Using unique data at transaction and counterparty identity level, we study the microstructure of the Swiss franc FX over‑the‑counter (OTC) derivatives market during a time of stress that was triggered by the decision of the Swiss National Bank (SNB) to remove the Swiss franc‑euro exchange...

Entrepreneurs are usually exhorted to attract the best networked investors. We provide further insights into this advice by estimating network effects in the performance of entrepreneurial ventures. We show dimensions that are critical in this estimation, such as the consideration for startups'...

Dealers in over-the-counter securities form networks to mitigate search frictions. The audit trail for municipal bonds shows the dealer network has a core-periphery structure. Central dealers are more efficient at matching buyers and sellers than peripheral dealers, which shortens intermediation...

This paper examines the effects of underwriter networks in the market of securitized products. The complexity and opacity of securitized products increase the value of information gathered and disseminated to the market by central underwriters. However, securitized deals have long performance...

We look at syndication in the venture capital industry. Investments conducted by syndicates are believed to have better chances of being successful, measured by the survival probability of portfolio companies or by successful exits. Using a novel and large dataset, covering several countries,...

This review is the first one addressing the elephant in the room: the role of networks in venture capital. Entrepreneurs spend days and days in finding the way to get introduced to VCs, while VCs jump from event to event in the aim of spotting the next unicorn. The whole startup and venture...

This paper studies connections and information flows between activist hedge funds and other institutional investors and shows them as prominent factors in the success of activist campaigns. Using manager turnovers in connected mutual funds as exogenous shocks to activists' connectivity, I...

We model contagions and cascades of failures among organizations linked through a network of financial interdependencies. We identify how the network propagates discontinuous changes in asset values triggered by failures (e.g., bankruptcies, defaults, and other insolvencies) and use that to...

This paper studies connections and information flows between activist hedge funds and other institutional investors and shows them as prominent factors in the success of activist campaigns. Using manager turnovers in connected mutual funds as exogenous shocks to activists' connectivity, I...