Chendi Zhang

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World
w20255 Tri Vi Dang
Gary Gorton
Bengt Holmström
Guillermo Ordonez

Banks as Secret Keepers
w20265 Stefan Nagel
The Liquidity Premium of Near-Money Assets
w20245 Esben Hedegaard
Robert J. Hodrick

Measuring the Risk-Return Tradeoff with Time-Varying Conditional Covariances
w20246 Marcin Kacperczyk
Jaromir B. Nosal
Luminita Stevens

Investor Sophistication and Capital Income Inequality
w20210 Frederico Belo
Xiaoji Lin
Fan Yang

External Equity Financing Shocks, Financial Flows, and Asset Prices
w20209 Jaroslav Borovička
Lars P. Hansen
José A. Scheinkman

Misspecified Recovery
w20220 Kris James Mitchener
Kirsten Wandschneider

Capital Controls and Recovery from the Financial Crisis of the 1930s
w20187 Jaewon Choi
Matthew P. Richardson
Robert F. Whitelaw

On the Fundamental Relation Between Equity Returns and Interest Rates
w20190 Daniel Andrei
Bruce Carlin
Michael Hasler

Model Disagreement and Economic Outlook
w20193 Tarek A. Hassan
Thomas M. Mertens

Information Aggregation in a DSGE Model
w20199 David le Bris
William N. Goetzmann
Sébastien Pouget

Testing Asset Pricing Theory on Six Hundred Years of Stock Returns: Prices and Dividends for the Bazacle Company from 1372 to 1946
w20176 Stephen G. Dimmock
William C. Gerken
Zoran Ivković
Scott J. Weisbenner

Capital Gains Lock-In and Governance Choices
w20154 Stefano Giglio
Matteo Maggiori
Johannes Stroebel

No-Bubble Condition: Model-free Tests in Housing Markets
w20115 Drew D. Creal
Jing Cynthia Wu

Estimation of Affine Term Structure Models with Spanned or Unspanned Stochastic Volatility
w20133 Stefano Giglio
Matteo Maggiori
Johannes Stroebel

Very Long-Run Discount Rates
w20138 Jonathan B. Berk
Jules H. van Binsbergen
Binying Liu

Matching Capital and Labor
w20141 Itamar Drechsler
Alexi Savov
Philipp Schnabl

A Model of Monetary Policy and Risk Premia
w20110 George M. Constantinides
Anisha Ghosh

Asset Pricing with Countercyclical Household Consumption Risk
w20117 Jing Cynthia Wu
Fan Dora Xia

Measuring the Macroeconomic Impact of Monetary Policy at the Zero Lower Bound
w20081 Francesco Bianchi
Cosmin L. Ilut
Martin Schneider

Uncertainty Shocks, Asset Supply and Pricing over the Business Cycle
w20089 Raymond Fisman
Yasushi Hamao
Yongxiang Wang

Nationalism and Economic Exchange: Evidence from Shocks to Sino-Japanese Relations
w20070 John Y. Campbell
Carolin Pflueger
Luis M. Viceira

Monetary Policy Drivers of Bond and Equity Risks
w20071 Itzhak Ben-David
Francesco Franzoni
Rabih Moussawi

Do ETFs Increase Volatility?
w20072 Robert F. Stambaugh
Investment Noise and Trends
w20076 Bernard Herskovic
Bryan T. Kelly
Hanno Lustig
Stijn Van Nieuwerburgh

The Common Factor in Idiosyncratic Volatility: Quantitative Asset Pricing Implications
w20080 Paul S. Willen
Lauren Lambie-Hanson
Lynn M. Fisher

The Role of Proximity in Foreclosure Externalities: Evidence from Condominiums
w20062 Jerry Tsai
Jessica A. Wachter

Rare Booms and Disasters in a Multi-sector Endowment Economy
w20041 Simon Gilchrist
Benoît Mojon

Credit Risk in the Euro Area
w20044 Jess Benhabib
Pengfei Wang

Private Information and Sunspots in Sequential Asset Markets
w20000 John Y. Campbell
Tarun Ramadorai
Benjamin Ranish

Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience
w19985 Anne-Laure Delatte
Julien Fouquau
Richard Portes

Nonlinearities in Sovereign Risk Pricing: The Role of CDS Index Contracts
w19974 Yongheng Deng
Xin Liu
Shang-Jin Wei

One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?
w19975 David Yermack
Yehuda Izhakian

Risk, Ambiguity, and the Exercise of Employee Stock Options
w19969 Esben Hedegaard
Robert J. Hodrick

Estimating the Risk-Return Trade-off with Overlapping Data Inference
w19972 Harold L. Cole
Thomas F. Cooley

Rating Agencies
w19980 Joshua Aizenman
Mahir Binici
Michael M. Hutchison

The Transmission of Federal Reserve Tapering News to Emerging Financial Markets
w19981 Jordi Gali
Luca Gambetti

The Effects of Monetary Policy on Stock Market Bubbles: Some Evidence
w19957 Peter Koudijs
Hans-Joachim Voth

Leverage and Beliefs: Personal Experience and Risk Taking in Margin Lending
w19958 Roger Farmer
Asset Prices in a Lifecycle Economy
w19963 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock
Jon Wongswan

Uncovered Equity Parity and Rebalancing in International Portfolios
w19946 Konstantin Milbradt
Martin Oehmke

Maturity Rationing and Collective Short-Termism
w19917 Jack Favilukis
Sydney C. Ludvigson
Stijn Van Nieuwerburgh

Foreign Ownership of U.S. Safe Assets: Good or Bad?
w19930 James M. Poterba
Retirement Security in an Aging Society
w19931 Péter Kondor
Dimitri Vayanos

Liquidity Risk and the Dynamics of Arbitrage Capital
w19890 Darrell Duffie
Martin Scheicher
Guillaume Vuillemey

Central Clearing and Collateral Demand
w19887 Mervyn King
David Low

Measuring the ''World'' Real Interest Rate
w19891 Lubos Pastor
Robert F. Stambaugh
Lucian A. Taylor

Scale and Skill in Active Management
w19892 James D. Hamilton
Jing Cynthia Wu

Effects of Index-Fund Investing on Commodity Futures Prices
w19864 Fatih Guvenen
Greg Kaplan
Jae Song

How Risky Are Recessions for Top Earners?
w19871 Robert E. Hall
High Discounts and High Unemployment
w19875 Pablo Kurlat
Johannes Stroebel

Testing for Information Asymmetries in Real Estate Markets
w19834 Alexander Ljungqvist
Wenlan Qian

How Constraining Are Limits to Arbitrage? Evidence from a Recent Financial Innovation
w19854 Xavier Gabaix
Matteo Maggiori

International Liquidity and Exchange Rate Dynamics
w19798 Hyun-Soo Choi
Harrison Hong
Jeffrey Kubik
Jeffrey P. Thompson

When Real Estate is the Only Game in Town
w19812 Bryan Kelly
Lubos Pastor
Pietro Veronesi

The Price of Political Uncertainty: Theory and Evidence from the Option Market
w19814 Dick van Dijk
Robin L. Lumsdaine
Michel van der Wel

Market Set-Up in Advance of Federal Reserve Policy Decisions
w19817 Alex Chinco
Christopher Mayer

Misinformed Speculators and Mispricing in the Housing Market
w19818 Daniel L. Greenwald
Martin Lettau
Sydney C. Ludvigson

Origins of Stock Market Fluctuations
w19786 Geert Bekaert
Campbell R. Harvey
Christian T. Lundblad
Stephan Siegel

Political Risk Spreads
w19788 Elias Albagli
Christian Hellwig
Aleh Tsyvinski

Dynamic Dispersed Information and the Credit Spread Puzzle
w19738 Krislert Samphantharak
Robert Townsend

Risk and Return in Village Economies
w19728 Jennie Bai
Thomas Philippon
Alexi Savov

Have Financial Markets Become More Informative?
w19732 Hugh Hoikwang Kim
Raimond Maurer
Olivia S. Mitchell

Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management
w19688 Charles Y. Horioka
Akiko Terada-Hagiwara

Corporate Cash Holding in Asia
w19701 Daron Acemoglu
Simon Johnson
Amir Kermani
James Kwak
Todd Mitton

The Value of Connections in Turbulent Times: Evidence from the United States
w19705 Pierre Collin-Dufresne
Michael Johannes
Lars A. Lochstoer

Parameter Learning in General Equilibrium: The Asset Pricing Implications
w19706 Conghui Hu
Wei Xiong

Are Commodity Futures Prices Barometers of the Global Economy?
w19676 Fernando Broner
Aitor Erce
Alberto Martin
Jaume Ventura

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects
w19681 Andrea Frazzini
David Kabiller
Lasse H. Pedersen

Buffett's Alpha
w19684 Efstathios Avdis
Jessica A. Wachter

Maximum likelihood estimation of the equity premium
w19670 Ing-Haw Cheng
Wei Xiong

Why Do Hedgers Trade So Much?
w19671 Andrés Fernández
Alessandro Rebucci
Martín Uribe

Are Capital Controls Prudential? An Empirical Investigation
w19633 William Gornall
Ilya A. Strebulaev

Financing as a Supply Chain: The Capital Structure of Banks and Borrowers
w19643 Jakub W. Jurek
Erik Stafford

The Cost of Capital for Alternative Investments
w19652 Carmen M. Reinhart
Takeshi Tashiro

Crowding Out Redefined: The Role of Reserve Accumulation
w19611 Sang Byung Seo
Jessica A. Wachter

Option Prices in a Model with Stochastic Disaster Risk
w19612 Morten Sorensen
Neng Wang
Jinqiang Yang

Valuing Private Equity
w19619 Pierre Collin-Dufresne
Vyacheslav Fos

Moral Hazard, Informed Trading, and Stock Prices
w19623 Hanno Lustig
Andreas Stathopoulos
Adrien Verdelhan

The Term Structure of Currency Carry Trade Risk Premia
w19625 Charles W. Calomiris
Jonathan Pritchett

Betting on Secession: Quantifying Political Events Surrounding Slavery and the Civil War
w19590 Byeong-Je An
Andrew Ang
Turan G. Bali
Nusret Cakici

The Joint Cross Section of Stocks and Options
w19596 Charles Y. Horioka
Takaaki Nomoto
Akiko Terada-Hagiwara

Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?
w19606 Sumit Agarwal
Itzhak Ben-David
Vincent Yao

Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market
w19569 Clemens Sialm
Laura Starks
Hanjiang Zhang

Defined Contribution Pension Plans: Sticky or Discerning Money?
w19570 Clemens Sialm
Zheng Sun
Lu Zheng

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds
w19583 Andreas Hubener
Raimond Maurer
Olivia S. Mitchell

How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios
w19531 Yacine Aït-Sahalia
Mehmet Saglam

High Frequency Traders: Taking Advantage of Speed
w19516 Mark Aguiar
Manuel Amador
Emmanuel Farhi
Gita Gopinath

Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises
w19523 Linda S. Goldberg
Christian Grisse

Time Variation in Asset Price Responses to Macro Announcements
w19500 Kent Smetters
Xingtan Zhang

A Sharper Ratio: A General Measure for Correctly Ranking Non-Normal Investment Risks
w19466 Bryan Kelly
Hanno Lustig
Stijn Van Nieuwerburgh

Firm Volatility in Granular Networks
w19455 Russell Cooper
Guozhong Zhu

Household Finance: Education, Permanent Income and Portfolio Choice
w19459 Andrew Ang
Richard C. Green
Yuhang Xing

Advance Refundings of Municipal Bonds
w19460 Turan G. Bali
Nusret Cakici
Robert F. Whitelaw

Hybrid Tail Risk and Expected Stock Returns: When Does the Tail Wag the Dog?
w19462 Hyunbae Chun
Jung-Wook Kim
Randall Morck

Productivity Growth and Stock Returns: Firm- and Aggregate-Level Analyses
w19420 Alex Edmans
Mirko Heinle
Chong Huang

The Real Costs of Disclosure
w19417 Paul Asquith
Thom Covert
Parag Pathak

The Effects of Mandatory Transparency in Financial Market Design: Evidence from the Corporate Bond Market
w19429 Lauren Cohen
Dong Lou
Christopher Malloy

Playing Favorites: How Firms Prevent the Revelation of Bad News
w19432 Ing-Haw Cheng
Harrison Hong
Kelly Shue

Do Managers Do Good with Other People's Money?
w19436 Andrew Ang
Dimitris Papanikolaou
Mark Westerfield

Portfolio Choice with Illiquid Assets
w19400 Yuming Fu
Wenlan Qian
Bernard Yeung

Speculative Investors and Tobin's Tax in the Housing Market
w19416 Ian Dew-Becker
Stefano Giglio

Asset Pricing in the Frequency Domain: Theory and Empirics
w19371 Robert Ready
Nikolai Roussanov
Colin Ward

Commodity Trade and the Carry Trade: a Tale of Two Countries
w19375 Bryan Kelly
Hao Jiang

Tail Risk and Asset Prices
w19381 Nicolae Gârleanu
Stavros Panageas
Jianfeng Yu

Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion
w19383 Avanidhar Subrahmanyam
Sheridan Titman

Financial Market Shocks and the Macroeconomy
w19349 Wayne E. Ferson
Jerchern Lin

Alpha and Performance Measurement: The Effects of Investor Disagreement and Heterogeneity
w19358 Ulf Brüggemann
Aditya Kaul
Christian Leuz
Ingrid M. Werner

The Twilight Zone: OTC Regulatory Regimes and Market Quality
w19360 David Backus
Mikhail Chernov
Stanley E. Zin

Identifying Taylor Rules in Macro-Finance Models
w19325 Ralph S.J. Koijen
Tobias J. Moskowitz
Lasse Heje Pedersen
Evert B. Vrugt

w19336 Charles Engel
Exchange Rates and Interest Parity
w19347 Arthur Korteweg
Stefan Nagel

Risk-Adjusting the Returns to Venture Capital
w19284 Luigi Guiso
Paola Sapienza
Luigi Zingales

Time Varying Risk Aversion
w19290 Yen-cheng Chang
Harrison Hong
Inessa Liskovich

Regression Discontinuity and the Price Effects of Stock Market Indexing
w19309 Andrew Ang
Assaf A. Shtauber
Paul C. Tetlock

Asset Pricing in the Dark: The Cross Section of OTC Stocks
w19246 Robin Greenwood
Samuel Hanson

Waves in Ship Prices and Investment
w19258 Robert J. Barro
Environmental Protection, Rare Disasters, and Discount Rates
w19229 René M. Stulz
Dimitrios Vagias
Mathijs A. van Dijk

Do Firms Issue more equity when markets are more liquid?
w19238 Matthias Fleckenstein
Francis A. Longstaff
Hanno Lustig

Deflation Risk
w19240 Pierre-Olivier Gourinchas
Hélène Rey

External Adjustment, Global Imbalances and Valuation Effects
w19206 Vanya Horneff
Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection
w19207 Nicolas Petrosky-Nadeau
Lu Zhang

Unemployment Crises
w19194 Andrew Ang
Neil Nabar
Sam Wald

Search for a Common Factor in Public and Private Real Estate Returns
w19167 Gonzalo Cortazar
Ivo Kovacevic
Eduardo S. Schwartz

Commodity and Asset Pricing Models: An Integration
w19189 Nicholas Barberis
Robin Greenwood
Lawrence Jin
Andrei Shleifer

X-CAPM: An Extrapolative Capital Asset Pricing Model
w19191 Annamaria Conti
Jerry Thursby
Marie C. Thursby

Patents as Signals for Startup Financing
w19146 Rajnish Mehra
Asset Pricing Implications of Macroeconomic Interventions An Application to Climate Policy
w19155 Adrian Buss
Bernard Dumas

The Dynamic Properties of Financial-Market Equilibrium with Trading Fees
w19117 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

Finance and the Preservation of Wealth
w19130 Emel Filiz-Ozbay
Jonathan Guryan
Kyle Hyndman
Melissa Schettini Kearney
Erkut Y. Ozbay

Do Lottery Payments Induce Savings Behavior: Evidence from the Lab
w19132 Russell Cooper
Hubert Kempf

Deposit Insurance and Orderly Liquidation without Commitment: Can we Sleep Well?
w19103 Robin L. Lumsdaine
Rogier J.D. Potter van Loon

Wall Street vs. Main Street: An Evaluation of Probabilities
w19095 Lieven Baele
Geert Bekaert
Koen Inghelbrecht
Min Wei

Flights to Safety
w19065 Nicole M. Aulerich
Scott H. Irwin
Philip Garcia

Bubbles, Food Prices, and Speculation: Evidence from the CFTC's Daily Large Trader Data Files
w19068 Elena Asparouhova
Peter Bossaerts
Nilanjan Roy
William Zame

'Lucas' In The Laboratory
w19056 James D. Hamilton
Jing Cynthia Wu

Risk Premia in Crude Oil Futures Prices
w19030 Andrew Ang
Bingxu Chen
Suresh Sundaresan

Liability Investment with Downside Risk
w19032 Jingjing Chai
Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Exchanging Delayed Social Security Benefits for Lump Sums: Could This Incentivize Longer Work Careers?
w19039 Viral V. Acharya
Sascha Steffen

The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
w19009 Venky Venkateswaran
Randall Wright

Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity
w19017 Randall Morck
Bernard Yeung
Wayne Yu

R-squared and the Economy
w19018 Malcolm Baker
Jeffrey Wurgler

Do Strict Capital Requirements Raise the Cost of Capital? Banking Regulation and the Low Risk Anomaly
w19022 Guillermo Ordonez
Sustainable Shadow Banking
w18995 Geert Bekaert
Marie Hoerova

The VIX, the Variance Premium and Stock Market Volatility
w19004 Randall Morck
M. Deniz Yavuz
Bernard Yeung

State-run Banks, Money Growth, and the Real Economy
w18968 Viral V. Acharya
Robert Engle
Diane Pierret

Testing Macroprudential Stress Tests: The Risk of Regulatory Risk Weights
w18984 Karthik Balakrishnan
Mary B. Billings
Bryan T. Kelly
Alexander Ljungqvist

Shaping Liquidity: On the Causal Effects of Voluntary Disclosure
w18951 Christopher R. Knittel
Robert S. Pindyck

The Simple Economics of Commodity Price Speculation
w18946 Martin Čihák
Asli Demirgüč-Kunt
Erik Feyen
Ross Levine

Financial Development in 205 Economies, 1960 to 2010
w18922 Stéphane Guibaud
Yves Nosbusch
Dimitri Vayanos

Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt
w18899 Jesus Fernandez-Villaverde
Luis Garicano
Tano Santos

Political Credit Cycles: The Case of the Euro Zone
w18905 Wei Xiong
Bubbles, Crises, and Heterogeneous Beliefs
w18906 Michael Sockin
Wei Xiong

Informational Frictions and Commodity Markets
w18907 Julie Agnew
Joshua Hurwitz

Financial Education and Choice in State Public Pension Systems
w18909 Bo Becker
Victoria Ivashina

Reaching for Yield in the Bond Market
w18910 Umit G. Gurun
Gregor Matvos
Amit Seru

Advertising Expensive Mortgages
w18914 Stefano Giglio
Kelly Shue

No News is News: Do Markets Underreact to Nothing?
w18866 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock

On Returns Differentials
w18880 Joseph Gyourko
Joseph Tracy

Unemloyment and Unobserved Credit Risk in the FHA Single Family Mortgage Insurance Fund
w18881 Justine S. Hastings
Ali Hortaçsu
Chad Syverson

Sales Force and Competition in Financial Product Markets: The Case Of Mexico's Social Security Privatization
w18844 Martin Lettau
Matteo Maggiori
Michael Weber

Conditional Risk Premia in Currency Markets and Other Asset Classes
w18836 Holger Kraft
Eduardo S. Schwartz
Farina Weiss

Growth Options and Firm Valuation
w18843 Tomasz Piskorski
Amit Seru
James Witkin

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from RMBS Market
w18845 Peter Koudijs
'Those Who Know Most': Insider Trading in 18th c. Amsterdam
w18860 Yuriy Gorodnichenko
Michael Weber

Are Sticky Prices Costly? Evidence From The Stock Market
w18831 Peter Koudijs
The boats that did not sail: Asset Price Volatility and Market Efficiency in a Natural Experiment
w18774 Urban Jermann
A Production-Based Model for the Term Structure
w18793 Berk A. Sensoy
Yingdi Wang
Michael S. Weisbach

Limited Partner Performance and the Maturing of the Private Equity Industry
w18768 John H. Cochrane
A Mean-Variance Benchmark for Intertemporal Portfolio Theory
w18759 Robert J. Barro
Sanjay P. Misra

Gold Returns
w18760 Ellen R. McGrattan
Edward C. Prescott

On Financing Retirement with an Aging Population
w18762 Jing Wu
Joseph Gyourko
Yongheng Deng

Is There Evidence of a Real Estate Collateral Channel Effect on Listed Firm Investment in China?
w18764 Veronika K. Pool
Clemens Sialm
Irina Stefanescu

It Pays to Set the Menu: Mutual Fund Investment Options in 401(k) Plans
w18725 Jacob Boudoukh
Ronen Feldman
Shimon Kogan
Matthew Richardson

Which News Moves Stock Prices? A Textual Analysis
w18732 Gary B. Gorton
Guillermo Ordoñez

The Supply and Demand for Safe Assets
w18737 Ricardo J. Caballero
Emmanuel Farhi

A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
w18741 Massimiliano Caporin
Loriana Pelizzon
Francesco Ravazzolo
Roberto Rigobon

Measuring Sovereign Contagion in Europe
w18743 Stephen G. Dimmock
Roy Kouwenberg
Olivia S. Mitchell
Kim Peijnenburg

Ambiguity Aversion and Household Portfolio Choice: Empirical Evidence
w18706 Claude B. Erb
Campbell R. Harvey

The Golden Dilemma
w18708 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer

Salience and Asset Prices
w18709 Yongyang Cai
Kenneth L. Judd
Rong Xu

Numerical Solution of Dynamic Portfolio Optimization with Transaction Costs
w18712 Eugene N. White
Competition Among the Exchanges before the SEC: Was the NYSE a Natural Hegemon?
w18713 Stephen H. Haber
Aldo Musacchio

These Are the Good Old Days: Foreign Entry and the Mexican Banking System
w18714 Yongyang Cai
Kenneth L. Judd
Greg Thain
Stephen J. Wright

Solving Dynamic Programming Problems on a Computational Grid
w18724 Robert L. McDonald
Measuring Margin
w18667 Karl E. Case
John M. Quigley
Robert J. Shiller

Wealth Effects Revisited: 1975-2012
w18686 Robin Greenwood
Andrei Shleifer

Expectations of Returns and Expected Returns
w18669 Annamaria Lusardi
Pierre-Carl Michaud
Olivia S. Mitchell

Optimal Financial Knowledge and Wealth Inequality
w18670 Itay Goldstein
Assaf Razin

Three Branches of Theories of Financial Crises
w18671 Leonid Kogan
Dimitris Papanikolaou
Noah Stoffman

Winners and Losers: Creative Destruction and the Stock Market
w18675 Olivier Jeanne
Anton Korinek

Macroprudential Regulation Versus Mopping Up After the Crash
w18680 James J. Choi
Li Jin
Hongjun Yan

Informed Trading and Expected Returns
w18627 Karen K. Lewis
Sandy Lai

Are the Gains from Foreign Diversification Diminishing? Assessing the Impact with Cross-listed Stocks
w18626 Caroline M. Hoxby
Endowment Management Based on a Positive Model of the University
w18644 Ricardo J. Caballero
Joseph B. Doyle

Carry Trade and Systemic Risk: Why are FX Options so Cheap?
w18646 A. Craig Burnside
Jeremy J. Graveline

On the Asset Market View of Exchange Rates
w18647 Roger E.A. Farmer
Carine Nourry
Alain Venditti

The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World
w18617 Rui Albuquerque
Martin S. Eichenbaum
Sergio Rebelo

Valuation Risk and Asset Pricing
w18619 Bruce I. Carlin
Francis A. Longstaff
Kyle Matoba

Disagreement and Asset Prices
w18582 Fabian Duarte
Justine S. Hastings

Fettered Consumers and Sophisticated Firms: Evidence from Mexico's Privatized Social Security Market
w18600 Jennie Bai
Shang-Jin Wei

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads
w18575 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian
Stephen P. Zeldes

What Makes Annuitization More Appealing?
w18554 Stefan Nagel
Empirical Cross-Sectional Asset Pricing
w18555 Zhi Da
Ravi Jagannathan
Jianfeng Shen

Building Castles in the Air: Evidence from Industry IPO Waves
w18556 Geert Bekaert
Alexander Popov

On the Link Between the Volatility and Skewness of Growth
w18558 Andrea Frazzini
Lasse H. Pedersen

Embedded Leverage
w18562 Cary Frydman
Nicholas Barberis
Colin Camerer
Peter Bossaerts
Antonio Rangel

Using Neural Data to Test a Theory of Investor Behavior: An Application to Realization Utility
w18560 Robert F. Stambaugh
Jianfeng Yu
Yu Yuan

Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle
w18541 Takatoshi Ito
Kenta Yamada
Misako Takayasu
Hideki Takayasu

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets
w18547 Harrison Hong
David Sraer

Quiet Bubbles
w18548 Harrison Hong
David Sraer

Speculative Betas
w18549 Tobias Adrian
Brian Begalle
Adam Copeland
Antoine Martin

Repo and Securities Lending
w18531 Eugenio Cerutti
Stijn Claessens
Patrick McGuire

Systemic Risks in Global Banking: What Available Data can tell us and What More Data are Needed?
w18510 Jonathan A. Parker
LEADS on Macroeconomic Risks to and from the Household Sector
w18491 Robert Novy-Marx
Joshua D. Rauh

Linking Benefits to Investment Performance in US Public Pension Systems
w18496 Martin L. Weitzman
Rare Disasters, Tail-Hedged Investments, and Risk-Adjusted Discount Rates
w18465 Kristin Forbes
The "Big C": Identifying Contagion
w18450 Frederico Belo
Pierre Collin-Dufresne
Robert S. Goldstein

Endogenous Dividend Dynamics and the Term Structure of Dividend Strips
w18451 Pierre Collin-Dufresne
Vyacheslav Fos

Insider Trading, Stochastic Liquidity and Equilibrium Prices
w18452 Pierre Collin-Dufresne
Vyacheslav Fos

Do prices reveal the presence of informed trading?
w18454 Alberto Martin
Jaume Ventura

Financial Reforms and Capital Flows: Insights from General Equilibrium
w18435 Kewei Hou
Chen Xue
Lu Zhang

Digesting Anomalies: An Investment Approach
w18427 Charles W. Calomiris
Joseph R. Mason
Marc Weidenmier
Katherine Bobroff

The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
w18406 Florian Scheuer
Adverse Selection In Credit Markets and Regressive Profit Taxation
w18408 Zhiguo He
Konstantin Milbradt

Endogenous Liquidity and Defaultable Bonds
w18411 John Y. Campbell
Stefano Giglio
Christopher Polk
Robert Turley

An Intertemporal CAPM with Stochastic Volatility
w18412 Justine S. Hastings
Brigitte C. Madrian
William L. Skimmyhorn

Financial Literacy, Financial Education and Economic Outcomes
w18382 Charles Engel
Nelson C. Mark
Kenneth D. West

Factor Model Forecasts of Exchange Rates
w18397 Gary B. Gorton
Some Reflections on the Recent Financial Crisis
w18353 Kristopher Gerardi
Eric Rosenblatt
Paul S. Willen
Vincent Yao

Foreclosure externalities: Some new evidence
w18357 Ravi Bansal
Ivan Shaliastovich

A Long-Run Risks Explanation of Predictability Puzzles in Bond and Currency Markets
w18362 Hideaki Hirata
M. Ayhan Kose
Christopher Otrok
Marco E. Terrones

Global House Price Fluctuations: Synchronization and Determinants
w18372 Julien Bengui
Enrique G. Mendoza
Vincenzo Quadrini

Capital Mobility and International Sharing of Cyclical Risk
w18311 Sumit Agarwal
Gene Amromin
Itzhak Ben-David
Souphala Chomsisengphet
Tomasz Piskorski
Amit Seru

Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program
w18300 Jeffrey Brown
Chichun Fang
Francisco Gomes

Risk and Returns to Education
w18305 Ravi Bansal
Dana Kiku
Amir Yaron

Risks For the Long Run: Estimation with Time Aggregation
w18312 Lauren Cohen
Umit G. Gurun
Christopher J. Malloy

Resident Networks and Firm Trade
w18291 Lauren Cohen
Karl B. Diether
Christopher Malloy

Legislating Stock Prices
w18251 Dimitri Vayanos
Jiang Wang

Market Liquidity -- Theory and Empirical Evidence
w18256 Richard M. Levich
FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets
w18231 Robert F. Stambaugh
Jianfeng Yu
Yu Yuan

The Long of It: Odds that Investor Sentiment Spuriously Predicts Anomaly Returns
w18241 Leonardo Bursztyn
Florian Ederer
Bruno Ferman
Noam Yuchtman

Understanding Peer Effects in Financial Decisions: Evidence from a Field Experiment
w18247 Kenneth D. West
Econometric Analysis of Present Value Models When the Discount Factor Is near One
w18222 Erik Snowberg
Justin Wolfers
Eric Zitzewitz

Prediction Markets for Economic Forecasting
w18211 Ulrike Malmendier
Marcus Matthias Opp
Farzad Saidi

Target Revaluation after Failed Takeover Attempts - Cash versus Stock
w18195 Yuriy Kitsul
Jonathan H. Wright

The Economics of Options-Implied Inflation Probability Density Functions
w18169 Kent Daniel
Ravi Jagannathan
Soohun Kim

Tail Risk in Momentum Strategy Returns
w18174 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

Money Doctors
w18181 John H. Cochrane
Continuous-Time Linear Models
w18184 Jonathan B. Berk
Jules H. van Binsbergen

Measuring Managerial Skill in the Mutual Fund Industry
w18137 André de Souza
Anthony W. Lynch

Does Mutual Fund Performance Vary over the Business Cycle?
w18158 John Chalmers
Jonathan Reuter

Is Conflicted Investment Advice Better than No Advice?
w18128 Emi Nakamura
Dmitriy Sergeyev
Jón Steinsson

Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence
w18135 Christopher T. Downing
Francis A. Longstaff
Michael A. Rierson

Inflation Tracking Portfolios
w18102 Markus K. Brunnermeier
Thomas M. Eisenbach
Yuliy Sannikov

Macroeconomics with Financial Frictions: A Survey
w18104 Ravi Bansal
Dana Kiku
Ivan Shaliastovich
Amir Yaron

Volatility, the Macroeconomy and Asset Prices
w18080 Edward Kutsoati
Randall Morck

Family Ties, Inheritance Rights, and Successful Poverty Alleviation: Evidence from Ghana
w18084 Torben G. Andersen
Tim Bollerslev
Peter F. Christoffersen
Francis X. Diebold

Financial Risk Measurement for Financial Risk Management
w18052 Kristin Forbes
Marcel Fratzscher
Thomas Kostka
Roland Straub

Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls
w18057 Tarek Alexander Hassan
Country Size, Currency Unions, and International Asset Returns
w18059 Todd M. Sinai
House Price Moments in Boom-Bust Cycles
w18063 Robert Novy-Marx
Pseudo-Predictability in Conditional Asset Pricing Tests: Explaining Anomaly Performance with Politics, the Weather, Global Warming, Sunspots, and the Stars
w18066 Mark Huggett
Greg Kaplan

The Money Value of a Man
w18050 Martijn Cremers
Antti Petajisto
Eric Zitzewitz

Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation
w18028 Joshua Aizenman
Yothin Jinjarak
Minsoo Lee
Donghyun Park

Developing countries' financial vulnerability to the euro crisis: An event study of equity and bond markets
w18046 Torben G. Andersen
Nicola Fusari
Viktor Todorov

Parametric Inference and Dynamic State Recovery from Option Panels
w18024 Ulrike Malmendier
Enrico Moretti
Florian S. Peters

Winning by Losing: Evidence on the Long-Run Effects of Mergers
w18000 Shang-Jin Wei
Xiaobo Zhang
Yin Liu

Status Competition and Housing Prices
w18004 Asli Demirguc-Kunt
Erik Feyen
Ross Levine

The Evolving Importance of Banks and Securities Markets
w17997 Farley Grubb
Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775
w17973 Michael D. Hurd
Susann Rohwedder

Stock Price Expectations and Stock Trading
w17975 Leonid Kogan
Dimitris Papanikolaou

A Theory of Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks
w17981 Yan Leung Cheung
P. Raghavendra Rau
Aris Stouraitis

How much do firms pay as bribes and what benefits do they get? Evidence from corruption cases worldwide
w17935 Zhiguo He
Wei Xiong

Debt Financing in Asset Markets
w17940 David Yermack
Tailspotting: Identifying and profiting from CEO vacation trips
w17929 Sendhil Mullainathan
Markus Noeth
Antoinette Schoar

The Market for Financial Advice: An Audit Study
w17921 Ing-Haw Cheng
Andrei Kirilenko
Wei Xiong

Convective Risk Flows in Commodity Futures Markets
w17911 Olivia S. Mitchell
Stephen Utkus

Target-Date Funds in 401(k) Retirement Plans
w17907 Paul R. Bergin
Ju Hyun Pyun

International Portfolio Diversification and Multilateral Effects of Correlations
w17876 Veronica Guerrieri
Robert Shimer

Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales, and Flight to Quality
w17886 Pierluigi Balduzzi
Jonathan Reuter

Heterogeneity in Target-Date Funds: Optimal Risk-Taking or Risk Matching?
w17863 Annamaria Lusardi
Olivia S. Mitchell
Vilsa Curto

Financial Sophistication in the Older Population
w17872 Karen K. Lewis
Edith X. Liu

International Consumption Risk Is Shared After All: An Asset Return View
w17874 Robert S. Harris
Tim Jenkinson
Steven N. Kaplan

Private Equity Performance: What Do We Know?
w17848 Wayne E. Ferson
Suresh K. Nallareddy
Biqin Xie

The "Out of Sample" Performance of Long-run Risk Models
w17832 Manuel Adelino
Antoinette Schoar
Felipe Severino

Credit Supply and House Prices: Evidence from Mortgage Market Segmentation
w17838 Viral V. Acharya
Nada Mora

Are Banks Passive Liquidity Backstops? Deposit Rates and Flows during the 2007-2009 Crisis
w17839 John Ammer
Sara B. Holland
David C. Smith
Francis E. Warnock

U.S. International Equity Investment
w17797 Bo Becker
Daniel Bergstresser
Guhan Subramanian

Does Shareholder Proxy Access Improve Firm Value? Evidence from the Business Roundtable Challenge
w17798 Andrew Ang
Marie Brière
Ombretta Signori

Inflation and Individual Equities
w17817 Florian Scheuer
Optimal Asset Taxes in Financial Markets with Aggregate Uncertainty
w17795 Leonid Kogan
Dimitris Papanikolaou

Growth Opportunities, Technology Shocks, and Asset Prices
w17763 Juan Carlos Gozzi
Ross Levine
Maria Soledad Martinez Peria
Sergio L. Schmukler

How Firms Use Domestic and International Corporate Bond Markets
w17769 Leonid Kogan
Dimitris Papanikolaou
Amit Seru
Noah Stoffman

Technological Innovation, Resource Allocation, and Growth
w17772 James D. Hamilton
Jing Cynthia Wu

Identification and Estimation of Gaussian Affine Term Structure Models
w17742 Lars-Alexander Kuehn
Nicolas Petrosky-Nadeau
Lu Zhang

An Equilibrium Asset Pricing Model with Labor Market Search
w17751 Jack Favilukis
David Kohn
Sydney C. Ludvigson
Stijn Van Nieuwerburgh

International Capital Flows and House Prices: Theory and Evidence
w17723 Tim Landvoigt
Monika Piazzesi
Martin Schneider

The Housing Market(s) of San Diego
w17719 Philip Bond
Alex Edmans
Itay Goldstein

The Real Effects of Financial Markets
w17686 Eric van Wincoop
International Contagion Through Leveraged Financial Institutions
w17691 Nicolas Coeurdacier
Hélène Rey

Home Bias in Open Economy Financial Macroeconomics
w17666 Kristopher Gerardi
Lauren Lambie-Hanson
Paul S. Willen

Do Borrower Rights Improve Borrower Outcomes? Evidence from the Foreclosure Process
w17670 Nicolas E. Magud
Carmen M. Reinhart
Esteban R. Vesperoni

Capital Inflows, Exchange Rate Flexibility, and Credit Booms
w17652 Emiliano Pagnotta
Thomas Philippon

Competing on Speed
w17653 Stefan Nagel
Evaporating Liquidity
w17641 Maurice Obstfeld
The International Monetary System: Living with Asymmetry
w17615 Marcin Kacperczyk
Stijn Van Nieuwerburgh
Laura Veldkamp

Time-Varying Fund Manager Skill
w17592 Yacine Ait-Sahalia
Jianqing Fan
Yingying Li

The Leverage Effect Puzzle: Disentangling Sources of Bias at High Frequency
w17581 Charles Yuji Horioka
Akiko Terada-Hagiwara

The Determinants and Long-term Projections of Saving Rates in Developing Asia
w17582 Alex Edmans
Itay Goldstein
Wei Jiang

Feedback Effects and the Limits to Arbitrage
w17586 Giorgia Palladini
Richard Portes

Sovereign CDS and Bond Pricing Dynamics in the Euro-area
w17558 Viral V. Acharya
A Transparency Standard for Derivatives
w17560 Nicolas Coeurdacier
Pierre-Olivier Gourinchas

When Bonds Matter: Home Bias in Goods and Assets
w17561 Andrew Ang
Dennis Kristensen

Testing Conditional Factor Models
w17563 Ian Martin
The Lucas Orchard
w17564 Ian Martin
The Forward Premium Puzzle in a Two-Country World
w17567 Alex Edmans
Vivian W. Fang
Emanuel Zur

The Effect of Liquidity on Governance
w17575 Ravi Bansal
Marcelo Ochoa

Temperature, Aggregate Risk, and Expected Returns
w17555 Arvind Krishnamurthy
Annette Vissing-Jorgensen

The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy
w17537 Karsten Jeske
Dirk Krueger
Kurt Mitman

Housing and the Macroeconomy: The Role of Bailout Guarantees for Government Sponsored Enterprises
w17548 Elias Albagli
Christian Hellwig
Aleh Tsyvinski

A Theory of Asset Pricing Based on Heterogeneous Information
w17518 Todd A. Gormley
Simon Johnson
Changyong Rhee

Ending "Too Big To Fail": Government Promises vs. Investor Perceptions
w17522 Kristian Rydqvist
Joshua Spizman
Ilya A. Strebulaev

Government Policy and Ownership of Financial Assets
w17505 Vasily Kartashov
Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Lifecycle Portfolio Choice with Systematic Longevity Risk and Variable Investment-Linked Deferred Annuities
w17500 Yiting Li
Guillaume Rocheteau
Pierre-Olivier Weill

Liquidity and the Threat of Fraudulent Assets
w17506 Alp Simsek
Speculation and Risk Sharing with New Financial Assets
w17454 Tobias Adrian
Markus K. Brunnermeier

w17484 Ravi Jagannathan
Srikant Marakani

Price Dividend Ratio Factors : Proxies for Long Run Risk
w17491 Diane Del Guercio
Jonathan Reuter

Mutual Fund Performance and the Incentive to Generate Alpha
w17464 Lubos Pastor
Pietro Veronesi

Political Uncertainty and Risk Premia
w17448 Igor Livshits
James MacGee
Michèle Tertilt

Costly Contracts and Consumer Credit
w17416 Jules H. van Binsbergen
Wouter Hueskes
Ralph Koijen
Evert B. Vrugt

Equity Yields
w17422 Jakub W. Jurek
Erik Stafford

Crashes and Collateralized Lending
w17424 Yuriy Gorodnichenko
Anna Mikusheva
Serena Ng

Estimators for Persistent and Possibly Non-Stationary Data with Classical Properties
w17428 David T. Robinson
Berk A. Sensoy

Cyclicality, Performance Measurement, and Cash Flow Liquidity in Private Equity
w17415 Christoph Moser
Andrew K. Rose

Who Benefits from Regional Trade Agreements? The View from the Stock Market
w17357 Marcel Fratzscher
Capital Flows, Push versus Pull Factors and the Global Financial Crisis
w17350 Carol Bertaut
Laurie Pounder DeMarco
Steven B. Kamin
Ralph W. Tryon

ABS Inflows to the United States and the Global Financial Crisis
w17358 Claudio Raddatz
Sergio L. Schmukler

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios
w17355 Nicola Cetorelli
Linda S. Goldberg

Liquidity management of U.S. global banks: Internal capital markets in the great recession
w17359 Andrew K. Rose
Mark M. Spiegel

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
w17301 Andreas Fuster
Benjamin Hebert
David Laibson

Natural Expectations, Macroeconomic Dynamics, and Asset Pricing
w17298 Christopher Avery
Judith A. Chevalier
Richard J. Zeckhauser

The "CAPS" Prediction System and Stock Market Returns
w17315 Gene Amromin
Jennifer Huang
Clemens Sialm
Edward Zhong

Complex Mortgages
w17331 Athanasios Geromichalos
Ina Simonovska

Asset Liquidity and International Portfolio Choice
w17321 Marcin Kacperczyk
Philipp Schnabl

Implicit Guarantees and Risk Taking: Evidence from Money Market Funds
w17323 Stephen A. Ross
The Recovery Theorem
w17325 Ralph Koijen
Stijn Van Nieuwerburgh
Motohiro Yogo

Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice
w17328 Robert J. Barro
José F. Ursua

Rare Macroeconomic Disasters
w17330 Elias Albagli
Christian Hellwig
Aleh Tsyvinski

Information Aggregation, Investment, and Managerial Incentives
w17334 Jessica A. Wachter
Missaka Warusawitharana

What is the Chance that the Equity Premium Varies over Time? Evidence from Regressions on the Dividend-Price Ratio
w17295 Darrell Duffie
Semyon Malamud
Gustavo Manso

Information Percolation in Segmented Markets
w17285 Xiaoji Lin
Lu Zhang

Covariances versus Characteristics in General Equilibrium
w17292 Clemens Sialm
T. Mandy Tham

Spillover Effects in Mutual Fund Companies
w17276 Farley Grubb
The Continental Dollar: Initial Design, Ideal Performance, and the Credibility of Congressional Commitment
w17277 François Gourio
Michael Siemer
Adrien Verdelhan

International Risk Cycles
w17252 Pierre-Olivier Gourinchas
Maurice Obstfeld

Stories of the Twentieth Century for the Twenty-First
w17261 Karen K. Lewis
Global Asset Pricing
w17219 David Backus
Mikhail Chernov
Stanley E. Zin

Sources of Entropy in Representative Agent Models
w17197 Robin Greenwood
Samuel G. Hanson

Issuer Quality and the Credit Cycle
w17199 Ngoc-Khanh Tran
Richard J. Zeckhauser

The Behavior of Savings and Asset Prices When Preferences and Beliefs are Heterogeneous
w17182 Andrew Ang
Allan Timmermann

Regime Changes and Financial Markets
w17169 Chongyang Chen
Zhonglan Dai
Douglas Shackelford
Harold Zhang

Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital?
w17121 Geert Bekaert
Michael Ehrmann
Marcel Fratzscher
Arnaud J. Mehl

Global Crises and Equity Market Contagion
w17122 Yael V. Hochberg
Joshua D. Rauh

Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments
w17130 Xiaohong Chen
Jack Favilukis
Sydney C. Ludvigson

An Estimation of Economic Models with Recursive Preferences
w17134 Jingjing Chai
Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply
w17149 Bryan T. Kelly
Hanno Lustig
Stijn Van Nieuwerburgh

Too-Systemic-To-Fail: What Option Markets Imply About Sector-wide Government Guarantees
w17150 Òscar Jordà
Alan M. Taylor

Performance Evaluation of Zero Net-Investment Strategies
w17152 Torben G. Andersen
Dobrislav Dobrev
Ernst Schaumburg

A Functional Filtering and Neighborhood Truncation Approach to Integrated Quarticity Estimation
w17116 Charles Engel
The Real Exchange Rate, Real Interest Rates, and the Risk Premium
w17007 Robert J. Shiller
Rafal M. Wojakowski
M. Shahid Ebrahim
Mark B. Shackleton

Continuous Workout Mortgages
w17019 Corbett A. Grainger
Christopher Costello

The Value of Secure Property Rights: Evidence from Global Fisheries
w17021 Simon Gilchrist
Egon Zakrajšek

Credit Spreads and Business Cycle Fluctuations
w17025 Jialun Li
Kent Smetters

Optimal Portfolio Choice with Wage-Indexed Social Security
w17026 Francois Gourio
Credit Risk and Disaster Risk
w17027 Tarek A. Hassan
Thomas M. Mertens

The Social Cost of Near-Rational Investment
w17028 Victor Stango
Jonathan Zinman

Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees
w16982 Andrew Ang
Francis A. Longstaff

Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe
w16985 Jesse Bricker
Brian K. Bucks
Arthur Kennickell
Traci L. Mach
Kevin Moore

Drowning or Weathering the Storm? Changes in Family Finances from 2007 to 2009
w17000 Viral V. Acharya
Alberto Bisin

Counterparty Risk Externality: Centralized Versus Over-the-counter Markets
w16996 Martin Lettau
Sydney C. Ludvigson

Shocks and Crashes
w16975 Daniel Paravisini
Veronica Rappoport
Philipp Schnabl
Daniel Wolfenzon

Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data
w16976 G. William Schwert
Stock Volatility During the Recent Financial Crisis
w16949 Erik Snowberg
Justin Wolfers
Eric Zitzewitz

How Prediction Markets Can Save Event Studies
w16950 Anthony W. Lynch
Oliver Randall

Why Surplus Consumption in the Habit Model May be Less Persistent than You Think
w16952 Arindrajit Dube
Ethan Kaplan
Suresh Naidu

Coups, Corporations, and Classified Information
w16956 James D. Hamilton
Jing Cynthia Wu

The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment
w16957 Yosef Bonaparte
Russell Cooper
Guozhong Zhu

Consumption Smoothing and Portfolio Rebalancing: The Effects of Adjustment Costs
w16931 James D. Hamilton
Jing Cynthia Wu

Testable Implications of Affine Term Structure Models
w16911 Xavier Gabaix
A Sparsity-Based Model of Bounded Rationality
w16903 Carolin E. Pflueger
Luis M. Viceira

Inflation-Indexed Bonds and the Expectations Hypothesis
w16898 Robert F. Stambaugh
Jianfeng Yu
Yu Yuan

The Short of It: Investor Sentiment and Anomalies
w16906 Hui Chen
Scott Joslin

Generalized Transform Analysis of Affine Processes and Applications in Finance
w16884 Ian Martin
Simple Variance Swaps
w16892 Carolin E. Pflueger
Luis M. Viceira

Return Predictability in the Treasury Market: Real Rates, Inflation, and Liquidity
w16868 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

Does Aggregated Returns Disclosure Increase Portfolio Risk-Taking?
w16875 Viral V. Acharya
Lars A. Lochstoer
Tarun Ramadorai

Limits to Arbitrage and Hedging: Evidence from Commodity Markets
w16842 Yingcong Lan
Neng Wang
Jinqiang Yang

The Economics of Hedge Funds: Alpha, Fees, Leverage, and Valuation
w16843 Chong Wang
Neng Wang
Jinqiang Yang

A Unified Model of Entrepreneurship Dynamics
w16848 Karl E. Case
John M. Quigley
Robert J. Shiller

Wealth Effects Revisited 1978-2009
w16792 Jeffrey R. Brown
Robert Clark
Joshua Rauh

The Economics of State and Local Public Pensions
w16801 Andrew Ang
Sergiy Gorovyy
Gregory B. van Inwegen

Hedge Fund Leverage
w16804 Patrick Bolton
Tano Santos
Jose A. Scheinkman

Cream Skimming in Financial Markets
w16808 Patrick Bolton
Hui Chen
Neng Wang

Market Timing, Investment, and Risk Management
w16810 Sydney C. Ludvigson
Advances in Consumption-Based Asset Pricing: Empirical Tests
w16777 Nicolae Gârleanu
Lasse Heje Pedersen

Margin-Based Asset Pricing and Deviations from the Law of One Price
w16784 Patrick Bayer
Christopher Geissler
Kyle Mangum
James W. Roberts

Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market
w16764 Alexander David
Pietro Veronesi

Investors' and Central Bank's Uncertainty Embedded in Index Options
w16770 Ravi Jagannathan
Iwan Meier
Vefa Tarhan

The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data
w16726 Bernard Dumas
Karen K. Lewis
Emilio Osambela

Differences of Opinion and International Equity Markets
w16731 Harold Pollack
Peter Reuter
Eric L. Sevigny

If Drug Treatment Works So Well, Why Are So Many Drug Users in Prison?
w16737 Hans B. Christensen
Luzi Hail
Christian Leuz

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
w16740 Justine S. Hastings
Olivia S. Mitchell

How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors
w16747 Laura Xiaolei Liu
Lu Zhang

A Model of Momentum
w16712 Harrison Hong
Motohiro Yogo

What Does Futures Market Interest Tell Us about the Macroeconomy and Asset Prices?
w16677 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock
Jon Wongswan

U.S. International Equity Investment and Past and Prospective Returns
w16696 Pierre-André Chiappori
Krislert Samphantharak
Sam Schulhofer-Wohl
Robert M. Townsend

Heterogeneity and Risk Sharing in Village Economies
w16648 Ralph S.J. Koijen
Stijn Van Nieuwerburgh

Predictability of Returns and Cash Flows
w16629 Tatiana Didier
Roberto Rigobon
Sergio L. Schmukler

Unexploited Gains from International Diversification: Patterns of Portfolio Holdings Around the World
w16630 Anna Pavlova
Roberto Rigobon

International Macro-Finance
w16634 Craig Burnside
Identification and Inference in Linear Stochastic Discount Factor Models with Excess Returns
w16640 Fernando A. Broner
Jaume Ventura

Rethinking the Effects of Financial Liberalization
w16628 Bruno Biais
Johan Hombert
Pierre-Olivier Weill

Trading and Liquidity with Limited Cognition
w16605 Joshua Aizenman
Gurnain Kaur Pasricha

Determinants of Financial Stress and Recovery during the Great Recession
w16609 Frederic S. Mishkin
Over The Cliff: From the Subprime to the Global Financial Crisis
w16591 James J. Choi
Li Jin
Hongjun Yan

What Does Stock Ownership Breadth Measure?
w16601 Andrea Frazzini
Lasse H. Pedersen

Betting Against Beta
w16574 Vicente Cuñat
Mireia Gine
Maria Guadalupe

The Vote is Cast: The Effect of Corporate Governance on Shareholder Value
w16583 Geert Bekaert
Campbell R. Harvey
Christian T. Lundblad
Stephan Siegel

The European Union, the Euro, and Equity Market Integration
w16586 Christopher J. Mayer
Tomasz Piskorski
Alexei Tchistyi

The Inefficiency of Refinancing: Why Prepayment Penalties Are Good for Risky Borrowers
orrc10-05 John Chalmers
Jonathan Reuter

What is the Impact of Financial Advisors on Retirement Portfolio Choices & Outcomes?
w16549 Anders B. Trolle
Eduardo S. Schwartz

An Empirical Analysis of the Swaption Cube
w16553 Priyank Gandhi
Hanno Lustig

Size Anomalies in U.S. Bank Stock Returns: A Fiscal Explanation
w16559 Charles W. Calomiris
Inessa Love
Maria Soledad Martinez Peria

Crisis "Shock Factors" and the Cross-Section of Global Equity Returns
w16531 Andrew Paciorek
Todd M. Sinai

Does Home Owning Smooth the Variability of Future Housing Consumption?
w16534 Alessandro Beber
Michael W. Brandt
Kenneth A. Kavajecz

What Does Equity Sector Orderflow Tell Us about the Economy?
w16485 Viral V. Acharya
Peter M. DeMarzo
Ilan Kremer

Endogenous Information Flows and the Clustering of Announcements
w16491 Travis J. Berge
Òscar Jordà
Alan M. Taylor

Currency Carry Trades
w16452 Jere R. Behrman
Olivia S. Mitchell
Cindy Soo
David Bravo

Financial Literacy, Schooling, and Wealth Accumulation
w16454 Lauren Cohen
Christopher Malloy
Lukasz Pomorski

Decoding Inside Information
w16455 Jules H. van Binsbergen
Michael W. Brandt
Ralph S.J. Koijen

On the Timing and Pricing of Dividends
w16456 George Pennacchi
Mahdi Rastad

Portfolio Allocation for Public Pension Funds
w16457 Stefan Nagel
Kenneth J. Singleton

Estimation and Evaluation of Conditional Asset Pricing Models
w16458 Antje Berndt
Hanno Lustig
Sevin Yeltekin

How Does the U.S. Government Finance Fiscal Shocks?
w16464 Michael D. Hurd
Maarten van Rooij
Joachim Winter

Stock Market Expectations of Dutch Households
w16469 Francis X. Diebold
Georg Strasser

On the Correlation Structure of Microstructure Noise: A Financial Economic Approach
w16428 Eswar S. Prasad
Financial Sector Regulation and Reforms in Emerging Markets: An Overview
w16437 Lauren Cohen
Christopher Malloy

Friends in High Places
w16427 Hanno Lustig
Nikolai Roussanov
Adrien Verdelhan

Countercyclical Currency Risk Premia
w16385 Ke Tang
Wei Xiong

Index Investment and Financialization of Commodities
w16394 Viral V. Acharya
Yakov Amihud
Sreedhar T. Bharath

Liquidity Risk of Corporate Bond Returns: A Conditional Approach
w16397 Geert Bekaert
Marie Hoerova
Marco Lo Duca

Risk, Uncertainty and Monetary Policy
w16376 Jeffrey Wurgler
On the Economic Consequences of Index-Linked Investing
w16358 Matthias Fleckenstein
Francis A. Longstaff
Hanno Lustig

Why Does the Treasury Issue Tips? The Tips-Treasury Bond Puzzle
w16329 Jonathan Reuter
Eric Zitzewitz

How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach
w16335 Steven N. Kaplan
Tobias J. Moskowitz
Berk A. Sensoy

The Effects of Stock Lending on Security Prices: An Experiment
w16336 Frederico Belo
Chen Xue
Lu Zhang

Cross-sectional Tobin's Q
w16337 Adam Ashcraft
Nicolae Gârleanu
Lasse Heje Pedersen

Two Monetary Tools: Interest Rates and Haircuts
orrc10-12 Liran Einav
Amy Finkelstein
Iuliana Pascu
Mark Cullen

How General Are Risk Preference? Choices under Uncertainty in Different Domains
w16302 George M. Constantinides
Michal Czerwonko
Jens Carsten Jackwerth
Stylianos Perrakis

Are Options on Index Futures Profitable for Risk Averse Investors? Empirical Evidence
w16312 Diane Del Guercio
Jonathan Reuter
Paula A. Tkac

Broker Incentives and Mutual Fund Market Segmentation
w16316 Jessica A. Wachter
Motohiro Yogo

Why Do Household Portfolio Shares Rise in Wealth?
w16271 Bruce Ian Carlin
David T. Robinson

What Does Financial Literacy Training Teach Us?
w16282 Paul Asquith
Andrea S. Au
Thomas R. Covert
Parag A. Pathak

The Market for Borrowing Corporate Bonds
w16263 Jules H. van Binsbergen
Ralph S.J. Koijen

Predictive Regressions: A Present-value Approach
w16249 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

Emerging Local Currency Bond Markets
w16255 Jessica Wachter
Asset Allocation
w16230 Edward L. Glaeser
Joshua D. Gottlieb
Joseph Gyourko

Can Cheap Credit Explain the Housing Boom?
w16244 Kenneth A. Snowden
The Anatomy of a Residential Mortgage Crisis: A Look Back to the 1930s
w16245 Charles Courtemanche
Kenneth A. Snowden

Repairing a Mortgage Crisis: HOLC Lending and its Impact on Local Housing Markets
w16206 Richard Stanton
Nancy Wallace

CMBS Subordination, Ratings Inflation, and the Crisis of 2007-2009
w16219 Ian Martin
The Valuation of Long-Dated Assets
w16218 David K. Backus
Federico Gavazzoni
Christopher Telmer
Stanley E. Zin

Monetary Policy and the Uncovered Interest Parity Puzzle
w16214 Ravi Jagannathan
Andrei Jirnyi
Ann Sherman

Why Don't Issuers Choose IPO Auctions? The Complexity of Indirect Mechanisms
w16222 John Y. Campbell
Stefano Giglio
Christopher Polk

Hard Times
w16223 Monica Billio
Mila Getmansky
Andrew W. Lo
Loriana Pelizzon

Econometric Measures of Systemic Risk in the Finance and Insurance Sectors
w16191 Alberto Manconi
Massimo Massa
Ayako Yasuda

The Behavior of Intoxicated Investors: The role of institutional investors in propagating the crisis of 2007-2008
w16193 Mohamad Al-Ississ
Nolan H. Miller

What Does Health Reform Mean for the Healthcare Industry? Evidence from the Massachusetts Special Senate Election
w16187 Bruce I. Carlin
Shimon Kogan

Trading Complex Assets
w16175 Antje Berndt
Burton Hollifield
Patrik Sandås

The Role of Mortgage Brokers in the Subprime Crisis
w16177 Franklin Allen
Ana Babus
Elena Carletti

Financial Connections and Systemic Risk
w16181 Larry G. Epstein
Martin Schneider

Ambiguity and Asset Markets
w16182 Kimie Harada
Takatoshi Ito
Shuhei Takahashi

Is the Distance to Default a Good Measure in Predicting Bank Failures? Case Studies
w16183 Anisha Ghosh
George M. Constantinides

The Predictability of Returns with Regime Shifts in Consumption and Dividend Growth
w16145 Christopher L. House
Yusufcan Masatlioglu

Managing Markets for Toxic Assets
w16151 Hui Chen
Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure
w16153 Ian Martin
Consumption-Based Asset Pricing with Higher Cumulants
w16159 Philippe Bacchetta
Cédric Tille
Eric van Wincoop

Self-Fulfilling Risk Panics
w16128 Lubos Pastor
Pietro Veronesi

Uncertainty about Government Policy and Stock Prices
w16068 Nicola Gennaioli
Andrei Shleifer
Robert W. Vishny

Neglected Risks, Financial Innovation, and Financial Fragility
w16073 Nikolai Roussanov
Composition of Wealth, Conditioning Information, and the Cross-Section of Stock Returns
w16080 V.V. Chari
Ali Shourideh
Ariel Zetlin-Jones

Adverse Selection, Reputation and Sudden Collapses in Secondary Loan Markets
w16085 Bruce Ian Carlin
Shaun William Davies
Andrew Miles Iannaccone

Competing for Attention in Financial Markets
w16052 John D. Burger
Alessandro Rebucci
Francis E. Warnock
Veronica Cacdac Warnock

External Capital Structures and Oil Price Volatility
w16058 Geert Bekaert
Robert J. Hodrick
Xiaoyan Zhang

Aggregate Idiosyncratic Volatility
w16061 Rajnish Mehra
Indian Equity Markets: Measures of Fundamental Value
w16063 Daniel Paravisini
Veronica Rappoport
Enrichetta Ravina

Risk Aversion and Wealth: Evidence from Person-to-Person Lending Portfolios
w16031 Lucian A. Bebchuk
Itay Goldstein

Self-Fulfilling Credit Market Freezes
w16035 Hui Chen
Scott Joslin
Ngoc-Khanh Tran

Rare Disasters and Risk Sharing with Heterogeneous Beliefs
w16042 Brock Mendel
Andrei Shleifer

Chasing Noise
w16008 Andrew Ang
Vineer Bhansali
Yuhang Xing

Build America Bonds
w16022 Yosef Bonaparte
Russell Cooper

Rationalizing Trading Frequency and Returns
w15988 Jack Favilukis
Sydney C. Ludvigson
Stijn Van Nieuwerburgh

The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium
w15992 Hernán Ortiz-Molina
Gordon M. Phillips

Asset Liquidity and the Cost of Capital
w15993 Huseyin Gulen
Yuhang Xing
Lu Zhang

Value versus Growth: Time-Varying Expected Stock Returns
w15998 Raj Chetty
Adam Szeidl

The Effect of Housing on Portfolio Choice
w15974 Nicola Cetorelli
Linda S. Goldberg

Global Banks and International Shock Transmission: Evidence from the Crisis
w15940 Robert Novy-Marx
The Other Side of Value: Good Growth and the Gross Profitability Premium
w15948 Robin Greenwood
Samuel Hanson

Characteristic Timing
w15950 Jin Ginger Wu
Lu Zhang

Does Risk Explain Anomalies? Evidence from Expected Return Estimates
w15920 Emi Nakamura
Jón Steinsson
Robert Barro
José Ursúa

Crises and Recoveries in an Empirical Model of Consumption Disasters
w15923 Erik Snowberg
Justin Wolfers

Explaining the Favorite-Longshot Bias: Is it Risk-Love or Misperceptions?
w15925 Daniel J. Benjamin
James J. Choi
Geoffrey W. Fisher

Religious Identity and Economic Behavior
w15927 Olivier Jeanne
Anton Korinek

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach
w15937 Andrew Ang
Nicolas P.B. Bollen

Locked Up by a Lockup: Valuing Liquidity as a Real Option
w15910 Sergey Chernenko
C. Fritz Foley
Robin Greenwood

Agency Costs, Mispricing, and Ownership Structure
w15912 Lucian A. Bebchuk
Alma Cohen
Charles C.Y. Wang

Learning and the Disappearing Association Between Governance and Returns
w15883 George-Marios Angeletos
Guido Lorenzoni
Alessandro Pavan

Beauty Contests and Irrational Exuberance: A Neoclassical Approach
w15890 Jules van Binsbergen
Jesús Fernández-Villaverde
Ralph S.J. Koijen
Juan F. Rubio-Ramírez

The Term Structure of Interest Rates in a DSGE Model with Recursive Preferences
w15861 Jeffrey Brown
Stephen G. Dimmock
Jun-Koo Kang
Scott Weisbenner

How University Endowments Respond to Financial Market Shocks: Evidence and Implications
w15859 Laurent E. Calvet
Paolo Sodini

Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios
w15866 Craig Burnside
Bing Han
David Hirshleifer
Tracy Yue Wang

Investor Overconfidence and the Forward Premium Puzzle
w15848 Kay Giesecke
Francis A. Longstaff
Stephen Schaefer
Ilya Strebulaev

Corporate Bond Default Risk: A 150-Year Perspective
w15850 Yacine Aït-Sahalia
Julio Cacho-Diaz
Roger J.A. Laeven

Modeling Financial Contagion Using Mutually Exciting Jump Processes
w15821 Denis Gromb
Dimitri Vayanos

Limits of Arbitrage: The State of the Theory
w15830 Menzie D. Chinn
Olivier Coibion

The Predictive Content of Commodity Futures
w15829 Andreas Fuster
Paul S. Willen

Insuring Consumption Using Income-Linked Assets
w15833 Allaudeen Hameed
Randall Morck
Jianfeng Shen
Bernard Yeung

Information, analysts, and stock return comovement
w15835 Fernando E. Alvarez
Luigi Guiso
Francesco Lippi

Durable consumption and asset management with transaction and observation costs
w15808 Yacine Aït-Sahalia
Jean Jacod

Analyzing the Spectrum of Asset Returns: Jump and Volatility Components in High Frequency Data
w15805 Stavros Panageas
Optimal retirement benefit guarantees
w15807 Holger Kraft
Eduardo S. Schwartz

Cash Flow Multipliers and Optimal Investment Decisions
w15809 Yacine Aït-Sahalia
Jochen Andritzky
Andreas Jobst
Sylwia Nowak
Natalia Tamirisa

Market Response to Policy Initiatives during the Global Financial Crisis
w15783 Robert S. Gibbons
Richard T. Holden
Michael L. Powell

Rational-Expectations Equilibrium in Intermediate Good Markets
w15787 Gary B. Gorton
Questions and Answers about the Financial Crisis
w15733 Pierre Collin-Dufresne
Robert S. Goldstein
Jean Helwege

Is Credit Event Risk Priced? Modeling Contagion via the Updating of Beliefs.
w15734 Pierre Collin-Dufresne
Robert S. Goldstein
Fan Yang

On the Relative Pricing of long Maturity S&P 500 Index Options and CDX Tranches
w15736 James D. Hamilton
Tatsuyoshi Okimoto

Sources of Variation in Holding Returns for Fed Funds Futures Contracts
w15688 Ralph S.J. Koijen
Hanno Lustig
Stijn Van Nieuwerburgh

The Cross-Section and Time-Series of Stock and Bond Returns
w15698 Momtchil Pojarliev
Richard M. Levich

Detecting Crowded Trades in Currency Funds
w15708 Efraim Benmelech
Nittai K. Bergman

Bankruptcy and the Collateral Channel
w15709 Jonathan Berk
Johan Walden

Limited Capital Market Participation and Human Capital Risk
w15668 Isaac Ehrlich
Jong Kook Shin
Yong Yin

Private Information, Human Capital, and Optimal "Home Bias" in Financial Markets
w15670 Kris James Mitchener
Marc D. Weidenmier

Searching for Irving Fisher
w15674 Viral V. Acharya
Douglas Gale
Tanju Yorulmazer

Rollover Risk and Market Freezes
w15682 Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

The Effect of Uncertain Labor Income and Social Security on Life-cycle Portfolios
w15686 Liran Einav
Amy Finkelstein
Iuliana Pascu
Mark R. Cullen

How general are risk preferences? Choices under uncertainty in different domains.
w15646 Lubos Pastor
Robert F. Stambaugh

On the Size of the Active Management Industry
w15659 Ulrike Malmendier
Geoffrey Tate
Jonathan Yan

Overconfidence and Early-life Experiences: The Impact of Managerial Traits on Corporate Financial Policies
w15634 Angelo Riva
Eugene N. White

Danger on the Exchange: How Counterparty Risk Was Managed on the Paris Bourse in the Nineteenth Century
w15626 Johannes C. Stroebel
John B. Taylor

Estimated Impact of the Fed's Mortgage-Backed Securities Purchase Program
w15608 John Chalmers
Jonathan Reuter

How Do Retirees Value Life Annuities? Evidence from Public Employees
w15591 Benjamin Chabot
Eric Ghysels
Ravi Jagannathan

Momentum Cycles and Limits to Arbitrage Evidence from Victorian England and Post-Depression US Stock Markets
w15563 Alexander David
Pietro Veronesi

What Ties Return Volatilities to Price Valuations and Fundamentals?
w15573 Eugene N. White
Lessons from the Great American Real Estate Boom and Bust of the 1920s
w15572 James B. Bushnell
Howard Chong
Erin T. Mansur

Profiting from Regulation: An Event Study of the EU Carbon Market
w15528 Katheryn N. Russ
Diego Valderrama

Financial Choice in a Non-Ricardian Model of Trade
w15533 Torben G. Andersen
Dobrislav Dobrev
Ernst Schaumburg

Jump-Robust Volatility Estimation using Nearest Neighbor Truncation
w15538 Marcin Kacperczyk
Philipp Schnabl

When Safe Proved Risky: Commercial Paper During the Financial Crisis of 2007-2009
w15502 William N. Goetzmann
Luc Renneboog
Christophe Spaenjers

Art and Money
w15504 Ravi Bansal
Dana Kiku
Amir Yaron

An Empirical Evaluation of the Long-Run Risks Model for Asset Prices
w15506 Jaroslav Borovička
Lars Peter Hansen
Mark Hendricks
José A. Scheinkman

Risk Price Dynamics
w15513 Mikhail Golosov
Guido Lorenzoni
Aleh Tsyvinski

Decentralized Trading with Private Information
w15515 Christian Laux
Christian Leuz

Did Fair-Value Accounting Contribute to the Financial Crisis?
w15518 Òscar Jordà
Alan M. Taylor

The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself
w15472 Wenli Li
Michelle J. White

Mortgage Default, Foreclosure, and Bankruptcy
w15479 Ricardo J. Caballero
Alp Simsek

Fire Sales in a Model of Complexity
w15481 Wei Xiong
Jialin Yu

The Chinese Warrants Bubble
w15484 Joshua Aizenman
Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis
w15487 Dimitri Vayanos
Jean-Luc Vila

A Preferred-Habitat Model of the Term Structure of Interest Rates
w15457 Nicolae Gârleanu
Leonid Kogan
Stavros Panageas

The Demographics of Innovation and Asset Returns
w15462 Todd M. Sinai
Nicholas S. Souleles

Can Owning a Home Hedge the Risk of Moving?
w15452 Eduardo Borensztein
Olivier Jeanne
Damiano Sandri

Macro-Hedging for Commodity Exporters
w15399 François Gourio
Disasters Risk and Business Cycles
w15381 David B. Brown
Bruce Ian Carlin
Miguel Sousa Lobo

On the Scholes Liquidation Problem
w15382 Yi-Li Chien
Harold L. Cole
Hanno Lustig

Is the Volatility of the Market Price of Risk due to Intermittent Portfolio Re-balancing?
w15384 René M. Stulz
Credit Default Swaps and the Credit Crisis
w15353 Sergio Mayordomo
Juan Ignacio Peña
Eduardo S. Schwartz

Towards a Common European Monetary Union Risk Free Rate
w15362 Amir E. Khandani
Andrew W. Lo
Robert C. Merton

Systemic Risk and the Refinancing Ratchet Effect
w15331 Dion Bongaerts
K.J. Martijn Cremers
William N. Goetzmann

Tiebreaker: Certification and Multiple Credit Ratings
w15332 Rik G.P. Frehen
William N. Goetzmann
K. Geert Rouwenhorst

New Evidence on the First Financial Bubble
w15333 Douglas W. Blackburn
William N. Goetzmann
Andrey D. Ukhov

Risk Aversion and Clientele Effects
w15335 Narasimhan Jegadeesh
Roman Kräussl
Joshua Pollet

Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices
w15336 George O. Aragon
Philip E. Strahan

Hedge Funds as Liquidity Providers: Evidence from the Lehman Bankruptcy
w15338 Urban Jermann
Vincenzo Quadrini

Macroeconomic Effects of Financial Shocks
w15340 Nicolae B. Gârleanu
Stavros Panageas
Jianfeng Yu

Technological Growth and Asset Pricing
w15307 Motohiro Yogo
Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets
w15317 Ning Tang
Olivia S. Mitchell
Gary R. Mottola
Stephen Utkus

The Efficiency of Sponsor and Participant Portfolio Choices in 401(k) Plans
w15318 Yong Chen
Wayne Ferson
Helen Peters

Measuring the Timing Ability and Performance of Bond Mutual Funds
w15327 Clemens Sialm
Laura Starks

Mutual Fund Tax Clienteles
orrc09-15 John Chalmers
Jonathan Reuter

Is Retiree Demand for Life Annuities Rational? Evidence from Public Employees
orrc09-16 Kent Smetters
Optimal Portfolio Choice with Fat Tails
w15295 Yannick Malevergne
Pedro Santa-Clara
Didier Sornette

Professor Zipf goes to Wall Street
w15297 Lasse Heje Pedersen
When Everyone Runs for the Exit
w15298 Stefano DellaVigna
Matthew Gentzkow

Persuasion: Empirical Evidence
w15270 Andrew Ang
Jean Boivin
Sen Dong
Rudy Loo-Kung

Monetary Policy Shifts and the Term Structure
w15273 Gary B. Gorton
Andrew Metrick

w15215 Dimitri Vayanos
Jiang Wang

Liquidity and Asset Prices: A Unified Framework
w15219 Long Chen
Lu Zhang

The stock market and aggregate employment
w15222 Geert Bekaert
Eric Engstrom

Asset Return Dynamics under Bad Environment Good Environment Fundamentals
w15223 Gary B. Gorton
Andrew Metrick

Securitized Banking and the Run on Repo
w15240 David Backus
Mikhail Chernov
Ian Martin

Disasters implied by equity index options
w15243 Fatih Guvenen
A Parsimonious Macroeconomic Model for Asset Pricing
w15247 Robert J. Barro
Tao Jin

On the Size Distribution of Macroeconomic Disasters
w15254 Chris Edmond
Pierre-Olivier Weill

Aggregate Implications of Micro Asset Market Segmentation
w15227 Yosef Bonaparte
Russell Cooper

Costly Portfolio Adjustment
w15260 Lieven Baele
Geert Bekaert
Koen Inghelbrecht

The Determinants of Stock and Bond Return Comovements
w15205 Nicolae B. Garleanu
Lasse H. Pedersen

Dynamic Trading with Predictable Returns and Transaction Costs
w15189 Leonid Kogan
Stephen Ross
Jiang Wang
Mark M. Westerfield

Market Selection
w15180 Andrea Beltratti
René M. Stulz

Why Did Some Banks Perform Better During the Credit Crisis? A Cross-Country Study of the Impact of Governance and Regulation
w15188 Sydney C. Ludvigson
Serena Ng

A Factor Analysis of Bond Risk Premia
w15170 John Geanakoplos
Stephen P. Zeldes

Market Valuation of Accrued Social Security Benefits
w15128 Marc Flandreau
Juan H. Flores
Norbert Gaillard
Sebastián Nieto-Parra

The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007
w15139 Bruce Ian Carlin
Simon Gervais
Gustavo Manso

When Does Libertarian Paternalism Work?
w15145 Luigi Guiso
Paola Sapienza
Luigi Zingales

Moral and Social Constraints to Strategic Default on Mortgages
w15108 Olivia S. Mitchell
Gary R. Mottola
Stephen P. Utkus
Takeshi Yamaguchi

Default, Framing and Spillover Effects: The Case of Lifecycle Funds in 401(k) Plans
w15079 Jingjing Chai
Wolfram Horneff
Raimond Maurer
Olivia S. Mitchell

Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts
w15038 Vincent Glode
Burton Hollifield
Marcin Kacperczyk
Shimon Kogan

Is Investor Rationality Time Varying? Evidence from the Mutual Fund Industry
w15040 Arvind Krishnamurthy
Amplification Mechanisms in Liquidity Crises
w15047 Raymond Kan
Cesare Robotti
Jay Shanken

Pricing Model Performance and the Two-Pass Cross-Sectional Regression Methodology
w15052 Robert B. Barsky
The Japanese Bubble: A 'Heterogeneous' Approach
w15023 Dhammika Dharmapala
C. Fritz Foley
Kristin J. Forbes

Watch What I Do, Not What I Say: The Unintended Consequences of the Homeland Investment Act
w15024 Geert Bekaert
Eric Engstrom

Inflation and the Stock Market:Understanding the "Fed Model"
w15028 Farley Grubb
Land Policy: Founding Choices and Outcomes, 1781-1802
w15009 Bruno Biais
Pierre-Olivier Weill

Liquidity Shocks and Order Book Dynamics
w15010 Andrew B. Abel
Janice C. Eberly
Stavros Panageas

Optimal Inattention to the Stock Market with Information Costs and Transactions Costs
w15014 John Y. Campbell
Robert J. Shiller
Luis M. Viceira

Understanding Inflation-Indexed Bond Markets
w15020 Yuko Hashimoto
Takatoshi Ito

Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture
w14972 Bruce I. Carlin
Simon Gervais

Legal Protection in Retail Financial Markets
w14997 Ricardo J. Caballero
Alp Simsek

Complexity and Financial Panics
w14961 Juan Carlos Gozzi
Ross Levine
Sergio L. Schmukler

Patterns of International Capital Raisings
w14971 Roger K. Loh
René M. Stulz

When are Analyst Recommendation Changes Influential?
w14944 Gary B. Gorton
Lixin Huang
Qiang Kang

The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover
w14931 Söhnke M. Bartram
Gregory Brown
René M. Stulz

Why Do Foreign Firms Have Less Idiosyncratic Risk than U.S. Firms?
w14932 Joseph Golec
John Vernon

What's the "Interest" in FDA Drug Advisory Committee Conflicts of Interest?
w14913 David S. Bates
U.S. Stock Market Crash Risk, 1926-2006
w14881 Richard A. Lambert
Christian Leuz
Robert E. Verrecchia

Information Asymmetry, Information Precision, and the Cost of Capital
w14889 Zhi Da
Re-Jin Guo
Ravi Jagannathan

CAPM for Estimating the Cost of Equity Capital: Interpreting the Empirical Evidence
w14890 Darren J. Kisgen
Philip E. Strahan

Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital?
w14892 Eric Hilt
Wall Street's First Corporate Governance Crisis: The Panic of 1826
w14897 Christian Leuz
Catherine Schrand

Disclosure and the Cost of Capital: Evidence from Firms' Responses to the Enron Shock
w14898 Veronica Guerrieri
Péter Kondor

Fund Managers, Career Concerns, and Asset Price Volatility
w14903 Jennifer Huang
Clemens Sialm
Hanjiang Zhang

Risk Shifting and Mutual Fund Performance
w14904 Barry Eichengreen
Ashoka Mody
Milan Nedeljkovic
Lucio Sarno

How the Subprime Crisis Went Global: Evidence from Bank Credit Default Swap Spreads
w14859 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?
w14863 Simon Gilchrist
Vladimir Yankov
Egon Zakrajsek

Credit Market Shocks and Economic Fluctuations: Evidence from Corporate Bond and Stock Markets
w14866 John Y. Campbell
Stefano Giglio
Parag Pathak

Forced Sales and House Prices
w14871 Francis A. Longstaff
Brett Myers

Valuing Toxic Assets: An Analysis of CDO Equity
w14843 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Financial Openness and Productivity
w14845 Patrick Bolton
Hui Chen
Neng Wang

A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
w14848 Hui Chen
Jianjun Miao
Neng Wang

Entrepreneurial Finance and Non-diversifiable Risk
w14813 Ulrike Malmendier
Stefan Nagel

Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?
w14814 Ravi Bansal
Ivan Shaliastovich

Learning and Asset-Price Jumps
w14815 Ravi Bansal
Ivan Shaliastovich

Confidence Risk and Asset Prices
w14821 Joshua Aizenman
Gurnain Kaur Pasricha

Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation
w14802 Geert Bekaert
Campbell R. Harvey
Christian Lundblad
Stephan Siegel

What Segments Equity Markets?
w14804 Turan G. Bali
Nusret Cakici
Robert F. Whitelaw

Maxing Out: Stocks as Lotteries and the Cross-Section of Expected Returns
w14788 Jason Beeler
John Y. Campbell

The Long-Run Risks Model and Aggregate Asset Prices: An Empirical Assessment
w14772 Lars Ljungqvist
Harald Uhlig

Optimal Endowment Destruction under Campbell-Cochrane Habit Formation
w14757 Lubos Pastor
Robert F. Stambaugh

Are Stocks Really Less Volatile in the Long Run?
w14760 Robert J. Barro
José F. Ursúa

Stock-Market Crashes and Depressions
w14733 Jung-Wook Kim
Jason Lee
Randall Morck

Characteristics of Observed Limit Order Demand and Supply Schedules for Individual Stocks
w14734 Pierpaolo Benigno
Salvatore Nisticò

International Portfolio Allocation under Model Uncertainty
w14735 Reint Gropp
Anil Kashyap

A New Metric for Banking Integration in Europe
w14691 Maurice Obstfeld
International Finance and Growth in Developing Countries: What Have We Learned?
w14699 Laurent E. Calvet
John Y. Campbell
Paolo Sodini

Measuring the Financial Sophistication of Households
w14701 John Y. Campbell
Adi Sunderam
Luis M. Viceira

Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds
w14678 Frederic S. Mishkin
Is Monetary Policy Effective During Financial Crises?
w14687 Francis A. Longstaff
Municipal Debt and Marginal Tax Rates: Is there a Tax Premium in Asset Prices?
w14688 Ricardo J. Caballero
Arvind Krishnamurthy

Global Imbalances and Financial Fragility
w14698 Martin Lettau
Jessica A. Wachter

The Term Structures of Equity and Interest Rates
w14665 Jonathan A. Parker
Annette Vissing-Jorgensen

Who Bears Aggregate Fluctuations and How?
w14669 Monika Piazzesi
Martin Schneider

Momentum traders in the housing market: survey evidence and a search model
w14649 Gary B. Gorton
Information, Liquidity, and the (Ongoing) Panic of 2007
w14625 Patrick Bajari
Chenghuan Sean Chu
Minjung Park

An Empirical Model of Subprime Mortgage Default From 2000 to 2007
w14629 Bernard Dumas
Andrew Lyasoff

Incomplete-Market Equilibria Solved Recursively on an Event Tree
w14602 Matthew J. Higgins
Paula E. Stephan
Jerry G. Thursby

Conveying Quality and Value in Emerging Industries: Star Scientists and the Role of Learning in Biotechnology
w14609 Zhi Da
Pengjie Gao
Ravi Jagannathan

Informed Trading, Liquidity Provision, and Stock Selection by Mutual Funds
w14581 Robert E. Hall
Equity Depletion from Government-Guaranteed Debt
w14583 Zoran Ivkovich
Scott Weisbenner

Individual Investor Mutual-Fund Flows
w14597 Richard M. Levich
Valerio Poti

Predictability and 'Good Deals' in Currency Markets
w14544 George M. Constantinides
Jens Carsten Jackwerth
Stylianos Perrakis

Mispricing of S&P 500 Index Options
w14571 Miguel A. Ferreira
Pedro Santa-Clara

Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole
w14518 Kimie Harada
Takatoshi Ito

Did Mergers Help Japanese Mega-Banks Avoid Failure? Analysis of the Distance to Default of Banks
w14543 George M. Constantinides
Anisha Ghosh

Asset Pricing Tests with Long Run Risks in Consumption Growth
w14523 Dimitri Vayanos
Paul Woolley

An Institutional Theory of Momentum and Reversal
w14525 Thomas J. Brennan
Andrew W. Lo

Impossible Frontiers
w14528 Stephen Gilmore
Fumio Hayashi

Emerging Market Currency Excess Returns
w14496 Andrew Ang
Vineer Bhansali
Yuhang Xing

Taxes on Tax-Exempt Bonds
w14500 Benjamin Chabot
Eric Ghysels
Ravi Jagannathan

Price Momentum In Stocks: Insights From Victorian Age Data
w14473 Markus K. Brunnermeier
Stefan Nagel
Lasse H. Pedersen

Carry Trades and Currency Crashes
w14476 Alberto Giovannini
Why the European Securities Market is Not Fully Integrated
w14463 Jens H.E. Christensen
Francis X. Diebold
Glenn D. Rudebusch

An Arbitrage-Free Generalized Nelson-Siegel Term Structure Model
w14465 Amir E. Khandani
Andrew W. Lo

What Happened To The Quants In August 2007?: Evidence from Factors and Transactions Data
w14440 Nicholas C. Barberis
Wei Xiong

Realization Utility
w14411 Anthony W. Lynch
Jessica A. Wachter

Using Samples of Unequal Length in Generalized Method of Moments Estimation
w14422 Asaf Bernstein
Eric Hughson
Marc D. Weidenmier

Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed
w14424 Geetesh Bhardwaj
Gary B. Gorton
K. Geert Rouwenhorst

Fooling Some of the People All of the Time: The Inefficient Performance and Persistence of Commodity Trading Advisors
w14427 Alexander W. Blocker
Laurence J. Kotlikoff
Stephen A. Ross

The True Cost of Social Security
w14401 Takeo Hoshi
Anil K. Kashyap

Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan
w14398 Gary B. Gorton
The Subprime Panic
w14377 Paul W. Rhode
Koleman Strumpf

Historical Political Futures Markets: An International Perspective
w14378 William A. Brock
Charles F. Manski

Competitive Lending with Partial Knowledge of Loan Repayment
w14386 Jessica Wachter
Can Time-Varying Risk of Rare Disasters Explain Aggregate Stock Market Volatility?
w14366 Zhiguo He
Arvind Krishnamurthy

A Model of Capital and Crises
w14341 Josh Lerner
Antoinette Schoar
Jialan Wang

Secrets of the Academy: The Drivers of University Endowment Success
w14342 Dongmei Li
Lu Zhang

Costly External Finance: Implications for Capital Markets Anomalies
w14343 Robert Novy-Marx
Joshua D. Rauh

The Intergenerational Transfer of Public Pension Promises
w14351 Rajnish Mehra
Facundo Piguillem
Edward C. Prescott

Costly Financial Intermediation in Neoclassical Growth Theory
w14355 Momtchil Pojarliev
Richard M. Levich

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers
w14340 Isaac Ehrlich
William A. Hamlen Jr.
Yong Yin

Asset Management, Human Capital, and the Market for Risky Assets
w14332 Raimond Maurer
Olivia S. Mitchell
Ralph Rogalla

Managing Contribution and Capital Market Risk in a Funded Public Defined Benefit Plan: Impact of CVaR Cost Constraints
w14299 Xavier Gabaix
Power Laws in Economics and Finance
w14290 Gerard Hoberg
Gordon M. Phillips

Real and Financial Industry Booms and Busts
w14269 Francis X. Diebold
Kamil Yilmaz

Macroeconomic Volatility and Stock Market Volatility, Worldwide
w14243 Lars Peter Hansen
Modeling the Long Run: Valuation in Dynamic Stochastic Economies
w14245 Craig Doidge
G. Andrew Karolyi
René M. Stulz

Why Do Foreign Firms Leave U.S. Equity Markets?
w14210 Dwight Jaffee
Howard Kunreuther
Erwann Michel-Kerjan

Long Term Insurance (LTI) for Addressing Catastrophe Risk
w14218 René M. Stulz
Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization
w14219 Robert E. Hall
Susan E. Woodward

The Burden of the Nondiversifiable Risk of Entrepreneurship
w14204 Willem H. Buiter
Housing Wealth Isn't Wealth
w14205 Hui Tong
Shang-Jin Wei

Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?
w14193 Edward L. Glaeser
Joseph Gyourko
Albert Saiz

Housing Supply and Housing Bubbles
w14177 Laurent E. Calvet
John Y. Campbell
Paolo Sodini

Fight or Flight? Portfolio Rebalancing by Individual Investors
w14180 Alexander Ljungqvist
Matthew Richardson
Daniel Wolfenzon

The Investment Behavior of Buyout Funds: Theory and Evidence
w14172 Harald Hau
Helene Rey

Home Bias at the Fund Level
w14169 Jon Faust
Jonathan H. Wright

Efficient Prediction of Excess Returns
w14158 Paul Asquith
Rebecca Oman
Christopher Safaya

Short Sales and Trade Classification Algorithms
w14160 Yuko Hashimoto
Takatoshi Ito
Takaaki Ohnishi
Misako Takayasu
Hideki Takayasu
Tsutomu Watanabe

Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability
w14165 Harald Hau
Hélène Rey

Global Portfolio Rebalancing Under the Microscope
w14140 Ulrike Malmendier
Geoffrey Tate

Superstar CEOs
w14144 Joost Driessen
Tse-Chun Lin
Ludovic Phalippou

A New Method to Estimate Risk and Return of Non-Traded Assets from Cash Flows: The Case of Private Equity Funds
w14111 Robin Greenwood
Stefan Nagel

Inexperienced Investors and Bubbles
w14113 Luc Laeven
Ross Levine

Bank Governance, Regulation, and Risk Taking
w14119 Ricardo Lagos
Guillaume Rocheteau
Pierre-Olivier Weill

Crashes and Recoveries in Illiquid Markets
w14083 Christopher J. Mayer
Karen Pence

Subprime Mortgages: What, Where, and to Whom?
w14094 Ian Ayres
Barry J. Nalebuff

Life-cycle Investing and Leverage: Buying Stock on Margin Can Reduce Retirement Risk
w14082 Hanno Lustig
Nikolai Roussanov
Adrien Verdelhan

Common Risk Factors in Currency Markets
w14078 Olivia S. Mitchell
John Piggott
Cagri Kumru

Managing Public Investment Funds: Best Practices and New Challenges
w14055 Wolfram J. Horneff
Raimond H. Maurer
Olivia S. Mitchell
Michael Z. Stamos

Asset Allocation and Location over the Life Cycle with Survival-Contingent Payouts
w14058 Jennifer Huang
Jiang Wang

Market Liquidity, Asset Prices and Welfare
w14068 Nicole M. Boyson
Christof W. Stahel
Rene M. Stulz

Hedge Fund Contagion and Liquidity
w14013 Jennifer Huang
Jiang Wang

Liquidity and Market Crashes
w14015 George-Marios Angeletos
Private Sunspots and Idiosyncratic Investor Sentiment
w14019 Michael D. Bordo
Michael J. Dueker
David C. Wheelock

Inflation, Monetary Policy and Stock Market Conditions
w13973 Lauren Cohen
Andrea Frazzini
Christopher Malloy

Sell Side School Ties
w13976 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

How are Preferences Revealed?
w13940 Robert J. Barro
José F. Ursúa

Macroeconomic Crises since 1870
w13966 Francisco J. Gomes
Laurence J. Kotlikoff
Luis M. Viceira

Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds
w13962 Robert J. Shiller
Derivatives Markets for Home Prices
w13944 Andrew Ang
Matthew Rhodes-Kropf
Rui Zhao

Do Funds-of-Funds Deserve Their Fees-on-Fees?
w13908 Kristin J. Forbes
Why do Foreigners Invest in the United States?
w13904 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Acquisition and Under-Diversification
w13896 Hanno Lustig
Stijn Van Nieuwerburgh
Adrien Verdelhan

The Wealth-Consumption Ratio
w13874 Efraim Benmelech
Nittai K. Bergman

Collateral Pricing
w13884 Woodrow T. Johnson
James M. Poterba

Taxes and Mutual Fund Inflows Around Distribution Dates
w13848 Bruce Lehmann
Arbitrage-free Limit Order Books and the Pricing of Order Flow Risk
w13854 Yacine Aït-Sahalia
Michael W. Brandt

Consumption and Portfolio Choice with Option-Implied State Prices
w13811 Francis X. Diebold
Kamil Yilmaz

Measuring Financial Asset Return and Volatility Spillovers, With Application to Global Equity Markets
w13825 Yacine Ait-Sahalia
Jialin Yu

High Frequency Market Microstructure Noise Estimates and Liquidity Measures
w13804 Lubos Pastor
Robert F. Stambaugh

Predictive Systems: Living with Imperfect Predictors
w13805 Emmanuel Farhi
Xavier Gabaix

Rare Disasters and Exchange Rates
w13806 Robin Greenwood
Dimitri Vayanos

Bond Supply and Excess Bond Returns
w13768 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

Cross-Border Returns Differentials
w13774 Charles Calomiris
Raymond Fisman
Yongxiang Wang

Profiting from Government Stakes in a Command Economy: Evidence from Chinese Asset Sales
w13786 Joseph Chen
Samuel Hanson
Harrison Hong
Jeremy C. Stein

Do Hedge Funds Profit From Mutual-Fund Distress?
w13723 Itay Goldstein
Assaf Razin
Hui Tong

Liquidity, Institutional Quality and the Composition of International Equity Outflows
w13762 Malcolm Baker
Robin Greenwood
Jeffrey Wurgler

Catering Through Nominal Share Prices
w13739 Andrew Ang
Robert J. Hodrick
Yuhang Xing
Xiaoyan Zhang

High Idiosyncratic Volatility and Low Returns: International and Further U.S. Evidence
w13748 Jeffrey R. Brown
Jeffrey R. Kling
Sendhil Mullainathan
Marian V. Wrobel

Why Don't People Insure Late Life Consumption: A Framing Explanation of the Under-Annuitization Puzzle
w13721 Woochan Kim
Taeyoon Sung
Shang-Jin Wei

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?
w13724 Xavier Gabaix
Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance
w13726 Julia Coronado
Olivia S. Mitchell
Steven A. Sharpe
S. Blake Nesbitt

Footnotes Aren't Enough: The Impact of Pension Accounting on Stock Values
w13693 Todd Sinai
Nicholas S. Souleles

Net Worth and Housing Equity in Retirement
w13690 Robert J. Barro
Rare Disasters, Asset Prices, and Welfare Costs
w13658 Francis A. Longstaff
Jun Pan
Lasse H. Pedersen
Kenneth J. Singleton

How Sovereign is Sovereign Credit Risk?
orrc07-07 Wolfgang Kuhle
Alexander Ludwig
Axel Boersch-Supan

Demographic Change, and the Equity Premium
w13639 Guido Lorenzoni
Inefficient Credit Booms
w13650 Dirk Krueger
Hanno Lustig
Fabrizio Perri

Evaluating Asset Pricing Models with Limited Commitment using Household Consumption Data
w13656 James J. Choi
David Laibson
Brigitte C. Madrian

Mental Accounting in Portfolio Choice: Evidence from a Flypaper Effect
w13625 Zhi Da
Pengjie Gao
Ravi Jagannathan

When Does a Mutual Fund's Trade Reveal its Skill?
w13635 Josephine M. Smith
John B. Taylor

The Long and the Short End of the Term Structure of Policy Rules
w13611 Jens H. E. Christensen
Francis X. Diebold
Glenn D. Rudebusch

The Affine Arbitrage-Free Class of: Nelson-Siegel Term Structure Models
w13555 YiLi Chien
Harold Cole
Hanno Lustig

A Multiplier Approach to Understanding the Macro Implications of Household Finance
w13588 Francis X. Diebold
Canlin Li
Vivian Z. Yue

Global Yield Curve Dynamics and Interactions: A Dynamic Nelson-Siegel Approach
w13604 Joseph H. Golec
John A. Vernon

Financial Risk in the Biotechnology Industry
w13558 Robert J. Shiller
Low Interest Rates and High Asset Prices: An Interpretation in Terms of Changing Popular Economic Models
w13560 Thomas Philippon
Financiers vs. Engineers: Should the Financial Sector be Taxed or Subsidized?
w13559 Fernando A. Broner
Alberto Martin
Jaume Ventura

Enforcement Problems and Secondary Markets
w13525 Jin Ginger Wu
Lu Zhang
X. Frank Zhang

Understanding the Accrual Anomaly
w13537 Jeffrey R. Brown
Rational and Behavioral Perspectives on the Role of Annuities in Retirement Planning
w13504 Harrison Hong
Jose A. Scheinkman
Wei Xiong

Advisors and Asset Prices: A Model of the Origins of Bubbles
w13487 Sumit Agarwal
John C. Driscoll
David Laibson

Optimal Mortgage Refinancing: A Closed Form Solution
w13468 Anna Pavlova
Roberto Rigobon

An Asset-Pricing View of External Adjustment
w13458 Michael Greenstone
Is the "Surge" Working? Some New Facts
w13473 Bronwyn H. Hall
Measuring the Returns to R&D: The Depreciation Problem
w13475 George-Marios Angeletos
Guido Lorenzoni
Alessandro Pavan

Wall Street and Silicon Valley: A Delicate Interaction
w13448 Andrew Ang
Sen Dong
Monika Piazzesi

No-Arbitrage Taylor Rules
w13449 Torben G. Andersen
Oleg Bondarenko

Construction and Interpretation of Model-Free Implied Volatility
w13438 Jeffrey R. Brown
Guaranteed Trouble: The Economic Effects of the Pension Benefit Guaranty Corporation
w13423 John Y. Campbell
Estimating the Equity Premium
w13424 Nicolas Coeurdacier
Robert Kollmann
Philippe Martin

International Portfolios with Supply, Demand and Redistributive Shocks
w13427 Siddhartha G. Dastidar
Raymond Fisman
Tarun Khanna

Testing Limits to Policy Reversal: Evidence from Indian Privatizations
w13430 Xavier Gabaix
Linearity-Generating Processes: A Modelling Tool Yielding Closed Forms for Asset Prices
w13435 Joseph P.H. Fan
Randall Morck
Lixin Colin Xu
Bernard Yeung

Institutions and Foreign Investment: China versus the World
w13419 David K. Backus
Jonathan H. Wright

Cracking the Conundrum
w13420 Stefano DellaVigna
Psychology and Economics: Evidence from the Field
w13387 Paola Sapienza
Anna Toldra
Luigi Zingales

Understanding Trust
w13403 Kris James Mitchener
Marc D. Weidenmier

The Baring Crisis and the Great Latin American Meltdown of the 1890s
w13381 James Poterba
Steven Venti
David A. Wise

The Changing Landscape of Pensions in the United States
w13361 Ralph S.J. Koijen
Otto Van Hemert
Stijn Van Nieuwerburgh

Mortgage Timing
w13363 Igor Livshits
James MacGee
Michèle Tertilt

Accounting for the Rise in Consumer Bankruptcies
w13366 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Immobility and the Home Bias Puzzle
w13355 Stefano DellaVigna
Eliana La Ferrara

Detecting Illegal Arms Trade
w13357 A. Craig Burnside
Empirical Asset Pricing and Statistical Power in the Presence of Weak Risk Factors
w13320 Boyan Jovanovic
Bubbles in Prices of Exhaustible Resources
w13337 Miles S. Kimball
Claudia R. Sahm
Matthew D. Shapiro

Imputing Risk Tolerance from Survey Responses
w13281 Mihir A. Desai
Dhammika Dharmapala

Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends
w13282 Long Chen
Lu Zhang

Neoclassical Factors
w13249 Gary B. Gorton
Fumio Hayashi
K. Geert Rouwenhorst

The Fundamentals of Commodity Futures Returns
w13250 Jianjun Miao
Neng Wang

Investment, Consumption, and Hedging under Incomplete Markets
w13251 Rui Albuquerque
Neng Wang

Agency Conflicts, Investment, and Asset Pricing
w13245 Michael F. Gallmeyer
Burton Hollifield
Francisco Palomino
Stanley E. Zin

Arbitrage-Free Bond Pricing with Dynamic Macroeconomic Models
w13220 John Donaldson
Rajnish Mehra

Risk Based Explanations of the Equity Premium
w13189 Malcolm Baker
Jeffrey Wurgler

Investor Sentiment in the Stock Market
w13196 Ravi Bansal
Long-Run Risks and Financial Markets
w13201 Zoran Ivkovich
Scott Weisbenner

Information Diffusion Effects in Individual Investors' Common Stock Purchases Covet Thy Neighbors' Investment Choices
w13173 Pierpaolo Benigno
Portfolio Choices with Near Rational Agents: A Solution of Some International-Finance Puzzles
w13165 Jessica A. Wachter
Missaka Warusawitharana

Predictable Returns and Asset Allocation: Should a Skeptical Investor Time the Market?
w13168 Jeffrey R. Brown
Zoran Ivkovich
Paul A. Smith
Scott Weisbenner

Neighbors Matter: Causal Community Effects and Stock Market Participation
w13169 Jeffrey R. Brown
Nellie Liang
Scott Weisbenner

Individual Account Investment Options and Portfolio Choice: Behavioral Lessons from 401(k) Plans
w13148 Jiandong Ju
Shang-Jin Wei

Domestic Institutions and the Bypass Effect of Financial Globalization
w13151 Martin D. D. Evans
Richard K. Lyons

Exchange Rate Fundamentals and Order Flow
w13118 Laura Alfaro
Andrew Charlton

International Financial Integration and Entrepreneurial Firm Activity
w13121 Lauren Cohen
Andrea Frazzini
Christopher Malloy

The Small World of Investing: Board Connections and Mutual Fund Returns
w13124 Ulrike Malmendier
Devin Shanthikumar

Do Security Analysts Speak in Two Tongues?
w13129 Craig Burnside
The Forward Premium is Still a Puzzle
w13132 Mihir A. Desai
Dhammika Dharmapala

Taxes, Institutions and Foreign Diversification Opportunities
w13101 Kenneth N. Kuttner
Adam S. Posen

Do Markets Care Who Chairs the Central Bank?
w13107 Ravi Bansal
A. Ronald Gallant
George Tauchen

Rational Pessimism, Rational Exuberance, and Asset Pricing Models
w13108 Ravi Bansal
Robert Dittmar
Dana Kiku

Cointegration and Consumption Risks in Asset Returns
w13090 Owen Lamont
Andrea Frazzini

The Earnings Announcement Premium and Trading Volume
w13076 Fernando A. Broner
Guido Lorenzoni
Sergio L. Schmukler

Why Do Emerging Economies Borrow Short Term?
w13079 Craig Doidge
G. Andrew Karolyi
Rene M. Stulz

Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time
w13081 Veronica Cacdac Warnock
Francis E. Warnock

Markets and Housing Finance
w13088 John Y. Campbell
Karine Serfaty-de Medeiros
Luis M. Viceira

Global Currency Hedging
w13067 William Adams
Liran Einav
Jonathan Levin

Liquidity Constraints and Imperfect Information in Subprime Lending
w13056 Robert E. Hall
Susan E. Woodward

The Incentives to Start New Companies: Evidence from Venture Capital
w13042 Jonathan B. Berk
Ian Tonks

Return Persistence and Fund Flows in the Worst Performing Mutual Funds
w13024 Laura X. L. Liu
Toni Whited
Lu Zhang

w12986 Joao F. Gomes
Leonid Kogan
Motohiro Yogo

Durability of Output and Expected Stock Returns
w12990 Kristian R. Miltersen
Eduardo S. Schwartz

Real Options With Uncertain Maturity and Competition
w12957 Monika Piazzesi
Martin Schneider

Inflation Illusion, Credit, and Asset Pricing
w12959 Emmanuel Farhi
Mikhail Golosov
Aleh Tsyvinski

A Theory of Liquidity and Regulation of Financial Intermediation
w12962 Torben G. Andersen
Luca Benzoni

Do Bonds Span Volatility Risk in the U.S. Treasury Market? A Specification test for Affine Term Structure Models
w12963 Torben G. Andersen
Tim Bollerslev
Dobrislav Dobrev

No-Arbitrage Semi-Martingale Restrictions for Continuous-Time Volatility Models subject to Leverage Effects, Jumps and i.i.d. Noise: Theory and Testable Distributional Implications
w12970 Jules H. van Binsbergen
Michael W. Brandt

Optimal Asset Allocation in Asset Liability Management
w12948 Lars Peter Hansen
Beliefs, Doubts and Learning: Valuing Economic Risk
w12953 Kathryn M.E. Dominguez
Freyan Panthaki

The Influence of Actual and Unrequited Interventions
w12937 Fabio Ghironi
Jaewoo Lee
Alessandro Rebucci

The Valuation Channel of External Adjustment
w12930 Andrew Ang
Geert Bekaert
Min Wei

The Term Structure of Real Rates and Expected Inflation
w12933 Eugene N. White
The Crash of 1882, Counterparty Risk, and the Bailout of the Paris Bourse
w12936 Nicholas Barberis
Ming Huang

Stocks as Lotteries: The Implications of Probability Weighting for Security Prices
w12939 Markus K. Brunnermeier
Lasse Heje Pedersen

Market Liquidity and Funding Liquidity
w12940 Markus K. Brunnermeier
Christian Gollier
Jonathan A. Parker

Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns
w12942 Wolfram J. Horneff
Raimond H. Maurer
Olivia S. Mitchell
Michael Z. Stamos

Money in Motion: Dynamic Portfolio Choice in Retirement
w12918 Charles W. Calomiris
Doron Nissim

Activity-Based Valuation of Bank Holding Companies
w12896 Ricardo J. Caballero
Arvind Krishnamurthy

Collective Risk Management in a Flight to Quality Episode
w12897 T. Clifton Green
Narasimhan Jegadeesh
Yue Tang

Gender and Job Performance: Evidence from Wall Street
w12912 Mariano M. Croce
Martin Lettau
Sydney C. Ludvigson

Investor Information, Long-Run Risk, and the Term Structure of Equity
w12887 Nicolae B. Garleanu
Lasse H. Pedersen

Liquidity and Risk Management
w12881 Arvind Krishnamurthy
Annette Vissing-Jorgensen

The Demand for Treasury Debt
w12877 Mark Mitchell
Lasse Heje Pedersen
Todd Pulvino

Slow Moving Capital
w12866 Narasimhan Jegadeesh
Woojin Kim

Do Analysts Herd? An Analysis of Recommendations and Market Reactions
w12842 Jeffrey R. Brown
Scott J. Weisbenner

Who Chooses Defined Contribution Plans?
w12843 Andrew Ang
Jun Liu

Risk, Return and Dividends
w12847 Borja Larrain
Motohiro Yogo

Does Firm Value Move Too Much to be Justified by Subsequent Changes in Cash Flow?
w12814 Lubos Pastor
Robert F. Stambaugh

Predictive Systems: Living with Imperfect Predictors
w12809 Markus K. Brunnermeier
Stefan Nagel

Do Wealth Fluctuations Generate Time-varying Risk Aversion? Micro-Evidence on Individuals' Asset Allocation
w12810 Markus K. Brunnermeier
Christian Julliard

Money Illusion and Housing Frenzies
w12792 Lubos Pastor
Lucian Taylor
Pietro Veronesi

Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability
w12797 Laurent E. Calvet
Adlai J. Fisher

Multifrequency Jump-Diffusions: An Equilibrium Approach
w12781 Wei Xiong
Hongjun Yan

Heterogeneous Expectations and Bond Markets
w12783 Fernando Broner
Alberto Martin
Jaume Ventura

Sovereign Risk and Secondary Markets
w12763 Robert J. Barro
On the Welfare Costs of Consumption Uncertainty
w12766 Hanno Lustig
Stijn Van Nieuwerburgh

Can Housing Collateral Explain Long-Run Swings in Asset Returns?
w12767 Jonathan E. Alevy
Michael S. Haigh
John List

Information Cascades: Evidence from An Experiment with Financial Market Professionals
w12744 Anders B. Trolle
Eduardo S. Schwartz

Unspanned Stochastic Volatility and the Pricing of Commodity Derivatives
w12751 Erik Snowberg
Justin Wolfers
Eric Zitzewitz

Party Influence in Congress and the Economy
w12742 Darius Lakdawalla
George Zanjani

Catastrophe Bonds, Reinsurance, and the Optimal Collateralization of Risk-Transfer
w12724 Dirk Jenter
Katharina Lewellen
Jerold B. Warner

Security Issue Timing: What Do Managers Know, and When Do They Know It?
w12726 Alexander D. Rothenberg
Francis E. Warnock

Sudden Flight and True Sudden Stops
w12728 Eric van Wincoop
Francis E. Warnock

Is Home Bias in Assets Related to Home Bias in Goods?
w12695 Hamid Mehran
Rene M. Stulz

The Economics of Conflicts of Interest in Financial Institutions
w12697 Karen K. Lewis
Is the International Diversification Potential Diminishing? Foreign Equity Inside and Outside the US
w12698 Peter Blair Henry
Capital Account Liberalization: Theory, Evidence, and Speculation
w12682 Takatoshi Ito
Yuko Hashimoto

Price Impacts of Deals and Predictability of the Exchange Rate Movements
w12661 Eugene N. White
Anticipating the Stock Market Crash of 1929: The View from the Floor of the Stock Exchange
w12670 Dimitri Vayanos
Pierre-Olivier Weill

A Search-Based Theory of the On-the-Run Phenomenon
w12650 Lars Peter Hansen
Jose Scheinkman

Long Term Risk: An Operator Approach
w12656 Timothy J. Kehoe
David K. Levine

Bankruptcy and Collateral in Debt Constrained Markets
w12658 Wayne E. Ferson
Sergei Sarkissian
Timothy Simin

Asset Pricing Models with Conditional Betas and Alphas: The Effects of Data Snooping and Spurious Regression
w12659 John Beshears
James J. Choi
David Laibson
Brigitte C. Madrian

Simplification and Saving
w12633 Eduardo S. Schwartz
Claudio Tebaldi

Illiquid Assets and Optimal Portfolio Choice
w12644 Charles Calomiris
Devaluation with Contract Redenomination in Argentina
w12609 Monika Piazzesi
Martin Schneider

Equilibrium Yield Curves
w12614 Christian Hellwig
Guido Lorenzoni

Bubbles and Self-Enforcing Debt
w12622 Charles Calomiris
Thanavut Pornrojnangkool

Relationship Banking and the Pricing of Financial Services
w12589 Hali J. Edison
Francis E. Warnock

Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets
w12555 Dmitry Livdan
Horacio Sapriza
Lu Zhang

Financially Constrained Stock Returns
w12552 John D. Burger
Francis E. Warnock

Local Currency Bond Markets
w12548 John D. Burger
Francis E. Warnock

Foreign Participation in Local Currency Bond Markets
w12513 Michael W. Brandt
David A. Chapman

Linear Approximations and Tests of Conditional Pricing Models
w12489 Craig Burnside
Martin Eichenbaum
Isaac Kleshchelski
Sergio Rebelo

The Returns to Currency Speculation
w12500 John Ammer
Sara B. Holland
David C. Smith
Francis E. Warnock

Look at Me Now: What Attracts U.S. Shareholders?
w12502 Gene Amromin
Jennifer Huang
Clemens Sialm

The Tradeoff Between Mortgage Prepayments and Tax-Deferred Retirement Savings
w12484 M. Ayhan Kose
Eswar Prasad
Kenneth S. Rogoff
Shang-Jin Wei

Financial Globalization: A Reappraisal
w12487 Urban Jermann
The Equity Premium Implied by Production
w12482 Jaume Ventura
Fernando A. Broner

Globalization and Risk Sharing
w12461 Josef Lakonishok
Louis Chan
Stephen G. Dimmock

Benchmarking Money Manager Performance: Issues and Evidence
w12433 Rajnish Mehra
Recursive Competitive Equilibrium
w12434 Rajnish Mehra
The Equity Premium in India
w12419 Stefania Albanesi
Optimal Taxation of Entrepreneurial Capital with Private Information
w12412 Orazio P. Attanasio
Monica Paiella

Intertemporal Consumption Choices, Transaction Costs and Limited Participation to Financial Markets: Reconciling Data and Theory
w12413 Takatoshi Ito
Yuko Hashimoto

Intra-Day Seasonality in Activities of the Foreign Exchange Markets: Evidence From the Electronic Broking System
w12389 Bong-Chan Kho
René M. Stulz
Francis E. Warnock

Financial Globalization, Governance, and the Evolution of the Home Bias
w12391 Courtney Coile
Kevin Milligan

How Household Portfolios Evolve After Retirement: The Effect of Aging and Health Shocks
w12397 Nicholas Barberis
Wei Xiong

What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation
w12367 Leora Friedberg
Anthony Webb

Determinants and Consequences of Bargaining Power in Households
w12376 Alessandro Beber
Michael W. Brandt
Kenneth A. Kavajecz

Flight-to-Quality or Flight-to-Liquidity? Evidence From the Euro-Area Bond Market
w12378 Nicholas Barberis
Ming Huang

The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle
w12360 Jonathan Lewellen
Stefan Nagel
Jay Shanken

A Skeptical Appraisal of Asset-Pricing Tests
w12362 John Y. Campbell
Jens Hilscher
Jan Szilagyi

In Search of Distress Risk
w12346 Charles P. Thomas
Francis E. Warnock
Jon Wongswan

The Performance of International Equity Portfolios
w12330 Miki Kohara
Charles Yuji Horioka

Do Borrowing Constraints Matter? An Analysis of Why the Permanent Income Hypothesis Does Not Apply in Japan
w12333 Elias Papaioannou
Richard Portes
Gregorios Siourounis

Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar
w12337 Anders B. Trolle
Eduardo S. Schwartz

A General Stochastic Volatility Model for the Pricing and Forecasting of Interest Rate Derivatives
w12342 Zhonglan Dai
Edward Maydew
Douglas A. Shackelford
Harold H. Zhang

Capital Gains Taxes and Asset Prices: Capitalization or Lock-In?
w12343 William O. Brown
J. Harold Mulherin
Marc D. Weidenmier

Competing With the NYSE
w12308 Urban Jermann
Vincenzo Quadrini

Financial Innovations and Macroeconomic Volatility
w12309 Paul Willen
Felix Kubler

Collateralized Borrowing and Life-Cycle Portfolio Choice
w12290 Andrew B. Abel
Equity Premia with Benchmark Levels of Consumption: Closed-Form Results
w12295 Michelle Lowry
Micah S. Officer
G. William Schwert

The Variability of IPO Initial Returns
w12270 Alessandro Beber
Michael W. Brandt

Resolving Macroeconomic Uncertainty in Stock and Bond Markets
w12276 Mihir A. Desai
C. Fritz Foley
James R. Hines Jr.

Capital Structure with Risky Foreign Investment
w12283 Bernardo S. de M. Carvalho
Márcio G.P. Garcia

Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties
w12256 James Dow
Gary Gorton

Noise Traders
w12247 Geert Bekaert
Eric Engstrom
Steven R. Grenadier

Stock and Bond Returns with Moody Investors
w12248 Geert Bekaert
Eric Engstrom
Yuhang Xing

Risk, Uncertainty and Asset Prices
w12210 Francis A. Longstaff
Arvind Rajan

An Empirical Analysis of the Pricing of Collateralized Debt Obligations
w12214 Charles Engel
Akito Matsumoto

Portfolio Choice in a Monetary Open-Economy DSGE Model
w12220 Fang Cai
Francis E. Warnock

International Diversification at Home and Abroad
w12223 Mark Grinblatt
Matti Keloharju

Sensation Seeking, Overconfidence, and Trading Activity
w12233 Viviana Fernandez
The International CAPM and a Wavelet-Based Decomposition of Value at Risk
w12234 Evan Gatev
Til Schuermann
Philip E. Strahan

Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions
w12200 Justin Wolfers
Eric Zitzewitz

Interpreting Prediction Market Prices as Probabilities
w12203 Andrew Ang
Li Gu
Yael V. Hochberg

Is IPO Underperformance a Peso Problem?
w12204 John Y. Campbell
Yves Nosbusch

Intergenerational Risksharing and Equilibrium Asset Prices
w12183 Long Chen
Ralitsa Petkova
Lu Zhang

The Expected Value Premium
w12144 Jules H. van Binsbergen
Michael W. Brandt
Ralph S.J. Koijen

Optimal Decentralized Investment Management
w12146 Clemens Sialm
Investment Taxes and Equity Returns
w12149 John Y. Campbell
Household Finance
w12138 Eugene N. White
Bubbles and Busts: The 1990s in the Mirror of the 1920s
w12098 Wayne E. Ferson
Andrew F. Siegel

Testing Portfolio Efficiency with Conditioning Information
w12107 Patrick Bolton
Jose Scheinkman
Wei Xiong

Pay for Short-Term Performance: Executive Compensation in Speculative Markets
w12109 Martin Lettau
Stijn Van Nieuwerburgh

Reconciling the Return Predictability Evidence
w12073 Erik Snowberg
Justin Wolfers
Eric Zitzewitz

Partisan Impacts on the Economy: Evidence from Prediction Markets and Close Elections
w12083 Justin Wolfers
Eric Zitzewitz

Prediction Markets in Theory and Practice
w12084 Gary Gorton
Ping He

Agency-Based Asset Pricing
w12090 Nicole M. Boyson
Christof W. Stahel
Rene M. Stulz

Is There Hedge Fund Contagion?
w12055 Jay Shanken
Guofu Zhou

Estimating and Testing Beta Pricing Models: Alternative Methods and their Performance in Simulations
w12060 Justin Wolfers
Eric Zitzewitz

Five Open Questions About Prediction Markets
w12020 Darrell Duffie
Nicolae Garleanu
Lasse Heje Pedersen

Valuation in Over-the-Counter Markets
w12026 John H. Cochrane
The Dog That Did Not Bark: A Defense of Return Predictability
w12042 Steven R. Grenadier
Neng Wang

Investment Under Uncertainty and Time-Inconsistent Preferences
w11996 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

An Equilibrium Model of "Global Imbalances" and Low Interest Rates
w12000 Murray Carlson
Zeigham Khokher
Sheridan Titman

Equilibrium Exhaustible Resource Price Dynamics
w12011 J. Bradford DeLong
Konstantin Magin

A Short Note on the Size of the Dot-Com Bubble
w12017 Jakub W. Jurek
Luis M. Viceira

Optimal Value and Growth Tilts in Long-Horizon Portfolios
w11984 Leora Friedberg
Anthony Webb

Life is Cheap: Using Mortality Bonds to Hedge Aggregate Mortality Risk
w11989 Justin Wolfers
Diagnosing Discrimination: Stock Returns and CEO Gender
w11941 Lubos Pastor
Meenakshi Sinha
Bhaskaran Swaminathan

Estimating the Intertemporal Risk-Return Tradeoff Using the Implied Cost of Capital
w11959 Alan J. Auerbach
Kevin A. Hassett

Dividend Taxes and Firm Valuation: New Evidence
w11974 James Poterba
Joshua Rauh
Steven Venti
David Wise

Lifecycle Asset Allocation Strategies and the Distribution of 401(k) Retirement Wealth
w11929 Refet Gurkaynak
Justin Wolfers

Macroeconomic Derivatives: An Initial Analysis of Market-Based Macro Forecasts, Uncertainty, and Risk
w11912 Rene M. Stulz
Financial Globalization, Corporate Governance, and Eastern Europe
w11894 Ross Levine
Sergio Schmukler

Internationalization and Stock Market Liquidity
w11903 Andrew Ang
Joseph Chen

CAPM Over the Long Run: 1926-2001
w11906 Geert Bekaert
Robert J. Hodrick
Xiaoyan Zhang

International Stock Return Comovements
w11864 Jaime Casassus
Pierre Collin-Dufresne
Bryan R. Routledge

Equilibrium Commodity Prices with Irreversible Investment and Non-Linear Technology
w11868 Farley Grubb
The Net Asset Position of the U.S. National Government, 1784-1802: Hamilton's Blessing or the Spoils of War?
w11876 Lubos Pastor
Pietro Veronesi

Technological Revolutions and Stock Prices
w11882 Owen A. Lamont
Jeremy C. Stein

Investor Sentiment and Corporate Finance: Micro and Macro
w11834 Ricardo Caballero
Arvind Krishnamurthy

Financial System Risk and Flight to Quality
w11838 Sendhil Mullainathan
Andrei Shleifer

Persuasion in Finance
w11840 Jacob Boudoukh
Matthew Richardson
Robert Whitelaw

The Information in Long-Maturity Forward Rates: Implications for Exchange Rates and the Forward Premium Anomaly
w11841 Jacob Boudoukh
Matthew Richardson
Robert Whitelaw

The Myth of Long-Horizon Predictability
w11843 Nicolae Garleanu
Lasse Heje Pedersen
Allen M. Poteshman

Demand-Based Option Pricing
w11850 Axel Boersch-Supan
Alexander Ludwig
Joachim Winter

Aging, Pension Reform, and Capital Flows: A Multi-Country Simulation Model
w11851 Xavier Gabaix
Arvind Krishnamurthy
Olivier Vigneron

Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market
w11816 Tano Santos
Pietro Veronesi

Cash-Flow Risk, Discount Risk, and the Value Premium
w11824 Andrew Ang
Joseph Chen
Yuhang Xing

Downside Risk
w11803 Bernard Dumas
Alexander Kurshev
Raman Uppal

What Can Rational Investors Do About Excessive Volatility and Sentiment Fluctuations?
w11756 Clemens Sialm
Tax Changes and Asset Pricing: Time-Series Evidence
w11766 Marcin Kacperczyk
Clemens Sialm
Lu Zheng

Unobserved Actions of Mutual Funds
w11769 Kathryn Dominguez
Freyan Panthaki

What Defines "News" in Foreign Exchange Markets?
w11775 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold

Roughing it Up: Including Jump Components in the Measurement, Modeling and Forecasting of Return Volatility
w11722 Xavier Gabaix
Parameswaran Gopikrishnan
Vasiliki Plerou
H. Eugene Stanley

Institutional Investors and Stock Market Volatility
w11728 Raghuram G. Rajan
Has Financial Development Made the World Riskier?
w11736 Sean D. Campbell
Francis X. Diebold

Stock Returns and Expected Business Conditions: Half a Century of Direct Evidence
w11747 Henry Hongbo Jin
Olivia S. Mitchell
John Piggott

Socially Responsible Investment in Japanese Pensions
w11748 Martin D. D. Evans
Richard K. Lyons

Understanding Order Flow
w11701 Martin D. D. Evans
Viktoria Hnatkovska

International Capital Flows, Returns and World Financial Integration
w11703 Sydeny C. Ludvigson
Serena Ng

Macro Factors in Bond Risk Premia
w11713 William H. Branson
Conor N. Healy

Monetary and Exchange Rate Policy Coordination in ASEAN 1
w11697 Kee-Hong Bae
Rene M. Stulz
Hongping Tan

Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts
w11698 Philipp Hartmann
Stefan Straetmans
Casper G. De Vries

Banking System Stability: A Cross-Atlantic Perspective
t0318 Martin D. D. Evans
Viktoria Hnatkovska

Solving General Equilibrium Models with Incomplete Markets and Many Assets
w11683 Stefano DellaVigna
Joshua Pollet

Investor Inattention, Firm Reaction, and Friday Earnings Announcements
w11687 Hanno Lustig
Christopher Sleet
Sevin Yeltekin

Fiscal Hedging and the Yield Curve
w11691 Enrique G. Mendoza
Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
orrc05-04 Axel Boersch-Supan
Alexander Ludwig
Joachim Winter

Aging, Pension Reform, and Capital Flows: A Multi-Country Simulation Model
w11633 Philippe Bacchetta
Eric van Wincoop

Rational Inattention: A Solution to the Forward Discount Puzzle
w11643 Charles Himmelberg
Christopher Mayer
Todd Sinai

Assessing High House Prices: Bubbles, Fundamentals, and Misperceptions
w11618 Ricardo J. Caballero
Arvind Krishnamurthy

Bubbles and Capital Flow Volatility: Causes and Risk Management
w11606 Martin Lettau
Sydney C. Ludvigson

Euler Equation Errors
w11559 Jessica A. Wachter
Solving Models with External Habit
w11564 Hanno Lustig
Stijn Van Nieuwerburgh

The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street
w11579 Bernadette A. Minton
René Stulz
Rohan Williamson

How Much Do Banks Use Credit Derivatives to Reduce Risk?
w11554 James J. Choi
David Laibson
Brigitte C. Madrian

$100 Bills on the Sidewalk: Suboptimal Investment in 401(k) Plans
w11534 John Y. Campbell
João F. Cocco

How Do House Prices Affect Consumption? Evidence From Micro Data
w11509 Leonid Kogan
Dmitry Livdan
Amir Yaron

Futures Prices in a Production Economy with Investment Constraints
w11526 Andrea Frazzini
Owen A. Lamont

Dumb Money: Mutual Fund Flows and the Cross-Section of Stock Returns
w11533 Bruce N. Lehmann
Notes for a Contingent Claims Theory of Limit Order Markets
w11488 Harrison Hong
Jeffrey D. Kubik
Jeremy C. Stein

The Only Game in Town: Stock-Price Consequences of Local Bias
w11472 Kris James Mitchener
Marc D. Weidenmier

Supersanctions and Sovereign Debt Repayment
w11476 Lars Peter Hansen
John Heaton
Nan Li

Consumption Strikes Back?: Measuring Long-Run Risk
w11477 Sydney C. Ludvigson
Serena Ng

The Empirical Risk-Return Relation: A Factor Analysis Approach
w11480 Laura X.L. Liu
Jerold B. Warner
Lu Zhang

Momentum Profits and Macroeconomic Risk
w11449 Alan J. Auerbach
Kevin A. Hassett

The 2003 Dividend Tax Cuts and the Value of the Firm: An Event Study
w11452 Raj Chetty
Joseph Rosenberg
Emmanuel Saez

The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can we Learn from the 2003 Dividend Tax Cut?
w11459 Evgeny Lyandres
Le Sun
Lu Zhang

Investment-Based Underperformance Following Seasoned Equity Offerings
w11468 John Y. Campbell
Samuel B. Thompson

Predicting the Equity Premium Out of Sample: Can Anything Beat the Historical Average?
w11439 John Y. Campbell
Tarun Ramadorai
Tuomo O. Vuolteenaho

Caught On Tape: Institutional Order Flow and Stock Returns
w11440 Anna Pavlova
Roberto Rigobon

Wealth Transfers, Contagion, and Portfolio Constraints
w11441 Laurent E. Calvet
Adlai J. Fisher

Multifrequency News and Stock Returns
w11442 Mark Carey
Rene M. Stulz

The Risks of Financial Institutions
w11444 Anna Obizhaeva
Jiang Wang

Optimal Trading Strategy and Supply/Demand Dynamics
w11426 John R. Graham
Campbell R. Harvey
Hai Huang

Investor Competence, Trading Frequency, and Home Bias
w11413 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Liquidity and Expected Returns: Lessons From Emerging Markets
w11400 Lin Peng
Wei Xiong

Investor Attention: Overconfidence and Category Learning
w11389 John Y. Campbell
Christopher Polk
Tuomo Vuolteenaho

Growth or Glamour? Fundamentals and Systematic Risk in Stock Returns
w11372 Kristin J. Forbes
The Microeconomic Evidence on Capital Controls: No Free Lunch
w11380 Yacine Ait-Sahalia
Per A. Mykland
Lan Zhang

Ultra High Frequency Volatility Estimation with Dependent Microstructure Noise
w11350 Antonio Geldson de Carvalho
Charles W. Calomiris
Joao Amaro de Matos

Venture Capital as Human Resource Management
w11357 Joshua D. Coval
Erik Stafford

Asset Fire Sales (and Purchases) in Equity Markets
w11361 Manju Puri
David Robinson

Optimism and Economic Choice
w11362 Jianping Mei
Jose Scheinkman
Wei Xiong

Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia
w11367 Harrison Hong
Jose Scheinkman
Wei Xiong

Asset Float and Speculative Bubbles
w11312 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Clara Vega

Real-Time Price Discovery in Stock, Bond and Foreign Exchange Markets
w11313 Jeff Dominitz
Charles F. Manski

Measuring and Interpreting Expectations of Equity Returns
w11323 Murillo Campello
Long Chen
Lu Zhang

Expected Returns, Yield Spreads, and Asset Pricing Tests
w11326 Naiping Lu
Lu Zhang

The Value Spread as a Predictor of Returns
w11276 Michael Gallmeyer
Burton Hollifield
Stanley E. Zin

Taylor Rules, McCallum Rules and the Term Structure of Interest Rates
w11280 Mitchell A. Petersen
Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches
w11270 Cade Massey
Richard Thaler

Overconfidence vs. Market Efficiency in the National Football League
w11243 Andrew W. Lo
Dmitry V. Repin
Brett N. Steenbarger

Fear and Greed in Financial Markets: A Clinical Study of Day-Traders
w11247 Luca Benzoni
Pierre Collin-Dufresne
Robert S. Goldstein

Portfolio Choice over the Life-Cycle in the Presence of 'Trickle Down' Labor Income
w11220 Richard K. Lyons
Michael J. Moore

An Information Approach to International Currencies
w11222 Claude B. Erb
Campbell R. Harvey

The Tactical and Strategic Value of Commodity Futures
w11200 Nicholas Chan
Mila Getmansky
Shane M. Haas
Andrew W. Lo

Systemic Risk and Hedge Funds
w11211 Stefano DellaVigna
Joshua M. Pollet

Attention, Demographics, and the Stock Market
w11214 Genevieve Boyreau-Debray
Shang-Jin Wei

Pitfalls of a State-Dominated Financial System: The Case of China
w11180 George-Marios Angeletos
w11188 Torben G. Andersen
Tim Bollerslev
Peter F. Christoffersen
Francis X. Diebold

Volatility Forecasting
w11193 John Cochrane
Financial Markets and the Real Economy
w11162 Craig Doidge
G. Andrew Karolyi
Karl V. Lins
Darius P. Miller
Rene M. Stulz

Private Benefits of Control, Ownership, and the Cross-Listing Decision
w11169 Peter Hecht
Tuomo Vuolteenaho

Explaining Returns with Cash-Flow Proxies
w11144 Martin Lettau
Jessica Wachter

Why is Long-Horizon Equity Less Risky? A Duration-Based Explanation of the Value Premium
w11116 Ali Hortacsu
Samita Sareen

Order Flow and the Formation of Dealer Bids: Information Flows and Strategic Behavior in the Government of Canada Securities Auctions
w11119 John Y. Campbell
Luis Viceira

The Term Structure of the Risk-Return Tradeoff
w11122 George M. Constantinides
John B. Donaldson
Rajnish Mehra

Junior is Rich: Bequests as Consumption
w11134 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Jin (Ginger) Wu

A Framework for Exploring the Macroeconomic Determinants of Systematic Risk
w11136 Josh Lerner
Antoinette Schoar
Wan Wong

Smart Institutions, Foolish Choices? The Limited Partner Performance Puzzle
w11089 Francis X. Diebold
Monika Piazzesi
Glenn Rudebusch

Modeling Bond Yields in Finance and Macroeconomics
w11067 Michelle Hanlon
Terry Shevlin

Bank-Tax Conformity for Corporate Income: An Introduction to the Issues
w11069 Torben G. Andersen
Tim Bollerslev
Peter F. Christoffersen
Francis X. Diebold

Practical Volatility and Correlation Modeling for Financial Market Risk Management
w11070 Rene M. Stulz
The Limits of Financial Globalization
w11082 Bart Lambrecht
Stewart C. Myers

A Theory of Takeovers and Disinvestment
w11037 Philippe Jorion
Bank Trading Risk and Systemic Risk
w11041 Martin D.D. Evans
Richard K. Lyons

Do Currency Markets Absorb News Quickly?
w11042 Martin D.D. Evans
Richard K. Lyons

Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting
w11018 Randolph B. Cohen
Christopher Polk
Tuomo Vuolteenaho

Money Illusion in the Stock Market: The Modigliani-Cohn Hypothesis
w11020 Wayne E. Ferson
Andrew F. Siegel
Pisun (Tracy) Xu

Mimicking Portfolios with Conditioning Information
w11021 Wayne E. Ferson
Andrea Heuson
Tie Su

Weak and Semi-Strong Form Stock Return Predictability Revisited
w11023 Ross Levine
Sergio L. Schmukler

Internationalization and the Evolution of Corporate Valuation
w11026 Ravi Jagannathan
Yong Wang

Consumption Risk and the Cost of Equity Capital
w11033 Menzie D. Chinn
Michael LeBlanc
Olivier Coibion

The Predictive Content of Energy Futures: An Update on Petroleum, Natural Gas, Heating Oil and Gasoline
w11010 Anthony W. Lynch
Sinan Tan

Labor Income Dynamics at Business-Cycle Frequencies: Implications for Portfolio Choice
w11011 David J. Brophy
Paige P. Ouimet
Clemens Sialm

PIPE Dreams? The Performance of Companies Issuing Equity Privately
w11015 George-Marios Angeletos
Ivan Werning

Crises and Prices: Information Aggregation, Multiplicity and Volatility
w10970 Raj Chetty
Adam Szeidl

Consumption Commitments and Habit Formation
w10990 Geert Bekaert
Campbell R. Harvey
Christian Lundblad
Stephan Siegel

Global Growth Opportunities and Market Integration
w10994 Anthony W. Lynch
Sinan Tan

Explaining the Magnitude of Liquidity Premia: The Roles of Return Predictability, Wealth Shocks and State-Dependent Transaction Costs
w10996 Michael W. Brandt
Pedro Santa-Clara
Rossen Valkanov

Parametric Portfolio Policies: Exploiting Characteristics in the Cross Section of Equity Returns
w10978 Mihir A. Desai
Alexander Dyck
Luigi Zingales

Theft and Taxes
w10981 Charles Engel
Some New Variance Bounds for Asset Prices
w10982 Philip E. Strahan
Evan Gatev
Til Schuermann

How do Banks Manage Liquidity Risk? Evidence from Equity and Deposit Markets in the Fall of 1998
w10934 Michael W. Brandt
Amit Goyal
Pedro Santa-Clara
Jonathan Storud

A Simulation Approach to Dynamic Portfolio Choice with an Application to Learning About Return Predictability
w10912 Pedro Santa-Clara
Shu Yan

Jump and Volatility Risk and Risk Premia: A New Model and Lessons from S&P 500 Options
w10913 Eric Ghysels
Pedro Santa-Clara
Rossen Valkanov

There is a Risk-Return Tradeoff After All
w10914 Eric Ghysels
Pedro Santa-Clara
Rossen Valkanov

Predicting Volatility: Getting the Most out of Return Data Sampled at Different Frequencies
w10925 Jun Pan
Allen Poteshman

The Information of Option Volume for Future Stock Prices
w10845 Raghuram G. Rajan
Dollar Shortages and Crises
w10847 Edward J. Kane
Charles Kindleberger
w10850 William M. Gentry
Charles M. Jones
Christopher J. Mayer

Do Stock Prices Really Reflect Fundamental Values? The Case of REITs
w10851 James Poterba
The Impact of Population Aging on Financial Markets
w10852 Andrew Ang
Robert J. Hodrick
Yuhang Xing
Xiaoyan Zhang

The Cross-Section of Volatility and Expected Returns
w10856 Takatoshi Ito
Yuko Hashimoto

Microstructure of the Yen/Dollar Foreign Exchange Market: Patterns of Intra-day Activity Revealed in the Electronic Broking System
w10860 Kevin Milligan
Life-Cycle Asset Accumulation and Allocation in Canada
w10823 Malcolm P. Baker
Ryan Taliaferro
Jeffrey Wurgler

Pseudo Market Timing and Predictive Regressions
w10805 Robert P. Flood
Andrew K. Rose

Estimating the Expected Marginal Rate of Substitution: Exploiting Idiosyncratic Risk
w10812 Ulrike Malmendier
Devin Shanthikumar

Are Investors Naive About Incentives?
w10813 Ulrike Malmendier
Geoffrey Tate

Who Makes Acquisitions? CEO Overconfidence and the Market's Reaction
w10814 Viral V. Acharya
Lasse Heje Pedersen

Asset Pricing with Liquidity Risk
w10816 Darrell Duffie
Nicolae Garleanu
Lasse Heje Pedersen

Over-the-Counter Markets
w10820 Ravi Bansal
Magnus Dahlquist
Campbell R. Harvey

Dynamic Trading Strategies and Portfolio Choice
w10785 Mihir A. Desai
C. Fritz Foley

The Comovement of Returns and Investment Within the Multinational Firm
w10794 Lily Qiu
Ivo Welch

Investor Sentiment Measures
w10755 Markus K. Brunnermeier
Lasse Heje Pedersen

Predatory Trading
w10756 Pierre Collin-Dufresne
Christopher S. Jones
Robert S. Goldstein

Can Interest Rate Volatility be Extracted from the Cross Section of Bond Yields? An Investigation of Unspanned Stochastic Volatility
w10719 John M. Griffin
Federico Nardari
Rene M. Stulz

Stock Market Trading and Market Conditions
w10726 Rene M. Stulz
Craig Doidge
Andrew Karolyi

Why Do Countries Matter So Much for Corporate Governance?
w10729 Kris James Mitchener
Marc D. Weidenmier

Empire, Public Goods, and the Roosevelt Corollary
w10704 Michael D. Bordo
David C. Wheelock

Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms
w10723 Charles Engel
Kenneth D. West

Exchange Rates and Fundamentals
w10675 Zoran Ivkovich
Clemens Sialm
Scott Weisbenner

Portfolio Concentration and the Performance of Individual Investors
w10689 Wayne E. Ferson
Andrea Heuson
Tie Su

Weak and Semi-Strong Form Stock Return Predictability, Revisited
w10650 Li Jin
Robert Merton
Zvi Bobie

Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?
w10651 Jacob Boudoukh
Roni Michaely
Matthew Richardson
Michael Roberts

On the Importance of Measuring Payout Yield: Implications for Empirical Asset Pricing
w10659 Owen Lamont
Go Down Fighting: Short Sellers vs. Firms
w10616 Francis X. Diebold
Glenn D. Rudebusch
S. Boragan Aruoba

The Macroeconomy and the Yield Curve: A Dynamic Latent Factor Approach
w10620 Robert C. Merton
Zvi Bodie

The Design of Financial Systems: Towards a Synthesis of Function and Structure
w10574 Rene M. Stulz
Should We Fear Derivatives?
w10581 Lubos Pastor
Pietro Veronesi

Was There a Nasdaq Bubble in the Late 1990s?
w10595 Gary Gorton
K. Geert Rouwenhorst

Facts and Fantasies about Commodity Futures
w10567 Armando Gomes
Gary Gorton
Leonardo Madureira

SEC Regulation Fair Disclosure, Information, and the Cost of Capital
w10547 Monika Piazzesi
Eric Swanson

Futures Prices as Risk-adjusted Forecasts of Monetary Policy
w10502 Hyuk Choe
Bong-Chan Kho
Rene M. Stulz

Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
w10503 Xiaohong Chen
Sydney C. Ludvigson

Land of Addicts? An Empirical Investigation of Habit-Based Asset Pricing Behavior
w10468 William N. Goetzmann
Vicente Pons-Sanz
S. Abraham Ravid

Soft Information, Hard Sell: The Role of Soft Information in the Pricing of Intellectual Property
w10483 Amit Goval
Ivo Welch

A Comprehensive Look at the Empirical Performance of Equity Premium Prediction
w10458 Marjorie Flavin
Shinobu Nakagawa

A Model of Housing in the Presence of Adjustment Costs: A Structural Interpretation of Habit Persistence
w10453 Li Jin
Stewart C. Myers

R-Squared Around the World: New Theory and New Tests
w10454 James J. Choi
David Laibson
Brigitte C. Madrian
Andrew Metrick

Consumption-Wealth Comovement of the Wrong Sign
w10434 Paul Asquith
Parag A. Pathak
Jay R. Ritter

Short Interest and Stock Returns
w10436 Zoran Ivkovich
Scott Weisbenner

Information Diffusion Effects in Individual Investors' Common Stock Purchases: Covet Thy Neighbors' Investment Choices
w10447 Gopal K. Basak
Ravi Jagannathan
Tongshu Ma

A Jackknife Estimator for Tracking Error Variance of Optimal Portfolios Constructed Using Estimated Inputs1
w10448 Yuko Hashimoto
Takatoshi Ito

High-Frequency Contagion Between the Exchange Rates and Stock Prices
w10449 Malcolm Baker
Jeffrey Wurgler

Investor Sentiment and the Cross-Section of Stock Returns
w10411 Francis A. Longstaff
Financial Claustrophobia: Asset Pricing in Illiquid Markets
w10412 Jonathan Berk
Richard Stanton

A Rational Model of the Closed-End Fund Discount
w10413 Tano Santos
Pietro Veronesi

Conditional Betas
w10418 Francis A. Longstaff
Sanjay Mithal
Eric Neis

Corporate Yield Spreads: Default Risk or Liquidity? New Evidence from the Credit-Default Swap Market
w10419 Jeffrey R. Brown
Nellie Liang
Scott Weisbenner

401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers
w10422 Francis A. Longstaff
Optimal Recursive Refinancing and the Valuation of Mortgage-Backed Securities
w10402 Ben S. Bernanke
Kenneth N. Kuttner

What Explains the Stock Market's Reaction to Federal Reserve Policy?
w10406 Christopher Polk
Samuel Thompson
Tuomo Vuolteenaho

New Forecasts of the Equity Premium
w10388 Jeffrey R. Brown
J. David Cummins
Christopher M. Lewis
Ran Wei

An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance
w10372 Michael W. Brandt
Pedro Santa-Clara

Dynamic Portfolio Selection by Augmenting the Asset Space
w10340 Olivia S. Mitchell
John Piggott

Unlocking Housing Equity in Japan
w10343 William N. Goetzmann
Massimo Massa
Andrei Simonov

Portfolio Diversification and City Agglomeration
w10355 Kenneth A. Froot
Melvyn Teo

Equity Style Returns and Institutional Investor Flows
w10359 Charles F. Manski
Interpreting the Predictions of Prediction Markets
w10327 Dimitri Vayanos
Flight to Quality, Flight to Liquidity, and the Pricing of Risk
w10291 Alan J. Auerbach
How Much Equity Does the Government Hold?
w10259 Jeremy C. Stein
Why Are Most Funds Open-End? Competition and the Limits of Arbitrage
w10263 John Y. Campbell
Tuomo Vuolteenaho

Inflation Illusion and Stock Prices
w10264 Josef Lakonishok
Inmoo Lee
Allen M. Poteshman

Investor Behavior in the Option Market
w10267 Charles Engel
Kenneth D. West

Accounting for Exchange Rate Variability in Present-Value Models When the Discount Factor is Near One
w10270 Martin Lettau
Sydney C. Ludvigson
Jessica A. Wachter

The Declining Equity Premium: What Role Does Macroeconomic Risk Play?
w10235 Jeffrey R. Brown
Zoran Ivkovich
Paul A. Smith
Scott Weisbenner

The Geography of Stock Market Participation: The Influence of Communities and Local Firms
w10236 Raymond Fisman
Inessa Love

Financial Development and Growth in the Short and Long Run
w10245 Philippe Bacchetta
Eric van Wincoop

A Scapegoat Model of Exchange Rate Fluctuations
w10210 Casey B. Mulligan
Robust Aggregate Implications of Stochastic Discount Factor Volatility
w10218 Owen A. Lamont
Jeremy C. Stein

Aggregate Short Interest and Market Valuations
w10228 James J. Choi
David Laibson
Brigitte Madrian
Andrew Metrick

Employees' Investment Decisions about Company Stock
w10202 Susan E. Woodward
Robert E. Hall

Benchmarking the Returns to Venture
w10188 Lee Pinkowitz
Rene M. Stulz
Rohan Williamson

Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?
w10157 Kenneth A. Froot
Paul G. J. O'Connell

The Risk Tolerance of International Investors
w10131 Randolph B. Cohen
Christopher Polk
Tuomo Vuolteenaho

The Price is (Almost) Right
w10141 Sean D. Campbell
Francis X. Diebold

Weather Forecasting for Weather Derivatives
w10150 Robert E. Hall
Corporate Earnings Track the Competitive Benchmark
w10107 Bryan R. Routledge
Stanley E. Zin

Generalized Disappointment Aversion and Asset Prices
w10111 Lan Zhang
Per A. Mykland
Yacine Ait-Sahalia

A Tale of Two Time Scales: Determining Integrated Volatility with Noisy High Frequency Data
w10080 Andrew Ang
Geert Bekaert

How do Regimes Affect Asset Allocation?
w10086 Antonios Sangvinatsos
Jessica A. Wachter

Does the Failure of the Expectations Hypothesis Matter for Long-Term Investors
w10042 Andrew Ang
Jun Liu

How to Discount Cashflows with Time-Varying Expected Returns
w10048 Francis X. Diebold
Canlin Li

Forecasting the Term Structure of Government Bond Yields
w10054 Francis Longstaff
Monika Piazzesi

Corporate Earnings and the Equity Premium
w10018 Martin Uribe
Vivian Z. Yue

Country Spreads and Emerging Countries: Who Drives Whom?
w10026 John Y. Campbell
Motohiro Yogo

Efficient Tests of Stock Return Predictability
w10009 Peter F. Christoffersen
Francis X. Diebold

Financial Asset Returns, Direction-of-Change Forecasting, and Volatility Dynamics
w10013 Harrison Hong
Jeremy C. Stein

Simple Forecasts and Paradigm Shifts
w9988 Raj Chetty
A New Method of Estimating Risk Aversion
w9974 Jonathan Lewellen
Stefan Nagel

The Conditional CAPM does not Explain Asset-Pricing Anamolies
w9951 Sheridan Titman
K.C. John Wei
Feixue Xie

Capital Investments and Stock Returns
w9959 Hanno Lustig
Stijn Van Nieuwerburgh

Housing Collateral, Consumption Insurance and Risk Premia: An Empirical Perpective
w9934 Daron Acemoglu
Simon Johnson

Unbundling Institutions
w9914 Alessandro Beber
Michael W. Brandt

The Effect of Macroeconomic News on Beliefs and Preferences: Evidence from the Options Market
w9915 Yacine Ait-Sahalia
Disentangling Volatility from Jumps
w9927 Hui Guo
Robert F. Whitelaw

Uncovering the Risk-Return Relation in the Stock Market
w9893 H. Henry Cao
Richard K. Lyons
Martin D.D. Evans

Inventory Information
w9894 Patric H. Hendershott
Bryan D. MacGregor

Investor Rationality: Evidence from UK Property Capitalization Rates
w9880 Robert P. Flood
Andrew K. Rose

Financial Integration: A New Methodology and an Illustration
w9882 Rafael La Porta
Florencio Lopez-de-Silane
Andrei Shleifer

What Works in Securities Law?
w9875 Kathryn M.E. Dominguez
When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?
w9848 Martin Lettau
Sydney Ludvigson

Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth Effect on Consumption
w9852 Louis Kaplow
The Value of a Statistical Life and the Coefficient of Relative Risk Aversion
w9858 Lubos Pastor
Pietro Veronesi

Stock Prices and IPO Waves
w9861 Martin B. Haugh
Leonid Kogan
Jiang Wang

Evaluating Portfolio Policies: A Duality Approach
w9806 Mario Draghi
Francesco Giavazzi
Robert C. Merton

Transparency, Risk Management and International Financial Fragility
w9807 Steven Kaplan
Antoinette Schoar

Private Equity Performance: Returns, Persistence and Capital
w9758 James Dow
Gary Gorton
Arvind Krishnamurthy

Equilibrium Asset Prices Under Imperfect Corporate Control
w9759 John Y. Campbell
Joao F. Cocco

Household Risk Management and Optimal Mortgage Choice
w9743 Kent Daniel
Sheridan Titman

Market Reactions to Tangible and Intangible Information
w9711 Harrison Hong
Jeffrey D. Kubik
Jeremy C. Stein

The Neighbor's Portfolio: Word-of-Mouth Effects in the Holdings and Trade of Money Managers
w9674 Richard J. Rendleman
Douglas A. Shackelford

Diversification and the Taxation of Capital Gains and Losses
w9677 Andrew Ang
Angela Maddaloni

Do Demographic Changes Affect Risk Premiums? Evidence from International Data
w9685 Scott Weisbenner
Zoran Ivkovich

Local Does as Local Is: Information Content of the Geography of Individual Investors' Common Stock Investments
w9664 Michael W. Brandt
Francis X. Diebold

A No-Arbitrage Approach to Range-Based Estimation of Return Covariances and Correlations
w9634 Edward J. Kane
Continuing Dangers of Disinformation in Corporate Accounting Reports
w9614 Ross Levine
Sergio L. Schmukler

Migration, Spillovers,and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity
w9605 Martin Lettau
Sydney Ludvigson

Expected Returns and Expected Dividend Growth
w9611 Yacine Ait-Sahalia
Per A. Mykland

How Often to Sample a Continuous-Time Process in the Presence of Market Microstructure Noise
w9587 Andrew Leigh
Justin Wolfers
Eric Zitzewitz

What Do Financial Markets Think of War in Iraq?
w9589 Takatoshi Ito
Kimie Harada

Market Evaluations of Banking Fragility in Japan: Japan Premium, Stock Prices, and Credit Derivatives
w9574 Chen-Chien Hsun
Shih Hui-Tzu

Initial Public Offering and Corporate Governance in China's Transitional Economy
w9582 Raymond Fisman
Inessa Love

Financial Dependence and Growth Revisited
w9583 Raymond Fisman
Inessa Love

Financial Development and the Composition of Industrial Growth
w9555 Kristin J. Forbes
Menzie D. Chinn

A Decomposition of Global Linkages in Financial Markets Over Time
w9538 Jonathan A. Parker
Christian Julliard

Consumption Risk and Cross-Sectional Returns
w9544 Louis K. C. Chan
Jason Karceski
Josef Lakonishok

Analysts' Conflict of Interest and Biases in Earnings Forecasts
w9547 John Y. Campbell
George Chacko
Jorge Rodriguez
Luis M. Viciera

Strategic Asset Allocation in a Continuous-Time VAR Model
w9548 Jonathan A. Parker
Consumption Risk and Expected Stock Returns
w9528 Glenn Ellison
Drew Fudenberg

Knife Edge of Plateau: When Do Market Models Tip?
w9509 John Y. Campbell
Tuomo Vuolteenaho

Bad Beta, Good Beta
w9510 Geert Bekaert
Campbell R. Harvey

Market Integration and Contagion
w9512 Rajnish Mehra
The Equity Premium: Why is it a Puzzle?
w9515 Jacob Boudoukh
Matthew Richardson
YuQing Shen
Robert F. Whitelaw

Do Asset Prices Reflect Fundamentals? Freshly Squeezed Evidence from the OJ Market
w9499 William N. Goetzmann
Massimo Massa

Disposition Matters: Volume, Volatility and Price Impact of a Behavioral Bias
w9481 Rodolfo Martell
Rene M. Stulz

Equity market liberalizations as country IPOs
w9464 Stephen J. Brown
William N. Goetzmann
Bing Liang

Fees on Fees in Funds of Funds
w9465 William N. Goetzmann
Ning Zhu

Rain or Shine: Where is the Weather Effect?
w9470 Stephen J. Brown
William N. Goetzmann
Takato Hiraki
Noriyoshi Shirishi
Masahiro Watanabe

Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows
w9475 Steven R. Grenadier
An Equilibrium Analysis of Real Estate
w9453 Harvey S. Rosen
Stephen Wu

Portfolio Choice and Health Status
w9461 Bruce N. Lehmann
David M. Modest

Diversification and the Optimal Construction of Basis Portfolios
w9434 Leonid Kogan
Stephen Ross
Jiang Wang
Mark Westerfield

The Price Impact and Survival of Irrational Traders
w9441 Wayne E. Ferson
Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance
w9422 Steven D. Levitt
How Do Markets Function? An Empirical Analysis of Gambling on the National Football League
w9423 Eli Ofek
Matthew Richardson
Robert F. Whitelaw

Limited Arbitrage and Short Sales Restrictions: Evidence from the Options Markets
w9392 Christopher S. Jones
Jay Shanken

Mutual Fund Performance with Learning Across Funds
t0286 Yacine Aït-Sahalia
Robert Kimmel

Estimating Affine Multifactor Term Structure Models Using Closed-Form Likelihood Expansions
w9376 Takatoshi Ito
Yuko Hashimoto

High Frequency Contagion of Currency Crises in Asia
w9359 Randolph Cohen
Joshua Coval
Lubos Pastor

Judging Fund Managers by the Company They Keep
w9348 Jeeman Jung
Robert J. Shiller

One Simple Test of Samuelson's Dictum for the Stock Market
w9353 Mark Grinblatt
Jun Liu

Debt Policy, Corporate Taxes, and Discount Rates
w9333 Peter L. Rousseau
Historical Perspectives on Financial Development and Economic Growth
w9344 Stefano Cavaglia
Robert J. Hodrick
Moroz Vadim
Xiaoyan Zhang

Pricing the Global Industry Portfolios
w9331 Steven J. Davis
Felix Kubler
Paul Willen

Borrowing Costs and the Demand for Equity Over the Life Cycle
w9301 Clemens Sialm
Stochastic Taxation and Asset Pricing in Dynamic General Equilibrium
w9262 Dennis R. Capozza
Patric H. Hendershott
Charlotte Mack
Christopher J. Mayer

Determinants of Real House Price Dynamics
w9271 Jeffrey R. Brown
Randall S. Kroszner
Brian H. Jenn

Federal Terrorism Risk Insurance
w9246 Paul Asquith
Michael B. Mikhail
Andrea S. Au

Information Content of Equity Analyst Reports
w9251 Antonio E. Bernardo
Ivo Welch

Financial Market Runs
w9241 Jessica Tjornhom Donohue
Kenneth A. Froot

The Persistence of Emerging Market Equity Flows
w9217 Lior Menzly
Tano Santos
Pietro Veronesi

The Time Series of the Cross Section of Asset Prices
w9222 Nicholas Barberis
Richard Thaler

A Survey of Behavioral Finance
w9143 Wayne E. Ferson
Sergei Sarkissian
Timothy Simin

Spurious Regressions in Financial Economics?
w9147 Larry Neal
Marc Weidenmier

Crises in the Global Economy from Tulips to Today: Contagion and Consequences
w9178 John H. Cochrane
Monika Piazzesi

Bond Risk Premia
w9131 Nellie Liang
Scott Weisbenner

Investor Behavior and the Purchase of Company Stock in 401(k) Plans - The Importance of Plan Design
w9116 William Goetzmann
Jonathan Ingersoll
Matthew I. Spiegel
Ivo Welch

Sharpening Sharpe Ratios
w9111 Arik Ben Dor
Ravi Jagannathan

Understanding Mutual Fund and Hedge Fund Styles Using Return Based Style Analysis
w9101 Kenneth A. Froot
Tarun Ramadorai

Currency Returns, Institutional Investor Flows, and Exchange Rate Fundamentals
w9103 Jun Liu
Francis A. Longstaff
Jun Pan

Dynamic Asset Allocation With Event Risk
w9087 Peter G. Dunne
Michael J. Moore
Richard Portes

Defining Benchmark Status: An Application using Euro-Area Bonds
w9079 Kenneth A. Froot
Jessica D. Tjornhom

Decomposing the Persistence of International Equity Flows
w9080 Kenneth A. Froot
Tarun Ramadorai

Currency Returns, Institutional Investor Flows, and Exchange Rate Fundamentals
w9075 John Y. Campbell
Luis M. Viceira
Joshua S. White

Foreign Currency for Long-Term Investors
w9049 Owen A. Lamont
Evaluating Value Weighting: Corporate Events and Market Timing
w9056 Michael W. Brandt
Qiang Kang

On the Relationship Between the Conditional Mean and Volatility of Stock Returns: A Latent VAR Approach
w9034 Urban Jermann
Vincenzo Quadrini

Stock Market Boom and the Productivity Gains of the 1990s
w9018 Rajeev Dehejia
Roberta Gatti

Child Labor: The Role of Income Variability and Access to Credit Across Countries
w8991 Lubos Pastor
Pietro Veronesi

Stock Valuation and Learning about Profitability
w8994 G. Andrew Karolyi
Rene M. Stulz

Are Financial Assets Priced Locally or Globally?
w9000 John M. Griffin
Federico Nardari
Rene M. Stulz

Daily Cross-Border Equity Flows: Pushed or Pulled?
w8987 John H. Cochrane
Stocks as Money: Convenience Yield and the Tech-Stock Bubble
w8969 Matthias Kahl
Jun Liu
Francis A. Longstaff

Paper millionaires: How valuable is stock to a stockholder who is restricted from selling it?
w8956 Yacine Ait-Sahalia
Closed-Form Likelihood Expansions for Multivariate Diffusions
w8959 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Clara Vega

Micro Effects of Macro Announcements: Real-Time Price Discovery in Foreign Exchange
w8960 Raymond Fisman
Inessa Love

Trade Credit, Financial Intermediary Development and Industry Growth
w8961 John Y. Campbell
Glen B. Taksler

Equity Volatility and Corporate Bond Yields
w8944 Yacine Ait-Sahalia
Jefferson Duarte

Nonparametric Option Pricing under Shape Restrictions
w8922 Ravi Jagannathan
Tongshu Ma

Risk Reduction in Large Portfolios: Why Imposing the Wrong Constraints Helps
t0276 Yacine Ait-Sahalia
Per A. Mykland

The Effects of Random and Discrete Sampling When Estimating Continuous-Time Diffusions
w8884 Annette Vissing-Jorgensen
Towards an Explanation of Household Portfolio Choice Heterogeneity: Nonfinancial Income and Participation Cost Structures
w8895 Nicholas Barberis
Andrei Shleifer
Jeffrey Wurgler

w8896 Annette Vissing-Jorgensen
Limited Asset Market Participation and the Elasticity of Intertemporal Substitution
w8876 Tobias J. Moskowitz
Annette Vissing-Jorgensen

The Returns to Entrepreneurial Investment: A Private Equity Premium Puzzle?
w8867 George M. Constantinides
Stylianos Perrakis

Stochastic Dominance Bounds on Derivative Prices in a Multiperiod Economy with Proportional Transaction Costs
w8822 Alon Brav
George M. Constantinides
Christopher C. Geczy

Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence
w8826 George M. Constantinides
Rational Asset Prices
w8816 Malcolm Baker
Jeremy C. Stein

Market Liquidity as a Sentiment Indicator
w8788 Amit Goyal
Ivo Welch

Predicting the Equity Premium With Dividend Ratios
w8789 Wayne E. Ferson
Andrew Siegel

Stochastic Discount Factor Bounds with Conditioning Information
w8790 Wayne Ferson
Kenneth Khang

Conditional Performance Measurement Using Portfolio Weights: Evidence for Pension Funds
w8791 Heber Farnsworth
Wayne E. Ferson
David Jackson
Steven Todd

Performance Evaluation with Stochastic Discount Factors
w8793 Randolph B. Cohen
Paul A. Gompers
Tuomo Vuolteenaho

Who Underreacts to Cash-Flow News? Evidence from Trading between Individuals and Institutions
w8732 Kent Smetters
Controlling the Cost of Minimum Benefit Guarantees in Public Pension Conversions
w8734 Mark Grinblatt
Bing Han

The Disposition Effect and Momentum
w8744 Mark Grinblatt
Tobias J. Moskowitz

What Do We Really Know About the Cross-Sectional Relation Between Past and Expected Returns?
w8745 Mark Grinblatt
Matti Keloharju

Tax-Loss Trading and Wash Sales
w8746 Bhagwan Chowdhry
Mark Grinblatt
David Levine

Information Aggregation, Security Design and Currency Swaps
w8747 Hans-Werner Sinn
The New Systems Competition
w8711 Alexander Dyck
Luigi Zingales

Private Benefits of Control: An International Comparison
w8717 Michael D. Bordo
Anna J. Schwartz

Charles Goodhart's Contributions to the History of Monetary Institutions
w8678 John R. Graham
Campbell R. Harvey

Expectations of Equity Risk Premia, Volatility and Asymmetry from a Corporate Finance Perspective
w8680 Lee Pinkowitz
Rene M. Stulz
Rohan Williamson

Corporate Governance and the Home Bias
w8683 Bryan R. Routledge
Stanley E. Zin

Model Uncertainty and Liquidity
w8686 William N. Goetzmann
Alok Kumar

Equity Portfolio Diversification
w8666 Jay Shanken
Ane Tamayo

Risk, Mispricing, and Asset Allocation: Conditioning on Dividend Yield
w8618 Robert C. Apfel
John E. Parsons
G. William Schwert
Geoffrey S. Stewart

Short Sales, Damages and Class Certification in 10b-5 Actions
w8620 Severin Borenstein
James Bushnell
Christopher R. Knittel
Catherine Wolfram

Trading Inefficiencies in California's Electricity Markets
w8622 Ellen R. McGrattan
Edward C. Prescott

The Stock Market Crash of 1929: Irving Fisher Was Right!
w8623 Ellen R. McGrattan
Edward C. Prescott

Taxes, Regulations, and Asset Prices
w8606 Karl E. Case
Robert J. Shiller
John M. Quigley

Comparing Wealth Effects: The Stock Market Versus the Housing Market
w8607 Yeung Lewis Chan
Leonid Kogan

Catching Up with the Joneses: Heterogeneous Preferences and the Dynamics of Asset Prices
w8609 Leonid Kogan
Raman Uppal

Risk Aversion and Optimal Portfolio Policies in Partial and General Equilibrium Economies
w8612 William N. Goetzmann
Lingfeng Li
K. Geert Rouwenhorst

Long-Term Global Market Correlations
w8494 Charles M. Jones
Owen A. Lamont

Short Sale Constraints and Stock Returns
w8504 Yacine Ait-Sahalia
Telling from Discrete Data Whether the Underlying Continuous-Time Model is a Diffusion
w8505 Paul A. Gompers
Josh Lerner

The Really Long-Run Performance of Initial Public Offerings: The Pre-NASDAQ Evidence
w8506 Sebastian Edwards
Raul Susmel

Volatility Dependence and Contagion in Emerging Equity Markets
w8508 Andrew W. Lo
Dmitry V. Repin

The Psychophysiology of Real-Time Financial Risk Processing
w8510 Torben G. Andersen
Luca Benzoni
Jesper Lund

An Empirical Investigation of Continuous-Time Equity Return Models
w8538 Craig Doidge
G. Andrew Karolyi
Rene M. Stulz

Why are Foreign Firms Listed in the U.S. Worth More?
w8557 David S. Bates
The Market for Crash Risk
w8565 Andrew W. Lo
Jiang Wang

Trading Volume: Implications of An Intertemporal Capital Asset Pricing Model
w8566 John Y. Campbell
Yeung Lewis Chan
Luis M. Viceira

A Multivariate Model of Strategic Asset Allocation
w8456 Joshua Angrist
Alan B. Krueger

Instrumental Variables and the Search for Identification: From Supply and Demand to Natural Experiments
w8462 Lubos Pastor
Robert F. Stambaugh

Liquidity Risk and Expected Stock Returns
w8472 Kenneth A. Froot
Tarun Ramadorai

The Information Content of International Portfolio Flows
w8478 Alberto Abadie
Javier Gardeazabal

The Economic Costs of Conflict: A Case-Control Study for the Basque Country
w8491 William P. Killeen
Richard K. Lyons
Michael J. Moore

Fixed versus Flexible: Lessons from EMS Order Flow
t0274 Michael W. Brandt
Pedro Santa-Clara

Simulated Likelihood Estimation of Diffusions with an Application to Exchange Rate Dynamics in Incomplete Markets
w8417 Yacine Ait-Sahalia
Jonathan A. Parker
Motohiro Yogo

Luxury Goods and the Equity Premium
w8429 Michael D. Bordo
Ronald MacDonald

The Inter-War Gold Exchange Standard: Credibility and Monetary Independence
w8436 G. William Schwert
Stock Volatility in the New Millennium: How Wacky Is Nasdaq?
w8354 Stephen G. Cecchetti
Stefan Krause

Financial Structure, Macroeconomic Stability and Monetary Policy
w8356 Martin D. D. Evans
Richard K. Lyons

Portfolio Balance, Price Impact, and Secret Intervention
w8358 Harrison Hong
Jeffrey D. Kubik
Jeremy C. Stein

Social Interaction and Stock-Market Participation
w8360 Fernando Alvarez
Urban J. Jermann

The Size of the Permanent Component of Asset Pricing Kernels
w8386 Stijn Claessens
Daniela Klingebiel
Luc Laeven

Financial Restructuring in Banking and Corporate Sector Crises: What Policies to Pursue?
w8404 Michael W. Brandt
John H. Cochrane
Pedro Santa-Clara

International Risk Sharing is Better Than You Think (or Exchange Rates are Much Too Smooth)
w8340 James M. Poterba
Taxation, Risk-Taking, and Household Portfolio Behavior
w8282 Louis K.C. Chan
Jason Karceski
Josef Lakonishok

The Level and Persistence of Growth Rates
w8302 Owen A. Lamont
Richard H. Thaler

Can the Market Add and Subtract? Mispricing in Tech Stock Carve-Outs
w8303 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

The Role of Large Players in Currency Crises
w8308 Konan Chan
Louis K. C. Chan
Narasimhan Jegadeesh
Josef Lakonishok

Earnings Quality and Stock Returns
w8309 Tano Santos
Pietro Veronesi

Labor Income and Predictable Stock Returns
w8311 Andrew W. Lo
Harry Mamaysky
Jiang Wang

Asset Prices and Trading Volume Under Fixed Transactions Costs
w8312 Guillermo Llorente
Roni Michaely
Gideon Saar
Jiang Wang

Dynamic Volume-Return Relation of Individual Stocks
w8221 John Y. Campbell
Robert J. Shiller

Valuation Ratios and the Long-Run Stock Market Outlook: An Update
w8222 Rene M. Stulz
Rohan Williamson

Culture, Openness, and Finance
w8223 James M. Poterba
Taxation and Portfolio Structure: Issues and Implications
w8240 Tuomo Vuolteenaho
What Drives Firm-Level Stock Returns?
w8242 Randolph B. Cohen
Christopher Polk
Tuomo Vuolteenaho

The Value Spread
w8151 Joseph Chen
Harrison Hong
Jeremy C. Stein

Breadth of Ownership and Stock Returns
w8160 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Paul Labys

Modeling and Forecasting Realized Volatility
w8162 Sassan Alizadeh
Michael W. Brandt
Francis X. Diebold

High- and Low-Frequency Exchange Rate Volatility Dynamics: Range-Based Estimation of Stochastic Volatility Models
w8172 Ravi Jagannathan
Ellen R. McGrattan
Anna Scherbina

The Declining U.S. Equity Premium
w8190 Nicholas Barberis
Ming Huang

Mental Accounting, Loss Aversion, and Individual Stock Returns
w8106 Kenneth A. Froot
Steven E. Posner

The Pricing of Event Risks with Parameter Uncertainty
w8110 Kenneth A. Froot
The Market for Catastrophe Risk: A Clinical Examination
w8116 Martin D. D. Evans
FX Trading and Exchange Rate Dynamics
w8122 Alan A. Auerbach
David F. Bradford

Generalized Cash Flow Taxation
w8127 Yacine Ait-Sahalia
Michael W. Brandt

Variable Selection for Portfolio Choice
w8131 Andrew B. Abel
Will Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire?
w8132 Andrew B. Abel
An Exploration of the Effects of Pessimism and Doubt on Asset Returns
w8073 Hyuk Choe
Bong-Chan Kho
Rene M. Stulz

Do Domestic Investors Have More Valuable Information About Individual Stocks Than Foreign Investors?
w8077 Ellen R. McGrattan
Edward C. Prescott

Is the Stock Market Overvalued?
w8092 John H. Boyd
Ravi Jagannathan
Jian Hu

The Stock Market's Reaction to Unemployment News: Why Bad News is Usually Good for Stocks
w8039 Nicholas Barberis
Andrei Shleifer

Style Investing
w8059 Ravi Bansal
Amir Yaron

Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles
w7991 James M. Poterba
John B. Shoven
Clemens Sialm

Asset Location for Retirement Savers
w7997 Takatoshi Ito
Kimie Harada

Japan Premium and Stock Prices: Two Mirrors of Japanese Banking Crises
w8011 Jennifer L. Blouin
Jana Smith Raedy
Douglas A. Shackelford

The Impact of Capital Gains Taxes on Stock Price Reactions to S&P 500 Inclusion
w7978 Fernando Alvarez
Urban J. Jermann

Using Asset Prices to Measure the Cost of Business Cycles
w7900 Michael D. Bordo
Antu P. Murshid

Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?
w7905 Steven J. Davis
Paul Willen

Occupation-Level Income Shocks and Asset Returns: Their Covariance and Implications for Portfolio Choice
w7913 Kee-Hong Bae
G. Andrew Karolyi
Rene M. Stulz

A New Approach to Measuring Financial Contagion
w7827 Jennifer L. Blouin
Jana Smith Raedy
Douglas A. Shackelford

Capital Gains Holding Periods and Equity Trading: Evidence from the 1998 Tax Act
w7835 Evan Gatev
Stephen A. Ross

Rebels, Conformists, Contrarians and Momentum Traders
w7855 Graciela Kaminsky
Richard K. Lyons
Sergio Schmukler

Managers, Investors, and Crises: Mutual Fund Strategies in Emerging Markets
w7778 Lubos Pastor
Robert F. Stambaugh

The Equity Premium and Structural Breaks
w7779 Lubos Pastor
Robert F. Stambaugh

Evaluating and Investing in Equity Mutual Funds
w7796 Steven J. Davis
Jeremy Nalewaik
Paul Willen

On the Gains to International Trade in Risky Financial Assets
w7748 George Chacko
Peter Tufano
Geoffrey Verter

Cephalon, Inc. Taking Risk Management Theory Seriously
w7753 Aaron Tornell
Robust-H-infinity Forecasting and Asset Pricing Anomalies
w7683 Francois Degeorge
Dirk Jenter
Alberto Moel
Peter Tufano

Selling Company Shares to Reluctant Employees: France Telecom's Experience
w7687 Joseph Chen
Harrison Hong
Jeremy C. Stein

Forecasting Crashes: Trading Volume, Past Returns and Conditional Skewness in Stock Prices
w7644 Jennifer L. Blouin
Jana Smith Raedy
Douglas A. Shackelford

Capital Gains Taxes and Stock Reactions to Quarterly Earnings Announcements
w7661 Robert J. Hodrick
Xiaoyan Zhang

Evaluating the Specification Errors of Asset Pricing Models
w6130 Yacine Ait-Sahalia
Andrew W. Lo

Nonparametric Risk Management and Implied Risk Aversion
w6521 Lucian Arye Bebchuk
Andrew T. Guzman

An Economic Analysis of Transnational Bankruptcies
w7589 John Y. Campbell
Asset Pricing at the Millennium
w7590 John Y. Campbell
Martin Lettau
Burton G. Malkiel
Yexiao Xu

Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk
w7595 Daniel Bergstresser
James Poterba

Do After-Tax Returns Affect Mutual Fund Inflows?
w7615 Kent D. Daniel
David Hirshleifer
Avanidhar Subrahmanyam

Covariance Risk, Mispricing, and the Cross Section of Security Returns
w7622 Brent W. Ambrose
Patric H. Hendershott
Malgorzata M. Klosek

Pricing Upward-Only Adjusting Leases
w7625 Andrew W. Lo
Jiang W. Wang

Trading Volume: Definitions, Data Analysis, and Implications of Portfolio Theory
w7524 Yin-Wong Cheung
Menzie D. Chinn
Ian W. Marsh

How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?
w7532 Alan J. Auerbach
Jonathan M. Siegel

Capital Gains Realizations of the Rich and Sophisticated
w7489 Kent Daniel
Sheridan Titman

Market Efficiency in an Irrational World
w7448 Peter L. Rousseau
Richard Sylla

Emerging Financial Markets and Early U.S. Growth
w7451 Douglas A. Shackelford
Robert E. Verrecchia

Intertemporal Tax Discontinuities
w7416 Yin-Wong Cheung
Menzie D. Chinn

Traders, Market Microstructure and Exchange Rate Dynamics
w7417 Yin-Wong Cheung
Menzie D. Chinn

Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders
w7376 Harrison Hong
Jeremy C. Stein

Differences of Opinion, Rational Arbitrage and Market Crashes
w7377 George Chacko
Luis M. Viceira

Dynamic Consumption and Portfolio Choice with Stochastic Volatility in Incomplete Markets
w7392 James M. Poterba
Andrew Samwick

Taxation and Household Portfolio Composition: U.S. Evidence from the 1980s and 1990s
w7396 Owen Lamont
Christopher Polk

The Diversification Discount: Cash Flows vs. Returns
w7406 Alon Brav
George M. Constantinides
Christopher C. Geczy

Asset Pricing with Heterogeneous Consumers and Limited Participation: Empirical Evidence
w7409 Luis M. Viceira
Optimal Portfolio Choice for Long-Horizon Investors with Nontradable Labor Income
w7330 Young-Hye Cho
Robert F. Engle

Time-Varying Betas and Asymmetric Effect of News: Empirical Analysis of Blue Chip Stocks
w7331 Young-Hye Cho
Robert F. Engle

Modeling the Impacts of Market Activity on Bid-Ask Spreads in the Option Market
w7337 Kathryn M. Dominguez
The Market Microstructure of Central Bank Intervention
w7346 Geert Bekaert
Steven R. Grenadier

Stock and Bond Pricing in an Affine Economy
w7284 Lubos Pastor
Robert F. Stambaugh

Comparing Asset Pricing Models: An Investment Perspective
w7295 Henry S. Farber
Kevin F. Hallock

Have Employment Reductions Become Good News for Shareholders? The Effect of Job Loss Announcements on Stock Prices, 1970-97
w7317 Martin D.D. Evans
Richard K. Lyons

Order Flow and Exchange Rate Dynamics
w7325 David Ikenberry
Josef Lakonishok
Theo Vermaelen

Stock Repurchases in Canada: Performance and Strategic Trading
w7215 Louis K.C. Chan
Hsiu-Lang Chen
Josef Lakonishok

On Mutual Fund Investment Styles
w7219 Geert Bekaert
Campbell R. Harvey
Robin L. Lumsdaine

The Dynamics of Emerging Market Equity Flows
w7220 Nicholas Barberis
Ming Huang
Tano Santos

Prospect Theory and Asset Prices
w7223 Louis K.C. Chan
Josef Lakonishok
Theodore Sougiannis

The Stock Market Valuation of Research and Development Expenditures
w7246 Kent Daniel
Sheridan Titman
K.C. John Wei

Explaining the Cross-Section of Stock Returns in Japan: Factors or Characteristics?
w7247 Takatoshi Ito
Michael Melvin

Japan's Big Bang and the Transformation of Financial Markets
w7254 Kiyohiko G. Nishimura
Fukujyu Yamazaki
Takako Idee
Toshiaki Watanabe

Distortionary Taxation, Excessive Price Sensitivity, and Japanese Land Prices
w7159 Narasimhan Jegadeesh
Sheridan Titman

Profitability of Momentum Strategies: An Evaluation of Alternative Explanations
w7162 A. Craig MacKinlay
Lubos Pastor

Asset Pricing Models: Implications for Expected Returns and Portfolio Selection
w7192 John B. Shoven
Clemens Sialm

Asset Location in Tax-Deferred and Conventional Savings Accounts
w7201 Michael R. Darby
Qiao Liu
Lynne G. Zucker

Stakes and Stars: The Effect of Intellectual Human Capital on the Level and Variability of High-Tech Firms' Market Values
w7069 Klaas Baks
Andrew Metrick
Jessica Wachter

Bayesian Performance Evaluation
w7104 Olivier Jeanne
Andrew K. Rose

Noise Trading and Exchange Rate Regimes
w7105 Darrell Duffie
Jun Pan
Kenneth Singleton

Transform Analysis and Asset Pricing for Affine Jump-Diffusions
w7007 John B. Shoven
The Location and Allocation of Assets in Pension and Conventional Savings Accounts
w7009 Wayne E. Ferson
Campbell R. Harvey

Conditioning Variables and the Cross-Section of Stock Returns
w7015 Thomas E. MaCurdy
John B. Shoven

Asset Allocation and Risk Allocation: Can Social Security Improve Its Future Solvency Problem by Investing in Private Securities?
w7039 Louis K.C. Chan
Jason Karceski
Josef Lakonishok

On Portfolio Optimization: Forecasting Covariances and Choosing the Risk Model
w6929 Jose M. Campa
P.H. Kevin Chang
James F. Refalo

An Options-Based Analysis of Emerging Market Exchange Rate Expectations: Brazil's Real Plan, 1994-1997
w6931 Jeremy Greenwood
Boyan Jovanovic

The IT Revolution and the Stock Market
w6953 Fernando Alvarez
Urban J. Jermann

Quantitative Asset Pricing Implications of Endogenous Solvency Constraints
w6967 Wayne E. Ferson
Campbell R. Harvey

Economic, Financial, and Fundamental Global Risk In and Out of the EMU
w6984 Bronwyn H. Hall
Innovation and Market Value
w6884 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

An Information-Based Model of Foreign Direct Investment: The Gains from Trade Revisited
w6885 Mark H. Lang
Douglas A. Shackelford

Capitalization of Capital Gains Taxes: Evidence from Stock Price Reactions to the 1997 Rate Reduction
w6886 Benjamin E. Hermalin
Andrew K. Rose

Risks to Lenders and Borrowers in International Capital Markets
w6913 Leslie A. Jeng
Andrew Metrick
Richard Zeckhauser

The Profits to Insider Trading: A Performance-Evaluation Perspective
w6844 Peter F. Christoffersen
Francis X. Diebold

How Relevant is Volatility Forecasting for Financial Risk Management?
w6845 Francis X. Diebold
Jinyong Hahn
Anthony S. Tay

Real-Time Multivariate Density Forecast Evaluation and Calibration: Monitoring the Risk of High-Frequency Returns on Foreign Exchange
w6801 John Y. Campbell
Luis M. Viceira

Who Should Buy Long-Term Bonds?
w6745 Jonathan B. Berk
Richard C. Green
Vasant Naik

Valuation and Return Dynamics of New Ventures
w6747 S. Rao Aiyagari
Mark Gertler

"Overreaction" of Asset Prices in General Equilibrium
w6774 James M. Poterba
Population Age Structure and Asset Returns: An Empirical Investigation
t0235 Jonathan B. Berk
Sorting Out Sorts
w6723 Paul A. Gompers
Andrew Metrick

Institutional Investors and Equity Prices
w6724 Geert Bekaert
Campbell R. Harvey
Robin L. Lumsdaine

Dating the Integration of World Equity Markets
w6730 Takatoshi Ito
Yuri Nagatake Sasaki

Impacts of the Basle Capital Standard on Japanese Banks' Behavior
w6733 Patrick F. Rowland
Linda L. Tesar

Multinationals and the Gains from International Diversification
w6736 David Backus
Silverio Foresi
Chris Telmer

Discrete-Time Models of Bond Pricing
w6673 Bengt Holmstrom
Jean Tirole

LAPM: A Liquidity-based Asset Pricing Model
w6683 Andrew B. Abel
Risk Premia and Term Premia in General Equilibrium
w6648 Andrew Metrick
Performance Evaluation with Transactions Data: The Stock Selection of Investment Newsletters
w6661 Hyuk Choe
Bong-Chan Kho
Rene M. Stulz

Do Foreign Investors Destabilize Stock Markets? The Korean Experience in 1997
w6616 James M. Poterba
Scott J. Weisbenner

Capital Gains Tax Rules, Tax Loss Trading and Turn-of-the-Year Returns
w6627 Jonathan Berk
Richard C. Green
Vasant Naik

Optimal Investment, Growth Options, and Security Returns
w6567 Orazio Attanasio
James Banks
Sarah Tanner

Asset Holding and Consumption Volatility
w6490 Lubos Pastor
Robert F. Stambaugh

Costs of Equity Capital and Model Mispricing
w6476 Fernando Alvarez
Urban J. Jermann

Asset Pricing when Risk Sharing is Limited by Default
w6485 John Y. Campbell
Asset Prices, Consumption, and the Business Cycle
t0222 Yacine Ait-Sahalia
Maximum Likelihood Estimation of Discretely Sampled Diffusions: A Closed-Form Approach
w6207 John H. Cochrane
Where is the Market Going? Uncertain Facts and Novel Theories
w6354 Stephen G. Cecchetti
Pok-sang Lam
Nelson C. Mark

Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good To Be True?
w6365 Tommy Berger
Peter Englund
Patric H. Hendershott
Bengt Turner

Another Look at the Capitalization of Interest Subsidies: Evidence from Sweden
w6379 David Backus
Silverio Foresi
Abon Mozumdar
Liuren Wu

Predictable Changes in Yields and Forward Rates
w6381 G. William Schwert
Stock Market Volatility: Ten Years After the Crash
w6382 Urban J. Jermann
International Portfolio Diversification and Labor/Leisure Choice
w6389 Marjorie Flavin
Takashi Yamashita

Owner-Occupied Housing and the Composition of the Household Portfolio Over the Life-Cycle
w6325 Pierluigi Balduzzi
Sanjiv Ranjan Das
Silverio Foresi

The Central Tendency: A Second Factor in Bond Yields
w6250 Dimitris Bertsimas
Leonid Kogan
Andrew W. Lo

Pricing and Hedging Derivative Securities in Incomplete Markets: An E-Aritrage Model
t0216 Christian Gollier
Richard J. Zeckhauser

Horizon Length and Portfolio Risk
w6210 Owen Lamont
Christopher Polk
Jesus Saa-Requejo

Financial Constraints and Stock Returns
w6218 Sara Fisher Ellison
Wallace P. Mullin

Gradual Incorporation of Information into Stock Prices: Empirical Strategies
w6158 Dong-Hyun Ahn
Jacob Boudoukh
Matthew Richardson
Robert F. Whitelaw

Optimal Risk Management Using Options
w6185 James M. Poterba
Andrew A. Samwick

Household Portfolio Allocation Over the Life Cycle
w6147 Geert Bekaert
Robert J. Hodrick
David A. Marshall

"Peso Problem" Explanations for Term Structure Anomalies
w6098 Louis K. C. Chan
Jason Karceski
Josef Lakonishok

The Risk and Return from Factors
t0212 Sanjiv Ranjan Das
An Efficient Generalized Discrete-Time Approach to Poisson-Gaussian Bond Option Pricing in the Heath-Jarrow-Morton Model
h0096 Alan M. Taylor
Latifundia as Malefactor in Economic Development? Scale, Tenancy, and Agriculture on the Pampas, 1880-1914
w5950 Patrick K. Asea
Mthuli Ncube

Heterogeneous Information Arrival and Option Pricing
w5974 Jose M. Campa
P. H. Kevin Chang

The Forecasting Ability of Correlations Implied in Foreign Exchange Options
t0209 Stefano Athanasoulis
Robert J. Shiller

The Significance of the Market Portfolio
w5918 Robert F. Stambaugh
Analyzing Investments Whose Histories Differ in Length
w5936 Takatoshi Ito
Richard K. Lyons
Michael T. Melvin

Is There Private Information in the FX Market? The Tokyo Experiment
w5873 Sanjiv Ranjan Das
Rangarajan K. Sundaram

Auction Theory: A Summary with Applications to Treasury Markets
w5882 Willem H. Buiter
Ricardo Lago
Helene Rey

A Portfolio Approach to a Cross-Sectoral and Cross-National Investment Strategy in Transition Economies
w5901 William N. Goetzmann
Philippe Jorion

A Century of Global Stock Markets
w5906 William N. Goetzmann
Philippe Jorion

Re-emerging Markets
w5852 Judith Chevalier
Glenn Ellison

Are Some Mutual Funds Managers Better Than Others? Cross-Sectional Patterns in Behavior and Performance
w5857 John Y. Campbell
Luis M. Viceira

Consumption and Portfolio Decisions When Expected Returns are Time Varying
w5830 Jon A. Christopherson
Wayne E. Ferson
Debra A. Glassman

Conditioning Manager Alphas on Economic Information: Another Look at the Persistence of Performance
w5769 Alan B. Krueger
Do Markets Respond More to More Reliable Labor Market Data? A Test of Market Rationality
w5714 Jeffrey A. Frankel
Sergio L. Schmukler

Country Fund Discounts, Asymmetric Information and the Mexican Crisis of 1994: Did Local Residents Turn Pessimistic Before International Investors?
w5671 Owen Lamont
Earnings and Expected Returns
w5604 Kent Daniel
Sheridan Titman

Evidence on the Characteristics of Cross Sectional Variation in Stock Returns
w5623 David Backus
Silverio Foresi
Chris Telmer

Affine Models of Currency Pricing
w5638 David Backus
Silverio Foresi
Stanley Zin

Arbitrage Opportunities in Arbitrage-Free Models of Bond Pricing
w5587 John Y. Campbell
Robert J. Shiller

A Scorecard for Indexed Government Debt
w5588 Peter Klibanoff
Owen Lamont
Thierry A. Wizman

Investor Reaction to Salient News in Closed-End Country Funds
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Jeff Fleming
Robert E. Whaley

Implied Volatility Functions: Empirical Tests
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Owen Lamont
Robin Lumsdaine

Public Information and the Persistence of Bond Market Volatility
w5371 Michael D. Bordo
Bruce Mizrach
Anna J. Schwartz

Real Versus Pseudo-International Systemic Risk: Some Lessons from History
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Josef Lakonishok

A Cross-Market Comparison of Institutional Equity Trading Costs
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Narasimhan Jegadeesh
Josef Lakonishok

Momentum Strategies
w5376 Graham Elliott
Takatoshi Ito

Heterogeneous Expectations and Tests of Efficiency in the Yen/Dollar Forward Foreign Exchange Rate Market
w5381 Kristen L. Willard
Timothy W. Guinnane
Harvey S. Rosen

Turning Points in the Civil War: Views from the Greenback Market
w5351 Yacine Ait-Sahalia
Andrew W. Lo

Nonparametric Estimation of State-Price Densities Implicit in Financial Asset Prices
w5352 Michael P. Dooley
A Survey of Academic Literature on Controls over International Capital Transactions
w5358 Takatoshi Ito
Tokuo Iwaisako

Explaining Asset Bubbles in Japan
w5289 Karen K. Lewis
Stochastic Regime Switching and Stabilizing Policies within Regimes
w5233 James Dow
Gary Gorton

Stock Market Efficiency and Economic Efficiency: Is There a Connection?
w5179 Dennis R. Capozza
Paul J. Seguin

Expectations, Efficiency, and Euphoria in the Housing Market
w5180 Wayne Archer
David C. Ling
Gary A. McGill

The Effect of Income and Collateral Constraints on Residential Mortgage Terminations
w5181 Sewin Chan
Residential Mobility and Mortgages
w5184 Yongheng Deng
John M. Quigley
Robert Van Order

Mortgage Default and Low Downpayment Loans: The Costs of Public Subsidy
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Economic Implications of Changing Share Ownership
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Testing Option Pricing Models
w5095 Robert J. Shiller
Stefano Athanasoulis

World Income Components: Measuring and Exploiting International Risk Sharing Opportunities
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Richard Rosen

Banks and Derivatives
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William C. LaFayette

Debt Usage and Mortgage Choice: Sensitivity to Default Insurance Costs
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Donald R. Haurin
Patric H. Hendershott

Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision
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Urban J. Jermann

The International Diversification Puzzle is Worse Than You Think
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A. Craig MacKinlay

Maximizing Predictability in the Stock and Bond Markets
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Some Lessons from the Yield Curve
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Andrew K. Rose

Explaining Forward Exchange Bias..Intraday
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Foreign Exchange Volume: Sound and Fury Signifying Nothing?
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Frederic S. Mishkin

The Decline of Traditional Banking: Implications for Financial Stabilityand Regulatory Policy
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Robert F. Stambaugh

On the Predictability of Stock Returns: An Asset-Allocation Perspective
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Luigi Zingales

What Do We Know About Capital Structure? Some Evidence from International Data
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Campbell R. Harvey

Market Timing Ability and Volatility Implied in Investment Newletters' Asset Allocation Recommendations
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N. Gregory Mankiw
David N. Weil

An Asset Allocation Puzzle
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Gary Gorton

Noise Trading, Delegated Portfolio Management, and Economic Welfare
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Over-the-Counter Derivatives and Systemic Risk to the Global Financial System
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Multifactor Models Do Not Explain Deviations from the CAPM
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Patric H. Hendershott

Bubbles in Metropolitan Housing Markets
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Rental Adjustment & Valuation of Real Estate in Overbuilt Markets: Fundamental vs. Reported Office Market Values in Sydney Australia
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Richard H. Thaler
Kent Womack

Price Reactions to Dividend Initiations and Omissions: Overreaction or Drift?
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Robert F. Stambaugh

Portfolio Inefficiency and the Cross-Section of Expected Returns
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Andrew W. Lo
Tomaso Poggio

A Nonparametric Approach to Pricing and Hedging Derivative Securities Via Learning Networks
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Jiang Wang

Implementing Option Pricing Models When Asset Returns Are Predictable
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Stanley E. Zin

Reverse Engineering the Yield Curve
t0153 Lars Peter Hansen
Ravi Jagannathan

Assessing Specification Errors in Stochastic Discount Factor Models
w4657 Bernard Dumas
A Test of the International CAPM Using Business Cycles Indicators as Instrumental Variables
w4663 Campbell R. Harvey
Roger D. Huang

The Impact of the Federal Reserve Bank's Open Market Operations
w4624 Geert Bekaert
Robert J. Hodrick
David A. Marshall

The Implications of First-Order Risk Aversion for Asset Market Risk Premiums
w4627 Eugene N. White
Peter Rappoport

The New York Stock Market in the 1920s and 1930s: Did Stock Prices Move Together Too Much?
t0131 Robert J. Shiller
Measuring Asset Values for Cash Settlement in Derivative Markets: Hedonic Repeated Measures indices and Perpetual Futures
w4571 Gikas A. Hardouvelis
Rafael La Porta
Thierry A. Wizman

What Moves the Discount on Country Equity Funds?
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The Internationalization of Equity Markets
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Wen-Ling Lin

Price Volatility and Volume Spillovers between the Tokyo and New York Stock Markets
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Campbell R. Harvey

An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns
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Jumps and Stochastic Volatility: Exchange Rate Processes Implicit in thePHLX Deutschemark Options
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Understanding Risk and Return
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John Heaton
Erzo Luttmer

Econometric Evaluation of Asset Pricing Models
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Why Long Horizons: A Study of Power Against Persistent Alternatives
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L. Peter Jennergren
Bertil Naslund

Realignment Risk and Currency Option Pricing in Target Zones
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Bruno Solnik

The World Price of Foreign Exchange Risk
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Optimal Transparency in a Dealership Market with an Application to Foreign Exchange
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Tests of Microstructural Hypotheses in the Foreign Exchange Market
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Gary Gorton

Arbitrage Chains
w4315 James Dow
Gary Gorton

Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing
w4329 John Campbell
Jianping Mei

Where do Betas Come From? Asset Price Dynamics and the Sources of Systematic Risk
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Tomas Sjostrom

Bringing GATT into the Core
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R. Glenn Hubbard

Internal Finance and Investment: Evidence from the Undistributed Profits Tax of 1936-1937
w4294 Charles Engel
Jeffrey A. Frankel
Kenneth A. Froot
Anthony P. Rodrigues

The Constrained Asset Share Estimation (CASE) Method: Testing Mean-Variance Efficiency of the U.S. Stock Market
w4308 Maurice Obstfeld
Are Industrial-Country Consumption Risks Globally Diversified?
w4253 Michael Haliassos
Andrew B. Lyon

Progressivity of Capital Gains Taxation with Optimal Portfolio Selection
w4234 Douglas Elmendorf
Mary Hirshfeld
David Weil

The Effect of News on Bond Prices: Evidence from the United Kingdom 1900-1920
w4217 Rene M. Stulz
Walter Wasserfallen

Foreign Equity Investment Restrictions and Shareholder Wealth Maximization
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Sanford J. Grossman
Jiang Wang

Trading Volume and Serial Correlation in Stock Returns
t0124 Stephen G. Cecchetti
Pok-sang Lam
Nelson C. Mark

Testing Volatility Restrictions on Intertemporal Marginal Rates of Substitution Implied by Euler Equations and Asset Returns
w4121 David Romer
Rational Asset Price Movements Without News
w4128 Patric Hendershott
Edward J. Kane

Office Market Values During the Past Decade: How Distorted Have Appraisals Been?
w4093 Maurice Obstfeld
Risk-Taking, Global Diversification, and Growth
w4104 Phillip A. Braun
George M. Constantinides
Wayne E. Ferson

Time Nonseparability in Aggregate Consumption: International Evidence
w4108 Tim Bollerslev
Robert J. Hodrick

Financial Market Efficiency Tests
w4110 Andrew B. Abel
Exact Solutions for Expected Rates of Return Under Markov Regime Switching: Implications for the Equity Premium Puzzle
w4074 K.C. Chan
G. Andrew Karolyi
Rene M. Stulz

Global Financial Markets and the Risk Premium on U.S. Equity
w4083 Robert S. Pindyck
The Present Value Model of Rational Commodity Pricing
w4043 Bruce N. Lehmann
Empirical Testing of Asset Pricing Models
w3989 John Y. Campbell
Intertemporal Asset Pricing Without Consumption Data
w3992 Olivier Jean Blanchard
Philippe Weil

Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games Under Uncertainty
w3995 Robert B. Barsky
J. Bradford De Long

Why Does the Stock Market Fluctuate?
w4004 Noriyuki Yanagawa
Gene M. Grossman

Asset Bubbles and Endogenous Growth
w3975 Philippe Weil
Equilibrium Asset Prices With Undiversifiable Labor Income Risk
w3911 Wen-Ling Lin
Robert F. Engle
Takatoshi Ito

Do Bulls and Bears Move Across Borders? International Transmission of Stock Returns and Volatility as the World Turns
w3910 Shang-Jin Wei
Jeffrey A. Frankel

Are Option-Implied Forecasts of Exchange Rate Volatility Excessively Variable?
w3861 Geert Bekaert
Robert J. Hodrick

On Biases in the Measurement of Foreign Exchange Risk Premiums
w3862 Franklin Allen
Gary Gorton

Stock Price Manipulation, Market Microstructure and Asymmetric Information
w3873 Bruce N. Lehmann
Asset Pricing and Intrinsic Values: A Review Essay
w3888 Jerry A. Hausman
Andrew W. Lo
A. Craig MacKinlay

An Ordered Probit Analysis of Transaction Stock Prices
w3889 Richard K. Lyons
Private Beliefs and Information Externalities in the Foreign Exchange Market
t0110 Scott Freeman
Guido Tabellini

The Optimality of Nominal Contracts
w3818 Richard M. Levich
Lee R. Thomas

The Significance of Technical Trading-Rule Profits in the Foreign Exchange Market: A Bootstrap Approach
t0109 Larry G. Epstein
Stanley E. Zin

The Independence Axiom and Asset Returns
w3790 Geert Bekaert
Robert J. Hodrick

Characterizing Predictable Components in Excess Returns on Equity and Foreign Exchange Markets
w3794 Bronwyn H. Hall
Corporate Restructuring and Investment Horizons
w3731 Richard Zeckhauser
Jayendu Patel
Darryll Hendricks

Nonrational Actors and Financial Market Behavior
w3742 John Y. Campbell
Ludger Hentschel

No News is Good News: An Asymmetric Model of Changing Volatility in Stock Returns
w3752 Stephen G. Cecchetti
Pok-sang Lam
Nelson C. Clark

The Equity Premium and the Risk Free Rate: Matching the Moments
w3760 John Y. Campbell
John Ammer

What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns
w3707 Franklin Allen
Gary Gorton

Rational Finite Bubbles
w3709 Louis Kaplow
Taxation and Risk Taking: A General Equilibrium Perspective
w3687 Gary Gorton
James Dow

Trading, Communication and the Response of Price to New Information

Generated on Sun Oct 22 00:00:03 2017

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