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René Garcia, Veronika Czellar, and François Le Grand
2025, forthcoming
We propose an asset pricing model featuring time-varying limited participation in both bond and stock markets and household heterogeneity. Households participate in financial markets with a certain probability that depends on their individual income and on asset market conditions. We use indirect...
Jean-Sébastien Fontaine, René Garcia, and Sermin Gungor
The aggregate leverage of broker-dealers responds to demand and supply disturbances that have opposite effects on financial markets. Leverage supply shocks that relax broker-dealers' funding constraints raise leverage, improve liquidity, increase returns and carry a positive price of risk. Leverage...
Ayden Higgins, and Koen Jochmans
We consider the problem of identifying the parameters of a time-homogeneous bivariate Markov chain when only one of the two variables is observable. We show that, subject to conditions that we spell out, the transition kernel and the distribution of the initial condition are uniquely recoverable (...
Alexandre de Cornière, and Greg Taylor
Daniel L. Chen, Vardges Levonyan, and Susan Yeh
Sultan Mehmood, Shaheen Naseer, and Daniel L. Chen
We provide experimental evidence of teacher-to-student transmission of gender attitudes in Pakistan. We randomly show teachers a pro-women’s rights visual narrative. Treated teachers increase their and students’ support for women’s rights, unbiasedness in gender IATs, and willingness to petition...
Elliott Ash, Daniel L. Chen, and Suresh Naidu
Manh-Hung Nguyen, Viet-Ngu Hoang, Son Nghiem, and Lan Anh Nguyen
Jorge Ale-Chilet, Cuicui Chen, Jing Li, and Mathias Reynaert
Marc Ivaldi, Nicolas Petit, and Selçukhan Unekbas
vol. 86-2, 2025, forthcoming
The killer acquisitions theory states that established firms buy new businesses to pre-empt future competition, particularly in the pharmaceutical and digital industries. The theory fuels demand to make merger policy more restrictive. • But is the theory of killer acquisitions supported by...
