This paper introduces the most comprehensive data available to date on centralized and decentralized exchanges run off of distributed ledger technologies. First, we document the rapid growth in decentralized exchanges and their differences in volume and price dynamics from centralized exchanges....

This paper presents a framework to study of technological resiliency of financial system architecture. Financial market infrastructures, or platforms, compete with services critical functions along various stages in the lifecycle of a trade, and make investments in technological resiliency to...

Generally, information provision and certification have been identified as the major economic functions of rating agencies. This paper analyzes whether the watchlistʺ (rating review) Instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and...

Credit rating agencies do not only disclose simple ratings but announce watchlists (rating reviews) and outlooks as well. This paper analyzes the economic function underlying the review procedure. Using Moody's rating data between 1982 and 2004, we find that for borrowers of high...

Cryptocurrencies have grown exponentially and gained increasing attention in recent years, and while it's true that it's secure by design, “Security” remains the cornerstone of any and all cryptoassets.To benchmark the global cryptocurrencies market from a security perspective, track current...

This is the first large study to examine the relation between analysts' stock recommendations, earnings forecasts, and future excess stock returns in an international context. We first document that some of the peculiar findings established in the U.S. extend to other countries where individual...

The 8th World Pensions Forum was held 23-24 May: 130 pension executives and supranational experts representing $12 trillion in combined assets convened in Brussels to discuss “Effective Asset Ownership”. The Forum was pleased to note that some of our ideas were taken up by the Finnish...

Using a sample from 22 countries, I investigate the relations between the accuracy of analysts' earnings forecasts and the level of annual report disclosure; and between forecast accuracy and the degree of enforcement of accounting standards. I document that firm-level disclosures are positively...

Generally, information provision and certification have been identified as the major economic functions of rating agencies. This paper analyzes whether the "watchlist" (rating review) instrument has extended the agencies' role towards a monitoring position, as proposed by Boot, Milbourn, and...