Working Papers
2024
Lalafaryan, N. (2024). 'Private Credit: A Renaissance in Corporate Finance' University of Cambridge Faculty of Law Research Paper No. 25/2023.
Wang, L. (2024). 'The Human Capital Reallocation of M&As: Inventor-level Evidence' CERF Working Paper SSRN
Aretz, K. Liu, H. Schneider, K. (2024) 'Seasonal Inventory Leverage' CERF Working Paper SSRN
Chen, S. Xu, H. (2024) 'Industry Dynamics and Capital Structure (Non)commitment' SSRN
Mohaddes, K. Raissi, M. (2024). 'Rising Temperatures, Melting Incomes: Country-Specific Macroeconomic Effects of Climate Scenario' MyIdeas
2023
Chhaochharia, V. Kumar, A. Motahari, M. & Rantala, V. (2023). 'Star Firms, Information Externalities, and Predictability' University of Miami Business School Research Paper.
Chen, S. Xu, H. (2020). 'Industry Dynamics and Capital Structure (Non)Commitment' SSRN.
Chu, J. Li, X. & Zou, Y. (2022). 'Corporate Social Responsibility Committee: International Evidence' Portable Document Format.
Dybvig, P. & Hou, X. (2023). 'Gambling for Redemption or Ripoff, and the Impact of Superpriority' SSRN.
Gallo, E. Lee, J. Riyanto, Y E. & Wong, E C. (2023). 'Cooperation and Cognition in Social Networks' Cornell University.
Guernsey, S. (2023). 'Intellectual Property Rights Protection, Investment, and Firm Growth' Portable Document Format.
Hou, X. (2023). 'Limited Liability and Investment' SSRN
Hwang, S. & Lee, B. (2023). 'Labor-Management Relational Capital' SSRN
Ohneberg, E. & Saffi, P. (2023). ''Satisfied Employees, Satisfied Investors: How Employee Well-being Impacts Mutual Fund Returns'' SSRN
Patozi, A (2023). 'Green Transmission: Monetary Policy in the age of ESG' Portable Document Format.
Tweedie, D. Cook, A. & Whittington, G. (2023). 'The UK Accounting Standards Board, 1990-2000: Restoring Honesty and Trust in Accounting' Taylor & Francis.
Zou, Y. (2023). 'Why Do Investment Companies Abandon Sustainability?' Portable Document Format.
Reddy, B (2023). 'The UK and Dual-Class Stock-Lite – Is it Really Even Better Than the Real Thing?' Theoretical Inquiries in Law - Under Review.
Gallo, E (2023). 'Social distancing in networks: A web-based interactive experiment' Journal of Behavioural and Experimental Economics.
Lambrecht, B M. & Chen, S. (2023). 'Resolving Tensions between Heterogeneous Investors in a Startup' SSRN.
Lambrecht, B M. & Chen, S. (2023). 'The Optimal Size, Financing and Liability of Partnerships' SSRN.
B, Reddy. (2023). 'Going Dutch? Comparing Regulatory and Contracting Policy Paradigms Via Amsterdam and London SPAC Experiences' European Business Organization.
Genakos, C. Pagliero, M. Sabatino, L. Valletti, T. (2023). 'The Impact of Fixed Book Price Regulation on Prices and Variety: Evidence from the Italian Book Market' Politecnico di Torino.
Liu, K. Ni, S. Oh, T. & Seol, Y. (2023). 'When Do Households Adjust Consumption to Housing Wealth Shocks?' Portable Document Format.
Liu, K. Bennett, P. & Salvanes, K. (2023). 'The Decline of Routine Tasks, Education Investments, and Intergenerational Mobility' Portable Document Format.
DallaZuanna, A. Salvanes, K & Liu, K. (2023). 'Pulled-in and Crowded-out: Heterogeneous Outcomes of Merit-based School Choice' Portable Document Format.
Prommawin, B. Liu, K. & Schroyen, F. (2023). 'The Effects of Health Insurance on Agricultural Production and Investments: Evidence from Rural Thailand' Portable Document Format.
Saffi, P. & Zheng, X. (2023). 'Decoding ETF Launch Decisions: Factors Influencing Asset Managers’ Choices' SSRN.
Mogstad, M. Salvanes, K & Liu, K. (2023). 'Education, Earnings Dynamics and Life-cycle Inequality' Journal & Location Unavailable.
2022
Barak, D., Gallo, E., & Langtry, A. (2022). The economic and health impacts of contact tracing and quarantine programs.#
Bik, O., Bouwens, J., Knechel, W. R., & Zou, Y. (2022). Regulatory Scrutiny and the Evolution of Performance Measurement, Career Development, and Compensation Schemes for Audit Partners.
Chu, J. (2022). Enhancing and Transcending the Self: The Importance of CEO Values for Explaining Fraud.
Chu, J., Li, X., & Zou, Y. (2022). Corporate Social Responsibility Committees: International Evidence.
Clarkson, P., Herbohn, K., Zou, Y. (2022). Business Strategy, Carbon Mitigation Activities and Investors’ Assessed Emissions Valuation Penalty.
Darmouni, O., Giesecke, O., & Rodnyansky, A. (2022). The bond lending channel of monetary policy. Columbia Business School Research Paper Forthcoming.
Eichholtz, P., Korevaar, M., & Lindenthal, T. (2022). Growth and Predictability of Urban Housing Rents.
Garel, A., Petmezas, D., Rau, P. R., & Karakas, O. (2022). Entrenchment Index (E-Index) Revisited.
Hirst, S., Karakas, O., & Yu, T. (2022). Proxy Contests and the Value of Voting Rights.
Karakas, O., Motahari, M., & Saffi, P. (2022). ESG and Short Selling.
Lindenthal, T., Schmidt, C. (2022). The Odd One Out: Predicting Price Coarseness.
Liu, K. (2022). Roscas and formal credit markets: theory and evidence
Mohaddes, K., C Ng, R. N., Pesaran, M. H., Raissi, M., & Yang, J. C. (2022). Climate change and economic activity: Evidence from US states.
Nguyen, B. D. (2022). Director Incentives in the Labor Market, Corporate Governance, and Firm Performance.
Pi, S. (2022). Communication among Shareholders Before Voting.
Pi, S. (2022). Why Can Blockholdings Increase Cash Holdings?
Rau, P. R., Sandvik, J., & Vermaelen, T. (2022). Valuing Soft Information: IPO Price Formation and Board Gender Diversity.
Rauh, C. (2022). How do people perceive the effect of algorithms and automation on returns to stocks and cryptocurrencies?
Rodnyansky, A., Timmer, Y., & Yago, N. (2022). Intervening against the Fed.
Safronov, M. (2022). Competition in acquiring stories.
Yago, N. (2022). Monetary Transmission under Heterogeneous Exchange Rate Exposure.
Yago, N. (2022). Disaster Risk, Flight to Safety, and UIP Premium.
Zou, Y. (2022). Why Do Investment Companies Abandon Sustainability?
DallaZuanna, A. Chan, M. & Liu, K. (2022). 'Understanding Program Complementarities: Estimating the Dynamic Effects of a Training Program with Multiple Alternatives' IZA Discussion Paper.
2021
Arnold, J., Chambers, D., Saffi, P. A., & Zheng, X. (2021). The More Things Change, The More They Stay the Same: Why Do Mutual Funds Change Sub-advisors?.
Dybvig, P. H., & Hou, X. (2021). Gambling for Redemption or Ripoff, and the Impact of Superpriority.
Equiza-Goñi, J., Faraglia, E., & Oikonomou, R. (2019). Union Debt Management.
Gu, R., Peng, C., & Zhang, W. (2021). The gender gap in household bargaining power: A portfolio-choice approach.
Hou, X. (2021). Direct Transfer and Guanxi in Resolving Contractual Failure.
Hou, X. (2021). Limited Liability and Scale (JMP).
Klusak, P., Agarwala, M., Burke, M., Kraemer, M., & Mohaddes, K. (2021). Rising temperatures, falling ratings: The effect of climate change on sovereign creditworthiness.
Kshatriya, A., & Zou, Y. (2021). Cost of Trust: Measuring Investors’ Willingness to Pay for Credible ESG Information.
Lambrecht, B. M., & Tse, A. S. (2021). Liquidation, bailout, and bail-in: Insolvency resolution mechanisms and bank lending.
Reddy, B. V. (2021). Up the Hill and Down Again: Dual-Class Stock and the UK Listing Review.
Reddy, B. V. (2021). The SPACtacular rise of the special purpose acquisition company: A retail investor’s worst nightmare.
Wan, W. X., & Lindenthal, T. (2021). Towards Accountability in Machine Learning Applications: A System-testing Approach.
Zheng, X. (2021). Does the Replication Method Affect ETF Tracking Efficiencies?.
Zheng, X. (2021). What Determines an Exchange-traded Fund Launch?.
Ceccarelli, M., Homanen, M., Lu, S., & Zou, Y. (2021). Soft Disclosures of Responsible Investors.
Zou, Y. (2021). Responsible Investment Motives.
2020
Assamoi, K., Ekponon, A., & Guo, Z. (2020). Are Cryptocurrencies Priced in the Cross-section? A Portfolio Approach.
Chen, S., & Xu, H. (2020). Industry Dynamics and Capital Structure (Non)Commitment.
Darmouni O., Giesecke O., & Rodnyansky, A. (2020): The Bond Lending Channel of Monetary Policy.
Dimson E., Karakaş, O, & Li, X. (2020): Coordinated Engagements.
Eichholtz, P., Korevaar, M., Lindenthal, T., & Tallec, R. (2020): The Total Return and Risk to Residential Real Estate.
Hirst, S., Karakas, O., & Yu, T. (2020). Proxy Contests and the Value of Voting Right.
Gallo, E., & Langtry, A. (2020). Social networks, confirmation bias and shock elections.
Lindenthal, T., & Johnson, E. B. (2020). Machine learning, architectural styles and property values.
Pi, S. (2020). Speaking With One Voice: Shareholder Collaboration on Activism.
Yago, N. (2020). Financial Market Globalization and Asset Price Bubbles.
2019
Chen, C. Y.-H., Härdle, W. K., Klochkov, Y. (2019). Influencers and Communities in Social Networks.
Chen, S., Lambrecht, B. M. (2019). The Dynamics of Financial Policies and Group Decisions in Private Firms.
Dorion, C., Ekponon, A., Jeanneret, A. (2019). What Drives the Expected Return on a Stock: Short-Run or Long-Run Risk?.
Ekponon, A. (2019). Agency Costs, Business Cycles, and Equity Prices.
Evans, R. B., Karakaş, O., Moussawi, R., Young, M. (2019). Phantom of the Opera: ETF Shorting and Shareholder Voting. European Corporate Governance Institute – Finance Working Paper No. 763.
Equiza-Goñi, J., Faraglia, E., Oikonomou, R. (2019). Union Debt Management.
Genakos, C. (2019). The Impact of Price Regulation on Prices and Variety in the Italian Book Market.
Guernsey, S. (2019). Competition, Non-Patented Innovation, and Firm Value.
Li, Z. M.; Linton, O. (2019). A ReMeDI for Microstructure Noise.
Lindenthal, T. (2019). The Odd One Out: Predicting Price Coarseness.
2018
Andrade, S. C., Ekponon, A., & Jeanneret, A. (2021). Sovereign Risk Premia and Global Macroeconomic Conditions. Forthcoming, Journal of Financial Economics.
Dimson, E., Karakaş, O., & Li, X. (2018). Coordinated engagements. European Corporate Governance Institute–Finance Working Paper, (721).
Dorion, C., Ekponon, A., Jeanneret, A., (2018). What Drives Equity Prices: Short- or Long-Run Risk?
Kumar, A., Motahari, M., Taffler, R. (2018). Skewness Preference and Market Anomalies.
Lambrecht, B. M., & Tse, A. S. L.(2018). Liquidation, bailout, and bail-in: insolvency resolution mechanisms and bank lending. Forthcoming, Journal of Financial and Quantitative Analysis.
Motahari, M. (2018). Geographic Heterogeneity, Local Sentiment, and Market Anomalies.
Zhou, W., Gao, J.; Harris, D., Kew, H. (2018). Semiparametric Single-index Predictive Regression.
2017
Accominotti, Olivier; Cen, Jason; Chambers, David; Marsh, Ian W.: Currency Regimes and the Carry Trade, 2017
Bae, Kee-Hong; Kang, Jisok: Does the Stock Market Benefit the Economy?, 2017
Choi, Syngjoo; Gallo, Edoardo; Wallace, Brian: Financial Contagion in Networks: A Market Experiment, 2017
Chu, Jenny; Florou, Annita; Pope, Peter F.: Does Accounting Education add Value in Auditing? Evidence from the UK, 2017
Tehranchi, Michael R.: A Black--Scholes inequality: applications and generalisation, 2017
2016
Bali, Turan G.; Brown, Stephen J.; Tang, Yi: Is economic uncertainty priced in the cross-section of stock returns?, 2016
Dalderop, Jeroen: Nonparametric State-Price Density Estimation Using High Frequency Data, 2016
Gurun, U. G., & Karakaş, O.: Earnings and the value of voting rights, 2016
Hobson, David; Tse, Alex S.L.; Zhu, Yeqi: Optimal consumption and investment under transaction costs, 2016
Hobson, David; Tse, Alex S.L.; Zhu, Yeqi: A multi-asset investment and consumption problem with transaction costs, 2016
Peng, Qiusha: Financial frictions, entry and growth: a study of China, 2016
2015
Aggarwal, Reena; Saffi, Pedro A. C.; Sturgess, Jason: The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market, 2015
Amel-Zadeh, Amir: Materiality of Nonfinancial Information: Theoretical Foundations and Empirical Evidence, 2015
Amel-Zadeh, Amir; Lev, Baruch; Meeks, Geoff: The Benefits and Costs of Managerial Earnings Forecasts in Mergers and Acquisitions, 20154
Berg, Tobias; Saunders, Anthony; Steffen, Sascha; Streitz, Daniel: Mind the Gap: The Difference between US and European Loan Rates, 2015
Bernile, Gennaro; Bhagwat, Vineet; Rau, P. Raghavendra: What Doesn't Kill You Will Only Make You More Risk-Loving: Early-Life Disasters and CEO Behavior, 2015
Blake, David P.; Sarno, Lucio; Zinna, Gabriele: The Market for Lemmings: The Investment Behavior of Pension Funds, 2015
Böckli, Peter; Davies, Paul L.; Ferran, Eilis; Ferrarini, Guido A.; Garcia, José M. Garrido; Hopt, Klaus J.; Pietrancosta, Alain; Roth, Markus; Skog, Rolf; Soltysinski, Stanislaw; Winter, Jaap W.; Wymeersch, Eddy: Shareholder Engagement and Identification, 2015
Burhop, Carsten; Chambers, David; Cheffins, Brian R.: Law, Politics and the Rise and Fall of German Stock Market Development, 1870-1938, 2015
Campello, Murillo; Matta, Rafael; Saffi, Pedro A.C.: The Rise of the Equity Lending Market: Implications for Corporate Financial Policies, 2015
Cavalcanti, Tiago; Giannitsarou, Chryssi: Growth and Human Capital: A Network Approach, 2015
Cenedese, Gino; Payne, Richard; Sarno, Lucio; Valente, Giorgio: What Do Stock Markets Tell Us About Exchange Rates?, 2015
Chambers, David; Dimson, Elroy: The British Origins of the U.S. Endowment Model, 2015
Chu, Jenny; Faasse, Jonathan; Rau, P. Raghavendra: Do Compensation Consultants Enable Higher CEO Pay? New Evidence from Recent Disclosure Rule Changes, 2015
Cvijanovic, Dragana; Dasgupta, Amil; Zachariadis, Konstantinos E.: Ties that Bind: How Business Connections Affect Mutual Fund Activism, 2015
Do, Quoc-Anh; Lee,Yen-Teik; Nguyen, Bang Dang:Political Connections and Firm Value: Evidence from the Regression Discontinuity Design of Close Gubernatorial Elections, 2015
Ferran, Eilis: European Banking Union and the EU Single Financial Market: More Differentiated Integration, or Disintegration?, 2015
Hasan, Iftekhar; Massoud, Nadia; Saunders, Anthony; Song, Keke: Which Financial Stocks Did Short Sellers Target in the Subprime Crisis?, 2015
Helmers, Christian; Patnam, Manasa; Rau, P. Raghavendra: Do Board Interlocks Increase Innovation? Evidence from a Corporate Governance Reform in India, 2015
Hong Harrison G.; Li, Frank Weikai; Ni, Sophie X.; Scheinkman, Jose A.; Yan, Philip: Days to Cover and Stock Returns, 2015
Malmendier, Ulrike; Opp, Marcus M.; Saidi, Farzad: Target Revaluation after Failed Takeover Attempts - Cash versus Stock, 2015
Menkhoff Lukas; Sarno Lucio; Schmeling, Maik; Schrimpf, Andreas: Currency Value, 2015
Pavlov, Andrey D.; Steiner, Eva; Wachter, Susan M.: Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities, 2015
Peng, Qiusha: Noisy rational bubbles, 2015
Reed, Adam V.; Saffi, Pedro A.C.; Van Wesep, Edward Dickersin: Short Sales Constraints and the Diversification Puzzle, 2015
Reed, Adam V.; Saffi, Pedro A. C.; Van Wesep, Edward Dickersin; Short Sales Constraints and the Diversification Puzzle, 2015
Richardson, Scott A.; Saffi, Pedro A. C.; Sigurdsson, Kari: Deleveraging Risk, 2015
Ross, Omri; Satchell, Stephen E.; Tehranchi, Michael: An Equilibrium Model of Market Efficiency with Bayesian Learning: Explicit Modes of Convergence to Rational, 2015 Expectations Equilibrium in the Presence of Noise Traders
Sarno, Lucio; Tsiakas, Ilias; Ulloa, Barbara: What Drives International Portfolio Flows?, 2015
2014
Accominotti, Olivier; Chambers, David: Out-of-Sample Evidence on the Returns to Currency Trading, 2014
Alcock, Jamie; Steiner, Eva: Unexpected Inflation, Capital Structure and Real Risk-Adjusted Firm Performance, 2014
Alcock, Jamie; Steiner, Eva; Tan, Kelvin Jui Keng: Leverage, Volatile Future Earnings Growth and Expected Stock Returns, 2014
Alcock, Jamie; Steiner, Eva; Tan Kelvin Jui Keng: Joint Leverage and Maturity Choices in Real Estate Firms: The Role of the REIT Status, 2014
Borovička, Jaroslav; Hansen, Lars Peter; Scheinkman, Jose A.: Misspecified Recovery, 2014
Borovička, Jaroslav; Hansen, Lars Peter; Scheinkman, Jose A.: Shock Elasticities and Impulse Responses, 2014
Böckli, Peter; Davies, Paul L.; Ferran, Eilis; Ferrarini Guido A.; Garcia, José M. Garrido; Hopt, Klaus J.; Pietrancosta Alain; Pistor, Katharina; Skog, Rolf; Soltysinski, Stanislaw; Winter, Jaap W.; Wymeersch, Eddy: Response to the European Commission's Report on the Application of the Takeover Bids Directive, 2014
Brav, Alon; Dasgupta, Amil; Mathews, Richmond D.: Wolf Pack Activism, 2014
Chambers, David; Dimson, Elroy; Foo, Justin: Keynes, King’s and Endowment Asset Management, 2014
Ferran, Eilis; European Banking Union: Imperfect, But It Can Work, 2014
Ferran, Eilis: Institutional Design for Financial Market Supervision: The Choice for National Systems, 2014
Hansen, Lars Peter; Scheinkman, Jose A.: Stochastic Compounding and Uncertain Valuation, 2014
Lambrecht, Bart M.; Myers, Stewart C.: The Dynamics of Investment, Payout and Debt, 2014
Neuhann, Daniel; Saidi, Farzad: The Firm-Level Real Effects of Bank-Scope Deregulation: Evidence from the Rise of Universal Banking, 2014
Neuhann, Daniel; Saidi, Farzad: Information Sensitivity and the Scope of Financial Intermediation, 2014
Phillips, Blake; Pukthuanthong, Kuntara; Rau, P. Raghavendra: Size Doesn't Matter: Diseconomies of Scale in the Mutual Fund Industry Revisited, 2014
Phillips, Blake; Pukthuanthong Kuntara; Rau, P. Raghavendra: Detecting Superior Mutual Fund Managers: Evidence from Copycats, 2014
Prado, Melissa Porras; Saffi, Pedro A. C.; Sturgess, Jason: Ownership Structure , Limits to Arbitrage and Stock Returns: Evidence from Equity Lending Market, 2014
Saffi, Pedro A. C.; Vergara-Alert, Carles; The Big Short: Short Selling Activity and Predictability in House Prices, 2014
2013
Aggarwal, Reena; Saffi, Pedro A. C.; Sturgess, Jason: The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market, 2013
Alcock, Jamie; Baum, Andrew; Colley, Nicholas; Steiner, Eva: The Role of Financial Leverage in the Performance of Private Equity Real Estate Funds, 2013
Alcock, Jamie; Glascock John L.; Steiner, Eva: Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence, 2013
Amel-Zadeh, Amir; Faasse, Jonathan; Li, Kevin; Meeks, Geoff: Has Accounting Regulation Secured More Valuable Goodwill Disclosures?, 2013
Amel-Zadeh, Amir; Barth, Mary E.; Landsman, Wayne R.: Procyclical Leverage: Bank Regulation or Fair Value Accounting?, 2013
Amel-Zadeh, Amir; Meeks, Geoff: Bank Failure, Mark‐To‐Market and the Financial Crisis, 2013
Berestycki, Henri; Monneau, Regis; Scheinkman, Jose A.: A Non Local Free Boundary Problem Arising in a Theory of Financial Bubbles, 2013
Böckli, Peter; Davis, Paul L.; Ferran, Eilis; Ferrarini, Guido A.; Garcia, José M. Garrido; Hopt, Klaus J.; Pietrancosta, Alain; Pistor, Katharina; Roth, Markus; Skog, Rolf; Soltysinski, Stanislaw; Winter, Jaap W.; Wymeersch, Eddy: Making Corporate Governance Codes More Effective: A Response to the European Commission's Action Plan of December 2012, 2013
Chambers, David L.; Dimson, Elroy: John Maynard Keynes, Investment Innovator, 2013
Chambers, David L.; Satisfaction in the Practice of Law: Findings from a Long-Term Study of Attorneys' Careers, 2013
Ferran, Eilis; Babis, Valia S.G: The European Single Supervisory Mechanism, 2013
Nguyen, Bang Dang; Nielsen, Kasper Meisner; When Blockholders Leave Feet First: Do Ownership and Control Affect Firm Value?, 2013
Pavlov, Andrey D.; Steiner, Eva; Wachter, Susan M.: Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities, 2013
Rahaman, Mohammad M; Rau, Raghavendra P; Al Zaman, Ashraf: Supply-Chain Flexibility and the Cost of Debt: Evidence from Uncertainty Shocks; 2013
Scheinkman Jose A.; Speculation, Trading and Bubbles, 2013