We study an at-scale natural experiment in which debit cards were given to cash transfer recipients who already had a bank account...
We estimate real losses arising from the cross-sectional misallocation of financial liabilities. Extending a production-based framework of misallocation measurement...
The yield curve is an important tool to assess the economic progress of a country. In this study, we examine the strength of the relationship between term spread and economic activity...
We study risk management in financial institutions using data on hedging of interest rate and foreign exchange risk.
The equity term structure is downward sloping at long maturities. I estimate an Intertemporal Capital Asset Pricing Model (ICAPM) to show that the trade-off between market and reinvestment risk...
Expanding stock market valuation multiples add to expected returns, and contracting multiples subtract from them. But how to forecast valuation measures...
This article examines whether volatility targeting can improve returns, decrease tail loss, and deliver a more stable risk profile for risk assets using the example of US equities.
We examine the effects of physiology and spiritual sentiment on economic decision-making in the context of Ramadan, an entire lunar month of daily fasting and...
We consider a firm's investment and financing decisions made by a group of agents on behalf of shareholders, of which each individual utilizes a different discount rate...