Exchange Traded Funds (ETFs) -- by Itzhak Ben-David, Francesco Franzoni,...
Over two decades, ETFs have become one of the most popular investment vehicle among retail and professional investors due to their low transaction costs and high liquidity, taking market share from...
View ArticleCorporate Deleveraging -- by Harry DeAngelo, Andrei S. Goncalves, Rene M. Stulz
Proactive deleveraging from all-time peak market leverage (ML) to near-zero ML and negative net debt is the norm among 4,476 nonfinancial firms with five or more years of post-peak data. ML is 0.543 at...
View ArticleInflation Dynamics During the Financial Crisis -- by Simon Gilchrist, Raphael...
Using a novel dataset, which merges good-level prices underlying the PPI with the respondents' balance sheets, we show that liquidity constrained firms increased prices in 2008, while their...
View ArticleHospital Competition, Quality, and Expenditures in the U.S. Medicare...
Theoretical models of competition with fixed prices suggest that hospitals should compete by increasing quality of care for diseases with the greatest profitability and demand elasticity. Most...
View ArticlePutting the Cycle Back into Business Cycle Analysis -- by Paul Beaudry, Dana...
This paper begins by re-examining the spectral properties of several cyclically sensitive variables such as hours worked, unemployment and capacity utilization. For each of these series, we document...
View ArticleTime-Inconsistent Charitable Giving -- by James Andreoni, Marta Serra-Garcia
This paper examines the interaction between moral contradictions and time in charitable giving. Applying a simple theoretical framework to two longitudinal experiments with actual charitable donations,...
View ArticlePolitical Borders and Bank Lending in Post-Crisis America -- by Matthieu...
We use spatial discontinuities associated with congressional district borders to identify the effect of political influences on American banks' lending. We show that recipients of the 2008 public...
View ArticleLeverage Dynamics without Commitment -- by Peter DeMarzo, Zhiguo He
We analyze equilibrium leverage dynamics in a dynamic tradeoff model when the firm is unable to commit to a leverage policy ex ante. We develop a methodology to characterize equilibrium equity and debt...
View ArticleDivergent Paths: Structural Change, Economic Rank, and the Evolution of...
Studying working and non-working men, we find that, after closing substantially from 1940 to the mid-1970s, the median black-white earnings gap has since returned to its 1950 level, while the...
View ArticleMoscow Exchange: Final Settlement Of Brent Derivatives In December 2016,...
Due to public holidays in Russia, the final settlement date of the January Brent oil futures contracts (BR-1.17) will be changed to 30 December 2016, instead of 2 January 2017. The date will be changed...
View ArticleIbdar Launches Parallel Shariâah Trade Finance Fund
Bahrain-based wholesale Islamic Investment bank, Ibdar Bank, has announced the launch of the Barak Ibdar Shari’ah Trade Finance Fund, a parallel fund of the highly successful Barak Trade Finance...
View ArticlePwC Launches New Fintech Capability Called âVulcan Digital Asset...
PwC has today launched a new fintech capability called Vulcan Digital Asset Services to enable digital assets to be used for everyday banking, commerce and other personal currency and asset related...
View ArticleEffectiveness And Proportionality: Our Financial Crime Priorities - Speech By...
Speaker: Rob Gruppetta, Head of the Financial Crime DepartmentEvent: FCA Financial Crime Conference, LondonDelivered: 10 November 2016Note: this is the speech as drafted and may differ from delivered...
View ArticleSecurities And Exchange Board Of India Visit To Tehran Stock Exchange
On Monday 14 November 2016, the Chairman of the Securities and Exchange Board of India paid a visit to the Tehran Stock Exchange.read more...
View ArticleSmart Contracts Pioneer Symbiont Fortifies Board Of Directors - Appoints...
Symbiont has appointed former SEC Commissioner Daniel Gallagher and Todd Ruppert, former CEO and President of T.Rowe Price Global Investment Services, to its Board of Directors. These appointments...
View ArticleTehran Stock Exchange: Dr. Hassan Ghalibaf Asl Re-Elected Chief Executive
In the first session of the new board of directors meeting at Tehran Stock Exchange, Dr. Hassan Ghalibaf Asl was re-elected as the Exchange’s chief executive for the fifth consecutive term.read more...
View ArticleUllink And Alpha Omega Join Forces To Deliver FIX-Based Post Trade Processing...
Ullink, the global provider of electronic trading and connectivity solutions to the financial community, and Alpha Omega, an innovator in post-trade technology, today announced a strategic partnership...
View ArticleSimCorp Partners With Cassini Systems To Enhance Its Front Office Offering
SimCorp, a leading provider of investment management solutions and services for the global financial services industry, and Cassini Systems, a provider of pre-trade analytics solutions for OTC...
View ArticleMIAX Options Holiday Schedule - Thanksgiving 2016
Please be advised the MIAX Options Exchange will be closed on Thursday, November 24, 2016 in observance of the Thanksgiving Holiday. On Friday, November 25, 2016, the MIAX will have an abbreviated...
View ArticleACER Calls For Limiting The Discrimination Between Internal And Cross-Zonal...
ACER publishes today a Recommendation on the common capacity calculation and redispatching and countertrading cost sharing methodologies. This Recommendation establishes a set of high-level principles...
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