This paper explores how bank characteristics and the institutional environment influence the composition of banks' loan portfolios. We use a new and unique data set based on the EBRD Banking Environment and Performance Survey (BEPS), which was conducted for 220 banks in 20 transition countries....

We develop and test the hypothesis that private information incorporated into stock prices (price informativeness) affects the structure of corporate boards. We find a negative relation between measures of price informativeness and measures of board independence. This finding is robust to the...

We develop a model of implicitly biased decision-making in competitive promotions. In our model, a decision-maker needs to choose who to promote to a top position. The decision-maker always prefers a skilled agent over an unskilled one but is biased in favour of agents from a certain group when...

Access privileges matter in private equity markets. Funds of funds and other financial intermediaries can create value not only by selecting, but also by being able to access, better investment opportunities. We find that access-constrained funds outperform their peers, and that limited partners...

We develop a theory of blockchain governance. In our model, the proof-of-work system, which is the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the two-way interactions between...