We investigate if, and how, the gender composition of a committee affects its decisions and dynamics, using meeting transcripts of the Federal Reserve's Federal Open Market Committee (FOMC) from 1978 to 2014, wherein the committee's decisions, deliberations and individual voting patterns are...

We examine the role of price discovery in the U.S. Treasury market through the empirical relationship between orderflow, liquidity, and the yield curve. We find that orderflow imbalances (excess buying or selling pressure) can account for as much as 26 percent of the day-to-day variation in...

Investors rebalance their portfolios as their views about expected returns and risk change. We use empirical measures of portfolio rebalancing to back out investors' views, specifically their views about the state of the economy. We show that aggregate portfolio rebalancing across equity sectors...