In the early 1990s, the United States began to run a significant trade deficit with China due to the dual forces of greater trade liberalization and China’s transition from a command economy towards a market economy. Proponents of free trade with China argue that greater integration will lead...

We create and test two novel network-based measures of interconnectedness in the financial industry during 1996 to 2013. A network based on informed trading in financial firms predicts firm-specific risk and performance, while one formed on financial firm returns predicts future macroeconomic...

We perform the first large-sample estimation of the Volume Synchronized Probability of Informed Trading (VPIN) measure, validating it and performing pricing tests of informed trading. The pricing of VPIN is not explained by firm characteristics. A portfolio long (short) high-VPIN (low-VPIN)...

Following the recession in the early 2000s, U.S. corporate and public defined benefit (DB) plans faced unprecedented uncertainty with respect to their funding requirements going forward. Just as capital market performance started helping plan sponsors improve the health of their DB plans, the...