What Moves Markets?
What share of asset price movements is driven by news? We build a large, time-stamped event dat…
Does Central Bank Tone Move Asset Prices?
This paper shows that changes in the tone of central bank communication have a significant effe…
Overwhelming targeting options: Selecting…
Even as online advertising continues to grow, a central question remains: Who to target? Yet, a…
Market Liquidity and Competition Among…
Do competition and incentives offered to designated market makers (DMMs) improve market liquidi…
Collateral eligibility of corporate debt…
We study the many implications of the Eurosystem collateral framework for corporate bonds. Usin…
When Liability Is Not Enough: Regulating…
We introduce a model of advice in which firms steer advisors through nonlinearincentive schemes…