Financial inclusion has become an important public policy priority following the recent global
financial crisis. Yet, we know very little of how it impacts soundness of the providers of …

Hedge funds have become increasingly important players in financial markets. This
heightened importance has spawned a large academic literature focused on issues …

We find that US corporations increase their cash holdings in response to higher economic
policy uncertainty. The increase in cash holdings is not attributed to a reduction in firm …

We develop a dynamic macroeconomic model with heterogeneous financial intermediaries
and endogenous entry. Time-varying endogenous macroeconomic risk arises from the risk …

Hedge funds that endorse the United Nations Principles for Responsible Investment (PRI)
underperform other hedge funds after adjusting for risk but attract greater investor flows …

Abstract “Big data” financial technology raises concerns about market inefficiency. A
common concern is that the technology might induce traders to extract others' information …

This study investigates the spillover of US economic uncertainty on the stock market volatility
of six industrialized and three emerging-market countries, using a bivariate GARCH-MIDAS …

Data snooping is a major concern in empirical asset pricing. We develop a new framework
to rigorously perform multiple hypothesis testing in linear asset pricing models, while limiting …

We develop a new systematic tail risk measure for equity-oriented hedge funds to examine
the impact of tail risk on fund performance and to identify the sources of tail risk. We find that …

Abstract Capital Asset Pricing Model (CAPM) alpha explains hedge fund flows better than
alphas from more sophisticated models. This suggests that investors pool together …