Financial ties between drug companies and medical researchers are thought to bias results published in medical journals … disclosure of financial ties with industry reduces article citations, indicating a discount. A challenge to estimating this …

Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This …, in this view, is a market failure derived from ill-designed mechanisms of coordinating financial intermediaries and … investors. Thus, illiquidity is closely related to the design of the financial chains. Our policy conclusions emphasize crisis …

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair …-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least …, exacerbated its severity. In this paper, we assess these arguments and examine the role of fair-value accounting in the financial …

Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a …