Now showing items 1-20 of 21

    • Academic Freedom, Private-Sector Focus, and the Process of Innovation 

      Aghion, Philippe; Dewatripont, Mathias; Stein, Jeremy C. (RAND Corporation, 2008)
      We develop a model that clarifies the respective advantages and disadvantages of academic and private-sector research. Rather than relying on lack of appropriability or spillovers to generate a rationale for academic ...
    • Banks as Patient Fixed-Income Investors 

      Hanson, Samuel Gregory; Shleifer, Andrei; Stein, Jeremy C.; Vishny, Robert W. (Elsevier, 2015)
      We examine the business model of traditional commercial banks when they compete with shadow banks. While both types of intermediaries create safe "money-like" claims, they go about this in different ways. Traditional banks ...
    • Business Credit Programs in the Pandemic Era 

      Hanson, Samuel; Stein, Jeremy; Sunderam, Aditya; Zwick, Eric (2020-09)
      We develop a pair of models that speak to the goals and design of the sort of business-lending and corporate-bond purchase programs that have been introduced by governments in response to the ongoing COVID-19 pandemic. An ...
    • A Comparative-Advantage Approach to Government Debt Maturity 

      Greenwood, Robin Marc; Hanson, Samuel Gregory; Stein, Jeremy C. (Wiley-Blackwell, 2015-02-19)
      We study optimal government debt maturity in a model where investors derive monetary services from holding riskless short-term securities. In a setting where the government is the only issuer of such riskless paper, it ...
    • Conversations among Competitors 

      Stein, Jeremy (American Economic Association, 2008)
      I develop a model of bilateral conversations in which players honestly exchange ideas with their competitors. The key to incentive compatibility is a complementarity in the information structure: a player can only generate ...
    • Disagreement and the Stock Market 

      Hong, Harrison; Stein, Jeremy (American Economic Association, 2007)
      A large catalog of variables with no apparent connection to risk has been shown to forecast stock returns, both in the time series and the cross-section. For instance, we see medium-term momentum and post-earnings drift ...
    • Dollar Funding and the Lending Behavior of Global Banks 

      Ivashina, Victoria; Scharfstein, David Stuart; Stein, Jeremy C. (Oxford University Press (OUP), 2015-05-19)
      A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit ...
    • Essays in Corporate Finance 

      Mezzanotti, Filippo (2016-05-13)
      Macroeconomic and institutional shocks are important drivers of firms' activities. In chapter one, I examine the role of patent litigation in affecting companies’ innovation. Studying a landmark Supreme Court decision, I ...
    • Essays in Corporate Finance 

      Mukharlyamov, Vladimir (2016-05-18)
      This dissertation contains three chapters. In the first chapter, which is joint work with Paul Gompers and Steven Kaplan, we survey 79 private equity (PE) investors with combined assets under management of more than $750 ...
    • Essays in Entrepreneurial Finance 

      Bernstein, Shai (2012-12-19)
      In the first essay, I show that the transition to public equity markets have important implications to firms’ innovative process. To establish a causal effect of the IPO, I compare the long-run innovation of firms that ...
    • Essays in Financial Economics 

      Kirti, Divya (2016-04-25)
      The chapters in this dissertation study the incidence of risk, risk taking, and the role of markets used to trade risk, with a focus on interest-rate risk. In Chapter 1, I ask why bank-dependent firms bear interest-rate ...
    • Essays on Asset Prices and Macroeconomic News Announcements 

      Zhou, John Cong (2016-05-06)
      My dissertation is composed of three chapters that are unified by their exploration of asset prices and macroeconomic news announcements. With respect to asset prices, my main focus is on the price discovery process: how ...
    • Essays on the Dynamic Strategies and Skill of Institutional Investors 

      Rhinesmith, Jonathan (2016-05-11)
      This dissertation studies the behavior of institutional investors, who control a large share of the world's investment capital, with the goal of shedding light on when and how those investors reveal information. Guided by ...
    • Essays on the Risks and Real Effects of Non-Bank Financial Institutions 

      Zeng, Yao (2016-05-10)
      These essays explore the risks and real effects of various non-bank financial institutions, such as open-end mutual funds, hedge funds, and venture capital. In the first essay, “A Dynamic Theory of Mutual Fund Runs and ...
    • Growth Versus Margins: Destabilizing Consequences of Giving the Stock Market What it Wants 

      Aghion, Philippe; Stein, Jeremy (Blackwell Publishing, 2008)
      We develop a model in which a firm can devote effort either to increasing sales growth, or to improving per-unit profit margins. If the firm's manager cares about the current stock price, she will favor the growth strategy ...
    • Informational Externalities and Welfare-Reducing Speculation 

      Stein, Jeremy C. (University of Chicago Press, 1987)
      Introducing more speculators into the market for a given commodity leads to improved risk sharing but can also change the informational content of prices. This inflicts an externality on those traders already in the market, ...
    • Monetary Policy and Long-Term Real Rates 

      Hanson, Samuel Gregory; Stein, Jeremy C. (Elsevier, 2014-10-28)
      Changes in monetary policy have surprisingly strong effects on forward real rates in the distant future. A 100 basis point increase in the two-year nominal yield on a Federal Open Markets Committee announcement day is ...
    • The Only Game in Town: Stock-Price Consequences of Local Bias 

      Hong, Harrison; Kubik, Jeffrey D.; Stein, Jeremy (Elsevier, 2008)
      Theory suggests that, in the presence of local bias, the price of a stock should be decreasing in the ratio of the aggregate book value of firms in its region to the aggregate risk tolerance of investors in its region. ...
    • Rational Capital Budgeting in an Irrational World 

      Stein, Jeremy C. (University of Chicago Press, 1996)
      This article addresses the following basic capital budgeting problem: suppose that cross-sectional differences in stock returns can be predicted based on variables other than P(e.g., book-to-market) and that this predictability ...
    • Takeover Threats and Managerial Myopia 

      Stein, Jeremy C. (University of Chicago Press, 1988)
      This paper examines the familiar argument that takeover pressure can be damaging because it leads managers to sacrifice long-term interests in order to boost current profits. If stockholders are imperfectly informed, ...