We conduct a clinical analysis of the CBOT full membership that provides holders with rights to trade any of the exchange’s contracts using a unique database of seat information from the period 1897-2020. We examine microstructure and asset pricing properties of seats including during periods...

Utilizing a comprehensive database spanning 110 exchanges in five geographic regions, we examine trends in trade activity and contract innovation of exchange-traded futures and options over the period 2002–2021. We find that global volume has experienced a ten-fold increase driven by...

We conduct firm and industry level examinations of key market risk exposures deemed material by managers over the period 2002–2016. We find that risk exposures have expanded in line with firms' growth and globalization and that managers strategically select disclosure formats in recognition of...

This study explores firms’ reactions to the 2021 U.S. Capitol Attack. We find that firms donating more to the 147 Republicans who voted to overturn the 2020 presidential election are more likely to speak out against the Capitol Attack to suspend political contributions. By doing so, firms...

We provide a descriptive examination of the trading activities of one of the most important intermediaries in global financial markets - the OTC derivatives dealer. These dealers play a central role in the provision of derivative products and in the intermediation of market risks faced by...