Keynote remarks at the TCH Annual Payments Symposium and Business Meeting, New York City.

The increasing prospects for large volumes of commerce taking place over open computer networks has created considerable interest in the security and technology of open computer network commerce. In this paper, we explain how the basic encryption technology for sending secure messages works, and...

This paper examines how risk in trading activity can affect the volatility of asset prices. We look for this relationship in the behavior of interest rate swap spreads and in the volume and interest rates of repurchase contracts. Specifically, we focus on convergence trading, in which...

We investigate how college students form and update their beliefs about future earnings using a unique “information” experiment. We provide college students true information about the population distribution of earnings and observe how this information causes respondents to update their...