We study the effects of negative interest rate policies (NIRP) on the transmission of monetary policy through cross-border lending. Using bank-level data from international financial centres – the United Kingdom, Hong Kong and Ireland – we examine how NIRP in the economies where banks have...

Based on a sample of 126 countries over the period of 1970 to 2019 and 5-year nonoverlapping growth regressions, this study has revealed the existence of an inverted U-shaped aging population Kuznets curve. The threshold levels below (above) which aging population potentially promotes (hampers)...

The pace of biodiversity loss reached skyrocketing numbers, threatening global economies and overall human welfare. Given the current speed of biodiversity decline, public entities and conservation agencies alone are not capable of bending the curve. Fundamental change is imperative, often...

This paper investigates how corporate insiders respond to the initial COVID-19 outbreaks. Using comprehensive insider transaction data from 25 countries, we document a consistent pattern of insider selling during the month after the first COVID-19 case is confirmed in a given country. Insider...

This paper investigates the impact of information asymmetries on import quality through the lens of internet development. Based on Amiti et al. (2014), we develop a theoretical model to disentangle the mechanism through which asymmetric information affects import quality. In this model,...

We construct a novel signal of bank expectations utilizing confidential data and a regulatory constraint imposed on bank internal capital markets during the 2008 crisis that made internal equity injections to commercial bank subsidiaries difficult to reverse. When the US government initiated a...

Existing studies, focused primarily on the U.S., show the improved value factor performance when adjusting book values for intangible assets. However, there is little evidence whether this is a U.S. specific, or wider international phenomenon. My findings expand the existing evidence to multiple...

This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...

This paper examines the effects of horizontal cross-border mergers and acquisitions on the value of industry rivals. Using firm-level data from 45 countries during the period 1990–2020, I find that the average stock price reactions of industry rivals around deal announcements are significantly...

Global financial services firms are entering into the crypto assets business on multiple fronts. This stands in contrast to the previously negative stance held by these same firms regarding crypto assets. Part of this shift in attitude comes from regulatory changes enabling entry into the...