Special purpose vehicles (SPVs), extremely popular financial structures for the creation of highly-rated tranched securities, experienced spectacular demise in the 2007-08 financial crisis. These financial vehicles epitomize the shadow banking sector, characterized by high leverage,...

With the recent surge in crypto-activity, a natural question arises as to what exactly a “cryptocurrency” is and how to value and assess these digital assets. In this paper, we provide an overview of the history and technology underlying cryptocurrencies. We also present information on the...

We detect a significant presence of social ties between the CEO and audit committee members and our results suggest that these informal ties play a material role in audit-committee oversight. In particular, we find a substantially stronger, positive relation between abnormal (i.e.,...

This paper extends the baseline Merton (1974) structural default model, which is intended for static debt spreads, to a setting with dynamic debt, where leverage can be ratcheted up as well as written down through pre-specified exogenous policies. We provide a different and novel solution...

Using a proprietary dataset of a market maker's limit orders and order acknowledgments timestamped to the nanosecond, we explore the consistency and reliability of an exchange's price-time priority in practice. We find a high degree of variability in acknowledgment times, and we find that the...

Korean Abstract: 본 연구는 근거이론에 기반하여 한국의 국제개발협력 분야에 종사하는 청년들이 이직경험과 과정을 탐색하였다. 한 직장에 오래 머무르지 않고 자아실현을 위해 이직을 자주하는 MZ 세대 특성에 착안하여 청년...

Firm performance is a crucial factor in how CEOs are evaluated. However, a CEO can be repeatedly lucky or unlucky, adding noise to performance outcomes as a measure of managerial ability. In this study, I examine how much of the observed cross-sectional dispersion in outcomes can be attributed...