Working Papers


“U.S. monetary policy transmission and liquidity risk premia around the world” [PDF] [Internet Appendix]     (with G. Andrew Karolyi and Kuan-Hui Lee) – May 2019

“Who Bears the Brunt? The Impact of Banking Crises on Younger and Older Workers” [PDF]      (with Hendrik P. van Dalen and Martin Hyde) – March 2019

“A Portfolio Optimization Approach to Identifying Private Information” [PDF
(with Dion Bongaerts and Dominik M. Rösch) – November 2018.

“How do shocks arise and spread across stock markets? A microstructure perspective” [PDF
     (with Dion Bongaerts, Richard RollDominik M. Rösch and Darya Yuferova) – August 2018.
     UCLA Anderson Working Paper No. 5-14.
     Caltech Working Paper No. 1393.    

“Nascent Markets: Understanding the Success and Failure of New Stock Markets” [PDF
     (with José Albuquerque de Sousa, Thorsten Beck, and Peter A.G. van Bergeijk) – November 2016.
     CEPR Working Paper No. DP11604. VOXEU column. World Bank "All About Finance" blog. Me Judice post. Featured in The Economist.

“The Social Costs of Financial Crises” [PDF] – June 2013.

“International Capital Flows and Liquidity” [PDF
    (with Dimitrios Vagias) – February 2012.

“Strategic Competition, Capital Structure, and Market Share” [PDF]
    (with Abe de Jong and Thuy Thu Nguyen) – March 2008.
     EFA 2008.

“Strategic Debt: Evidence from Bertrand and Cournot Competition” [PDF
    (with Abe de Jong and Thuy Thu Nguyen) – June 2007.