Parameterized State-Contingent Games, 3M Minimal Nash Correspondences, and Connectedness
Under mild assumptions on primitives, we show that all parameterized state-contingent games (PSGs) have upper Caratheodory (uC) Nash (equilibrium)...
A Fixed Point Theorem for Measurable Selection Valued Correspondences Induced by Upper Caratheodory Correspondences
We show that any measurable selection valued correspondence induced by the composition of an m-tuple of real-valued Caratheodory functions with an...
Corporate legacy debt, inflation, and the efficacy of monetary policy
The COVID-19 pandemic has coincided with a further rapid increase in corporate indebtedness. This column argues that high levels of corporate debt may...
Cryptocurrencies and the war in Ukraine
The cryptocurrency exchanges have only done what is legally required of them when sanctioning Russia for its invasion of Ukraine, unlike the...
Sanctions, war, and systemic risk in 1914 and 2022
The Western countries have sanctioned Russia in a way not applied to any globally integrated major power in over a century, ever since 1914. This...
High-frequency Trading in the Stock Market and the Costs of Option Market Making
Using a comprehensive panel of 2,969,829 stock-day data provided by the Securities and Exchange Commission (MIDAS), we find that HFT activity in the...
How global risk perceptions affect economic growth
The relationship between financial risk and economic growth is complex. This column finds that perceptions of high risk unambiguously harm growth...
Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment
Journal of Finance, 76 (6), 3211-3254
The Development of Central Bank Digital Currency in China: An Analysis
The People’s Bank of China (PBOC) has launched an ambitious project to develop a digital currency for use in domestic, retail transactions, and is, by...
Company Law: A Real Entity Theory
This book advances a real entity theory of company law, in which the company is a legal entity which acts autonomously in law, and company law...
Network Risk and Key Players: A Structural Analysis of Interbank Liquidity
Journal of Financial Economics, 141(3), 831-859
Why we don’t write more papers on political finance
Despite the commonly held views of economists on regulatory capture, our profession has been much more hesitant in recognising similar conflicts of...
Rebooting UK financial regulation for the post-Brexit world
Recognising the critical role that financial markets will play in the success of the UK’s post-Brexit economy, the Treasury is now engaged in a review...
Epidemic exposure, fintech adoption, and the digital divide
Although epidemics are frequently cited as inducing changes in economic behaviour and accelerating technological and behavioural trends, there may be...
