Tetyana Balyuk and Sergei Davydenko ♦ We document the unique structure of the peer-to-peer lending market. Originally designed as decentralized, the market has become highly, but not fully, reintermediated. The platforms’ software now performs essentially all tasks related to loan…
Bruce Carlin and William Mann ♦ Is there a tradeoff between the short-run and long-run real effects of monetary policy “leaning against the wind?” We provide novel evidence on this question from the United States in 1920-1921. Our identification strategy exploits…
Chune Young Chung, Iftekhar Hasan, JiHoon Hwang, and Incheol Kim ♦ This study examines how antitrust law adoptions affect horizontal merger and acquisition (M&A) outcomes. Using the staggered introduction of competition laws in 20 countries, we find antitrust regulation decreases acquirers’ five-day cumulative…
