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Information, Investment Adjustment, and the Cost of Capital
In: Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
SSRN
Working paper
Bank panics and the endogeneity of central banking
In: Journal of Monetary Economics, Band 53, Heft 7, S. 1613-1629
Liquidity, Efficiency, and Bank Bailouts
In: American economic review, Band 94, Heft 3, S. 455-483
ISSN: 1944-7981
Governments can efficiently provide liquidity, as when the banking system is bailed out. We study a model in which not all assets can be used to purchase all other assets at every date. Agents sometimes want to sell projects. The market price of the projects sold depends on the supply of liquidity, which is determined in general equilibrium. While private liquidity provision is socially beneficial since it allows valuable reallocations, it is also socially costly since liquidity suppliers could have made more efficient investments ex ante. There is a role for the government to supply liquidity by issuing government securities.
SSRN
Working paper
Money, banking, and monetary policy
In: Journal of monetary economics, Band 55, Heft 6, S. 1013-1024
The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover
In: Review of Finance, Band 21(1), Heft 2017
SSRN
The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover
In: NBER Working Paper No. w14944
SSRN
Asset Prices When Agents are Marked-to-Market
In: NBER Working Paper No. w12075
SSRN
Political uncertainty and household stock market participation
Using micro-level panel data and a difference-in-differences identification strategy, we study the effect of political uncertainty on household stock market participation. We find that households significantly reduce their participation and reallocate funds to safer assets during periods of increased political uncertainty. The decline in participation is related to households' response to elevated asset risk and their incentive to hedge increased labor income risk. In situations where uncertainty remains high after elections, pre-election reduction in participation is only partially reversed, reflecting a prolonged distortion in household stock investments, which can have implications for households, firms, and the economy in general.
BASE
Political Uncertainty and Household Stock Market Participation
In: Journal of Financial and Quantitative Analysis--forthcoming
SSRN
Working paper
SSRN
Study on the treatment of oily sludge in oil fields with lipopeptide/sophorolipid complex bio-surfactant
In: Ecotoxicology and environmental safety: EES ; official journal of the International Society of Ecotoxicology and Environmental safety, Band 212, S. 111964
ISSN: 1090-2414
Study on the thermal washing of oily sludge used by rhamnolipid/sophorolipid binary mixed bio-surfactant systems
In: Ecotoxicology and environmental safety: EES ; official journal of the International Society of Ecotoxicology and Environmental safety, Band 240, S. 113696
ISSN: 1090-2414
Laves-phase in the China Low Activation Martensitic steel after long-term creep exposure
In: Materials & Design, Band 63, S. 333-335