Annual Conference

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Investment Finance

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May 2019

We analyze the impact of the introduction of credit default swaps (CDS) on real decision making within the firm, taking into consideration differences in firms’ local economic and legal environments. We extend the model of Bolton and Oehmke (2011) to take into account uncertainty whether the actio...
Keywords: Credit default swaps, CDS, investment policy, financing policy, creditor rights, property rights, private credit, ownership concentration
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2022

We study the relationship between credit expansions, macroeconomic fluctuations, and financial crises using a novel database on the sectoral distribution of private credit for 117 countries starting in 1940. Theory predicts that the sectoral allocation of credit matters for distinguishing between â€...
Keywords: credit booms, credit allocation, growth, banking crises
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Annual Conference

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Corporate Finance

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May 2024

The adoption and commercialization of new technologies rely heavily on universally accepted principles, known as standards. Surprisingly, the role of standards in shaping business outcomes is largely unexplored. This paper provides an initial examination of how the standardization of artificial inte...
Keywords: Artificial Intelligence, Standard Setting, Investment, Technology Diffusion, Machine Learning, Big Data, Ethical AI, AI Safety, Privacy, AI Regulation, RegTech
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Annual Conference

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Real Estate and Urban Economics

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May 2025

US housing markets have faced a secular shortage of housing supply in the past decade, contributing to a steady decline in housing affordability. Most supply-side explanations in the literature have tended to focus on the distortionary effect of local housing regulations. This paper provides novel e...
Keywords: Housing Supply, Construction, Home Price, Immigration, Mass Deportation
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Assessing the economic impact of the COVID-19 pandemic is essential for policymakers, but challenging because the crisis has unfolded with extreme speed. We identify three indicators – stock market volatility, newspaper-based economic uncertainty, and subjective uncertainty in business expectation...
Keywords: COVID-19, Pandemic, economic uncertainty
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