This dissertation provides an in-depth analysis of the design, application and limitations of contingent convertible securities. This paper builds on and advances the existing literature, by showing that a contingent convertible's value at its core is subject to the contingent convertible's...

In November 2007, the Markets in Financial Instruments Directive (MiFID) came into full effect. MiFID is the most significant European Union legislation for investment intermediaries and financial markets ever introduced. In general terms, MiFID is designed to provide a common, harmonized set of...

This study examines the financial literacy levels of students at Middle Tennessee State University and the effectiveness of tools on campus to increase students' knowledge of basic financial topics and their own student debt. We administer a survey across campus to students in multiple finance...

This paper investigates the impact of stress testing results on bank's equity and CDS performance using a large sample of twelve tests from the US CCAR and the European EBA regimes in the time period from 2010 to 2018. We find that passing banks experience positive abnormal equity returns and...

This paper studies the question of the economic scale of financial institutions. We show that banks actively smooth book equity by adjusting payouts to achieve a desired trajectory of book equity. The countercyclical nature of net payouts of financial institutions leads to procyclical book...

We examine the introduction of mandatory post-trade reporting in the TBA mortgage-backed securities market. With post-trade reporting, trading costs fell for institutional investors. Trading costs declined more for investors' trades with peripheral dealers than for their trades with core...

A 2017 paper by Harris argues that financial returns are a mixture distribution and that the dominant distribution is the truncated Cauchy distribution. Both the mixture nature and the poor properties of the truncated Cauchy distribution functionally exclude both the Frequentist and the...

The article presents an overview of the assumptions and unintended consequences of the widespread adoption of modern portfolio theory (MPT) in the context of the growth of large institutional investors. We examine the many so-called risk management practices and financial products that have been...

This study constructs a novel measure that aims to capture face-to-face private communications between firm managers and sell-side analysts by mapping detailed, large-volume taxi trip records from New York City to the GPS coordinates of companies and brokerages. Consistent with earnings releases...

We examine current areas of concern in the regulation of secondary trading markets, including questions concerning market fragmentation, protected orders, minimum tick size, maker-taker pricing models, transparency and dark liquidity, algorithmic and high-frequency trading, the duties and...