Tax Risk and Asset PricesLittle is known about how the risk of unexpected changes in tax policy is priced in financial markets. We develop a novel market-based measure of tax risk an...
Interest rate uncertainty and economic activityImplied volatility from Treasury derivatives predicts macroeconomic and financial activity. Treasury yield implied volatility is a useful forward-looking st...
Bank organization structure affects international shock transmissionIn recent decades, global have expanded internationally by establishing foreign subsidiaries and branches in many countries. Our paper shows that such increa...