Finance Archives

Events

Market Efficiency in Real Time: Evidence from Low Latency Activity around Earnings Announcements

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Shareholder Liability and Bank Failure

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The Decline of Too Big to Fail

For globally systemically important banks (G-SIBs) withU.S. headquarters, we find large post-Lehman reductionsin market-implied probabilities of government bailout, alongwith big increases in debt financing costs for these banksafter controlling for insolvency risk. The data are consistentwith significant effectiveness for the official sector’s post-Lehman G-SIB failure-resolution intentions, laws, and rules.G-SIB creditors now appear to expect to…

Events

8th Luxembourg Asset Management Summit – KEYNOTE SPEECH in Finance (17 October 2019)

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4th Annual Finance & Technology Symposium – 14.06.2019

The Luxembourg School of Finance proudly announces its4th Annual Symposium on Finance & TechnologyEmbracing Technology for Data Custody: Turning Threat into OpportunityBlockchain technology, high-end computing, artificial intelligence – The digital transformation is changing the ways in which financial institutions fulfill their role as data custodians. At the same time, FinTech firms leveraging on these technologies…

Events

Financing the Response to Climate Change: The Pricing and Ownership of U.S. Green Bonds

Estimates suggest that mitigating and adapting to climate change will cost trillions ofdollars. We study green bonds, which are bonds whose proceeds are used forenvironmentally sensitive purposes. After an overview of the U.S. corporate andmunicipal green bonds markets, we study pricing and ownership patterns using a simpleframework that incorporates assets with nonpecuniary utility. As predicted,…

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Consumption in Asset Returns

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Hope and Anger: an experiment on inequality and antisocial behavior

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Partisan Professionals: Evidence from Credit Rating Analysts

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Dynamic Information Acquisition and Entry into New Markets

We model dynamic information acquisition and entry by a strategic trader into a new trading opportunity. Instead of restricting the trader to make her choices before the market opens, we allow her to optimally choose when to enter in response to public news. We show that there exists a unique equilibrium in which optimal entry…