NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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NBER Papers on Asset Pricing

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2018
w25206 Mikhail Chernov
Drew D. Creal

International Yield Curves and Currency Puzzles
w25207 Brian Boyer
Taylor D. Nadauld
Keith P. Vorkink
Michael S. Weisbach

Private Equity Indices Based on Secondary Market Transactions
w25210 Eduardo Dávila
Cecilia Parlatore

Identifying Price Informativeness
w25216 Matthias Fleckenstein
Francis A. Longstaff

Floating Rate Money? The Stability Premium in Treasury Floating Rate Notes
w25194 Malcolm Baker
Daniel Bergstresser
George Serafeim
Jeffrey Wurgler

Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds
w25200 Daniel J. Benjamin
Errors in Probabilistic Reasoning and Judgment Biases
w25201 Usman Ali
David Hirshleifer

Shared Analyst Coverage: Unifying Momentum Spillover Effects
w25180 Jing Cynthia Wu
Fan Dora Xia

Negative Interest Rate Policy and the Yield Curve
w25122 Klaus Adam
Dmitry Matveev
Stefan Nagel

Do Survey Expectations of Stock Returns Reflect Risk-Adjustments?
w25127 Jordan Brooks
Michael Katz
Hanno Lustig

Post-FOMC Announcement Drift in U.S. Bond Markets
w25140 Jose Pizarro
Eduardo S. Schwartz

The Valuation of Fisheries Rights: A Real Options Approach
w25092 Robert J. Hodrick
Tuomas Tomunen

Taking the Cochrane-Piazzesi Term Structure Model Out of Sample: More Data, Additional Currencies, and FX Implications
w25104 Sergey Chernenko
Adi Sunderam

Do Fire Sales Create Externalities?
w25106 Ricardo Lagos
Shengxing Zhang

Turnover Liquidity and the Transmission of Monetary Policy
w25108 Maarten Meeuwis
Jonathan A. Parker
Antoinette Schoar
Duncan I. Simester

Belief Disagreement and Portfolio Choice
w25113 Simon Oh
Jessica A. Wachter

Cross-sectional Skewness
w25072 Jonathan Chapman
Erik Snowberg
Stephanie Wang
Colin Camerer

Loss Attitudes in the U.S. Population: Evidence from Dynamically Optimized Sequential Experimentation (DOSE)
w25084 Lauren Cohen
Christopher Malloy
Quoc Nguyen

Lazy Prices
w25090 Manuel Adelino
Antoinette Schoar
Felipe Severino

Perception of House Price Risk and Homeownership
w25085 Andrea L. Eisfeldt
Yu Shi

Capital Reallocation
w25031 Sergio Rebelo
Neng Wang
Jinqiang Yang

Rare Disasters, Financial Development, and Sovereign Debt
w25032 Anna Cieslak
Andreas Schrimpf

Non-Monetary News in Central Bank Communication
w25040 Jiangze Bian
Zhiguo He
Kelly Shue
Hao Zhou

Leverage-Induced Fire Sales and Stock Market Crashes
w25046 Robert L. McDonald
Thomas A. Rietz

Ratings and Asset Allocation: An Experimental Analysis
w25054 Efraim Benmelech
Nittai Bergman

Debt, Information, and Illiquidity
w25056 Nikolai Roussanov
Hongxun Ruan
Yanhao Wei

Marketing Mutual Funds
w24998 Peter Koudijs
Laura Salisbury
Gurpal Sran

For Richer, for Poorer: Bankers' Liability and Risk-taking in New England, 1867-1880
w25016 Refet S. Gürkaynak
Burçin Kısacıkoğlu
Jonathan H. Wright

Missing Events in Event Studies: Identifying the Effects of Partially-Measured News Surprises
w25019 James J. Choi
Adriana Z. Robertson

What Matters to Individual Investors? Evidence from the Horse's Mouth
w24956 Julien Hugonnier
Benjamin Lester
Pierre-Olivier Weill

Frictional Intermediation in Over-the-counter Markets
w24967 Francis X. Diebold
Minchul Shin

Machine Learning for Regularized Survey Forecast Combination: Partially-Egalitarian Lasso and its Derivatives
w24972 Hengjie Ai
Anmol Bhandari

Asset Pricing with Endogenously Uninsurable Tail Risk
w24973 Gabriel Chodorow-Reich
Andra Ghent
Valentin Haddad

Asset Insulators
w24932 Pedro Bordalo
Nicola Gennaioli
Yueran Ma
Andrei Shleifer

Over-reaction in Macroeconomic Expectations
w24900 Lubos Pastor
Pietro Veronesi

Inequality Aversion, Populism, and the Backlash Against Globalization
w24881 Theresa Kuchler
Michaela Pagel

Sticking to Your Plan: The Role of Present Bias for Credit Card Paydown
w24898 John Y. Campbell
Tarun Ramadorai
Benjamin Ranish

Do the Rich Get Richer in the Stock Market? Evidence from India
w24858 Martin Lettau
Markus Pelger

Factors that Fit the Time Series and Cross-Section of Stock Returns
w24866 Gary Gorton
Toomas Laarits
Andrew Metrick

The Run on Repo and the Fed's Response
w24797 Stefano DellaVigna
Structural Behavioral Economics
w24801 Huaizhi Chen
Lauren Cohen
Umit Gurun
Dong Lou
Christopher Malloy

IQ from IP: Simplifying Search in Portfolio Choice
w24823 Atif Mian
Amir Sufi

Credit Supply and Housing Speculation
w24765 Marcin Kacperczyk
Savitar Sundaresan
Tianyu Wang

Do Foreign Investors Improve Market Efficiency?
w24767 Andreas Fuster
Ricardo Perez-Truglia
Basit Zafar

Expectations with Endogenous Information Acquisition: An Experimental Investigation
w24781 Erik Snowberg
Leeat Yariv

Testing the Waters: Behavior across Participant Pools
w24748 Andreas Neuhierl
Michael Weber

Monetary Momentum
w24757 Vadim Elenev
Tim Landvoigt
Stijn Van Nieuwerburgh

A Macroeconomic Model with Financially Constrained Producers and Intermediaries
w24730 Ralph Koijen
Stijn Van Nieuwerburgh

Financing the War on Cancer
w24706 Andrew G. Atkeson
Adrien d'Avernas
Andrea L. Eisfeldt
Pierre-Olivier Weill

Government Guarantees and the Valuation of American Banks
w24709 Kewei Hou
Haitao Mo
Chen Xue
Lu Zhang

q5
w24717 Eric Budish
The Economic Limits of Bitcoin and the Blockchain
w24722 Miles S. Kimball
Matthew D. Shapiro
Tyler Shumway
Jing Zhang

Portfolio Rebalancing in General Equilibrium
w24723 Nicholas C. Barberis
Psychology-based Models of Asset Prices and Trading Volume
w24676 David Hirshleifer
Danling Jiang
Yuting Meng

Mood Betas and Seasonalities in Stock Returns
w24677 Òscar Jordà
Moritz Schularick
Alan M. Taylor
Felix Ward

Global Financial Cycles and Risk Premiums
w24697 Ulrike Malmendier
Demian Pouzo
Victoria Vanasco

Investor Experiences and Financial Market Dynamics
w24673 Matteo Maggiori
Brent Neiman
Jesse Schreger

International Currencies and Capital Allocation
w24646 Luis M. Viceira
Zixuan (Kevin) Wang

Global Portfolio Diversification for Long-Horizon Investors
w24648 Benjamin Lester
Ali Shourideh
Venky Venkateswaran
Ariel Zetlin-Jones

Market-making with Search and Information Frictions
w24604 Christoph Hambel
Holger Kraft
Eduardo S. Schwartz

The Carbon Abatement Game
w24618 Martin Lettau
Markus Pelger

Estimating Latent Asset-Pricing Factors
w24621 Melvin Stephens Jr.
Desmond Toohey

Changes in Nutrient Intake at Retirement
w24582 Itamar Drechsler
Alexi Savov
Philipp Schnabl

Banking on Deposits: Maturity Transformation without Interest Rate Risk
w24586 Christopher Hansman
Harrison Hong
Wenxi Jiang
Yu-Jane Liu
Juan-Juan Meng

Riding the Credit Boom
w24595 Joshua L. Krieger
Danielle Li
Dimitris Papanikolaou

Developing Novel Drugs
w24569 Christopher Busch
David Domeij
Fatih Guvenen
Rocio Madera

Asymmetric Business-Cycle Risk and Social Insurance
w24575 George O. Aragon
Rajnish Mehra
Sunil Wahal

Do Properly Anticipated Prices Fluctuate Randomly? Evidence from VIX Futures Markets
w24552 Yong Chen
Bryan Kelly
Wei Wu

Sophisticated Investors and Market Efficiency: Evidence from a Natural Experiment
w24563 Mikhail Chernov
Drew D. Creal

Multihorizon Currency Returns and Purchasing Power Parity
w24545 George-Marios Angeletos
Zhen Huo

Myopia and Anchoring
w24549 Mathias Drehmann
Mikael Juselius
Anton Korinek

Going With the Flows: New Borrowing, Debt Service and the Transmission of Credit Booms
w24550 Juliane Begenau
Maryam Farboodi
Laura Veldkamp

Big Data in Finance and the Growth of Large Firms
w24529 Carolin Pflueger
Emil Siriwardane
Adi Sunderam

A Measure of Risk Appetite for the Macroeconomy
w24540 Bryan Kelly
Seth Pruitt
Yinan Su

Characteristics Are Covariances: A Unified Model of Risk and Return
w24542 Lauren H. Cohen
Umit G. Gurun

Buying the Verdict
w24506 Patrick Augustin
Mikhail Chernov
Dongho Song

Sovereign Credit Risk and Exchange Rates: Evidence from CDS Quanto Spreads
w24509 Juan Ospina
Harald Uhlig

Mortgage-Backed Securities and the Financial Crisis of 2008: a Post Mortem
w24483 Linda Schilling
Harald Uhlig

Some Simple Bitcoin Economics
w24458 Jianan Liu
Robert F. Stambaugh
Yu Yuan

Size and Value in China
w24430 Charles W. Calomiris
Harry Mamaysky

How News and Its Context Drive Risk and Returns Around the World
w24432 Jessica A. Wachter
Yicheng Zhu

The Macroeconomic Announcement Premium
w24439 Zhengyang Jiang
Arvind Krishnamurthy
Hanno Lustig

Foreign Safe Asset Demand and the Dollar Exchange Rate
w24446 Adam M. Guren
Arvind Krishnamurthy
Timothy J. McQuade

Mortgage Design in an Equilibrium Model of the Housing Market
w24405 Arna Olafsson
Michaela Pagel

The Retirement-Consumption Puzzle: New Evidence from Personal Finances
w24406 Arun G. Chandrasekhar
Robert Townsend
Juan Pablo Xandri

Financial Centrality and Liquidity Provision
w24415 Zhiguo He
Arvind Krishnamurthy

Intermediary Asset Pricing and the Financial Crisis
w24388 Wolfgang Keller
Carol H. Shiue
Xin Wang

Capital Markets and Grain Prices: Assessing the Storage Approach
w24399 Lin William Cong
Zhiguo He

Blockchain Disruption and Smart Contracts
w24400 Ricardo J. Caballero
Alp Simsek

Reach for Yield and Fickle Capital Flows
w24373 Alexandr Kopytov
Nikolai Roussanov
Mathieu Taschereau-Dumouchel

Short-Run Pain, Long-Run Gain? Recessions and Technological Transformation
w24346 Grace Xing Hu
Jun Pan
Jiang Wang

Chinese Capital Market: An Empirical Overview
w24362 Julian Kozlowski
Laura Veldkamp
Venky Venkateswaran

The Tail that Keeps the Riskless Rate Low
w24320 Nelson Camanho
Harald Hau
Hélène Rey

Global Portfolio Rebalancing and Exchange Rates
w24322 Atif R. Mian
Amir Sufi

Finance and Business Cycles: The Credit-Driven Household Demand Channel
w24325 Ambrogio Cesa-Bianchi
M. Hashem Pesaran
Alessandro Rebucci

Uncertainty and Economic Activity: A Multi-Country Perspective
w24293 David Hirshleifer
Yaron Levi
Ben Lourie
Siew Hong Teoh

Decision Fatigue and Heuristic Analyst Forecasts
w24297 Kenneth R. Ahern
Do Proxies for Informed Trading Measure Informed Trading? Evidence from Illegal Insider Trades
w24298 Gary B. Gorton
Toomas Laarits

Collateral Damage
w24281 Bing Han
David Hirshleifer
Johan Walden

Social Transmission Bias and Investor Behavior
w24250 Martin Lettau
Ananth Madhavan

Exchange Traded Funds 101 For Economists
w24258 Daniel R. Feenberg
Clinton Tepper
Ivo Welch

Are Interest Rates Really Low?
w24261 Roger Farmer
Pricing Assets in a Perpetual Youth Model
w24262 Marco Di Maggio
Amir Kermani
Kaveh Majlesi

Stock Market Returns and Consumption
w24270 Söhnke M. Bartram
Gregory W. Brown
René M. Stulz

Why has Idiosyncratic Risk been Historically Low in Recent Years?
w24213 Antje Berndt
Rohan Douglas
Darrell Duffie
Mark Ferguson

Corporate Credit Risk Premia
w24222 Pierre Collin-Dufresne
Kent D. Daniel
Mehmet Saǧlam

Liquidity Regimes and Optimal Dynamic Asset Allocation
w24224 Matthias Fleckenstein
Francis A. Longstaff

Shadow Funding Costs: Measuring the Cost of Balance Sheet Constraints
w24230 Zheng Michael Song
Wei Xiong

Risks in China's Financial System
w24237 Roni Michaely
Stefano Rossi
Michael Weber

The Information Content of Dividends: Safer Profits, Not Higher Profits
w24180 Manuel Adelino
Kristopher Gerardi
Barney Hartman-Glaser

Are Lemons Sold First? Dynamic Signaling in the Mortgage Market
w24182 Ralph Koijen
Motohiro Yogo

The Fragility of Market Risk Insurance
2017
w24162 Jaroslav Borovička
John Stachurski

Necessary and Sufficient Conditions for Existence and Uniqueness of Recursive Utilities
w24163 Kent Daniel
David Hirshleifer
Lin Sun

Short- and Long-Horizon Behavioral Factors
w24164 Kent Daniel
Lira Mota
Simon Rottke
Tano Santos

The Cross-Section of Risk and Return
w24176 Rawley Z. Heimer
Alp Simsek

Should Retail Investors' Leverage Be Limited?
w24143 David Hirshleifer
Chong Huang
Siew Hong Teoh

Model Uncertainty, Ambiguity Aversion, and Market Participation
w24144 Yongqiang Chu
David Hirshleifer
Liang Ma

The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies
w24146 Samuel Antill
Darrell Duffie

Augmenting Markets with Mechanisms
w24112 Òscar Jordà
Katharina Knoll
Dmitry Kuvshinov
Moritz Schularick
Alan M. Taylor

The Rate of Return on Everything, 1870-2015
w24126 Mark Gertler
Nobuhiro Kiyotaki
Andrea Prestipino

A Macroeconomic Model with Financial Panics
w24098 Mila Getmansky
Ravi Jagannathan
Loriana Pelizzon
Ernst Schaumburg
Darya Yuferova

Stock Price Crashes: Role of Slow-Moving Capital
w24108 Anusha Chari
Ryan Leary
Toan Phan

The Costs of (sub)Sovereign Default Risk: Evidence from Puerto Rico
w24063 Ravi Jagannathan
Ashwin Ravikumar
Marco Sammon

Environmental, Social, and Governance Criteria: Why Investors are Paying Attention
w24064 Jongsub Lee
Junho Oh
David Yermack

Credit Default Swaps, Agency Problems, and Management Incentives
w24070 Serhiy Kozak
Stefan Nagel
Shrihari Santosh

Shrinking the Cross Section
w24083 Christian Leuz
Steffen Meyer
Maximilian Muhn
Eugene Soltes
Andreas Hackethal

Who Falls Prey to the Wolf of Wall Street? Investor Participation in Market Manipulation
w24089 Andrea Barbon
Marco Di Maggio
Francesco Franzoni
Augustin Landier

Brokers and Order Flow Leakage: Evidence from Fire Sales
w24091 Michael Bailey
Eduardo Dávila
Theresa Kuchler
Johannes Stroebel

House Price Beliefs And Mortgage Leverage Choice
w24045 Sreyoshi Das
Camelia M. Kuhnen
Stefan Nagel

Socioeconomic Status and Macroeconomic Expectations
w24048 Steffen Meyer
Michaela Pagel

Fresh Air Eases Work - The Effect of Air Quality on Individual Investor Activity
w24058 Paige Ouimet
Geoffrey Tate

Learning from Coworkers: Peer Effects on Individual Investment Decisions
w24024 Ali Hortaçsu
Jakub Kastl
Allen Zhang

Bid Shading and Bidder Surplus in the U.S. Treasury Auction System
w24029 Tarek A. Hassan
Stephan Hollander
Laurence van Lent
Ahmed Tahoun

Firm-Level Political Risk: Measurement and Effects
w23993 Lars E.O. Svensson
What Rule for the Federal Reserve? Forecast Targeting
w24014 Ting Chen
Zhenyu Gao
Jibao He
Wenxi Jiang
Wei Xiong

Daily Price Limits and Destructive Market Behavior
w23984 Luigi Bocola
Guido Lorenzoni

Financial Crises, Dollarization, and Lending of Last Resort in Open Economies
w23985 Arvind Krishnamurthy
Stefan Nagel
Annette Vissing-Jorgensen

ECB Policies Involving Government Bond Purchases: Impact and Channels
w23986 Bruno Biais
Johan Hombert
Pierre-Olivier Weill

Incentive Constrained Risk Sharing, Segmentation, and Asset Pricing
w23967 Jongha Lim
Michael W. Schwert
Michael S. Weisbach

The Economics of PIPEs
w23945 Arna Olafsson
Michaela Pagel

The Ostrich in Us: Selective Attention to Financial Accounts, Income, Spending, and Liquidity
w23954 Jonathan Chapman
Mark Dean
Pietro Ortoleva
Erik Snowberg
Colin Camerer

Willingness to Pay and Willingness to Accept are Probably Less Correlated Than You Think
w23958 Marianne Andries
Valentin Haddad

Information Aversion
w23920 Jonathan A. Parker
Nicholas S. Souleles

Reported Preference vs. Revealed Preference: Evidence from the Propensity to Spend Tax Rebates
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?
w23917 Ian Dew-Becker
Charles G. Nathanson

Directed Attention and Nonparametric Learning
w23883 Samuel M. Hartzmark
Kelly Shue

A Tough Act to Follow: Contrast Effects In Financial Markets
w23884 Randall Wright
Philipp Kircher
Benoit Julîen
Veronica Guerrieri

Directed Search: A Guided Tour
w23886 Valentin Haddad
Serhiy Kozak
Shrihari Santosh

Predicting Relative Returns
w23841 Ambrogio Cesa-Bianchi
Andrea Ferrero
Alessandro Rebucci

International Credit Supply Shocks
w23850 Arvind Krishnamurthy
Tyler Muir

How Credit Cycles across a Financial Crisis
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
w23773 Hanno Lustig
Robert J. Richmond

Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates
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
w23798 Bruce Carlin
Arna Olafsson
Michaela Pagel

FinTech Adoption Across Generations: Financial Fitness in the Information Age
w23802 Atif Mian
Amir Sufi
Emil Verner

How do Credit Supply Shocks Affect the Real Economy? Evidence from the United States in the 1980s
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
w23732 Yves Achdou
Jiequn Han
Jean-Michel Lasry
Pierre-Louis Lions
Benjamin Moll

Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach
w23676 Jose Maria Barrero
Nicholas Bloom
Ian Wright

Short and Long Run Uncertainty
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?
w23694 Greg Kaplan
Kurt Mitman
Giovanni L. Violante

The Housing Boom and Bust: Model Meets Evidence
w23696 Jonathan B. Berk
Jules H. van Binsbergen

Regulation of Charlatans in High-Skill Professions
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

Fund Tradeoffs
w23625 Victor Stango
Joanne Yoong
Jonathan Zinman

Quicksand or Bedrock for Behavioral Economics? Assessing Foundational Empirical Questions
w23608 Michael Bailey
Ruiqing (Rachel) Cao
Theresa Kuchler
Johannes Stroebel
Arlene Wong

Measuring Social Connectedness
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
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
w23493 Isil Erel
Yeejin Jang
Bernadette A. Minton
Michael S. Weisbach

Corporate Liquidity, Acquisitions, and Macroeconomic Conditions
w23494 SeHyoun Ahn
Greg Kaplan
Benjamin Moll
Thomas Winberry
Christian Wolf

When Inequality Matters for Macro and Macro Matters for Inequality
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
w23452 Tomasz Piskorski
Alexei Tchistyi

An Equilibrium Model of Housing and Mortgage Markets with State-Contingent Lending Contracts
w23457 Maryam Farboodi
Laura Veldkamp

Long Run Growth of Financial Technology
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
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
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?
w23324 Fatih Guvenen
Raymond J. Mataloni
Jr.
Dylan G. Rassier
Kim J. Ruhl

Offshore Profit Shifting and Domestic Productivity Measurement
w23310 Irem Demirci
Jennifer Huang
Clemens Sialm

Government Debt and Corporate Leverage: International Evidence
w23311 Eric T. Swanson
Measuring the Effects of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets
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?
w23266 Manuel Amador
Javier Bianchi
Luigi Bocola
Fabrizio Perri

Exchange Rate Policies at the Zero Lower Bound
w23274 Azi Ben-Rephael
Bruce I. Carlin
Zhi Da
Ryan D. Israelsen

Demand for Information and Asset Pricing
w23276 Matthew Gentzkow
Bryan T. Kelly
Matt Taddy

Text as Data
w23245 Nuno Coimbra
Hélène Rey

Financial Cycles with Heterogeneous Intermediaries
w23249 Juliane Begenau
Berardino Palazzo

Firm Selection and Corporate Cash Holdings
w23256 Pedro Bordalo
Nicola Gennaioli
Andrei Shleifer

Memory, Attention, and Choice
w23225 Sydney C. Ludvigson
Sai Ma
Serena Ng

Shock Restricted Structural Vector-Autoregressions
w23226 Lu Zhang
The Investment CAPM
w23227 Joachim Freyberger
Andreas Neuhierl
Michael Weber

Dissecting Characteristics Nonparametrically
w23228 Ulrike Malmendier
Stefan Nagel
Zhen Yan

The Making of Hawks and Doves: Inflation Experiences on the FOMC
w23231 Kurt F. Lewis
Francis A. Longstaff
Lubomir Petrasek

Asset Mispricing
w23234 Maryam Farboodi
Gregor Jarosch
Robert Shimer

The Emergence of Market Structure
w23238 Jules H. van Binsbergen
Christian C. Opp

Real Anomalies
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
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
w23140 Mert Demirer
Francis X. Diebold
Laura Liu
Kamil Yılmaz

Estimating Global Bank Network Connectedness
w23152 Alexander Wagner
Richard J. Zeckhauser
Alexandre Ziegler

Company Stock Reactions to the 2016 Election Shock: Trump, Taxes and Trade
w23168 Eleanor W. Dillon
Christopher T. Stanton

Self-Employment Dynamics and the Returns to Entrepreneurship
w23124 Geert Bekaert
Arnaud Mehl

On the Global Financial Market Integration "Swoosh" and the Trilemma
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
w23083 Thomas Philippon
Pierre Pessarossi
Boubacar Camara

Backtesting European Stress Tests
w23040 Ioannis Branikas
Harrison Hong
Jiangmin Xu

Location Choice, Portfolio Choice
w23028 Camelia M. Kuhnen
Brian T. Melzer

Non-Cognitive Abilities and Financial Delinquency: The Role of Self-Efficacy in Avoiding Financial Distress
w23030 Charles G. Nathanson
Eric Zwick

Arrested Development: Theory and Evidence of Supply-Side Speculation in the Housing Market

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