We establish that global portfolios are driven by an often neglected aspect: the currency of denomination of assets. Using a dataset of $27 trillion in security-level investment positions, we demonstrate that investor holdings are biased toward their own currencies to such an extent that each...

This paper investigates the impact of institutional trading on SEO lead underwriter choice. We measure the trading intensity of the lead investment bank in several different ways and find that bank trading has a significant effect on underwriter choice. A bank that concentrates its trading in...

Through the historical study of numbers, it will be known how employment, in general, and public employment, in particular, has been suffering a detriment over the years. Likewise, by means of comparative tables, it will be reflected how the department of Boyacá, in Colombia, has been losing...

This paper contributes to the literature on Multilateral Development Banks' (MDBs) balance sheet optimization in two ways. First, it looks at solutions to alleviate the ‘trilemma' faced by MDBs – stemming from G20 shareholders' calls for increasing development lending while, simultaneously,...

This paper introduces a framework to study the impact of trade liberalization on wage inequality and welfare in the presence of monopsonistic labor markets. The interaction of firm heterogeneity in productivity with idiosyncratic preferences of workers for working at different firms generates...