NBER Papers on Asset Pricing Program

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w27844 Kimberly A. Berg
Nelson C. Mark

Uncertainty, Long-Run, and Monetary Policy Risks in a Two-Country Macro Model
w27843 Jules H. van Binsbergen
Xiao Han
Alejandro Lopez-Lira

Man vs. Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases
w27833 Georgij Alekseev
Safaa Amer
Manasa Gopal
Theresa Kuchler
JW Schneider
Johannes Stroebel
Nils C. Wernerfelt

The Effects of COVID-19 on U.S. Small Businesses: Evidence from Owners, Managers, and Employees
w27829 Harrison Hong
Jeffrey Kubik
Neng Wang
Xiao Xu
Jinqiang Yang

Pandemics, Vaccines and Corporate Earnings
w27826 Eduardo Dávila
Optimal Financial Transaction Taxes
w27819 Refet S. Gürkaynak
A. Hakan Kara
Burçin Kısacıkoğlu
Sang Seok Lee

Monetary Policy Surprises and Exchange Rate Behavior
w27810 Lin William Cong
Ye Li
Neng Wang

Token-Based Platform Finance
w27809 Simon Gilchrist
Bin Wei
Vivian Z. Yue
Egon Zakrajšek

The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF
w27786 Zhengyang Jiang
Hanno Lustig
Stijn Van Nieuwerburgh
Mindy Z. Xiaolan

Manufacturing Risk-free Government Debt
w27784 Josue Cox
Daniel L. Greenwald
Sydney C. Ludvigson

What Explains the COVID-19 Stock Market?
w27745 Erol Akcay
David Hirshleifer

Social Transmission Bias and Cultural Evolution in Financial Markets
w27742 Andrew B. Abel
Stavros Panageas

Optimal Management of a Pandemic in the Short Run and the Long Run
w27740 Scott R. Baker
Stephanie G. Johnson
Lorenz Kueng

Financial Returns to Household Inventory Management
w27739 Julien Acalin
Alessandro Rebucci

Global Business and Financial Cycles: A Tale of Two Capital Account Regimes
w27712 Ricardo J. Caballero
Alp Simsek

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect
w27707 Scott R. Baker
Brian Baugh
Marco C. Sammon

Measuring Customer Churn and Interconnectedness
w27697 Kenneth S. Rogoff
Yuanchen Yang

Peak China Housing
w27690 Shumiao Ouyang
Jiaheng Yu
Ravi Jagannathan

Life Cycle Cash Flows of Ventures
w27682 Zhengyang Jiang
Arvind Krishnamurthy
Hanno Lustig

Dollar Safety and the Global Financial Cycle
w27676 John Y. Campbell
Nuno Clara
João F. Cocco

Structuring Mortgages for Macroeconomic Stability
w27665 Zhiguo He
Maggie Rong Hu
Zhenping Wang
Vincent Yao

Valuation of Long-Term Property Rights under Political Uncertainty
w27655 Söhnke M. Bartram
Mark Grinblatt
Yoshio Nozawa

Book-to-Market, Mispricing, and the Cross-Section of Corporate Bond Returns
w27653 Zhuang Liu
Michael Sockin
Wei Xiong

Data Privacy and Temptation
w27648 Irem Demirci
Miguel A. Ferreira
Pedro Matos
Clemens Sialm

How Global is Your Mutual Fund? International Diversification from Multinationals
w27638 Richard Sias
Laura Starks
Harry J. Turtle

Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation
w27623 Alexander W. Bartik
Zoe B. Cullen
Edward L. Glaeser
Michael Luca
Christopher T. Stanton
Adi Sunderam

The Targeting and Impact of Paycheck Protection Program Loans to Small Businesses
w27615 Robin Greenwood
Samuel G. Hanson
Jeremy C. Stein
Adi Sunderam

A Quantity-Driven Theory of Term Premia and Exchange Rates
w27610 Michael J. Fishman
Jonathan A. Parker
Ludwig Straub

A Dynamic Theory of Lending Standards
w27573 Mathias Kronlund
Veronika K. Pool
Clemens Sialm
Irina Stefanescu

Out of Sight No More? The Effect of Fee Disclosures on 401(k) Investment Allocations
w27559 Antonio Falato
Itay Goldstein
Ali Hortaçsu

Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets
w27551 Lubos Pastor
M. Blair Vorsatz

Mutual Fund Performance and Flows During the COVID-19 Crisis
w27527 Daniel L. Tortorice
David E. Bloom
Paige Kirby
John Regan

A Theory of Social Impact Bonds
w27510 Andrew N. Greenland
Mihai Ion
John W. Lopresti
Peter K. Schott

Using Equity Market Reactions to Infer Exposure to Trade Liberalization
w27500 Mikhail Chernov
Drew D. Creal
Peter Hördahl

Sovereign Credit and Exchange Rate Risks: Evidence from Asia-Pacific Local Currency Bonds
w27499 Manuel Adelino
William B. McCartney
Antoinette Schoar

The Role of Government and Private Institutions in Credit Cycles in the U.S. Mortgage Market
w27491 Ricardo Correa
Wenxin Du
Gordon Y. Liao

U.S. Banks and Global Liquidity
w27487 Antoinette Schoar
Kelvin Yeung
Luo Zuo

The Effect of Managers on Systematic Risk
w27482 Francis X. Diebold
Real-Time Real Economic Activity: Exiting the Great Recession and Entering the Pandemic Recession
w27470 Alexander F. Wagner
Richard J. Zeckhauser
Alexandre Ziegler

The Tax Cuts and Jobs Act: Which Firms Won? Which Lost?
w27454 Itzhak Ben-David
Justin Birru
Andrea Rossi

The Performance of Hedge Fund Performance Fees
w27439 Julian Kozlowski
Laura Veldkamp
Venky Venkateswaran

Scarring Body and Mind: The Long-Term Belief-Scarring Effects of COVID-19
w27438 David Blanchett
Michael S. Finke
Jonathan Reuter

Portfolio Delegation and 401(k) Plan Participant Responses to COVID-19
w27431 Raj Chetty
John N. Friedman
Nathaniel Hendren
Michael Stepner
The Opportunity Insights Team

How Did COVID-19 and Stabilization Policies Affect Spending and Employment? A New Real-Time Economic Tracker Based on Private Sector Data
w27418 David Altig
Scott R. Baker
Jose Maria Barrero
Nicholas Bloom
Philip Bunn
Scarlet Chen
Steven J. Davis
Julia Leather
Brent H. Meyer
Emil Mihaylov
Paul Mizen
Nicholas B. Parker
Thomas Renault
Pawel Smietanka
Greg Thwaites

Economic Uncertainty Before and During the COVID-19 Pandemic
w27416 Zhiguo He
Stefan Nagel
Zhaogang Song

Treasury Inconvenience Yields during the COVID-19 Crisis
w27412 Nicolas L. Bottan
Ricardo Perez-Truglia

Betting on the House: Subjective Expectations and Market Choices
w27410 Jacob Boudoukh
Ronen Israel
Matthew P. Richardson

Biases in Long-Horizon Predictive Regressions
w27406 Francesco Bianchi
Sydney C. Ludvigson
Sai Ma

Belief Distortions and Macroeconomic Fluctuations
w27402 Ralph S. J. Koijen
Robert J. Richmond
Motohiro Yogo

Which Investors Matter for Equity Valuations and Expected Returns?
w27399 Francesco D’Acunto
Daniel Hoang
Michael Weber

Managing Households' Expectations with Unconventional Policies
w27396 Robin Greenwood
Samuel G. Hanson
Andrei Shleifer
Jakob Ahm Sørensen

Predictable Financial Crises
w27388 Bryan T. Kelly
Semyon Malamud
Lasse H. Pedersen

Principal Portfolios
w27387 Niels J. Gormsen
Ralph S. J. Koijen

Coronavirus: Impact on Stock Prices and Growth Expectations
w27380 Samuel M. Hartzmark
David H. Solomon

Reconsidering Returns
w27367 Jules H. van Binsbergen
Duration-Based Stock Valuation
w27361 Vincent Glode
Christian C. Opp
Ruslan Sverchkov

To Pool or Not to Pool? Security Design in OTC Markets
w27355 Mahyar Kargar
Benjamin Lester
David Lindsay
Shuo Liu
Pierre-Olivier Weill
Diego Zúñiga

Corporate Bond Liquidity During the COVID-19 Crisis
w27354 Pierre-Olivier Weill
The search theory of OTC markets
w27342 Ralph S. J. Koijen
Motohiro Yogo

Exchange Rates and Asset Prices in a Global Demand System
w27339 Jonathan S. Hartley
Alessandro Rebucci

An Event Study of COVID-19 Central Bank Quantitative Easing in Advanced and Emerging Economies
w27330 Dimitris Papanikolaou
Lawrence D.W. Schmidt

Working Remotely and the Supply-side Impact of Covid-19
w27327 David Danz
Lise Vesterlund
Alistair J. Wilson

Belief Elicitation: Limiting Truth Telling with Information on Incentives
w27313 Ricardo J. Caballero
Alp Simsek

Monetary Policy with Opinionated Markets
w27308 George-Marios Angeletos
Zhen Huo
Karthik A. Sastry

Imperfect Macroeconomic Expectations: Evidence and Theory
w27305 Xin Liu
Shang-Jin Wei
Yifan Zhou

A Liberalization Spillover: From Equities to Loans
w27299 Theresa Kuchler
Yan Li
Lin Peng
Johannes Stroebel
Dexin Zhou

Social Proximity to Capital: Implications for Investors and Firms
w27292 Viral V. Acharya
Katharina Bergant
Matteo Crosignani
Tim Eisert
Fergal J. McCann

The Anatomy of the Transmission of Macroprudential Policies
w27289 Michael Barnett
Greg Buchak
Constantine Yannelis

Epidemic Responses Under Uncertainty
w27283 Pedro Bordalo
Nicola Gennaioli
Rafael La Porta
Andrei Shleifer

Expectations of Fundamentals and Stock Market Puzzles
w27272 Stefano Giglio
Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Inside the Mind of a Stock Market Crash
w27266 Yan Liu
Jing Cynthia Wu

Reconstructing the Yield Curve
w27257 Xiaohong Chen
Lars P. Hansen
Peter G. Hansen

Robust Identification of Investor Beliefs
w27231 Patrick Augustin
Mikhail Chernov
Lukas Schmid
Dongho Song

A No-Arbitrage Perspective on Global Arbitrage Opportunities
w27227 Alexander M. Chinco
Samuel M. Hartzmark
Abigail B. Sussman

Necessary Evidence For A Risk Factor's Relevance
w27222 Lin William Cong
Ye Li
Neng Wang

Tokenomics: Dynamic Adoption and Valuation
w27218 Harrison Hong
Neng Wang
Jinqiang Yang

Implications of Stochastic Transmission Rates for Managing Pandemic Risks
w27213 Gonzalo Asis
Anusha Chari
Adam Haas

In Search of Distress Risk in Emerging Markets
w27212 Jonathan T. Vu
Benjamin K. Kaplan
Shomesh Chaudhuri
Monique K. Mansoura
Andrew W. Lo

Financing Vaccines for Global Health Security
w27207 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

Can the Covid Bailouts Save the Economy?
w27179 Guillermo Ordoñez
Facundo Piguillem

Savings and Saving Rates: Up or Down?
w27176 Andrew W. Lo
Kien Wei Siah
Chi Heem Wong

Estimating Probabilities of Success of Vaccine and Other Anti-Infective Therapeutic Development Programs
w27175 Shomesh Chaudhuri
Andrew W. Lo
Danying Xiao
Qingyang Xu

Bayesian Adaptive Clinical Trials for Anti-Infective Therapeutics during Epidemic Outbreaks
w27171 Markus K. Brunnermeier
Michael Sockin
Wei Xiong

China's Model of Managing the Financial System
w27168 Valentin Haddad
Alan Moreira
Tyler Muir

When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed's Response
w27160 Augustin Landier
David Thesmar

Earnings Expectations in the COVID Crisis
w27158 Viral V. Acharya
Matteo Crosignani
Tim Eisert
Christian Eufinger

Zombie Credit and (Dis-)Inflation: Evidence from Europe
w27155 Nicholas C. Barberis
Lawrence J. Jin
Baolian Wang

Prospect Theory and Stock Market Anomalies
w27141 Olivier Coibion
Yuriy Gorodnichenko
Michael Weber

The Cost of the Covid-19 Crisis: Lockdowns, Macroeconomic Expectations, and Consumer Spending
w27136 Richard K. Lyons
Ganesh Viswanath-Natraj

What Keeps Stablecoins Stable?
w27116 Markus K. Brunnermeier
Sebastian A. Merkel
Yuliy Sannikov

The Fiscal Theory of Price Level with a Bubble
w27113 Kyriakos T. Chousakos
Gary B. Gorton
Guillermo Ordoñez

The Macroprudential Role of Stock Markets
w27108 Geert Bekaert
Eric Engstrom
Andrey Ermolov

The Variance Risk Premium in Equilibrium Models
w27097 Scott R. Baker
R. A. Farrokhnia
Steffen Meyer
Michaela Pagel
Constantine Yannelis

Income, Liquidity, and the Consumption Response to the 2020 Economic Stimulus Payments
w27092 Sergey Chernenko
Adi Sunderam

Measuring the Perceived Liquidity of the Corporate Bond Market
w27088 Arvind Krishnamurthy
Wenhao Li

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
w27066 Harrison Hong
Neng Wang
Jinqiang Yang

Mitigating Disaster Risks to Sustain Growth
w27065 Jonathan S. Hartley
Urban Jermann

Should the U.S. Government Issue Floating Rate Notes?
w27051 Christopher Hansman
Harrison Hong
Áureo de Paula
Vishal Singh

A Sticky-Price View of Hoarding
w27044 Ricardo J. Caballero
Alp Simsek

Asset Prices and Aggregate Demand in a "Covid-19" Shock: A Model of Endogenous Risk Intolerance and LSAPs
w27034 Lydia Cox
Gernot Müller
Ernesto Pastén
Raphael Schoenle
Michael Weber

Big G
w27025 John Y. Campbell
Roman Sigalov

Portfolio Choice with Sustainable Spending: A Model of Reaching for Yield
w27022 Craig Doidge
G. Andrew Karolyi
René M. Stulz

Is Financial Globalization in Reverse After the 2008 Global Financial Crisis? Evidence from Corporate Valuations
w27017 Olivier Coibion
Yuriy Gorodnichenko
Michael Weber

Labor Markets During the COVID-19 Crisis: A Preliminary View
w27013 Michael D. Bauer
Eric T. Swanson

The Fed's Response to Economic News Explains the "Fed Information Effect"
w26970 Pascal J. Maenhout
Andrea Vedolin
Hao Xing

Generalized Robustness and Dynamic Pessimism
w26987 Sydney C. Ludvigson
Sai Ma
Serena Ng

COVID-19 and The Macroeconomic Effects of Costly Disasters
w26985 Luigi Bocola
Guido Lorenzoni

Risk Sharing Externalities
w26975 William Belmont
Bruce Sacerdote
Ranjan Sehgal
Ian Van Hoek

Relief Rally: Senators As Feckless As the Rest of Us at Stock Picking
w26974 Stavros Panageas
The Implications of Heterogeneity and Inequality for Asset Pricing
w26971 Tarek Alexander Hassan
Stephan Hollander
Laurence van Lent
Ahmed Tahoun

Firm-level Exposure to Epidemic Diseases: Covid-19, SARS, and H1N1
w26968 Patrick Bolton
Marcin Kacperczyk

Do Investors Care about Carbon Risk?
w26964 Leonid Kogan
Dimitris Papanikolaou
Lawrence D. W. Schmidt
Jae Song

Technological Innovation and Labor Income Risk
w26962 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Disasters Everywhere: The Costs of Business Cycles Reconsidered
w26960 Michael Bailey
Abhinav Gupta
Sebastian Hillenbrand
Theresa Kuchler
Robert J. Richmond
Johannes Stroebel

International Trade and Social Connectedness
w26950 Laura Alfaro
Anusha Chari
Andrew N. Greenland
Peter K. Schott

Aggregate and Firm-Level Stock Returns During Pandemics, in Real Time
w26945 Scott R. Baker
Nicholas Bloom
Steven J. Davis
Kyle J. Kost
Marco C. Sammon
Tasaneeya Viratyosin

The Unprecedented Stock Market Impact of COVID-19
w26943 Joseph Kopecky
Alan M. Taylor

The Murder-Suicide of the Rentier: Population Aging and the Risk Premium
w26935 Gianluca Benigno
Andrew Foerster
Christopher Otrok
Alessandro Rebucci

Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime-Switching Approach
w26934 Òscar Jordà
Sanjay R. Singh
Alan M. Taylor

Longer-run Economic Consequences of Pandemics
w26927 Maryam Farboodi
Adrien Matray
Laura Veldkamp
Venky Venkateswaran

Where Has All the Data Gone?
w26920 Jaanika Meriküll
Merike Kukk
Tairi Rõõm

What Explains the Gender Gap in Wealth? Evidence from Administrative Data
w26914 Paul Goldsmith-Pinkham
Kelly Shue

The Gender Gap in Housing Returns
w26911 Hongqi Liu
Cameron Peng
Wei A. Xiong
Wei Xiong

Resolving the Excessive Trading Puzzle: An Integrated Approach Based on Surveys and Transactions
w26908 Matthew Baron
Emil Verner
Wei Xiong

Banking Crises without Panics
w26907 Zhenyu Gao
Michael Sockin
Wei Xiong

Learning about the Neighborhood
w26898 Andrew B. Abel
Stavros Panageas

An Analytic Framework For Interpreting Investment Regressions In The Presence Of Financial Constraints
w26894 Anna Cieslak
Annette Vissing-Jorgensen

The Economics of the Fed Put
w26855 Antonio Coppola
Matteo Maggiori
Brent Neiman
Jesse Schreger

Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens
w26837 Francesco D’Acunto
Ulrike Malmendier
Michael Weber

Gender Roles and the Gender Expectations Gap
w26831 Julien Pénasse
Luc Renneboog
José A. Scheinkman

When a Master Dies: Speculation and Asset Float
w26823 Mehran Ebrahimian
Jessica Wachter

Risks to Human Capital
w26817 Francesco D’Acunto
Thomas Rauter
Christoph K. Scheuch
Michael Weber

Perceived Precautionary Savings Motives: Evidence from FinTech
w26816 Michael Sockin
Wei Xiong

A Model of Cryptocurrencies
w26815 Yi Ding
Wei Xiong
Jinfan Zhang

Overpricing in China's Corporate Bond Market
w26802 Patrick Bolton
Neng Wang
Jinqiang Yang

Leverage Dynamics and Financial Flexibility
w26799 Efraim Benmelech
Nitish Kumar
Raghuram Rajan

Secured Credit Spreads
w26792 Hanming Fang
Yongqin Wang
Xian Wu

The Collateral Channel of Monetary Policy: Evidence from China
w26789 Arpit Gupta
Stijn Van Nieuwerburgh
Constantine Kontokosta

Take the Q Train: Value Capture of Public Infrastructure Projects
w26778 Olivier Coibion
Dimitris Georgarakos
Yuriy Gorodnichenko
Michael Weber

Forward Guidance and Household Expectations
w26773 Todd M. Hazelkorn
Tobias J. Moskowitz
Kaushik Vasudevan

Beyond Basis Basics: Liquidity Demand and Deviations from the Law of One Price
w26745 John H. Cochrane
A Fiscal Theory of Monetary Policy with Partially-Repaid Long-Term Debt
w26740 Matteo Leombroni
Monika Piazzesi
Martin Schneider
Ciaran Rogers

Inflation and the Price of Real Assets
w26721 Sebastian Di Tella
Robert E. Hall

Risk Premium Shocks Can Create Inefficient Recessions
w26714 Murillo Campello
Gustavo S. Cortes
Fabricio d'Almeida
Gaurav Kankanhalli

Global Effects of the Brexit Referendum: Evidence from US Corporations
w26708 Valentin Haddad
Serhiy Kozak
Shrihari Santosh

Factor Timing
w26707 James J. Choi
Kevin Zhao

Did Mutual Fund Return Persistence Persist?
w26701 Marco Cipriani
Ana Fostel
Daniel Houser

Leverage and Asset Prices: An Experiment.
w26668 Benjamin Loos
Steffen Meyer
Michaela Pagel

The Consumption Effects of the Disposition to Sell Winners and Hold Losers
w26663 Gary B. Gorton
Private Money Production without Banks
w26648 Leland Bybee
Bryan T. Kelly
Asaf Manela
Dacheng Xiu

The Structure of Economic News
w26626 Jun Kyung Auh
Jennie Bai

Cross-Asset Information Synergy in Mutual Fund Families
w26609 Tarek Alexander Hassan
Stephan Hollander
Laurence van Lent
Ahmed Tahoun

The Global Impact of Brexit Uncertainty
w26608 Mark L. Egan
Alexander MacKay
Hanbin Yang

Recovering Investor Expectations from Demand for Index Funds
w26607 Nicolae B. Gârleanu
Stavros Panageas

Heterogeneity and Asset Prices: A Different Approach
w26604 Kyle F. Herkenhoff
Gajendran Raveendranathan

Who Bears the Welfare Costs of Monopoly? The Case of the Credit Card Industry
w26586 Ian Martin
Stefan Nagel

Market Efficiency in the Age of Big Data
w26583 Zhengyang Jiang
Hanno Lustig
Stijn Van Nieuwerburgh
Mindy Z. Xiaolan

The U.S. Public Debt Valuation Puzzle
w26582 Brad M. Barber
Adair Morse
Ayako Yasuda

Impact Investing
w26580 Patrick J. Kehoe
Pierlauro Lopez
Virgiliu Midrigan
Elena Pastorino

Asset Prices and Unemployment Fluctuations
w26576 Claire Yurong Hong
Xiaomeng Lu
Jun Pan

FinTech Platforms and Mutual Fund Distribution
w26575 Zhe Geng
Jun Pan

Price Discovery and Market Segmentation in China's Credit Market
w26560 Josh Davis
Cristian Fuenzalida
Alan M. Taylor

The Natural Rate Puzzle: Global Macro Trends and the Market-Implied r*
w26558 Alessandro Rebucci
Chang Ma

Capital Controls: A Survey of the New Literature
w26549 Lubos Pastor
Robert F. Stambaugh
Lucian A. Taylor

Sustainable Investing in Equilibrium
w26538 Lu Zhang
Q-factors and Investment CAPM
w26535 John H. Cochrane
Rethinking Production Under Uncertainty
w26520 Hui Chen
Zhuo Chen
Zhiguo He
Jinyu Liu
Rengming Xie

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets
w26517 Bryan T. Kelly
Asaf Manela
Alan Moreira

Text Selection
w26514 Arpit Gupta
Stijn Van Nieuwerburgh

Valuing Private Equity Strip by Strip
w26505 Steven F. Lehrer
Tian Xie
Tao Zeng

Does High Frequency Social Media Data Improve Forecasts of Low Frequency Consumer Confidence Measures?
w26418 Hui Chen
Winston Wei Dou
Leonid Kogan

Measuring "Dark Matter" in Asset Pricing Models
w26497 Christina Atanasova
Eduardo S. Schwartz

Stranded Fossil Fuel Reserves and Firm Value
w26494 Zhiguo He
Paymon Khorrami
Zhaogang Song

Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress
w26493 Alexander M. Chinco
Andreas Neuhierl
Michael Weber

Estimating The Anomaly Base Rate
w26469 Marco Cipriani
Ana Fostel
Daniel Houser

Endogenous Leverage and Default in the Laboratory
w26457 Zhenyu Gao
Michael Sockin
Wei Xiong

Economic Consequences of Housing Speculation
w26447 Bilge Erten
Anton Korinek
José Antonio Ocampo

Capital Controls: Theory and Evidence
w26435 Josh Davis
Alan M. Taylor

The Leverage Factor: Credit Cycles and Asset Returns
w26429 Patrick Augustin
Mikhail Chernov
Lukas Schmid
Dongho Song

Benchmark Interest Rates When the Government is Risky
w26423 Huaizhi Chen
Lauren Cohen
Umit Gurun

Don't Take Their Word For It: The Misclassification of Bond Mutual Funds
w26372 Hang Bai
Erica X.N. Li
Chen Xue
Lu Zhang

Does Costly Reversibility Matter for U.S. Public Firms?
w26370 Itzhak Ben-David
Francesco Franzoni
Rabih Moussawi

An Improved Method to Predict Assignment of Stocks into Russell Indexes
w26369 Valentin Haddad
David A. Sraer

The Banking View of Bond Risk Premia
w26354 Sean Hundtofte
Arna Olafsson
Michaela Pagel

Credit Smoothing
w26344 Charles W. Calomiris
Yehuda Izhakian
Jaime F. Zender

Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance
w26341 Ravi Jagannathan
On Frequent Batch Auctions for Stocks
w26340 Antoine Arnoud
Fatih Guvenen
Tatjana Kleineberg

Benchmarking Global Optimizers
w26330 Thomas Philippon
On Fintech and Financial Inclusion
w26329 Torben G. Andersen
Martin Thyrsgaard
Viktor Todorov

Cross-Sectional Dispersion of Risk in Trading Time
w26323 Ian Dew-Becker
Stefano Giglio
Bryan T. Kelly

Hedging Macroeconomic and Financial Uncertainty and Volatility
w26322 Amine Ouazad
Matthew E. Kahn

Mortgage Finance in the Face of Rising Climate Risk
w26308 Francesco Bianchi
Thilo Kind
Howard Kung

Threats to Central Bank Independence: High-Frequency Identification with Twitter
w26300 Markus K. Brunnermeier
Harold James
Jean-Pierre Landau

The Digitalization of Money
w26290 Carolin Pflueger
Emil Siriwardane
Adi Sunderam

Financial Market Risk Perceptions and the Macroeconomy
w26284 Fatih Guvenen
Gueorgui Kambourov
Burhanettin Kuruscu
Sergio Ocampo-Diaz
Daphne Chen

Use It or Lose It: Efficiency Gains from Wealth Taxation
w26255 Stefan Nagel
Zhengyang Xu

Asset Pricing with Fading Memory
w26248 Ravi Bansal
Mariano Max Croce
Wenxi Liao
Samuel Rosen

Uncertainty-Induced Reallocations and Growth
w26237 Francesco D’Acunto
Ulrike Malmendier
Juan Ospina
Michael Weber

Exposure to Daily Price Changes and Inflation Expectations
w26229 Markus K. Brunnermeier
Ricardo Reis

A Crash Course on the Euro Crisis
w26214 Pierpaolo Benigno
Linda M. Schilling
Harald Uhlig

Cryptocurrencies, Currency Competition, and the Impossible Trinity
w26200 Jessica A. Wachter
Michael Jacob Kahana

A Retrieved-Context Theory Of Financial Decisions
w26186 Zheng Tracy Ke
Bryan T. Kelly
Dacheng Xiu

Predicting Returns With Text Data
w26177 Mariano Max Croce
Thien T. Nguyen
Steve Raymond

Persistent Government Debt and Aggregate Risk Distribution
w26152 Ralph S. J. Koijen
Francois Koulischer
Benoit Nguyen
Motohiro Yogo

Inspecting the Mechanism of Quantitative Easing in the Euro Area
w26147 Marco Di Maggio
Mark L. Egan
Francesco Franzoni

The Value of Intermediation in the Stock Market
w26138 Jules H. van Binsbergen
William F. Diamond
Marco Grotteria

Risk-Free Interest Rates
w26113 Arpit Gupta
Kunal Sachdeva

Skin or Skim? Inside Investment and Hedge Fund Performance
w26112 Frederico Belo
Vito Gala
Juliana Salomao
Maria Ana Vitorino

Decomposing Firm Value
w26109 Joshua Schwartzstein
Adi Sunderam

Using Models to Persuade
w26105 Ivo Welch
Simpler Better Market Betas
w26102 Moritz Lenel
Monika Piazzesi
Martin Schneider

The Short Rate Disconnect in a Monetary Economy
w26090 John H. Cochrane
The Value of Government Debt
w26074 Tri Vi Dang
Gary B. Gorton
Bengt R. Holmstrom

The Information View of Financial Crises
w26062 Justin Birru
Sinan Gokkaya
Xi Liu
René M. Stulz

Are Analyst Trade Ideas Valuable?
w26060 Kewei Hou
Haitao Mo
Chen Xue
Lu Zhang

Security Analysis: An Investment Perspective
w26049 Jonas Heipertz
Amine Ouazad
Romain Rancière

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Brent Neiman
Jesse Schreger

Exchange Rate Reconnect
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Patrick Farrell
Theresa Kuchler
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Social Connectedness in Urban Areas
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Skill and Fees in Active Management
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Thomas Philippon
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Are Intermediary Constraints Priced?
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Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses
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Prudential Monetary Policy
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Stock Market Wealth and the Real Economy: A Local Labor Market Approach
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Affordable Housing and City Welfare
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Semih Üslü
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A Theory of Participation in OTC and Centralized Markets
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Common Risk Factors in Cryptocurrency
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On the Equivalence of Private and Public Money
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Understanding Weak Capital Investment: the Role of Market Concentration and Intangibles
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A Theory of Stock Exchange Competition and Innovation: Will the Market Fix the Market?
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Peer Effects in Product Adoption
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Premium for Heightened Uncertainty: Explaining Pre-Announcement Market Returns
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Institutional Trading Around M&A Announcements
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The Fiscal Roots of Inflation
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Amiyatosh Purnanandam

Bank Risk Dynamics and Distance to Default
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Hélène Rey
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The International Monetary and Financial System
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Macroeconomic Uncertainty Prices when Beliefs are Tenuous
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A Dynamic Model of Characteristic-Based Return Predictability
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Asset Price Bubbles and Systemic Risk
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Liquidity Risk After 20 Years
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Martin Lettau
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How the Wealth Was Won: Factors Shares as Market Fundamentals
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Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets
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Samuel G. Hanson
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Reflexivity in Credit Markets
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Matteo Maggiori
Johannes Stroebel
Stephen Utkus

Five Facts about Beliefs and Portfolios
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Stefano Giglio
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Nicholas Bloom
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Harry Mamaysky

Monetary Policy and Exchange Rate Returns: Time-Varying Risk Regimes
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Pascal Towbin
Sebastian Weber

Expectations During the U.S. Housing Boom: Inferring Beliefs from Actions
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Romain Rancière

Market Frictions, Arbitrage, and the Capitalization of Amenities
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Shane Miller
Dongho Song
Amir Yaron

The Term Structure of Equity Risk Premia
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Stephen G. Cecchetti
Kermit L. Schoenholtz

Stress Testing Networks: The Case of Central Counterparties
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Michael S. Weisbach

The Role of Financial Conditions in Portfolio Choices: The Case of Insurers
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Eric C. Engstrom
Nancy R. Xu

The Time Variation in Risk Appetite and Uncertainty
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Tao Zha

A Theory of Housing Demand Shocks
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Cecilia Parlatore

Trading Costs and Informational Efficiency
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Moritz Schularick
Alan M. Taylor

The Total Risk Premium Puzzle
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Alexi Savov
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How Monetary Policy Shaped the Housing Boom
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Tatyana Marchuk
Christian Schlag

The Leading Premium
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Jessica A. Wachter

"Superstitious" Investors
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Zhiguo He
Jiasun Li

Decentralized Mining in Centralized Pools
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John Geanakoplos
Gregory Phelan

Global Collateral and Capital Flows
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Juhani T. Linnainmaa
Peter Nyberg

Long-Term Discount Rates Do Not Vary Across Firms
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Scott Joslin
Sophie X. Ni

Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets
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David Hirshleifer
David Leake
Hiroaki Sakaguchi
Neil Stewart

Naïve *Buying* Diversification and Narrow Framing by Individual Investors
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David Hirshleifer
Johan Walden

Visibility Bias in the Transmission of Consumption Beliefs and Undersaving
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Neng Wang
Jinqiang Yang

The Endowment Model and Modern Portfolio Theory
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Juhani T. Linnainmaa

Factor Momentum and the Momentum Factor
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Zhiguo He

Chinese Bond Market and Interbank Market
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Michaela Pagel

Fully Closed: Individual Responses to Realized Gains and Losses
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Rajnish Mehra

Average Crossing Time: An Alternative Characterization of Mean Aversion and Reversion
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Atif Mian
Amir Sufi

Low Interest Rates, Market Power, and Productivity Growth
w25496 Francesco D’Acunto
Daniel Hoang
Maritta Paloviita
Michael Weber

IQ, Expectations, and Choice
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Stefano Giglio
Dacheng Xiu

Taming the Factor Zoo: A Test of New Factors
w25477 Ana Babus
Kinda Cheryl Hachem

Markets for Financial Innovation
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Matteo Maggiori

China vs. U.S.: IMS Meets IPS
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Toru Kitagawa
Adam McCloskey

Inference on Winners
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Benjamin M. Hébert

The Insurance is the Lemon: Failing to Index Contracts
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Geert Bekaert

Currency Factors
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Heterogeneous Households under Uncertainty
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Cecilia Parlatore

Volatility and Informativeness
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Negative Swap Spreads and Limited Arbitrage
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Marcio Garcia
Diogo A. Guillén
Patrick J. Kehoe

The Monetary and Fiscal History of Brazil, 1960-2016
w25420 Geert Bekaert
George Panayotov

Good Carry, Bad Carry

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