Research on relationship lending has focused attention on economic factors. No previous work, however, has examined the role of trust in lender-borrower relationships. Trust may be expected to reduce transaction costs and agency costs, and thereby influence the availability of credit (i.e....

We study a general class of models with social interactions that might display multiple equilibria. We propose an estimation procedure for these models and evaluate its efficiency and computational feasibility relative to different approaches taken to the curse of dimensionality implied by the...

We use content analysis software to examine certain characteristics of communications arising from European Council meetings. These characteristics appear to explain a large proportion of variation in stock returns around the meeting dates. More specifically, stock market investors react...

This paper reassesses the role of financial intermediation in inducing the European financial crisis of 2008. Our empirical investigation sheds light on the causal effects of excessive household leverage on economic structural distortions, beyond the already established links between credit...

This research explores the effects of adding bitcoin to an optimal portfolio (naïve, long-only, semi-constrained with and without bitcoin shorting) by relying on the mean-CVaR approach. We explore bitcoin's role in portfolios of U.S., European and Chinese assets. We back-test to compare the...

This research paper explores the contributing factors behind the success of 146 ICOs from June 2017 to November 2017 by analysing the role of ICO characteristics, team quality and market sentiment behind each ICO on the short-term return on investment, first-day return and the total amount...

We estimate the effects of obesity on wages accounting for the selection of workers into jobs requiring different levels of personal interactions in the work-place. Using data from the National Longitudinal Survey of Youth 1979 combined with detailed information about jobs from O*Net, we confirm...

This research explores the effects of adding bitcoin to an optimal portfolio (naïve, long-only, unconstrained and semi-constrained) by relying on mean-CVaR in the Chinese market. Then backtesting to compare the performance of portfolios with and without bitcoin for each scenario is perfomed....