Research

Tax Risk and Asset Prices

Little is known about how the risk of unexpected changes in tax policy is priced in financial markets. We develop a novel market-based...

Interest rate uncertainty and economic activity

Implied volatility from Treasury derivatives predicts macroeconomic and financial activity. Treasury yield implied volatility is a...

Bank organization structure affects international shock transmission

In recent decades, global have expanded internationally by establishing foreign subsidiaries and branches in many countries. Our paper...