Remarks At The International Institute For Securities Market Growth And...
Good morning.  In most years, I either give welcoming or closing remarks at the Institute. The vagaries of schedules have me here today to briefly address you and I am honored to spend a few minutes...
View ArticleREVISION: Least Squares Monte Carlo Credit Value Adjustment with Small and...
Credit value adjustment (CVA) and related charges have emerged as important risk factors following the Global Financial Crisis. These charges depend on uncertain future values of underlying products,...
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Material Fact: Combination Of BM&FBOVESPA â Bolsa De Valores,...
BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros and CETIP S.A. –Mercados Organizados announce that on April 8, 2016, they favorably concluded negotiations regarding a combination of the...
View ArticleWells Fargo Bank Agrees To Pay $1.2 Billion For Improper Mortgage Lending...
The Department of Justice announced today that the United States has settled civil mortgage fraud claims against Wells Fargo Bank, N.A. (Wells Fargo) and Wells Fargo executive Kurt Lofrano, stemming...
View ArticleDubai International Financial Centre Joins World's Most Influential Global...
The 11th annual World Takaful Conference (WTC) will be convened by leading financial intelligence platform, Middle East Global Advisors, in strategic partnership with the Dubai International Financial...
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Estimating Future Stock Returns
Idea Credit: Philosophical Economics, but I estimated and designed the graphsread more...
View ArticleDubai International Financial Centre Data Centre First In The UAE To Receive...
The Dubai International Financial Centre (DIFC) Co-Location Data Centre has become the first data centre in the UAE to receive the internationally recognized Management and Operations (M&O) Stamp...
View ArticleThe Saudi Stock Exchange (Tadawul) Announces The Quarterly Update (1st...
The Saudi Stock Exchange (Tadawul) announces that the number of free float shares for all companies have been revised for the 1st quarter 2016 (07/04/2016). The revised number of free float shares per...
View ArticleThe Saudi Stock Exchange (Tadawul) Announces That Alandalus Property Co. Has...
The Saudi Stock Exchange (Tadawul) announces that Alandalus Property Co. has been included to Tadawul All Share Index (TASI) and the Real Estate Development sector index as the stock close price on...
View ArticleThe Saudi Stock Exchange Announces The Publication Of The Weekly Stock Market...
The total value of shares traded for the week ending 7 April 2016 amounted to SAR 22.90 billion, decreasing by 23.39% over the previous week; while total stock market capitalization reached SAR...
View ArticleThe Causes and Consequences of Test Score Manipulation: Evidence from the New...
In this paper, we show that the design and decentralized, school-based scoring of New York's high school exit exams - the Regents Examinations - led to the systematic manipulation of test sores just...
View ArticleThe Effect of Aid on Growth: Evidence from a Quasi-Experiment -- by Sebastian...
The literature on aid and growth has not found a convincing instrumental variable to identify the causal effects of aid. This paper exploits an instrumental variable based on the fact that since 1987,...
View ArticleThe Limited Macroeconomic Effects of Unemployment Benefit Extensions -- by...
By how much does an extension of unemployment benefits affect macroeconomic outcomes such as unemployment? Answering this question is challenging because U.S. law extends benefits for states...
View ArticleTerm Structures of Asset Prices and Returns -- by David Backus, Nina...
We explore the term structures of claims to a variety of cash flows: US government bonds (claims to dollars), foreign government bonds (claims to foreign currency), inflation-adjusted bonds (claims to...
View ArticleCoordinated Noise Trading: Evidence from Pension Fund Reallocations -- by Zhi...
We document a novel channel through which coordinated noise trading exerts externalities on financial markets dominated by institutional investors. We exploit a unique set of events where Chilean...
View ArticleThe Impact of Innovation in the Multinational Firm -- by L. Kamran Bilir,...
When firms operate production plants in multiple countries, technological improvements developed in one country may be shared with firm sites abroad for efficiency gain. We develop a dynamic model that...
View ArticleTemporary Migration and Endogenous Risk Sharing in Village India -- by...
When people can self-insure via migration, they may have less need for informal risk sharing. At the same time, informal insurance may reduce the need to migrate. To understand the joint determination...
View ArticlePaving the Way to Development: Costly Migration and Labor Market Integration...
How integrated are labor markets within a country? Labor mobility is key to the integration of local labor markets and therefore to understanding the efficacy of policies to reduce regional inequality....
View ArticleCan Currency Competition Work? -- by Jesus Fernandez-Villaverde, Daniel Sanches
Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify...
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