Credit Rating Agencies (CRAs), an important financial intermediary acts as a gatekeeper to the financial markets by influencing the investor and regulating the issuer’s access to the financial markets. In India, Securities and Exchange board of India (SEBI) brought rating agencies under its...

We measure the sensitivity of bank market values to capital and to regulatory adjustments applied to bank capital. Results for U.S. banks over the years 2001-2020 show that the sensitivity of banks’ market values to measures of bank capital e.g. book equity, Tier 1, and Total Capital,...

Distributed Ledger Technology ("DLT") - the technology underlying cryptocurrencies - has been identified by many as a game-changer for data storage. Although DLT can solve acute problems of trust and coordination whenever entities (e.g., firms, traders, or even countries) rely on a shared...

Blockchain technology has taken off rapidly in the last decade, as blockchain- based applications have expanded across sectors and acquired substantial global user support. This rise has been accelerated in the domain of cryptocurrencies, as one of blockchains’ most famous (or infamous)...

We model a situation where a seller trades a base good, and a bundle of higher quality comprising of the base good with an add-on, through an intermediary which charges a flat commission fee each time it makes a sale. In addition, the add-on can also be bought elsewhere, i.e. from a different...

We explore the recent landscape of quantitative human capital (HC) disclosures for publicly listed U.S. firms. Using a hand-collected sample of disclosures for more than 2,000 firms from 2018-2022, we show that an amendment to Regulation S-K requiring firms to disclose information about human...

We identify the effect of climate change-related regulatory risks on credit real-location. Our evidence suggests that effects depend borrower's region. Following an increase in salience of regulatory risks, banks reallocate credit to US frms that could be negatively impacted by regulatory...

This paper uses US Environmental Protection Agency (EPA) enforcement data to construct measures of environmental regulatory intensity, and high frequency wind patterns data to identify the systematic marginal effects of environmental regulatory intensity on local government's cost of borrowing,...

Stablecoins are digital assets that are widely used in decentralized finance applications and in crypto-asset trading strategies. This innovation has potential consumer utility, but it also creates many risks. Currently, there is no overarching regulatory framework for stablecoins in Canada, and...