Using the staggered implementation of telehealth parity laws in the U.S. Healthcare industry, we find causal evidence that virtual competition affects U.S. hospitals' cost of capital through a credit risk channel. Financial statements indicate that rural hospitals lose patients to urban...

We study the spillover effects of the opioid epidemic through the banking network. Using granular opioid supply data, we first document a negative link between local opioid supply and deposit growth at both the county and bank levels. Facing deposit drains, exposed banks reduce lending...

We study dynamic Bayesian persuasion in an entry game. A sender publicly reveals information to an adopter and a competitor. When the sender's loss from competition is small, the optimal policy features hype cycles: the sender first exaggerates the value of a technology to attract the adopter,...

Volatility estimation is an integral component of risk management, option pricing, and portfolio allocation. REIT volatility is examined using a Bayesian GARCH model. This paper discusses shortfalls of maximum likelihood estimation, which are commonly used for estimating GARCH models, and...

Persistent differences in interest rates across countries account for much of the profitability of currency carry trade strategies. "Commodity currencies'' tend to have high interest rates while low interest rate currencies belong to exporters of finished goods. This pattern arises in a...