A formal model of the appointment process -- Estimating monetary policy preferences -- Empirically testing the model's predictions -- Appointments to the European Central Bank -- The origins of the Federal Reserve appointment process -- Conclusions

One of the central concerns about American policy-making institutions is the degree to which political outcomes can be influenced by interested parties. While the literature on interest group strategies in particular institutions - legislative, administrative, and legal is extensive, there is...

Factor models are standards in investment management. For decades, Barra factor models have provided valuable risk forecasts and inputs for the portfolio construction process. Most uses of factor models have targeted longer horizons of months or years. However, we demonstrate in this paper that...

We address the question of whether currency hedging is a 'free lunch' of risk reduction and zero expected returns. Using a long history of hedged and unhedged MSCI indices, we find that hedging does not always reduce risk and mean returns are not zero. Contrary to prior studies, we find there is...