Research

Department of Finance

The Department of Finance has a strong international orientation, with faculty from leading schools in finance and economics. Our research is published in top journals and covers all areas of finance.

Department of Finance

A Global Macroeconomic Risk Model for Value, Momentum and Other Asset Classes

Equilibrium Asset Pricing in Directed Networks

Why do Wealthy Parents Have Wealthy Children?

Life after Libor

Risk Aversion Sensitive Real Business Cycles

Heterogeneity and Persistence in Returns to Wealth

Consumption Fluctuations and Expected Returns

Optimists and Pessimists in (In)Complete Markets

When Does the Family Govern the Family Firm?

New evidence on conditional factor models

Safe Haven CDS Premiums

The Demographic Deficit

Asset Growth, Profitability, and Investment Opportunities

An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans

Are CEOs Born Leaders? Lessons from Traits of a Million Individuals

Shareholder Conflicts and Dividends

Asset Prices and Portfolio Choice with Learning from Experience

Portfolio Tax Trading with Carry-Over Losses

Wages and Human Capital in Finance: International Evidence, 1970-2011

Disagreement about inflation and the yield curve

How Important are Risk-Taking Incentives in Executive Compensation?

Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression

Correlations

Social Capital and the Viability of Nonprofit Firms: Evidence from Savings Banks

The Expected Returns and Valuations of Private and Public Firms

Labor Income, Relative Wealth Concerns, and the Cross-Section of Stock Returns

IQ and Mutual Fund Choice

Stock Ownership and Political Behavior: Evidence from Demutualizations

Emerging equity market comovements: trends and macroeconomic fundamentals

Liquidity and Shareholder Activism

The Scapegoat Theory of Exchange Rates: The First Tests

Information Sharing and Information Acquisition in Credit Markets

Asset management and investment banking

Globally Correlated Nominal Fluctuations

The World Business Cycle and Expected Returns

Why does junior put all his eggs in one basket? A potential rational explanation for holding concentrated portfolios

Dividend Smoothing and Predictability

Euro-zone equity returns: country versus industry effects

Geographic dispersion and stock returns

Dividend Growth, Cash Flow and Discount Rate News

Real Investment and Risk Dynamics

The Representative Agent of an Economy with External Habit Formation and Heterogeneous Risk Aversion

Implications of Keeping-Up-with-the-Joneses Behavior for the Equilibrium Cross Section of Stock Returns: International Evidence

Time-Varying Risk Premiums and the Output Gap

Why firms purchase property insurance

Taxes and the global allocation of capital

U.S. Banking Deregulation, Small Businesses, and Interstate Insurance of Personal Income

Sports Sentiment and Stock Returns

Asset pricing implications of nonconvex adjustment costs and irreversibility of investment

How important is intertemporal risk for asset allocation?

EMU and European stock market integration

Dealer behavior and trading systems in foreign exchange markets

Firms and their distressed banks: lessons from the Norwegian banking crisis

Bidder Behavior in Multiunit Auctions - Evidence from Swedish Treasury Auctions

Consumption and Aggregate Constraints: Evidence from U.S. States and Canadian Provinces

Dividend Behaviour and Dividend Signaling

Ex-Day Behavior with Dividend Preference and Limitations to Short-Term Arbitrage: The Case of Swedish Lottery Bonds

Why underwrite rights offerings? Some new evidence

Are There Tax Effects in the Relative Pricing of U.S. Government Bonds?