Papers & Opinions | Page 2 of 6

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Central banking | Political institutions | Regulation

Central Bank Independence in Latin America: Politicization and De-delegation

Paper

Posted on 20 April 2023

By Ana Carolina Garriga

In the last three decades, legal delegation of monetary policy to independent central banks (CBI) has achieved the status of a global norm of good governance. The recent backlash against this...

Financial markets | Political institutions | Regulation

Transnational Market Abuse and the Politics of Surveillance Delegation in the EU

Paper

Posted on 29 March 2023

By Miles Kellerman

National surveillance is often insufficient to identify transnational issues. One solution to this problem is to delegate to international organizations (IOs) the power to surveil activity in numerous states simultaneously,...

Banking | Central banking | Empirics

Connected Lending of Last Resort

Paper

Posted on 9 February 2023

By Kris Mitchener

Because of secrecy, little is known about the political economy of central bank lending. Utilizing a novel, hand-collected historical daily dataset on loans to commercial banks, we analyze how personal...

Central banking | Empirics | Political institutions

(In)dependent Central Banks

Paper

Posted on 25 January 2023

By Alex Michaelides

Since the 1980s many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we...

Empirics | Financial markets | Media

The Stock Market’s Response to the Political Affiliation of News Sources

Paper

Posted on 7 November 2022

By Alberto Manconi

We use the acquisition of Dow Jones & Co. by News Corporation in 2007 to study whether investors respond to a news source’s political affiliation. Following the acquisition, the price...

Financial markets | Media

Friends in Low Places: The Impact of Political Scandals on Connected Firms’ Stock Prices

Paper

Posted on 24 October 2022

By Susanne Preuss

Having “friends in high places” can bring many benefits. But what happens if these “friends” are involved in shady business dealings, use taxpayer funds to finance lavish offices or vacations,...

Corporate finance | Empirics | Political institutions

Ruling with Ideology: Politicians’ Beliefs and Privatization

Paper

Posted on 3 October 2022

By Linxiang Ma

Ideology, the belief system about "how the society should be governed" that some group of people collectively sustains, is a critical factor that motivates economic decisions in democratic countries. However,...

Corporate finance | Empirics | Political institutions

Democracy as a Fundamental Determinant of Cross-Border Merger Activity

Paper

Posted on 5 September 2022

By Thomas Lambert

Does democracy shape international merger activity? If so, how? The short answer is yes because democratic institutions are conducive to higher-quality corporate governance. In a new paper, we examine 104,425...

Corporate finance | Electoral politics | Empirics

Smokestacks and the Swamp

Paper

Posted on 25 August 2022

By Stefan Lewellen

We examine the causal effect of politicians' partisan ideologies on firms' industrial pollution decisions. Using a regression discontinuity design involving close U.S. congressional elections, we show that plants increase pollution...

Banking | Electoral politics | Theory

Bailouts by Popular Demand

Paper

Posted on 4 August 2022

By Stylianos Papageorgiou

We characterize conditions under which the majority of voters supports a bailout despite incurring bailout expenditures. This yields inefficiently high investments when economic prospects are good. When economic prospects are...

Empirics | Financial markets | Media

Corporate Response to the Black Lives Matter Movement

Paper

Posted on 30 June 2022

By AJ Chen

We investigate determinants that encourage companies to speak out via twitter or their websites in support of Black Lives Matter (BLM) after the death of George Floyd on May 25,...

Financial markets | Regulation | Theory

Clinging Onto the Cliff: A Model of Financial Misconduct

Paper

Posted on 17 June 2022

By AJ Chen

We propose a novel pressure-based model of financial misconduct. We interpret the robust empirical findings of a high “success rate of crime” as evidence of skewness in the payoff of...

Corporate finance | Theory

Group-Managed Real Options

Paper

Posted on 14 June 2022

By ALI LAZRAK

We study a standard real-option problem in which sequential decisions are made through voting by a group of members with heterogeneous beliefs. We show that, when facing both investment and...

Electoral politics | Financial development | Theory

Collective and Individual Investments in Financial Literacy

Paper

Posted on 10 June 2022

By Stylianos Papageorgiou

A collective and an individual investment in financial literacy, plus intrinsic skills, contribute to each household's financial literacy. We show that low- and high-skilled households oppose the collective investment, contrary...

Central banking | Electoral politics | Political institutions

Ideology and Monetary Policy

Paper

Posted on 25 May 2022

By Nicolo Fraccaroli

We investigate the link between ideology and the sentiments of parliamentarians when they speak to the central bank they hold accountable. To this end, we collect textual data on the...