Finance research paper
For comment; 0 comment(s) research on finance from harvard business school faculty on issues including corporate investment, governance, and accounting g paper funds as venture capitalists? Mutual funds are less involved in corporate governance, especially boards of directors, but have more protections when it comes to liquidating their g paper decline of big-bank lending to small business: dynamic impacts on local credit and labor brian s. This paper examines the lasting economic consequences of this contraction, finding that a credit supply shock from a subset of lenders can have surprisingly long-lived effects on real to promote home delivery of prescription drugs? In this podcast, vikram gandhi discusses the expanding influence of impact investing and how state street global advisers is for comment; comment(s) g paper invitation to market scott duke kominers, alexander teytelboym, and vincent p. This paper illustrates best practices in market design through three examples: the design of medical residency matching programs, a scrip system to allocate food donations to food banks, and the recent “incentive auction” that reallocated wireless spectrum from television broadcasters to g paper redemption and reserve laura alfaro and fabio study examines how reserve accumulation affects governments’ decisions to default. For comment; comment(s) g paper ance through shame and aspiration: index creation and corporate behavior in akash chattopadhyay, matthew d. Exploiting the unique features of japan’s jpx-nikkei 400 index, this paper examines how membership in a stock index serves as a source of prestige that can motivate managers and influence corporate governance norms. Findings are important for understanding non-pecuniary mechanisms to induce meaningful changes in corporate g paper e equity and financial fragility during the shai bernstein, josh lerner, and filippo ing the activity of almost 500 private equity-backed companies during the 2008 financial crisis, this study finds that during a time in which capital formation dropped dramatically, pe-backed companies invested more aggressively than peer companies did. Results do not support the hypothesis that private equity contributed to the fragility of the economy during the recent financial government 'nudges' motivate good citizen ch by john beshears and colleagues finds that psychological nudges can be a cost-effective way for governments to get citizens to do the right for comment; comment(s) g paper relevance of broker networks for information diffusion in the stock marco di maggio, francesco franzoni, amir kermani, and carlo information is generated by market participants, shared, and incorporated into prices is one of the key questions for understanding how financial markets operate. This study finds that intermediaries play a large role in the acquisition and dissemination of private information, which they extract from order flow and, more generally, from interaction with g paper ng through disclosure: evidence from shanghai-hong kong researcher studies firms’ use of disclosure to build investor confidence when they operate in a market where the institutions that support the supply of credible information are jane austen and mel brooks can teach us about finance. New book by mihir desai links the fundamentals of finance to several centuries of literature, history, philosophy, music, visual arts, theater, and comedy to make the subject seem less mystifying—and more humanizing—to a broad audience of for comment; comment(s) stockbrokers illegally leaking confidential information to favored clients? Research by marco di maggio reveals stockbroker behavior that is probably illegal, definitely underregulated, and arguably influential in the day-to-day operations of the stock for comment; comment(s) g paper ory management for mobile money agents in the developing karthik balasubramanian, david f. In this podcast, sunil gupta discusses how entrepreneur vijay shekhar sharma is meeting this challenge with his mobile payments company for comment; comment(s) g paper price synchronicity and material sustainability jody grewal, clarissa hauptmann, and george paper seeks to understand and provide evidence on the characteristics of emerging accounting standards for sustainability information. Given that a large number of institutional investors seek sustainability data and have committed to using it, it is increasingly important to develop a robust accounting infrastructure for the reporting of such g paper s unlearned?
Financial research papers
Understanding this and other potential vulnerabilities requires knowing more about the state of emerging market corporate balance sheets, the drivers of debt accumulation, and the effects of both on the d business school working library | bloomberg : contact contact contact contact ive education l porter g knowledge ive education l porter g knowledge l porter ive education ive education ive education google ive education l porter ive education ive education ive education ght © president & fellows of harvard d business d business ss research for business leaders. Finance is central to private sector development and vice versa, and large parts of both sub-disciplines revolve around the behavior and performance of firms. Story | video | presentation the way forward for sme growth and job creation november 2016: in this talk, miriam bruhn compared approaches to promote smes in three areas where research is providing new insight: regulatory reform, access to finance, and business practices. Story | video | presentation data microentrepreneurs and access to finance in menya, egypt: baseline survey data for impact evaluation deposit insurance global financial development database financial development and structure database global findex database more » report global financial development report 2015 | 2016: long-term finance research digest special issue on labor markets spring 2017 working papers information disclosure and demand elasticity of financial products: evidence from a multi-country study xavier giné, cristina martínez cuellar, and rafael keenan mazer policy research working paper 8210, october 2017 measuring the effectiveness of service delivery: delivery of government provided goods and services in india asli demirguc-kunt, leora klapper, and neeraj prasad policy research working paper 8207, september 2017 making it easier to apply for a bank account: a study of the indian market asli demirguc-kunt, leora klapper, saniya ansar, and aditya jagati policy research working paper 8205, september 2017 pension funds and the impact of switching regulation on long-term investment alvaro enrique pedraza morales, olga fuentes, pamela searle, and fiona stewart policy research working paper 8143, july 2017 the heterogeneous growth effects of the business environment: firm-level evidence for a global sample of cities josé-daniel reyes, mark roberts, and lixin colin xu policy research working paper 8114, june 2017 do individual investors ignore transaction costs? Deniz anginer, snow xue han, and celim yildizhan policy research working paper 8098, june 2017 status goods: experimental evidence from platinum credit cards leonardo bursztyn, bruno ferman, stefano fiorin, martin kanz, and gautam rao policy research working paper 8064, may 2017 financial inclusion and inclusive growth: a review of recent empirical evidence asli demirguc-kunt, leora klapper, and dorothe singer policy research working paper 8040, april 2017 how effective are active labor market policies in developing countries? A critical review of recent evidence david mckenzie, nídia garcía, and josé gómez-gonzález policy research working paper 8011, march 2017 more » events upcoming seminars conferences newsletter interest bearing notes blogs a better way to train small business owners: using psychology to teach personal initiative, david mckenzie and markus goldstein, africa can end poverty, 22 september 2017 unbundling and targeting the business environment for firm growth l. Colin xu, let’s talk development, 12 september 2017 more » research manager bob cull (acting) impact evaluation policy notes the power of standard-ization: testing information disclosure in a multi-country study, xavier giné, cristina martínez and rafael mazer, october 2017more ». Search term(s):This series allows members of the ofr staff and their coauthors to disseminate preliminary research findings in a format intended to generate discussion and critical comments. Comments and suggestions for improvements to these papers are welcome and should be directed to the authors. This working paper uses credit default swap data to estimate the direct and indirect impacts of a default by ccp counterparties in derivatives trades. Money market mutual fund reforms, bank liquidity requirements, and the federal home loan bank the financial crisis, reforms of money market funds and changes to banks’ liquidity requirements had an unintended consequence of increased federal home loan banks’ reliance on short-term funding from money market funds to finance longer-term loans and other assets. This working paper describes how the index is constructed and how the ofr uses it to monitor financial stability. In this working paper, ofr researchers propose a new way to measure complexity that can support the resolution process after a bank holding company fails. Paul glasserman and qi tence and procyclicality in margin paper describes how to set margin levels for derivatives contracts so that margin calls do not add to market stress during times of instability.
Mark paddrik, haelim park, and jessie jiaxu networks and systemic risk: evidence from the national banking paper uses unique data to analyze how the national banking acts in 1863 and 1864 reshaped the u. The paper shows this concentration made contagion more likely if big banks faced economic shocks. Peyton ion in the cds paper assesses the risk of contagion in the credit default swap (cds) market. Triparty repo paper examines how risk-taking in the repurchase agreement, or repo, market changed after regulators introduced the supplementary leverage ratio for banks. Richard neuberg, paul glasserman, benjamin kay, and sriram market-implied probability of european government intervention in distressed paper assesses the likelihood of european government support in distressed banks. Onnectedness in the global financial working paper shows how network analysis can facilitate the monitoring of movements by stocks in the global financial system over time. This working paper shows that the cost incentive does not necessarily favor central clearing, and when it does, it might be because of insufficient levels of guarantee funds, which banks provide to protect ccps in the event of ccp member default. This working paper creates a collateral map to show how collateral moves among bilateral counterparties, triparty banks, and central counterparties, and can spread stress through the financial system. The paper also discusses the recent increase in collateral demand, effects of post-crisis regulation, and collateral-related stress scenarios. Real consequences of bank mortgage lending paper describes how mortgage lending standards, as measured by responses to the federal reserve's quarterly senior loan officer opinion survey, relate to changes in the availability of mortgage loans at banks from 1990 to 2013. The research suggests that the survey's reported changes in credit standards are a leading indicator of the financial industry's vulnerability to shocks. Paper investigates the use of automated text analysis by computers as a tool for monitoring financial stability. John bluedorn and haelim ng contagion with bailouts: microevidence from pennsylvania bank networks during the panic of working paper examines how a bailout orchestrated by new york clearinghouse member banks stopped financial contagion during the panic of 1884. Flood and phillip pf and hedge funds: risk-measurement precision for option paper examines the precision of form pf in measuring the risk hedge funds pose to the financial system.
The paper extends the methodology of a 2015 ofr working paper and finds that options significantly weaken the risk-measurement tolerances in form pf. Jill cetina, mark paddrik, and sriram ed to the core: counterparty concentrations and systemic losses in cds paper applies the federal reserve's supervisory stress test scenarios to examine the impacts on banks — and the banking system as a whole — from default of their largest counterparties in the credit derivatives markets. Maya eden and benjamin assets as commodity paper examines the systemic implications of the supply of liquid safe assets, such as treasury bills. The paper finds that financial markets may be remarkably resilient to changes in the stock of liquid assets. Arbitrage in repo paper documents a pattern of foreign-owned broker-dealers reducing their borrowing in the u. Peyton ion in financial paper surveys the rapidly growing literature about interconnectedness and financial stability. The paper focuses on insights in the literature on the relationship between network structure and the vulnerability of the financial system to contagion. This paper uses a series of increasingly complex examples to demonstrate issues in analyzing this new liquidity metric. This working paper extends techniques from engineering to quantify fundamental economic uncertainty, and applies the method to an example of portfolio stress testing. Richard bookstaber and mark agent-based model for crisis liquidity paper presents an agent-based model for examining price impacts and liquidity dynamics during financial crises, which are often characterized by sharp reductions in liquidity followed by cascades of falling prices. Paul glasserman and linan ng wrong-way risk in measuring counterparty paper proposes a new method for bounding the impact of "wrong-way risk" on counterparty credit risk measurement for a portfolio of derivatives. Eugene lead-lag correlations affect the intraday pattern of collective stock paper explores how the increasing correlation among intraday stock returns affects the possibility to diversify investment risk and potentially may affect market stability. Ic uncertainty and commodity futures paper investigates the dynamics of commodity futures volatility and analyzes the impact of increased emerging market demand on commodity markets. Flood, phillip monin, and lina g form pf: data tolerances in regulatory reporting on hedge fund risk paper examines the precision of form pf, a regulatory filing introduced after the financial crisis to measure risk exposures for private funds, including hedge funds.
The paper finds that form pf's measurement tolerances are large enough to allow private funds with dissimilar risk profiles to report similar risk measurements to regulators. Eugene stanley, and shlomo cal macroprudential stress testing using network paper presents a dynamic bipartite network model for a stress test of a banking system's sensitivity to external shocks in individual asset classes. Liechty, and thomas wide commonalities in market paper identifies hidden liquidity regimes (high, medium and low) across a broad range of financial markets that can be used for characterizing periods of market stress and identifying underlying predictors of liquidity shocks. Paper examines evidence of a too-big-to-fail subsidy for large financial firms by comparing borrowing costs of large and small firms across industries. The paper finds that larger firms borrow more cheaply in many industries, and this size effect is often largest in nonfinancial industries. Jill cetina and bert influence of systemic importance indicators on banks' credit default swap paper examines credit default swap (cds) spreads in a sample of international banks for evidence of a benefit related to possible measures of systemic importance. The paper shows that the benefit is most pronounced for banks within a certain asset range. Allen cheng, and sriram ic risk: the dynamics under central paper develops a model for concentration risks that clearing members pose to central counterparties. Moallemi, and kai illiquidity with multiple central paper focuses on the systemic risks in markets cleared by multiple central counterparties (ccps). Effect of negative equity on mortgage default: evidence from hamp paper uses data from the home affordable modification program to examine the impact of principal forgiveness on mortgage default. Ct as automaton: the computational representation of financial paper shows that the fundamental legal structure of a well-written financial contract follows a logic that can be formalized mathematically as a "deterministic finite automaton. Liquidity and heterogeneity in the investor decision paper presents a model of market liquidity in which those who need to sell come into the market with a greater need for immediacy than those who are willing to buy. Richard bookstaber, paul glasserman, garud iyengar, yu luo, venkat venkatasubramanian, and zhizun s systems engineering as a modeling paradigm for analyzing systemic risk in financial paper demonstrates the value of signed directional graphs, a modeling methodology used for risk detection in process engineering, in tracing the path of potential instabilities and feedback loops within the financial system. Capital losses and the pricing of corporate credit paper uses proprietary credit default swap (cds) data for 2010 to 2014 to show that capital fluctuations for sellers of cds protection are an important determinant of cds spread movements.
Mark paddrik, roy hayes, william scherer, and peter s of limit order book information level on market stability paper uses an agent-based model of the limit order book to explore how the levels of information available to participants, exchanges, and regulators can be used for insights on the stability and resiliency of a market. Market risk in optimal paper discusses optimal strategies for financial institutions in selling large blocks of securities and in hedging the resulting market risk. Robert engle and emil ural garch: the volatility-leverage paper proposes a new model of volatility featuring a "leverage multiplier" by which financial leverage amplifies equity volatility. Paul glasserman and wanmo of risk paper investigates the design of risk weights used in setting minimum levels of regulatory capital for banks and presents a formula for regulators to set those weights by analyzing bank portfolios. Rick bookstaber, mark paddrik, and brian agent-based model for financial paper develops an agent-based model that uses a map of funding and collateral flows to analyze the financial system's vulnerability to fire sales and runs. Banking: the money paper presents an accounting framework for measuring the sources and uses of short-term funding in the global financial system and introduces a dynamic map of global funding flows. Map of funding durability and paper features a funding map to illustrate the flow of funding from its initial providers through the bank/dealers to the end-users. In addition to showing the plumbing of the system, the paper also shows the processes for transforming funding liquidity, credit quality, and tenor. The paper then applies the funding map to track risk through various types of financial institutions, and to identify gaps in data needed for financial stability monitoring. William application of visual analytics to financial stability paper provides an overview of visual analytics - the science of analytical reasoning enhanced by interactive visualizations produced by data analytics software - and discusses potential benefits in monitoring financial stability. In lending and credit paper explores the relationship between the quality of corporate credit ratings and competition in lending between the public bond market and banks. Mortgage finance system is a critical part of our nation's financial system, representing 70 percent of u. The establishment of a single, cradle‐to‐grave, universal mortgage identifier that cannot be linked to individuals using publicly‐available data would significantly benefit regulators and researchers. Mark flood, jonathan katz, stephen ong, and adam graphy and the economics of supervisory information: balancing transparency and paper explores tradeoffs between transparency and confidentiality in financial regulation and discusses new techniques from the fields of secure computation and statistical data privacy that can facilitate the secure sharing of financial information.
Paper estimates how much interconnections among financial institutions - potential channels for contagion and amplification of shocks to the financial system - can increase expected losses from a wide range of shocks. Elliot, greg feldberg, and andreas history of cyclical macroprudential policy in the united paper presents a survey and historical narrative of policies to smooth the credit cycle in light of their potential future application as "macroprudential" policies to reduce the build-up of risks in u. Paul glasserman, chulmin kang, and wanmo scenario selection by empirical paper develops a method for selecting and analyzing stress-testing scenarios for financial risk assessment. Ozgur (ozzy) akay, zeynep senyuz, and emre fund contagion and risk-adjusted returns: a markov-switching dynamic factor paper uses a flexible framework to analyze two important phenomena influencing the hedge fund industry - contagion and time variation in risk-adjusted return. Atic scenario selection: stress testing and the nature of paper offers a technique for selecting multidimensional shock scenarios for use in financial stress testing. Nan chen, paul glasserman, behzad nouri, and markus , bail-in, and tail paper develops a capital structure model of a bank to analyze the incentives created by contingent convertibles (cocos) and bail-in debt, which convert to equity when a bank approaches insolvency. Richard agent-based models for analyzing threats to financial paper discusses the concepts and research related to agent-based models and explores how the dynamics of a flock of birds in flight, a group of drivers in a traffic jam, or a panicked crowd of stampeding people might inform our analysis of threats to financial stability. Mordecai, and cliff g best practices in risk paper assesses risk management practices and how risk management can be improved. The paper approaches risk management from three perspectives: (1) risk measurement by individual firms, (2) governance and incentives, and (3) systemic concerns. The paper evaluates each approach separately and also discusses the importance of considering them as interrelated. Survey of systemic risk paper focuses on quantitative tools to assess threats to financial stability. It gives a broad overview of the state of the art in measuring systemic risk by focusing on a key set of 31 specific measurements outlined elsewhere in peer-reviewed articles or working papers. Are now leaving the ofr’s will be redirected to:Please note that ofr does not own or endorse this website, and by visiting it you are subject to the destination site’s privacy and other policies when you follow the e research your login details below. Impact factor measures the average number of citations received in a particular year by papers published in the journal during the two preceding years.
Sjr uses a similar algorithm as the google page rank; it provides a quantitative and a qualitative measure of the journal’s more on journal example article on lides are short, 5-minute presentations in which the author explains their paper in their own in brief authors co-submit and publish a data article in data in brief, it appears on sciencedirect linked to the original research article in this ctive map application allows readers to interactively explore google maps (kml/kmz files) submitted with the article, and to download the original data ctive plot application lets readers explore data and other quantitative results submitted with the article, providing insights into and access to data that is otherwise buried in hing your article with us has many benefits, such as having access to a personal dashboard: citation and usage data on your publications in one place. This free service is available to anyone who has published and whose publication is in finance research letters ly published articles from finance research de and upside risk spillovers from china to asian stock markets: a covar-copula ble online 1 november timing of low-volatility -chi hsu | miao-ling the removal of the ipo lockup matter in ipo pricing?
