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Hysteresis in price efficiency and the economics of slow moving capital

James Dow , Jungsuk Han Francesco Sangiorgi   Jun 24,2024

Working Paper No.00140-00

Will arbitrage capital flow into markets experiencing shocks, mitigating adverse effects on price efficiency? Not necessarily. In a dynamic model... Read More

Free entry in a Cournot market with overlapping ownership

Orestis Vravosinos, Xavier Vives   Aug 01,2024

Working Paper No.00130-02

We examine the effects of overlapping ownership among existing firms deciding whether to enter a product market. We show that... Read More

Information Technology and Lender Competition

Zhiqiang Ye, Xavier Vives   Aug 01,2024

Working Paper No.00129-01

We study how information technology (IT) affects lender competition, entrepreneurs’ investment, and welfare in a spatial model. The effects of... Read More

Fintech Entry, Lending Market Competition, and Welfare

Zhiqiang Ye, Xavier Vives   Aug 01,2024

Working Paper No.00141-00

We study fintech entry and how it affects competition, investment, and welfare in a spatial model. We find that fintechs... Read More

Is 24/7 Trading Better?

Alexander Ober, Patrick Blonien   Sep 02,2024

Working Paper No.00142-00

Are daily market closures still needed? In a model of large traders who manage inventory risk, we show that even... Read More

The Rise of Factor Investing: Asset Market Implications and "Passive" Security Design

Douglas Xu, Shiyang Huang Lin William Cong (叢林)   Nov 21,2024

Working Paper No.00133-01

We model financial innovations such as Exchange-Traded Funds, smart beta products, and many index-based vehicles as composite securities (CSs) that... Read More

Production, Trade, and Cross-Border Data Flows

Qing Chang,Longtian Zhang,Liyong Wang, Lin William Cong (叢林)   Nov 21,2024

Working Paper No.00135-01

We build a tractable general equilibrium model to analyze the effects of cross-border data flows and pre-existing development gaps in... Read More

Cournot Competition, Informational Feedback, and Real Efficiency

Xiaohong Huang,Siguang Li,Jian Ni, Lin William Cong (叢林)   Nov 21,2024

Working Paper No.00143-00

We revisit the relationship between firm competition and real efficiency in a novel setting with informational feedback from financial markets.... Read More

Blockchain for Environmental Monitoring: Theory and Empirical Evidence from China

Yuanyu Qu,Guojun Wang, Lin William Cong (叢林)   Nov 21,2024

Working Paper No.00144-00

We present the first piece of empirical evidence on blockchain adoption for environmental monitoring. Using a staggered difference-in-difference (DID) framework,... Read More

Rules versus Disclosure: Prudential Regulation and Market Discipline

Satoshi Fukuda, Daniel Neuhann William Fuchs   Nov 22,2024

Working Paper No.00145-00

We study the joint design of two prominent micro-prudential policy tools: bank regulation that enforces operational standards via rules,... Read More