This paper utilizes a statistical model of competing risk proportional hazards to study default and prepayment in unsecured personal loans. The model accounts for fixed interval sampling and unobserved borrower heterogeneity. A simulation experiment with four different baseline hazards and four...

This paper examines the argument that the fixed exchange rate regime should be preferred to the flexible rate regime because the former allows risk sharing across countries while the latter does not. The analysis is performed in a two-country overlapping generations model, where markets are...

We investigate the growth strategies of hedge fund firms. We find that firms with successful first funds are able to launch follow-on funds that charge higher performance fees, set more onerous redemption terms, and attract greater inflows. Motivated by the aforementioned spillover effects,...

This paper investigates mega hedge fund management companies that manage over 50% of the industry's assets, incorporating previously unavailable data from those that do not report to commercial databases. We document similarities among mega firms that report performance to commercial databases...